$KALV
KalVista Pharmaceuticals, Inc.

2016 Q2 Form 10-K Financial Statement

#000156459017014286 Filed on July 27, 2017

View on sec.gov

Income Statement

Concept 2016 Q2 2016 Q1 2015 Q4
Revenue $314.0K $348.0K $667.0K
YoY Change 3040.0% 3380.0% 6570.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.600M $1.540M $1.320M
YoY Change 122.22% 52.48% 67.09%
% of Gross Profit
Research & Development $947.0K $3.622M $4.260M
YoY Change -78.96% -7.18% 40.59%
% of Gross Profit
Depreciation & Amortization $0.00 $34.00K $30.00K
YoY Change -100.0% 9.68% 200.0%
% of Gross Profit
Operating Expenses $5.400M $4.163M $4.192M
YoY Change -4.83% -15.18% 9.59%
Operating Profit -$3.815M
YoY Change -22.16%
Interest Expense -$390.0K $88.00K -$90.00K
YoY Change 129.41% -89.47% -83.93%
% of Operating Profit
Other Income/Expense, Net $0.00 $1.863M $0.00
YoY Change -100.0% -758.3% -100.0%
Pretax Income -$7.350M -$6.610M -$5.660M
YoY Change -18.42% 27.61% 20.17%
Income Tax
% Of Pretax Income
Net Earnings -$4.869M -$1.952M -$2.599M
YoY Change -45.97% -62.35% -44.87%
Net Earnings / Revenue -1550.64% -560.92% -389.66%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.910M -$3.516M -$3.198M
COMMON SHARES
Basic Shares Outstanding 26.33M 26.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2016 Q1 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.80M $48.50M $53.70M
YoY Change -43.73% 1415.63% 1276.92%
Cash & Equivalents $21.76M $24.17M $53.72M
Short-Term Investments
Other Short-Term Assets $1.100M $1.000M $1.200M
YoY Change -31.25% -9.09% 71.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $24.67M $49.50M $54.95M
YoY Change -63.18% 1049.03% 1097.84%
LONG-TERM ASSETS
Property, Plant & Equipment $74.00K $200.0K $805.0K
YoY Change -81.5% -39.21% 347.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $991.0K
YoY Change -50.0% -44.13% 453.63%
Total Long-Term Assets $13.34M $175.0K $1.846M
YoY Change 2122.67% -94.86% -10.26%
TOTAL ASSETS
Total Short-Term Assets $24.67M $49.50M $54.95M
Total Long-Term Assets $13.34M $175.0K $1.846M
Total Assets $38.01M $49.68M $56.79M
YoY Change -43.78% 544.13% 754.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $187.0K $793.0K $1.460M
YoY Change -90.65% -68.84% 42.58%
Accrued Expenses $1.713M $1.082M $1.327M
YoY Change 0.76% -40.94% -17.32%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00 $2.000M $1.500M
YoY Change -100.0% 81.82% -65.91%
Total Short-Term Liabilities $1.929M $3.854M $4.271M
YoY Change -54.07% -64.98% -39.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.700M $3.200M
YoY Change -100.0% -20.59% 52.38%
Other Long-Term Liabilities $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -95.0%
Total Long-Term Liabilities $0.00 $2.700M $3.300M
YoY Change -100.0% -55.74% -19.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.929M $3.854M $4.271M
Total Long-Term Liabilities $0.00 $2.700M $3.300M
Total Liabilities $1.971M $6.604M $7.481M
YoY Change -76.25% -61.44% -33.61%
SHAREHOLDERS EQUITY
Retained Earnings -$86.58M -$79.23M -$72.62M
YoY Change 49.6% 52.01%
Common Stock $122.6M $122.3M $121.9M
YoY Change 12229800.0% 3292.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$37.11M $43.07M $49.31M
YoY Change
Total Liabilities & Shareholders Equity $38.01M $49.68M $56.79M
YoY Change -43.78% 544.13% 754.77%

