2017 Q2 Form 10-Q Financial Statement
#000114420417024234 Filed on May 03, 2017
Income Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $3.930M | $4.260M | $2.820M |
| YoY Change | -45.87% | 51.06% | 91.84% |
| % of Gross Profit | |||
| Research & Development | $18.65M | $16.62M | $4.192M |
| YoY Change | 317.81% | 296.54% | 74.81% |
| % of Gross Profit | |||
| Depreciation & Amortization | $240.0K | $220.0K | $270.0K |
| YoY Change | -11.11% | -18.52% | 42.11% |
| % of Gross Profit | |||
| Operating Expenses | $23.58M | $16.62M | $7.010M |
| YoY Change | 101.08% | 137.13% | 32.31% |
| Operating Profit | -$23.58M | -$7.010M | |
| YoY Change | 101.08% | 32.31% | |
| Interest Expense | $200.0K | $200.0K | $130.0K |
| YoY Change | 25.0% | 53.85% | |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$23.38M | -$20.68M | -$6.880M |
| YoY Change | 102.25% | 200.58% | 29.81% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$23.38M | -$20.68M | -$6.884M |
| YoY Change | 102.17% | 200.46% | 29.94% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$374.3K | -$332.0K | -$141.7K |
| COMMON SHARES | |||
| Basic Shares Outstanding | 62.35M shares | 62.31M shares | 48.57M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $129.0M | $147.2M | $99.20M |
| YoY Change | -32.67% | 48.39% | -10.87% |
| Cash & Equivalents | $114.3M | $107.1M | $38.92M |
| Short-Term Investments | $14.70M | $40.10M | $60.30M |
| Other Short-Term Assets | $6.400M | $5.400M | $200.0K |
| YoY Change | 700.0% | 2600.0% | 100.0% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $135.4M | $152.6M | $99.36M |
| YoY Change | -29.59% | 53.58% | -10.82% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $2.578M | $2.800M | $1.409M |
| YoY Change | 116.28% | 98.72% | -33.8% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | |||
| YoY Change | |||
| Total Long-Term Assets | $2.578M | $2.800M | $1.409M |
| YoY Change | 116.28% | 98.72% | -33.8% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $135.4M | $152.6M | $99.36M |
| Total Long-Term Assets | $2.578M | $2.800M | $1.409M |
| Total Assets | $138.0M | $155.4M | $100.8M |
| YoY Change | -28.69% | 54.22% | -11.25% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.695M | $2.200M | $1.054M |
| YoY Change | 409.66% | 108.73% | -4.82% |
| Accrued Expenses | $5.165M | $3.300M | $690.0K |
| YoY Change | 33.08% | 378.26% | -3.88% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $8.860M | $5.500M | $1.830M |
| YoY Change | 92.36% | 200.55% | -4.22% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | |||
| YoY Change | |||
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $8.860M | $5.500M | $1.830M |
| Total Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Total Liabilities | $8.900M | $5.500M | $1.800M |
| YoY Change | 93.48% | 205.56% | -5.26% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$201.2M | -$111.1M | |
| YoY Change | 64.0% | 35.73% | |
| Common Stock | $3.000K | $2.000K | |
| YoY Change | 0.0% | 6.95% | |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $129.2M | $149.9M | $98.94M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $138.0M | $155.4M | $100.8M |
| YoY Change | -28.69% | 54.22% | -11.25% |
Cashflow Statement
| Concept | 2017 Q2 | 2017 Q1 | 2016 Q1 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$23.38M | -$20.68M | -$6.884M |
| YoY Change | 102.17% | 200.46% | 29.94% |
| Depreciation, Depletion And Amortization | $240.0K | $220.0K | $270.0K |
| YoY Change | -11.11% | -18.52% | 42.11% |
| Cash From Operating Activities | -$17.50M | -$18.80M | -$4.550M |
| YoY Change | 366.67% | 313.25% | -231.55% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$20.00K | $798.0K | $2.000K |
| YoY Change | -66.67% | 39800.0% | -99.74% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $25.36M | $19.60M | $9.880M |
| YoY Change | -345.26% | 98.38% | |
| Cash From Investing Activities | $25.33M | $18.80M | $9.880M |
| YoY Change | -343.56% | 90.3% | -1366.67% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $0.00 | $0.00 | |
| YoY Change | -100.0% | ||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | -650.0K | $383.0K | 0.000 |
| YoY Change | -100.68% | -100.0% | |
| NET CHANGE | |||
| Cash From Operating Activities | -17.50M | -$18.80M | -4.550M |
| Cash From Investing Activities | 25.33M | $18.80M | 9.880M |
| Cash From Financing Activities | -650.0K | $383.0K | 0.000 |
| Net Change In Cash | 7.180M | $382.0K | 5.330M |
| YoY Change | -91.25% | -92.83% | 54.11% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$17.50M | -$18.80M | -$4.550M |
| Capital Expenditures | -$20.00K | $798.0K | $2.000K |
| Free Cash Flow | -$17.48M | -$19.60M | -$4.552M |
| YoY Change | 373.71% | 330.6% | -270.06% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2017Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-20684000 | USD |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
62286 | shares |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
48548 | shares |
| CY2017Q1 | us-gaap |
Revenues
Revenues
|
0 | USD |
| CY2016Q1 | us-gaap |
Revenues
Revenues
|
0 | USD |
| CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
16623000 | USD |
| CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
4192000 | USD |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
7010000 | USD |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.14 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.33 | |
| CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2818000 | USD |
| CY2017Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
4259000 | USD |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
20000 | USD |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-27000 | USD |
| CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-6864000 | USD |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-20711000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-84000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-4552000 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
29273000 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
39155000 | USD |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
