$KALV
KalVista Pharmaceuticals, Inc.

2015 Q4 Form 10-Q Financial Statement

#000156459015010631 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $667.0K $839.0K $10.00K
YoY Change 6570.0% 8290.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.320M $1.370M $1.490M
YoY Change 67.09% -8.05% 263.41%
% of Gross Profit
Research & Development $4.260M $3.533M $2.088M
YoY Change 40.59% 69.2% 56.99%
% of Gross Profit
Depreciation & Amortization $30.00K $30.00K $20.00K
YoY Change 200.0% 50.0% 100.0%
% of Gross Profit
Operating Expenses $4.192M $3.302M $3.578M
YoY Change 9.59% -7.71% 105.63%
Operating Profit -$4.899M -$3.568M
YoY Change 37.3%
Interest Expense -$90.00K $95.00K -$360.0K
YoY Change -83.93% -126.39% 500.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $1.000K -$70.00K
YoY Change -100.0% -101.43%
Pretax Income -$5.660M -$4.990M -$4.000M
YoY Change 20.17% 24.75% 123.46%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.599M -$1.716M -$3.995M
YoY Change -44.87% -57.05% 123.18%
Net Earnings / Revenue -389.66% -204.53% -39950.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.198M -$2.654M -$3.670M
COMMON SHARES
Basic Shares Outstanding 26.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.70M $59.90M $9.300M
YoY Change 1276.92% 544.09%
Cash & Equivalents $53.72M $59.88M $9.325M
Short-Term Investments
Other Short-Term Assets $1.200M $1.600M $200.0K
YoY Change 71.43% 700.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $54.95M $61.45M $9.500M
YoY Change 1097.84% 546.83%
LONG-TERM ASSETS
Property, Plant & Equipment $805.0K $362.0K $100.0K
YoY Change 347.22% 262.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $991.0K $218.0K $1.200M
YoY Change 453.63% -81.83%
Total Long-Term Assets $1.846M $630.0K $1.400M
YoY Change -10.26% -55.0%
TOTAL ASSETS
Total Short-Term Assets $54.95M $61.45M $9.500M
Total Long-Term Assets $1.846M $630.0K $1.400M
Total Assets $56.79M $62.08M $10.90M
YoY Change 754.77% 469.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.460M $1.527M $1.200M
YoY Change 42.58% 27.25%
Accrued Expenses $1.327M $1.272M $1.900M
YoY Change -17.32% -33.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $1.000M $4.400M
YoY Change -65.91% -77.27%
Total Short-Term Liabilities $4.271M $3.793M $7.600M
YoY Change -39.79% -50.09%
LONG-TERM LIABILITIES
Long-Term Debt $3.200M $3.600M $1.700M
YoY Change 52.38% 111.76%
Other Long-Term Liabilities $100.0K $100.0K $1.700M
YoY Change -95.0% -94.12%
Total Long-Term Liabilities $3.300M $3.700M $3.400M
YoY Change -19.51% 8.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.271M $3.793M $7.600M
Total Long-Term Liabilities $3.300M $3.700M $3.400M
Total Liabilities $7.481M $7.458M $10.90M
YoY Change -33.61% -31.58%
SHAREHOLDERS EQUITY
Retained Earnings -$72.62M -$66.96M
YoY Change 52.01%
Common Stock $121.9M $121.6M
YoY Change 3292.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.31M $54.62M -$100.0K
YoY Change
Total Liabilities & Shareholders Equity $56.79M $62.08M $10.90M
YoY Change 754.77% 469.53%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$2.599M -$1.716M -$3.995M
YoY Change -44.87% -57.05% 123.18%
Depreciation, Depletion And Amortization $30.00K $30.00K $20.00K
YoY Change 200.0% 50.0% 100.0%
Cash From Operating Activities -$5.060M -$5.310M -$3.230M
YoY Change 16.86% 64.4% 146.56%
INVESTING ACTIVITIES
Capital Expenditures -$380.0K -$20.00K $0.00
YoY Change 375.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$720.0K
YoY Change
Cash From Investing Activities -$1.090M -$20.00K $0.00
YoY Change 1262.5% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -170.0K 5.380M
YoY Change -100.0% -103.16%
NET CHANGE
Cash From Operating Activities -5.060M -5.310M -3.230M
Cash From Investing Activities -1.090M -20.00K 0.000
Cash From Financing Activities 0.000 -170.0K 5.380M
Net Change In Cash -6.150M -5.500M 2.150M
YoY Change 13.47% -355.81% -262.88%
FREE CASH FLOW
Cash From Operating Activities -$5.060M -$5.310M -$3.230M
Capital Expenditures -$380.0K -$20.00K $0.00
Free Cash Flow -$4.680M -$5.290M -$3.230M
YoY Change 10.12% 63.78% 148.46%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of the interim condensed financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, the Company evaluates its estimates, including those related to common stock, stock-based compensation expense, warrant liabilities, accruals, derivative liability, deferred tax valuation allowance and revenue recognition. Management bases its estimates on historical experience or on various other assumptions, including information received from its service providers, which it believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p></div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. The Company invests its excess cash in money market accounts. The Company&#8217;s cash and cash equivalents are held by a single financial institution and all cash is held in the United States. Such deposits may, at times, exceed federally insured limits. The Company has not recognized any losses during the periods presented and management does not believe that the Company is exposed to significant credit risk from its cash and cash equivalents.</p></div>
us-gaap Derivatives Embedded Derivatives
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Embedded Derivatives Related to Convertible Promissory Notes</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Embedded derivatives that are required to be bifurcated from the underlying debt instrument (i.e. host) are accounted for and valued as a separate financial instrument. The Company evaluated the terms and features of the convertible promissory notes issued in September 2014 and February 2015 and identified embedded derivatives requiring bifurcation and accounting at fair value because the economic and contractual characteristics of the embedded derivatives met the criteria for bifurcation and separate accounting due to the conversion features (see Note 7 for a description of the conversion features).</p></div>
dei Entity Incorporation State Country Name
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Delaware
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us-gaap Common Stock Voting Rights
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Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
289000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
100000
CY2015Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2015Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
600000
CY2015Q3 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0

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