2019 Q1 Form 10-K Financial Statement

#000157056219000038 Filed on March 20, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $0.00
YoY Change
Gross Profit $0.00 $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $17.52M $29.15M $1.650M
YoY Change 404.87% 504.69% 79.35%
% of Gross Profit
Research & Development $2.353M $6.487M $1.210M
YoY Change 40.23% -3.02% -54.85%
% of Gross Profit
Depreciation & Amortization $484.0K $9.000K $0.00
YoY Change -95.87% -100.0%
% of Gross Profit
Operating Expenses $25.27M $46.14M $2.860M
YoY Change 318.01% 293.5% -22.91%
Operating Profit -$25.27M -$46.14M
YoY Change 318.01% 293.5%
Interest Expense -$230.0K $863.0K
YoY Change -314.95% 17160.0%
% of Operating Profit
Other Income/Expense, Net -$618.0K -$863.0K $0.00
YoY Change 477.57% 8530.0%
Pretax Income -$25.50M -$46.80M -$2.860M
YoY Change 314.47% 298.96% -22.91%
Income Tax -$14.52M $65.00K -$10.53M
% Of Pretax Income
Net Earnings -$10.98M -$46.87M $4.450M
YoY Change 78.11% 946.14% -218.98%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$401.8K -$1.921M $187.1K
COMMON SHARES
Basic Shares Outstanding 27.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.7M $93.20M $0.00
YoY Change 169.56%
Cash & Equivalents $54.40M $0.00
Short-Term Investments $79.30M
Other Short-Term Assets $2.800M $1.200M $200.0K
YoY Change 460.0% 500.0%
Inventory $2.578M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $139.1M $94.30M $72.82M
YoY Change 177.55% 29.53%
LONG-TERM ASSETS
Property, Plant & Equipment $800.0K $0.00
YoY Change
Goodwill $21.21M $21.21M
YoY Change 0.0%
Intangibles $58.78M $56.08M
YoY Change 4.83%
Long-Term Investments
YoY Change
Other Assets $1.045M $200.0K $2.125M
YoY Change -90.48%
Total Long-Term Assets $81.85M $77.50M $79.41M
YoY Change 5.9% -2.39%
TOTAL ASSETS
Total Short-Term Assets $139.1M $94.30M $72.82M
Total Long-Term Assets $81.85M $77.50M $79.41M
Total Assets $220.9M $171.8M $152.2M
YoY Change 73.42% 12.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.863M $1.600M $445.0K
YoY Change 240.59% 300.0%
Accrued Expenses $6.735M $3.700M $977.0K
YoY Change 186.35% 270.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $72.60M
YoY Change -100.0%
Long-Term Debt Due $0.00 $138.7M
YoY Change -100.0%
Total Short-Term Liabilities $9.400M $5.300M $212.7M
YoY Change 159.02% -97.51%
LONG-TERM LIABILITIES
Long-Term Debt $72.56M $16.90M $0.00
YoY Change 350.66%
Other Long-Term Liabilities $45.90M $50.20M $0.00
YoY Change 13.05%
Total Long-Term Liabilities $72.56M $67.10M $0.00
YoY Change 27.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.400M $5.300M $212.7M
Total Long-Term Liabilities $72.56M $67.10M $0.00
Total Liabilities $145.6M $87.50M $227.8M
YoY Change 93.03% -61.59%
SHAREHOLDERS EQUITY
Retained Earnings -$134.0M -$75.54M
YoY Change 62.78%
Common Stock $1.000K $0.00
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.36M $84.40M -$75.54M
YoY Change
Total Liabilities & Shareholders Equity $220.9M $171.8M $152.2M
YoY Change 73.42% 12.88%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$10.98M -$46.87M $4.450M
YoY Change 78.11% 946.14% -218.98%
Depreciation, Depletion And Amortization $484.0K $9.000K $0.00
YoY Change -95.87% -100.0%
Cash From Operating Activities -$19.20M -$25.70M -$1.000M
YoY Change 772.33% 94.7% -29.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $9.000K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$79.20M
YoY Change
Cash From Investing Activities -$80.03M -$9.000K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $67.68M
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $0.00
YoY Change
Cash From Financing Activities $60.43M $118.8M 1.000M
YoY Change 16.73% 811.68% -29.58%
NET CHANGE
Cash From Operating Activities -$19.20M -$25.70M -1.000M
Cash From Investing Activities -$80.03M -$9.000K 0.000
Cash From Financing Activities $60.43M $118.8M 1.000M
Net Change In Cash -$38.80M $93.16M 0.000
YoY Change -178.26% -49919.25%
FREE CASH FLOW
Cash From Operating Activities -$19.20M -$25.70M -$1.000M
Capital Expenditures $0.00 $9.000K $0.00
Free Cash Flow -$19.20M -$25.71M -$1.000M
YoY Change 94.77%