2000 | USD |
| CY2016Q1 | lbio |
Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
|
20000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
38915000 | USD |
| CY2015Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
33587000 | USD |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
5328000 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
0 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
0 | USD |
| CY2016Q1 | us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
0 | USD |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
9880000 | USD |
| CY2016Q1 | us-gaap |
Depreciation And Amortization
DepreciationAndAmortization
|
269000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
2354000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-18803000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
0 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
19600000 | USD |
| CY2017Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
798000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
18802000 | USD |
| CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
231000 | USD |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
383000 | USD |
| CY2017Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
382000 | USD |
| CY2017Q1 | lbio |
Unrealized Gain Loss On Shortterm Investments
UnrealizedGainLossOnShorttermInvestments
|
-27000 | USD |
| CY2017Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
28000 | USD |
| CY2016Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | USD |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3296000 | USD |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1779000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1466000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
96000 | USD |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-776000 | USD |
| CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
104000 | USD |
| CY2017Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
4000 | USD |
| CY2016Q1 | us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
0 | USD |
| CY2017Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | USD |
| CY2016Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
0 | USD |
| CY2017Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
| CY2016Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
147200000 | USD |
| CY2017Q1 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2302000 | USD |
| CY2016Q4 | us-gaap |
Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
|
2081000 | USD |
| CY2017Q1 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
5098000 | USD |
| CY2016Q4 | us-gaap |
Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
|
4455000 | USD |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
3296000 | USD |
| CY2016Q4 | us-gaap |
Trading Securities Cost
TradingSecuritiesCost
|
90370000 | USD |
| CY2016Q4 | us-gaap |
Investment Owned At Fair Value
InvestmentOwnedAtFairValue
|
90399000 | USD |
| CY2017Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2017Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
| CY2017Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2017-03-31 | |
| CY2017Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2017 | |
| CY2017Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2017Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
Lion Biotechnologies, Inc. | |
| CY2017Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001425205 | |
| CY2017Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2017Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Accelerated Filer | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
LBIO | |
| CY2017Q2 | dei |
Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
|
62351240 | shares |
| CY2016Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
USD | |
| CY2017Q1 | lbio |
Payments For Legal Services
PaymentsForLegalServices
|
200000 | USD |
| CY2016Q1 | lbio |
Payments For Legal Services
PaymentsForLegalServices
|
100000 | USD |
| CY2017Q1 | us-gaap |
Due To Related Parties Current
DueToRelatedPartiesCurrent
|
100000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
|
581000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
699000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
700000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
|
495000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
|
169000 | USD |
| CY2017Q1 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
2644000 | USD |
| CY2017Q1 | us-gaap |
Loss Contingency Disclosures
LossContingencyDisclosures
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b><u>NOTE 8. LEGAL PROCEEDINGS</u></b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: -0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b> </b></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>SEC Settlement/Class Action Lawsuits.</u>  We previously disclosed that the Securities and Exchange Commission (“SEC”) was conducting an investigation (initially designated as “<i>In the Matter of Galena Biopharma, Inc.</i>” File No. HO 12346 and later known as “<i>In the Matter of Certain Stock Promotions</i>”) and that we were a part of that investigation. The SEC’s investigation, in part, involved the conduct of our former Chief Executive Officer, Manish Singh, during the period between September 2013 and April 2014, and the failure by authors of certain articles about this company to disclose that they were compensated by one of our former investor relations firms.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 10, 2017, the SEC announced settlements with us and with other public companies and unrelated parties in the <i>In the Matter of Certain Stock Promotion</i> investigation. Our settlement with the SEC is consistent with our previous disclosures (including in our Form 10-K that we filed with the SEC on March 9, 2017), and consisted of the following: (i) We agreed, without admitting or denying the findings by the SEC, to the entry of an administrative order that requires us to cease and desist from committing or causing any violations and any future violations of Sections 5(b), 17(a), and 17(b) of the Securities Act of 1933, and of Section 10(b) of the Securities Exchange Act of 1934 and Rule 10b-5 thereunder, and (ii) we agreed to pay $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">100,000</font> as a civil money penalty. We also agreed to adopt certain internal controls with respect to our investor relations/public relations activities.