2014 Q3 Form 10-Q Financial Statement

#000119312514306672 Filed on August 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $124.4K $219.2K $643.3K
YoY Change -81.37% -65.92% -56.83%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.580M $2.120M $900.0K
YoY Change 98.46% 135.56% -19.64%
% of Gross Profit
Research & Development $4.046M $2.710M $7.788M
YoY Change -2.68% -65.21% -17.85%
% of Gross Profit
Depreciation & Amortization $6.409K $6.430K $10.00K
YoY Change 35.53% -35.7% -66.67%
% of Gross Profit
Operating Expenses $4.046M $2.710M $7.788M
YoY Change -2.68% -65.21% -26.53%
Operating Profit -$6.504M -$4.612M -$8.048M
YoY Change 35.91% -42.7%
Interest Expense $2.032K $231.8K
YoY Change -99.12% 2217.56%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.420M -$4.530M -$8.280M
YoY Change 30.75% -45.29% -8.91%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.416M -$4.534M -$8.277M
YoY Change 30.62% -45.23% -9.04%
Net Earnings / Revenue -5156.58% -2067.86% -1286.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$218.5K -$154.8K -$1.007M
COMMON SHARES
Basic Shares Outstanding 29.39M shares 29.23M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.0M $140.5M $10.30M
YoY Change 195.01% 1264.08%
Cash & Equivalents $68.92M $91.14M $8.340M
Short-Term Investments $67.10M $49.40M $2.000M
Other Short-Term Assets $1.400M $500.0K $100.0K
YoY Change 75.0% 400.0%
Inventory
Prepaid Expenses
Receivables $124.4K $219.2K $300.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $137.5M $141.2M $10.70M
YoY Change 191.71% 1219.7%
LONG-TERM ASSETS
Property, Plant & Equipment $57.44K $63.85K $100.0K
YoY Change -24.12% -36.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $70.94K $70.94K $100.0K
YoY Change -45.74% -29.06%
Total Long-Term Assets $128.4K $134.8K $200.0K
YoY Change -37.82% -32.6%
TOTAL ASSETS
Total Short-Term Assets $137.5M $141.2M $10.70M
Total Long-Term Assets $128.4K $134.8K $200.0K
Total Assets $137.6M $141.3M $10.90M
YoY Change 190.71% 1196.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $503.9K $415.8K $2.800M
YoY Change -87.49% -85.15%
Accrued Expenses $3.100M $2.300M $3.800M
YoY Change -6.06% -39.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $15.30M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.578M $2.739M $22.70M
YoY Change -53.98% -87.93%
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 $3.578M $2.739M $22.70M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.600M $2.700M $22.70M
YoY Change -53.85% -88.11%
SHAREHOLDERS EQUITY
Retained Earnings -$73.06M -$66.64M
YoY Change 47.52%
Common Stock $2.940K $2.934K
YoY Change 32.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $134.0M $138.6M -$11.80M
YoY Change
Total Liabilities & Shareholders Equity $137.6M $141.3M $10.90M
YoY Change 190.71% 1196.72%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$6.416M -$4.534M -$8.277M
YoY Change 30.62% -45.23% -9.04%
Depreciation, Depletion And Amortization $6.409K $6.430K $10.00K
YoY Change 35.53% -35.7% -66.67%
Cash From Operating Activities -$4.420M -$5.200M -$9.200M
YoY Change -7.14% -43.48% 0.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K -$10.00K
YoY Change -100.0% 0.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities -$17.84M -$47.44M $1.500M
YoY Change -3262.67% -53.13%
Cash From Investing Activities -$17.84M -$47.45M $1.490M
YoY Change 89100.0% -3284.56% -53.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 170.0K 400.0K
YoY Change -99.93% -57.5%
NET CHANGE
Cash From Operating Activities -4.420M -5.200M -9.200M
Cash From Investing Activities -17.84M -47.45M 1.490M
Cash From Financing Activities 30.00K 170.0K 400.0K
Net Change In Cash -22.23M -52.48M -7.310M
YoY Change -162.2% 617.92% 21.43%
FREE CASH FLOW
Cash From Operating Activities -$4.420M -$5.200M -$9.200M
Capital Expenditures $0.00 -$10.00K -$10.00K
Free Cash Flow -$4.420M -$5.190M -$9.190M
YoY Change -6.75% -43.53% 0.33%

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The later of expiration of the last licensed patent covering a licensed product, its method of manufacture or use, the expiration of other government grants providing market exclusivity or 10 years after first commercial sale of a licensed product in such country, subject to rights of the parties to sooner terminate the agreement on certain events and the right of Takeda to unilaterally terminate the agreement upon a specified number of days' prior notice
itci Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Remaining Contractual Term2
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageRemainingContractualTerm2
P9Y10M24D
itci Maturity Period Of Liquid Investments To Be Considered As Cash Equivalents
MaturityPeriodOfLiquidInvestmentsToBeConsideredAsCashEquivalents
Three months or less
itci Available For Sale Securities Maturity Period
AvailableForSaleSecuritiesMaturityPeriod
More than three months
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M18D
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14690942 shares
CY2013Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.56
CY2013Q2 us-gaap Revenues
Revenues
643264
CY2013Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8277391
CY2013Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
2408
CY2013Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-8048043
CY2013Q2 us-gaap Net Income Loss
NetIncomeLoss
-8277391
CY2013Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
903406
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
89163
CY2013Q2 us-gaap Operating Costs And Expenses
OperatingCostsAndExpenses
8691307
CY2013Q2 us-gaap Interest Expense
InterestExpense
231756
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7787901
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020 pure
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.80 pure
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29273357 shares
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
CY2014Q2 us-gaap Revenues
Revenues
219238
CY2014Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-4581288
CY2014Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-47749
CY2014Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
80077
CY2014Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-4611584
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-4533539
CY2014Q2 us-gaap Interest Expense
InterestExpense
2032
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2709702
CY2014Q2 us-gaap Depreciation
Depreciation
6430

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