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1029000 USD
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890000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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0 USD
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139000 USD
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72600000 USD
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99800000 USD
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0 USD
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210000 USD
CY2017Q4 us-gaap Other Assets Noncurrent
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2125000 USD
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221000 USD
CY2017 us-gaap Payments Of Stock Issuance Costs
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1286000 USD
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1060000 USD
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0 USD
CY2018 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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239000 USD
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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0 USD
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9000 USD
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0.00001
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0.00001
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0.00001
CY2017Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Authorized
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10000000 shares
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10000000 shares
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0 shares
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0 shares
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0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
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0 shares
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0 USD
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0 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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185000 USD
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1177000 USD
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56300000 USD
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0 USD
CY2018 us-gaap Proceeds From Issuance Initial Public Offering
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56330000 USD
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0 USD
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67700000 USD
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6700000 USD
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0 USD
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5000000 USD
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6689000 USD
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6487000 USD
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4361291 shares
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3840724 shares
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.68
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Percentage Of Outstanding Stock Maximum
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0.04
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
0 shares
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
3257801 shares
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
582923 shares
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
9.98
CY2017Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
0.00
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
11.99
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2018Q3 us-gaap Stock Issued During Period Shares New Issues
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CY2016Q4 us-gaap Stockholders Equity
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CY2018Q4 us-gaap Stockholders Equity
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84384000 USD
CY2018Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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1.6527
CY2016Q4 us-gaap Unrecognized Tax Benefits
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1812000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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2109000 USD
CY2018Q4 us-gaap Unrecognized Tax Benefits
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2435000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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297000 USD
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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326000 USD
CY2018 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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10500000 USD
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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16527000 shares
CY2018 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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24402368 shares
CY2018 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Risks and Uncertainties</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Although it has received the regulatory approval from the FDA and Health Canada, the Company has not commenced principal operations in the form of commercialized Product sales. The Product also requires regulatory approval from the European Medicines Agency and other similar regulatory authorities prior to commercial sales in the related jurisdictions. The Product and any future product candidates of the Company may not receive necessary approvals in the jurisdictions where approval is sought. If the Company is denied approval or approval is delayed, it may have a material adverse impact on the Company&#8217;s business and its financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company is subject to risks common to early stage companies in the pharmaceutical industry including, but not limited to, dependency on the clinical and commercial success of the Product and any future product candidates, ability to obtain regulatory approval of the Product and any future product candidates in the jurisdictions where approval is sought, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients, significant competition and untested manufacturing capabilities.</font></div><div style="line-height:120%;padding-bottom:0px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company relies on Daewoong, our exclusive and sole supplier, to manufacture the Product. Any termination or loss of significant rights, including exclusivity, under the Daewoong Agreement would materially and adversely affect the Company&#8217;s commercialization of the Product. </font></div></div>
CY2018 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:13px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:13px;padding-top:9px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The preparation of financial statements in conformity with GAAP requires management to make estimates, judgments, and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes. Actual results could materially differ from those estimates, judgments, and assumptions. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these financial statements.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;padding-left:0px;text-indent:0px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">On an ongoing basis, the Company evaluates the most significant estimates, including those related to the fair values of financial instruments, intangible assets and goodwill, useful lives of intangible assets, and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">royalty obligations, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">among others. Although the Company bases these estimates on historical experience, knowledge of current events and actions it may undertake in the future, and on various other assumptions that are believed to be reasonable, this process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</font></div></div>

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