$HRTX
Heron Therapeutics Inc

2018 Q1 Form 10-Q Financial Statement

#000119312518158506 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $11.57M $3.632M
YoY Change 218.47%
Cost Of Revenue $3.133M $1.186M
YoY Change 164.17%
Gross Profit $8.434M $2.446M
YoY Change 244.81%
Gross Profit Margin 72.91% 67.35%
Selling, General & Admin $20.86M $18.36M
YoY Change 13.63% 6.63%
% of Gross Profit 247.37% 750.65%
Research & Development $39.56M $33.38M
YoY Change 18.5% 107.46%
% of Gross Profit 469.07% 1364.84%
Depreciation & Amortization $381.0K $329.0K
YoY Change 15.81% 37.08%
% of Gross Profit 4.52% 13.45%
Operating Expenses $63.56M $52.93M
YoY Change 20.08% 58.89%
Operating Profit -$51.99M -$49.30M
YoY Change 5.46% 47.99%
Interest Expense $1.030M
YoY Change 674.44%
% of Operating Profit
Other Income/Expense, Net -$275.0K -$1.030M
YoY Change -73.3% 674.44%
Pretax Income -$52.27M -$50.33M
YoY Change 3.85% 50.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$52.27M -$50.33M
YoY Change 3.85% 50.48%
Net Earnings / Revenue -451.85% -1385.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$807.6K -$996.0K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.9M $165.2M
YoY Change -31.05% 64.54%
Cash & Equivalents $46.58M $83.51M
Short-Term Investments $67.40M $81.70M
Other Short-Term Assets $5.500M $3.400M
YoY Change 61.76% -33.33%
Inventory $9.910M $4.641M
Prepaid Expenses
Receivables $37.71M $10.33M
Other Receivables $0.00 $0.00
Total Short-Term Assets $176.6M $183.6M
YoY Change -3.84% 69.7%
LONG-TERM ASSETS
Property, Plant & Equipment $6.504M $5.680M
YoY Change 14.51% 55.83%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $316.0K $263.0K
YoY Change 20.15%
Total Long-Term Assets $6.820M $5.943M
YoY Change 14.76% 63.05%
TOTAL ASSETS
Total Short-Term Assets $176.6M $183.6M
Total Long-Term Assets $6.820M $5.943M
Total Assets $183.4M $189.6M
YoY Change -3.26% 69.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.46M $4.477M
YoY Change 155.93% -34.75%
Accrued Expenses $50.80M $24.60M
YoY Change 106.5% 148.48%
Deferred Revenue
YoY Change
Short-Term Debt $3.900M $3.100M
YoY Change 25.81%
Long-Term Debt Due $25.00M
YoY Change
Total Short-Term Liabilities $91.18M $37.40M
YoY Change 143.8% 95.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $50.00M
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $50.00M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $91.18M $37.40M
Total Long-Term Liabilities $0.00 $50.00M
Total Liabilities $91.20M $87.40M
YoY Change 4.35% 355.2%
SHAREHOLDERS EQUITY
Retained Earnings -$781.9M -$636.3M
YoY Change 22.88% 42.58%
Common Stock $650.0K $537.0K
YoY Change 21.04% 47.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.21M $102.2M
YoY Change
Total Liabilities & Shareholders Equity $183.4M $189.6M
YoY Change -3.26% 69.48%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$52.27M -$50.33M
YoY Change 3.85% 50.48%
Depreciation, Depletion And Amortization $381.0K $329.0K
YoY Change 15.81% 37.08%
Cash From Operating Activities -$61.71M -$50.58M
YoY Change 22.01% 56.35%
INVESTING ACTIVITIES
Capital Expenditures $904.0K $938.0K
YoY Change -3.62% 12.47%
Acquisitions
YoY Change
Other Investing Activities -$39.39M -$43.98M
YoY Change -10.44% -287.23%
Cash From Investing Activities -$40.29M -$44.92M
YoY Change -10.3% -298.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $163.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.997M 165.6M
YoY Change -97.59% 6445.34%
NET CHANGE
Cash From Operating Activities -61.71M -50.58M
Cash From Investing Activities -40.29M -44.92M
Cash From Financing Activities 3.997M 165.6M
Net Change In Cash -98.01M 70.10M
YoY Change -239.81% -1078.49%
FREE CASH FLOW
Cash From Operating Activities -$61.71M -$50.58M
Capital Expenditures $904.0K $938.0K
Free Cash Flow -$62.62M -$51.52M
YoY Change 21.54% 55.25%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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AccruedClinicalLiabilities
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CY2017Q4 hrtx Accrued Clinical Liabilities
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CY2018Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2017Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
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CY2011Q2 hrtx Convertible Debt Issuable In Connection With Private Placement1
ConvertibleDebtIssuableInConnectionWithPrivatePlacement1
4500000
CY2018Q1 hrtx Convertible Notes Payable Related Parties Current
ConvertibleNotesPayableRelatedPartiesCurrent
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CY2017Q4 hrtx Convertible Notes Payable Related Parties Current
ConvertibleNotesPayableRelatedPartiesCurrent
3684000
CY2018Q1 hrtx Cumulative Effect Of Adoption Of New Accounting Standard
CumulativeEffectOfAdoptionOfNewAccountingStandard
1573000
CY2017Q1 hrtx Cumulative Effect Of Adoption Of New Accounting Standard
CumulativeEffectOfAdoptionOfNewAccountingStandard
CY2018Q1 hrtx Increase Decrease In Clinical Liabilities
IncreaseDecreaseInClinicalLiabilities
-1986000
CY2017Q1 hrtx Increase Decrease In Clinical Liabilities
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-1983000
CY2018Q1 hrtx Stock Issued During Period Shares Stock Options Exercised Net
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435000
CY2018Q1 hrtx Valuation Allowances And Reserves Provisions
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CY2018Q1 us-gaap Accounts Receivable Net Current
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CY2018Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
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CY2017Q1 us-gaap Allocated Share Based Compensation Expense
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CY2018Q1 us-gaap Amortization Of Debt Discount Premium
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CY2018Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
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CY2017Q1 us-gaap Asset Impairment Charges
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CY2018Q1 us-gaap Assets
Assets
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CY2018Q1 us-gaap Assets Current
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CY2018Q1 us-gaap Available For Sale Securities
