2019 Q2 Form 10-Q Financial Statement

#000141057819000732 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $982.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.49M $7.000M
YoY Change 92.74% 29.63%
% of Gross Profit
Research & Development $42.79M $39.52M
YoY Change 8.26% 3.47%
% of Gross Profit
Depreciation & Amortization $60.00K $60.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $56.28M $46.48M
YoY Change 21.08% 6.36%
Operating Profit -$55.30M -$46.48M
YoY Change 18.97%
Interest Expense $0.00 $700.0K
YoY Change -100.0% -800.0%
% of Operating Profit
Other Income/Expense, Net $1.077M $750.0K
YoY Change 43.6% 87.5%
Pretax Income -$54.20M -$45.70M
YoY Change 18.6% 5.54%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$54.22M -$45.73M
YoY Change 18.57% 5.61%
Net Earnings / Revenue -5521.49%
Basic Earnings Per Share -$2.01 -$1.71
Diluted Earnings Per Share -$2.01 -$1.71
COMMON SHARES
Basic Shares Outstanding 26.97M shares 26.79M
Diluted Shares Outstanding 26.97M shares 26.79M

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $301.2M $180.2M
YoY Change 67.16% 7.65%
Cash & Equivalents $274.3M $24.38M
Short-Term Investments $26.88M $155.8M
Other Short-Term Assets $5.900M $8.700M
YoY Change -32.18% 148.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $307.1M $188.9M
YoY Change 62.58% 10.53%
LONG-TERM ASSETS
Property, Plant & Equipment $903.0K $300.0K
YoY Change 201.0% -50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $21.60M
YoY Change -100.0% 57.66%
Other Assets
YoY Change
Total Long-Term Assets $1.693M $22.00M
YoY Change -92.3% 53.85%
TOTAL ASSETS
Total Short-Term Assets $307.1M $188.9M
Total Long-Term Assets $1.693M $22.00M
Total Assets $308.8M $210.9M
YoY Change 46.43% 13.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.40M $22.50M
YoY Change 26.24% 20.32%
Accrued Expenses $22.30M $12.30M
YoY Change 81.3% 17.14%
Deferred Revenue $3.599M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change -88.89%
Total Short-Term Liabilities $54.31M $35.00M
YoY Change 55.18% 12.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $125.2M
YoY Change
Total Long-Term Liabilities $125.2M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.31M $35.00M
Total Long-Term Liabilities $125.2M $0.00
Total Liabilities $179.5M $35.00M
YoY Change 412.8% 12.54%
SHAREHOLDERS EQUITY
Retained Earnings -$564.9M
YoY Change
Common Stock $27.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $129.3M $175.9M
YoY Change
Total Liabilities & Shareholders Equity $308.8M $210.9M
YoY Change 46.43% 13.88%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$54.22M -$45.73M
YoY Change 18.57% 5.61%
Depreciation, Depletion And Amortization $60.00K $60.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$54.01M -$39.20M
YoY Change 37.78% 49.5%
INVESTING ACTIVITIES
Capital Expenditures -$230.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $26.95M $31.57M
YoY Change -14.63% 16.45%
Cash From Investing Activities $26.71M $31.57M
YoY Change -15.39% 16.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 126.5M 1.190M
YoY Change 10533.61% -421.62%
NET CHANGE
Cash From Operating Activities -54.01M -39.20M
Cash From Investing Activities 26.71M 31.57M
Cash From Financing Activities 126.5M 1.190M
Net Change In Cash 99.24M -6.440M
YoY Change -1640.99% -1362.75%
FREE CASH FLOW
Cash From Operating Activities -$54.01M -$39.20M
Capital Expenditures -$230.0K $0.00
Free Cash Flow -$53.78M -$39.20M
YoY Change 37.19% 49.56%

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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
275272000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24380000
espr Issuance Costs From Royalty Interest Purchase Agreement Not Yet Paid
IssuanceCostsFromRoyaltyInterestPurchaseAgreementNotYetPaid
240000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
285000
espr Non Cash Right Of Use Asset
NonCashRightOfUseAsset
26000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in accordance with generally accepted accounting principles in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosures. Actual results could differ from those estimates.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
77958000
CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
1000000.0
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146400000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
146400000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3600000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman';font-size:10pt;text-indent:36pt;margin:0pt;">Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to concentrations of credit risk. The Company has established guidelines for investment of its excess cash and believes the guidelines maintain safety and liquidity through diversification of counterparties and maturities.</p><p style="font-family:'Times New Roman';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2019Q2 espr Investments And Cash Amortized Cost
InvestmentsAndCashAmortizedCost
272248000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
8000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
24000
CY2019Q2 espr Investments And Cash Fair Value Disclosure
InvestmentsAndCashFairValueDisclosure
272232000
CY2018Q4 espr Investments And Cash Amortized Cost
InvestmentsAndCashAmortizedCost
134138000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
319000
CY2018Q4 espr Investments And Cash Fair Value Disclosure
InvestmentsAndCashFairValueDisclosure
133819000
espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0
CY2018Q2 espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0
espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0
CY2019Q2 espr Fair Value Measurement Asset Transfers Between Levels
FairValueMeasurementAssetTransfersBetweenLevels
0
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5303723
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.01
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y5M1D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
83473000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
433375
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
49.53
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
218582
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
45.69
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
195830
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
18.16
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5322686
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
38.36
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M2D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5322686
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
38.36
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y1M2D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
77958000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3097363
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
31.74
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M21D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
65172000
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
63500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
us-gaap Operating Lease Cost
OperatingLeaseCost
100000
us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y2M12D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
136000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
275000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
259000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
260000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
216000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1146000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
188000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
958000
CY2019Q2 espr Operating Lease Right Of Use Asset Current
OperatingLeaseRightOfUseAssetCurrent
198000
CY2019Q2 espr Operating Lease Right Of Use Asset Non Current
OperatingLeaseRightOfUseAssetNonCurrent
734000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
932000
CY2019Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
199000
CY2019Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
759000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
958000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-54221000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-45730000
us-gaap Net Income Loss
NetIncomeLoss
33158000
us-gaap Net Income Loss
NetIncomeLoss
-91860000
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26968818
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26786796
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26906149
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
26696495
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1611866
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26968818
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26786796
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28518015
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
26696495
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.01
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.23
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.44
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.01
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.71
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.44
CY2019Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5406464
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2589345
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4534564
CY2018Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4534564
CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
274344000
CY2018Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
24380000
CY2019Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
928000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
275272000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24380000

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