$HRTX
Heron Therapeutics Inc

2016 Q2 Form 10-Q Financial Statement

#000119312516675250 Filed on August 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.78M $6.839M
YoY Change 130.74% 51.64%
% of Gross Profit
Research & Development $27.29M $16.18M
YoY Change 68.69% 13.28%
% of Gross Profit
Depreciation & Amortization $250.0K $170.0K
YoY Change 47.06% 30.77%
% of Gross Profit
Operating Expenses $43.07M $23.01M
YoY Change 87.13% 22.47%
Operating Profit -$43.07M -$23.01M
YoY Change 87.13% 22.47%
Interest Expense $257.0K $237.0K
YoY Change 8.44% 7.73%
% of Operating Profit
Other Income/Expense, Net -$160.0K $118.0K
YoY Change -235.59%
Pretax Income -$43.23M -$23.11M
YoY Change 87.06% 21.57%
Income Tax
% Of Pretax Income
Net Earnings -$43.23M -$23.11M
YoY Change 87.07% 21.55%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.167M -$744.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.60M $171.5M
YoY Change -56.5% 63.33%
Cash & Equivalents $61.94M $171.5M
Short-Term Investments $12.70M
Other Short-Term Assets $3.200M $1.900M
YoY Change 68.42% 280.0%
Inventory $3.312M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $81.13M $173.4M
YoY Change -53.22% 64.38%
LONG-TERM ASSETS
Property, Plant & Equipment $4.471M $2.905M
YoY Change 53.91% -3.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $130.0K
YoY Change 0.0% 30.0%
Total Long-Term Assets $4.601M $3.035M
YoY Change 51.6% -2.1%
TOTAL ASSETS
Total Short-Term Assets $81.13M $173.4M
Total Long-Term Assets $4.601M $3.035M
Total Assets $85.73M $176.5M
YoY Change -51.42% 62.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.661M $2.987M
YoY Change 189.96% 65.94%
Accrued Expenses $16.70M $11.70M
YoY Change 42.74% 51.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.600M $1.900M
YoY Change 36.84% 46.15%
Total Short-Term Liabilities $27.89M $16.59M
YoY Change 68.11% 53.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $27.89M $16.59M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $27.90M $16.60M
YoY Change 68.07% 53.7%
SHAREHOLDERS EQUITY
Retained Earnings -$489.5M -$358.9M
YoY Change 36.38%
Common Stock $390.0K $356.0K
YoY Change 9.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.84M $159.9M
YoY Change
Total Liabilities & Shareholders Equity $85.73M $176.5M
YoY Change -51.42% 62.48%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$43.23M -$23.11M
YoY Change 87.07% 21.55%
Depreciation, Depletion And Amortization $250.0K $170.0K
YoY Change 47.06% 30.77%
Cash From Operating Activities -$27.11M -$15.82M
YoY Change 71.37% 26.76%
INVESTING ACTIVITIES
Capital Expenditures -$1.080M -$200.0K
YoY Change 440.0% -28.57%
Acquisitions
YoY Change
Other Investing Activities $19.64M $240.0K
YoY Change 8083.33%
Cash From Investing Activities $18.56M $40.00K
YoY Change 46300.0% -114.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.480M 131.8M
YoY Change -98.12% 118.53%
NET CHANGE
Cash From Operating Activities -27.11M -15.82M
Cash From Investing Activities 18.56M 40.00K
Cash From Financing Activities 2.480M 131.8M
Net Change In Cash -6.070M 116.0M
YoY Change -105.23% 143.99%
FREE CASH FLOW
Cash From Operating Activities -$27.11M -$15.82M
Capital Expenditures -$1.080M -$200.0K
Free Cash Flow -$26.03M -$15.62M
YoY Change 66.65% 28.03%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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hrtx Amortization Of Shortterm Investment Premium
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hrtx Amortization Of Shortterm Investment Premium
AmortizationOfShorttermInvestmentPremium
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hrtx Impact On Basic And Diluted Net Loss Per Common Share In Dollars Per Share
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hrtx Increase Decrease In Clinical Liabilities
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us-gaap Basis Of Accounting
BasisOfAccounting
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2</div><div style="display: inline; font-weight: bold;">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B</div><div style="display: inline; font-weight: bold;">asis of Presentation</div></div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the U.S. (&#x201c;GAAP&#x201d;) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2016 are not necessarily indicative of the results that may be expected for other quarters or the year ending December&nbsp;31, 2016. The condensed consolidated balance sheet&nbsp;as of&nbsp;December 31, 2015 has been derived from the audited financial statements as of that date, but does not include all of the information and disclosures required by GAAP. For more complete financial information, these unaudited condensed consolidated financial statements and the notes thereto should be read in conjunction with the audited financial statements included in our Annual Report on Form</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;10-K for the fiscal year ended December&nbsp;31,&nbsp;2015, which was filed with the Securities and Exchange Commission (the &#x201c;SEC&#x201d;) on February 19, 2016</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">. </div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Reclassifications</div></div></div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Certain amounts in the 2015 financial statements have been reclassified to conform to the 2016 presentation.</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"></div></div></div></div></div></div></div></div></div></div>
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us-gaap Research And Development Expense
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8747000
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
13.64
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.50
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.96
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
20.76
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y343D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y332D
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11006000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
2757000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
5026000
us-gaap Share Based Compensation
ShareBasedCompensation
11186000
us-gaap Share Based Compensation
ShareBasedCompensation
5691000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
531000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
57841000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
118110000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">Use of Estimates</div></div></div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. Our critical accounting policies that involve significant judgment and estimates include accrued clinical liabilities, income taxes, stock-based compensation and pre-launch inventories. Actual results could differ materially from those estimates.</div></div></div></div></div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37048000
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31035000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36639000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30218000

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