$EPIX
ESSA Pharma Inc

2021 Q1 Form 10-Q Financial Statement

#000155837021006061 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $70.00K
YoY Change 0.0%
Gross Profit -$70.00K
YoY Change 0.0%
Gross Profit Margin
Selling, General & Admin $4.620M $4.950M
YoY Change -6.67% 181.25%
% of Gross Profit
Research & Development $7.268M $4.618M
YoY Change 57.37% 234.67%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $11.88M $9.570M
YoY Change 24.17% 204.79%
Operating Profit -$9.640M
YoY Change 200.32%
Interest Expense -$1.080M $220.0K
YoY Change -590.91% -210.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.97M -$9.350M
YoY Change 38.67% 173.39%
Income Tax $0.00 $4.000K
% Of Pretax Income
Net Earnings -$12.97M -$9.354M
YoY Change 38.61% 172.71%
Net Earnings / Revenue
Basic Earnings Per Share -$0.36
Diluted Earnings Per Share -$0.36 -$449.1K
COMMON SHARES
Basic Shares Outstanding 36.48M
Diluted Shares Outstanding 36.48M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.6M $39.90M
YoY Change 422.81% 363.95%
Cash & Equivalents $151.6M $39.91M
Short-Term Investments $57.00M
Other Short-Term Assets $500.0K $1.000M
YoY Change -50.0% 233.33%
Inventory
Prepaid Expenses $492.0K
Receivables $300.0K $300.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $209.4M $41.20M
YoY Change 408.21% 352.75%
LONG-TERM ASSETS
Property, Plant & Equipment $300.0K $100.0K
YoY Change 200.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $300.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $618.8K $600.0K
YoY Change 3.13% 20.0%
TOTAL ASSETS
Total Short-Term Assets $209.4M $41.20M
Total Long-Term Assets $618.8K $600.0K
Total Assets $210.0M $41.80M
YoY Change 402.39% 335.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.691M $1.400M
YoY Change 20.76% 55.56%
Accrued Expenses $1.352M $100.0K
YoY Change 1251.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.180M $1.500M
YoY Change 111.98% -59.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.400M $0.00
YoY Change
Total Long-Term Liabilities $1.400M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.180M $1.500M
Total Long-Term Liabilities $1.400M $0.00
Total Liabilities $4.593M $1.500M
YoY Change 206.2% -74.58%
SHAREHOLDERS EQUITY
Retained Earnings -$100.5M
YoY Change
Common Stock $276.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.4M $40.09M
YoY Change
Total Liabilities & Shareholders Equity $210.0M $41.80M
YoY Change 402.39% 335.42%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$12.97M -$9.354M
YoY Change 38.61% 172.71%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$7.580M -$5.980M
YoY Change 26.76% 116.67%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$35.00M $0.00
YoY Change
Cash From Investing Activities -$35.00M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 141.6M -10.00K
YoY Change -1416500.0% -98.77%
NET CHANGE
Cash From Operating Activities -7.580M -5.980M
Cash From Investing Activities -35.00M 0.000
Cash From Financing Activities 141.6M -10.00K
Net Change In Cash 99.06M -5.990M
YoY Change -1753.76% 67.79%
FREE CASH FLOW
Cash From Operating Activities -$7.580M -$5.980M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-12965247
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
205408071
us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.     NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Nature of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> Floor at 595 Burrard Street, Three Bentall Centre, Vancouver, BC, V7X 1L3. The Company is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “EPIX”. On October 30, 2020 the Company’s common shares delisted in Canada from the TSX Venture Exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of March 31, 2021, no products are in commercial production or use.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.</p>
CY2021Q1 us-gaap Prepaid Insurance
PrepaidInsurance
374457
CY2020Q3 us-gaap Prepaid Insurance
PrepaidInsurance
825014
CY2021Q1 epix Prepaid Preclinical And Clinical Expenses And Deposits
PrepaidPreclinicalAndClinicalExpensesAndDeposits
2375
CY2020Q3 epix Prepaid Preclinical And Clinical Expenses And Deposits
PrepaidPreclinicalAndClinicalExpensesAndDeposits
650586
CY2021Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2020Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2021Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
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CY2020Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1600128
CY2021Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1690676
CY2020Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
678643
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1351833
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
310604
CY2021Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
42888
CY2020Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
154983
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2020Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
55162
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
110324
CY2020Q3 epix Operating Lease Right Of Use Assets Current
OperatingLeaseRightOfUseAssetsCurrent
55162
epix Operating Lease Right Of Use Asset Addition
OperatingLeaseRightOfUseAssetAddition
341125
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
55162
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
341125
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
0
epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
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us-gaap Operating Lease Payments
OperatingLeasePayments
58809
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
114735
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
59094
epix Operating Lease Liabilities Addition
OperatingLeaseLiabilitiesAddition
341125
us-gaap Operating Lease Payments
OperatingLeasePayments
60574
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
341125
CY2021Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.050
CY2021Q1 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P38M
epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
1480
CY2019Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
16520
CY2020 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-110856
CY2020Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
127376
us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
-1039086
CY2021Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1166462
CY2021Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0
CY2021Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
1166462
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1122461
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.59
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4218000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.31
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
416
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.20
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
30461
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
28.46
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5309584
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1714646
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.77
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
255588
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
42000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.40
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6726642
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.53
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2232820
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.51
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6726642
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1714646
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4218000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.31
CY2019Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12393092
CY2019Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.31
CY2020 epix Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
3120115
CY2020 epix Class Of Warrant Or Right Weighted Average Exercise Price Warrants Exercised
ClassOfWarrantOrRightWeightedAverageExercisePriceWarrantsExercised
-0.08
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9272977
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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1.73
epix Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
2544579
epix Class Of Warrant Or Right Weighted Average Exercise Price Warrants Exercised
ClassOfWarrantOrRightWeightedAverageExercisePriceWarrantsExercised
-0.08
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6728398
CY2021Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.35
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6728398
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q1 epix Working Capital
WorkingCapital
206202601

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