$KALV
KalVista Pharmaceuticals, Inc.

2016 Q1 Form 10-Q Financial Statement

#000156459016019244 Filed on May 12, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015 Q1
Revenue $348.0K $667.0K $10.00K
YoY Change 3380.0% 6570.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.540M $1.320M $1.010M
YoY Change 52.48% 67.09% 129.55%
% of Gross Profit
Research & Development $3.622M $4.260M $3.902M
YoY Change -7.18% 40.59% 173.82%
% of Gross Profit
Depreciation & Amortization $34.00K $30.00K $31.00K
YoY Change 9.68% 200.0% 210.0%
% of Gross Profit
Operating Expenses $4.163M $4.192M $4.908M
YoY Change -15.18% 9.59% 163.59%
Operating Profit -$3.815M -$4.901M
YoY Change -22.16% 164.06%
Interest Expense $88.00K -$90.00K $836.0K
YoY Change -89.47% -83.93% 945.0%
% of Operating Profit
Other Income/Expense, Net $1.863M $0.00 -$283.0K
YoY Change -758.3% -100.0% 77.99%
Pretax Income -$6.610M -$5.660M -$5.180M
YoY Change 27.61% 20.17% 156.44%
Income Tax
% Of Pretax Income
Net Earnings -$1.952M -$2.599M -$5.184M
YoY Change -62.35% -44.87% 157.27%
Net Earnings / Revenue -560.92% -389.66% -51840.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.516M -$3.198M -$4.752M
COMMON SHARES
Basic Shares Outstanding 26.33M 26.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.50M $53.70M $3.200M
YoY Change 1415.63% 1276.92%
Cash & Equivalents $24.17M $53.72M $3.181M
Short-Term Investments
Other Short-Term Assets $1.000M $1.200M $1.100M
YoY Change -9.09% 71.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $49.50M $54.95M $4.308M
YoY Change 1049.03% 1097.84%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $805.0K $329.0K
YoY Change -39.21% 347.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $991.0K $179.0K
YoY Change -44.13% 453.63%
Total Long-Term Assets $175.0K $1.846M $3.404M
YoY Change -94.86% -10.26%
TOTAL ASSETS
Total Short-Term Assets $49.50M $54.95M $4.308M
Total Long-Term Assets $175.0K $1.846M $3.404M
Total Assets $49.68M $56.79M $7.712M
YoY Change 544.13% 754.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $793.0K $1.460M $2.545M
YoY Change -68.84% 42.58%
Accrued Expenses $1.082M $1.327M $1.832M
YoY Change -40.94% -17.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $5.500M
YoY Change -100.0%
Long-Term Debt Due $2.000M $1.500M $1.100M
YoY Change 81.82% -65.91%
Total Short-Term Liabilities $3.854M $4.271M $11.01M
YoY Change -64.98% -39.79%
LONG-TERM LIABILITIES
Long-Term Debt $2.700M $3.200M $3.400M
YoY Change -20.59% 52.38%
Other Long-Term Liabilities $0.00 $100.0K $2.700M
YoY Change -100.0% -95.0%
Total Long-Term Liabilities $2.700M $3.300M $6.100M
YoY Change -55.74% -19.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.854M $4.271M $11.01M
Total Long-Term Liabilities $2.700M $3.300M $6.100M
Total Liabilities $6.604M $7.481M $17.13M
YoY Change -61.44% -33.61%
SHAREHOLDERS EQUITY
Retained Earnings -$79.23M -$72.62M -$52.96M
YoY Change 49.6% 52.01%
Common Stock $122.3M $121.9M $1.000K
YoY Change 12229800.0% 3292.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.07M $49.31M -$48.97M
YoY Change
Total Liabilities & Shareholders Equity $49.68M $56.79M $7.712M
YoY Change 544.13% 754.77%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015 Q1
OPERATING ACTIVITIES
Net Income -$1.952M -$2.599M -$5.184M
YoY Change -62.35% -44.87% 157.27%
Depreciation, Depletion And Amortization $34.00K $30.00K $31.00K
YoY Change 9.68% 200.0% 210.0%
Cash From Operating Activities -$5.080M -$5.060M -$4.050M
YoY Change 25.43% 16.86% 131.43%
INVESTING ACTIVITIES
Capital Expenditures $184.0K -$380.0K $180.0K
YoY Change 2.22% 375.0% 17900.0%
Acquisitions
YoY Change
Other Investing Activities -$720.0K
YoY Change
Cash From Investing Activities -$180.0K -$1.090M -$180.0K
YoY Change 0.0% 1262.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $120.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 3.510M
YoY Change -100.0% -100.0% 180.8%
NET CHANGE
Cash From Operating Activities -5.080M -5.060M -4.050M
Cash From Investing Activities -180.0K -1.090M -180.0K
Cash From Financing Activities 0.000 0.000 3.510M
Net Change In Cash -5.260M -6.150M -720.0K
YoY Change 630.56% 13.47% 44.0%
FREE CASH FLOW
Cash From Operating Activities -$5.080M -$5.060M -$4.050M
Capital Expenditures $184.0K -$380.0K $180.0K
Free Cash Flow -$5.264M -$4.680M -$4.230M
YoY Change 24.44% 10.12% 141.58%

Facts In Submission

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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>
CY2016Q1 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>
CY2016Q1 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>
CY2016Q1 dei Entity Incorporation State Country Name
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Delaware
CY2016Q1 dei Entity Incorporation Date Of Incorporation
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2004-03-26
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2016-09-12
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OperatingLeasesFutureMinimumPaymentsDue
4274000
CY2015Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
124729
CY2015Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
349000
CY2016Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
CY2016Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2016Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2016Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
800000
CY2016Q1 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2016Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0

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