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 14 2017, a purported shareholder filed a class action complaint in the United States District Court, Northern District of California for violation of Federal securities laws (<i>Leonard DeSilvio v. Lion Biotechnologies, Inc. Manish Singh, Michael Handelman and Elma Hawkins, case no: 3:17cv2086</i>) against our company and three of our former officers and directors. On April 19, 2017, a second class action complaint <i>(Amra Kuc vs. Lion Biotechnologies, Inc. Manish Singh, Michael Handelman and Elma Hawkins, case no: 3:17cv2086</i>) was filed in the same court. Both complaints allege, among other things, that the defendants violated the federal securities laws by making materially false and misleading statements, or failed to make disclosures, in certain of our Form 10-K and Form 10-Q periodic filings regarding the actions taken by Manish Singh and our former investor relations firm.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">We intend to vigorously defend against the foregoing complaints. Based on the very early stage of the litigation, it is not possible to estimate the amount or range of possible loss that might result from an adverse judgment or a settlement of these matters.</div>   <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Solomon Capital, LLC.</u> On April 8, 2016, a lawsuit titled <i>Solomon Capital, LLC, Solomon Capital 401(K) Trust, Solomon Sharbat and Shelhav Raff against Lion Biotechnologies, Inc.</i> was filed by Solomon Capital, LLC, Solomon Capital 401(k) Trust, Solomon Sharbat and Shelhav Raff against the Company in the Supreme Court of the State of New York County of New York (index no. 651881/2016). The plaintiffs allege that, between June and November 2012 they provided to the Company $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.1</font> million and that they advanced and paid on our behalf an additional $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million. The complaint further alleges that the Company agreed to (i) provide them with promissory notes totaling $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.2</font> million, plus interest, (ii) issue a total of <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 111,425</font> shares to the plaintiffs (before the <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1-for-100</font> reverse split of our common stock effected in September 2013), and (iii) allow the plaintiffs to convert the foregoing funds into our securities in the next transaction. The plaintiffs allege that they should have been able to convert their advances and payments into shares of the Company’s common stock in the restructuring that was effected in May 2013. Based on the foregoing, the plaintiffs allege causes for breach of contract and unjust enrichment and demand judgment against the Company in an unspecified amount exceeding $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">1.5</font> million, plus interest and attorneys’ fees.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On June 3, 2016, the Company filed an answer and counterclaims in the lawsuit. In its counterclaims, the Company alleges that the plaintiffs misrepresented their qualifications to assist it in fundraising and that they failed to disclose that they were under investigation for securities laws violations. The Company is seeking damages in an amount exceeding $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.5</font> million and an order rescinding any and all agreements that the plaintiffs contend entitled them to obtain stock in the Company. The Company’s investigation of the allegations made by the plaintiffs is ongoing and it intends to vigorously defend the complaint and pursue its counterclaims.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On April 19, 2017, the Court granted plaintiffs’ counsel’s motion to withdraw from the case. The Court stayed the case for 45 days to give plaintiffs an opportunity to find new attorneys. The Court’s order further stated that, should the plaintiffs fail to obtain new counsel, the Company may seek a dismissal of the claims of the corporate plaintiff, Solomon Capital LLC, and the remaining individual plaintiffs will be deemed to represent themselves in the action. </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><u>Other Matters.</u> During the second quarter of 2016, warrants representing <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> shares were exercised. The <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> shares of common stock had previously been registered for re-sale. However, we believe that these <font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt"> 128,500</font> warrant shares were sold by the holders in open market transactions in May 2016 at a time when the registration statement was ineffective. Accordingly, those sales were not made in accordance with Sections 5 and 10(a)(3) of the Securities Act, and the purchasers of those shares may have rescission rights (if they still own the shares) or claims for damages (if they no longer own the shares). The amount of any such liability is uncertain and as such, an accrual for any potential loss has not been made. The Company believes that any claims brought against it would not result in a material impact to the Company’s financial position or results of operations. The Company has not accrued a loss for a potential claim associated with this matter as it is unable to estimate any at this time.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company may be involved, from time to time, in legal proceedings and claims arising in the ordinary course of its business. Such matters are subject to many uncertainties and outcomes are not predictable with assurance. The Company accrues amounts, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss. While there can be no assurances as to the ultimate outcome of any legal proceeding or other loss contingency involving the Company, management does not believe any pending matter will be resolved in a manner that would have a material adverse effect on the Company’s financial position, results of operations or cash flows.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2016Q2 | us-gaap |
Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
|
500000 | USD |
| CY2016Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.000041666 | |
| CY2017Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.000041666 | |
| CY2016Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
150000000 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
62350149 | shares |
| CY2017Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
62350149 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
62248074 | shares |
| CY2016Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
62248074 | shares |
| CY2017Q1 | lbio |
Number Of Share Options Or Share Units Exercised During Current Period
NumberOfShareOptionsOrShareUnitsExercisedDuringCurrentPeriod
|
128500 | shares |
| CY2017Q1 | lbio |
Common Stock Registered For Resale
CommonStockRegisteredForResale
|
128500 | shares |
| CY2013Q3 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1-for-100 | |
| CY2016Q1 | lbio |
Leasehold Improvements Paid By Landlord
LeaseholdImprovementsPaidByLandlord
|
0 | USD |
| CY2017Q1 | lbio |
Leasehold Improvements Paid By Landlord
LeaseholdImprovementsPaidByLandlord
|
-155000 | USD |
| CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt">Use of Estimates</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include valuation of short-term investments, accounting for potential liabilities, the valuation allowance associated with the Company’s deferred tax assets, and the assumptions made in valuing stock instruments issued for services.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt"> <strong><i><font style="FONT-SIZE: 10pt"> Reclassifications</font></i></strong></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in"> <font style="FONT-SIZE: 10pt"> </font></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0in 0in 0pt; size: 8.5in 11.0in" align="justify"><font style="FONT-SIZE: 10pt">Certain amounts within the statements of cash flows for the prior periods have been reclassified to conform with the current period presentation. These reclassifications had no impact on the Company's previously reported financial position or cash flows for any of the periods presented.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table> | |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
22600691 | shares |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
11664471 | shares |
| CY2017Q1 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
40098000 | USD |
| CY2016Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
59753000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
40098000 | USD |
| CY2016Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
59753000 | USD |
| CY2017Q1 | us-gaap |
Trading Securities Cost
TradingSecuritiesCost
|
90408000 | USD |
| CY2017Q1 | us-gaap |
Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
|
17000 | USD |
| CY2017Q1 | us-gaap |
Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
|
15000 | USD |
| CY2017Q1 | us-gaap |
Investment Owned At Fair Value
InvestmentOwnedAtFairValue
|
90410000 | USD |
| CY2016 | us-gaap |
Trading Securities Unrealized Holding Gain
TradingSecuritiesUnrealizedHoldingGain
|
61000 | USD |
| CY2016 | us-gaap |
Trading Securities Unrealized Holding Loss
TradingSecuritiesUnrealizedHoldingLoss
|
32000 | USD |
| CY2017Q1 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
40096000 | USD |
| CY2016Q4 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
1581000 | USD |
| CY2017Q1 | us-gaap |
Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
|
1054000 | USD |
| CY2017Q1 | lbio |
Legal And Related Services Current
LegalAndRelatedServicesCurrent
|
860000 | USD |
| CY2016Q4 | lbio |
Legal And Related Services Current
LegalAndRelatedServicesCurrent
|
927000 | USD |
| CY2017Q1 | lbio |
Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
|
500000 | USD |
| CY2016Q4 | lbio |
Clinical Related Expenses Current
ClinicalRelatedExpensesCurrent
|
614000 | USD |
| CY2017Q1 | lbio |
Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
|
289000 | USD |
| CY2016Q4 | lbio |
Manufacturing Related Expenses Current
ManufacturingRelatedExpensesCurrent
|
437000 | USD |
| CY2017Q1 | us-gaap |
Accrued Rent Current
AccruedRentCurrent
|
512000 | USD |
| CY2016Q4 | us-gaap |
Accrued Rent Current
AccruedRentCurrent
|
422000 | USD |
| CY2017Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
114000 | USD |
| CY2016Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
124000 | USD |
| CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
7084 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
0 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
2084 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
0 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
|
5000 | shares |
| CY2016Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
6.48 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
0 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
|
6.53 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
|
0 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
|
6.46 | |
| CY2017Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
25600000 | USD |
| CY2017Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y | |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
0 | USD |
| CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
300000 | USD |
| CY2017Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
200000 | USD |
| CY2016Q1 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
100000 | USD |