Cashflow Statement

Concept 2016 Q2 2016 Q1 2015 Q4
OPERATING ACTIVITIES
Net Income -$4.869M -$1.952M -$2.599M
YoY Change -45.97% -62.35% -44.87%
Depreciation, Depletion And Amortization $0.00 $34.00K $30.00K
YoY Change -100.0% 9.68% 200.0%
Cash From Operating Activities -$7.260M -$5.080M -$5.060M
YoY Change 12.73% 25.43% 16.86%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $184.0K -$380.0K
YoY Change -12.5% 2.22% 375.0%
Acquisitions
YoY Change
Other Investing Activities $180.0K -$720.0K
YoY Change
Cash From Investing Activities $120.0K -$180.0K -$1.090M
YoY Change -250.0% 0.0% 1262.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.500M 0.000 0.000
YoY Change -106.55% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -7.260M -5.080M -5.060M
Cash From Investing Activities 120.0K -180.0K -1.090M
Cash From Financing Activities -4.500M 0.000 0.000
Net Change In Cash -11.64M -5.260M -6.150M
YoY Change -118.71% 630.56% 13.47%
FREE CASH FLOW
Cash From Operating Activities -$7.260M -$5.080M -$5.060M
Capital Expenditures -$70.00K $184.0K -$380.0K
Free Cash Flow -$7.190M -$5.264M -$4.680M
YoY Change 13.05% 24.44% 10.12%

Facts In Submission

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P9Y0M18D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y10M17D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y0M18D
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1631
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
890
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1631
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.68
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.41
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.44
CY2017Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1600000
CY2017 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M9D
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
506000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
435000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
261000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
228000
CY2017Q2 kalv Operating Leases Future Minimum Payments Due In Five Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInFiveYearsAndThereafter
328000
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1758000
CY2017 kalv Amount Associated With Indemnification
AmountAssociatedWithIndemnification
0
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2015 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
2100000
CY2017 us-gaap Income Loss From Continuing Operations Before Income Taxes Foreign
IncomeLossFromContinuingOperationsBeforeIncomeTaxesForeign
16500000
CY2017 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
Tax years 2017 and 2016 in the U.K. subsidiary remain open to examination by the Her Majesty’s Revenue and Customs (“HMRC”). Further, HMRC will be able to open an inquiry under the ‘discovery assessment’ for the 2014 tax year until April 30, 2018 if HMRC discovers facts which were not disclosed or readily inferable from the tax returns or accounts. The U.S. returns are open for all tax years since inception. The Company is not currently under examination in any jurisdiction for any tax years.
CY2016 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3400
CY2015 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.3400
CY2017 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.1172
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
4163000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
5400000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-1952000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-4869000
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-9.37
CY2016 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.1400
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
-0.1308
CY2017 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0916
CY2016 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0685
CY2015 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.0524
CY2017 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0129
CY2017 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.1183
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.1315
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.1568
CY2017 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2017Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
5602000
CY2016Q2 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2756000
CY2017Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
282000
CY2016Q2 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
90000
CY2017Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
5884000
CY2016Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2846000
CY2017 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
3000000
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
400000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
500000
CY2017Q2 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
0
CY2016Q3 us-gaap Revenue From Grants
RevenueFromGrants
975000
CY2016Q4 us-gaap Revenue From Grants
RevenueFromGrants
197000
CY2017Q1 us-gaap Revenue From Grants
RevenueFromGrants
248000
CY2017Q2 us-gaap Revenue From Grants
RevenueFromGrants
114000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
6095000
CY2016Q4 us-gaap Operating Expenses
OperatingExpenses
4223000
CY2017Q1 us-gaap Operating Expenses
OperatingExpenses
8365000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
5200000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-3436000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
-3297000
CY2017Q1 us-gaap Net Income Loss
NetIncomeLoss
-7644000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-4202000
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-6.66
CY2016Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.98
CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.03
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
CY2015Q3 us-gaap Revenue From Grants
RevenueFromGrants
839000
CY2015Q4 us-gaap Revenue From Grants
RevenueFromGrants
667000
CY2016Q1 us-gaap Revenue From Grants
RevenueFromGrants
348000
CY2016Q2 us-gaap Revenue From Grants
RevenueFromGrants
314000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
3302000
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
4192000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-1716000
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-2599000
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.23
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.95
CY2016Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.85

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