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CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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CY2018Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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CY2018Q1 us-gaap Basis Of Accounting
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div></div><div style="display: inline; font-weight: bold;">.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</div><div style="display: inline; font-weight: bold;">Basis of Presentation</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-Q and Article <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div> of Regulation S-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">X.</div> Accordingly, they do <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018 </div>are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> necessarily indicative of the results that <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be expected for other quarters or the year ending <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2018.</div> The condensed consolidated balance sheet as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 31, 2017 </div>has been derived from the audited financial statements as of that date, but does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> 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&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10</div>-K for the year ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December&nbsp;</div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div>&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017,</div> which was filed with the SEC on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 27, 2018.</div></div></div>
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CY2018Q1 us-gaap Concentration Risk Credit Risk
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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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of Risk</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Cash, cash equivalents and short-term investments are financial instruments that potentially subject us to concentrations of credit risk. We deposit our cash in financial institutions. At times, such deposits <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>be in excess of insured limits. We <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>also invest our excess cash in money market funds, U.S. government and agencies, corporate debt securities and commercial paper. We have established guidelines relative to our diversification of our cash investments and their maturities in an effort to maintain safety and liquidity. These guidelines are periodically reviewed and modified to take advantage of trends in yields and interest rates.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Sales of SUSTOL to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> customers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of our net product sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>Sales of CINVANTI to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> customers accounted for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> or more of our net product sales for the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> months ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> March 31, 2018. </div>The loss of any of these customers could materially and adversely affect our business, results of operations, financial condition and cash flows.</div></div></div>
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OtherAccruedLiabilitiesCurrent
17175000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20643000
CY2018Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
316000
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
263000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-32000
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-13000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-275000
CY2017Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1030000
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
39388000
CY2017Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
69374000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
904000
CY2017Q4 us-gaap Restructuring And Related Cost Expected Cost1
RestructuringAndRelatedCostExpectedCost1
9600000
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-834147000
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-783455000
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
11567000
CY2017Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3632000
CY2018Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
13835000
CY2017Q1 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
11619000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7701000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
8021000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
244
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.02
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
122
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13463
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12906
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.03
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.22
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.66
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
23.06
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y313D
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
435
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
92206000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
131136000
CY2018Q1 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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">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 revenue recognition, inventory, accrued clinical liabilities, income taxes and stock-based compensation. Actual results could differ materially from those estimates.</div></div></div>
CY2017Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
9319000
CY2018Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
12604000
CY2018Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
9463000
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
64724000
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
50530000

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