2016 Q1 Form 10-Q Financial Statement
#000119312516590536 Filed on May 13, 2016
Income Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
Revenue | $1.158M | $807.0K |
YoY Change | 43.49% | -20.88% |
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $2.300M | $1.320M |
YoY Change | 74.24% | 17.86% |
% of Gross Profit | ||
Research & Development | $6.876M | $4.503M |
YoY Change | 52.7% | 34.02% |
% of Gross Profit | ||
Depreciation & Amortization | $66.00K | $62.00K |
YoY Change | 6.45% | -52.31% |
% of Gross Profit | ||
Operating Expenses | $9.177M | $5.824M |
YoY Change | 57.57% | 30.0% |
Operating Profit | -$8.019M | -$5.017M |
YoY Change | 59.84% | |
Interest Expense | $0.00 | $201.0K |
YoY Change | -100.0% | |
% of Operating Profit | ||
Other Income/Expense, Net | $28.00K | -$522.0K |
YoY Change | -105.36% | 190.0% |
Pretax Income | -$7.990M | -$5.740M |
YoY Change | 39.2% | 57.26% |
Income Tax | $0.00 | $0.00 |
% Of Pretax Income | ||
Net Earnings | -$7.991M | -$5.740M |
YoY Change | 39.22% | 57.26% |
Net Earnings / Revenue | -690.07% | -711.28% |
Basic Earnings Per Share | -$14.68 | |
Diluted Earnings Per Share | -$14.80M | -$14.68 |
COMMON SHARES | ||
Basic Shares Outstanding | 10.77M | 533.1K |
Diluted Shares Outstanding | 533.1K |
Balance Sheet
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $49.80M | $4.300M |
YoY Change | 1058.14% | |
Cash & Equivalents | $49.81M | $4.300M |
Short-Term Investments | ||
Other Short-Term Assets | $824.0K | $700.0K |
YoY Change | 17.71% | |
Inventory | ||
Prepaid Expenses | ||
Receivables | $136.0K | $2.300M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $50.77M | $7.300M |
YoY Change | 595.44% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $524.0K | $600.0K |
YoY Change | -12.67% | |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $123.0K | $600.0K |
YoY Change | -79.5% | |
Total Long-Term Assets | $941.0K | $1.200M |
YoY Change | -21.58% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $50.77M | $7.300M |
Total Long-Term Assets | $941.0K | $1.200M |
Total Assets | $51.71M | $8.500M |
YoY Change | 508.33% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $3.207M | $900.0K |
YoY Change | 256.33% | |
Accrued Expenses | $1.172M | $2.300M |
YoY Change | -49.04% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $8.594M | $6.500M |
YoY Change | 32.22% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $10.50M |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $3.600M | $5.000M |
YoY Change | -28.0% | |
Total Long-Term Liabilities | $3.600M | $15.50M |
YoY Change | -76.77% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $8.594M | $6.500M |
Total Long-Term Liabilities | $3.600M | $15.50M |
Total Liabilities | $12.18M | $22.00M |
YoY Change | -44.62% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$128.2M | |
YoY Change | ||
Common Stock | $20.00K | |
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $39.53M | -$13.50M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $51.71M | $8.500M |
YoY Change | 508.33% |
Cashflow Statement
Concept | 2016 Q1 | 2015 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$7.991M | -$5.740M |
YoY Change | 39.22% | 57.26% |
Depreciation, Depletion And Amortization | $66.00K | $62.00K |
YoY Change | 6.45% | -52.31% |
Cash From Operating Activities | -$8.400M | -$4.530M |
YoY Change | 85.43% | 107.8% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $24.00K | $7.000K |
YoY Change | 242.86% | -117.5% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$20.00K | -$10.00K |
YoY Change | 100.0% | -75.0% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 44.38M | 40.00K |
YoY Change | 110850.0% | -99.19% |
NET CHANGE | ||
Cash From Operating Activities | -8.400M | -4.530M |
Cash From Investing Activities | -20.00K | -10.00K |
Cash From Financing Activities | 44.38M | 40.00K |
Net Change In Cash | 35.96M | -4.500M |
YoY Change | -899.11% | -266.05% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$8.400M | -$4.530M |
Capital Expenditures | $24.00K | $7.000K |
Free Cash Flow | -$8.424M | -$4.537M |
YoY Change | 85.67% | 112.01% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2014Q4 | us-gaap |
Cash
Cash
|
8793000 | |
CY2015Q4 | us-gaap |
Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
|
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CY2015Q4 | us-gaap |
Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
|
0.001 | |
CY2015Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
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CY2015Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
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CY2015Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
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Temporary Equity Shares Authorized
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Common Stock Shares Issued
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CY2015Q4 | us-gaap |
Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
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Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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Stockholders Equity
StockholdersEquity
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Fair Value Assets Level1 To Level2 Transfers Amount
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Fair Value Assets Level2 To Level1 Transfers Amount
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|
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Additional Paid In Capital
AdditionalPaidInCapital
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Temporary Equity Liquidation Preference
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CY2015Q4 | us-gaap |
Deferred Rent Credit Current
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182000 | |
CY2015Q4 | us-gaap |
Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
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Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
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Deferred Rent Credit Noncurrent
DeferredRentCreditNoncurrent
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287000 | |
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Deferred Revenue Current
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CY2015Q4 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
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3330000 | |
CY2015Q4 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
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2248000 | |
CY2015Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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Liabilities
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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18690000 | |
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Deferred Revenue Noncurrent
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CY2015Q4 | us-gaap |
Common Stock Value
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Commitments And Contingencies
CommitmentsAndContingencies
|
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Liabilities Current
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Fair Value Liabilities Level2 To Level1 Transfers Amount
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Deferred Tax Assets Gross
DeferredTaxAssetsGross
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Assets
Assets
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18690000 | |
CY2015Q4 | us-gaap |
Cash
Cash
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13844000 | |
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Property Plant And Equipment Net
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|
566000 | |
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Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
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294000 | |
CY2015Q4 | us-gaap |
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CY2015Q4 | us-gaap |
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Cash And Cash Equivalents Fair Value Disclosure
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Cash And Cash Equivalents At Carrying Value
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Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
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Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
|
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Preferred Stock Warrant Liability
PreferredStockWarrantLiability
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Entity Common Stock Shares Outstanding
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Cash
Cash
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Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
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Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
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0.001 | |
CY2016Q1 | us-gaap |
Common Stock Shares Authorized
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Common Stock Shares Outstanding
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Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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Temporary Equity Shares Issued
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Employee Related Liabilities Current
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Stockholders Equity
StockholdersEquity
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Fair Value Assets Level1 To Level2 Transfers Amount
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Additional Paid In Capital
AdditionalPaidInCapital
|
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Temporary Equity Liquidation Preference
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|
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Deferred Rent Credit Current
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Deferred Rent Credit Noncurrent
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Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
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CY2016Q1 | us-gaap |
Liabilities
Liabilities
|
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CY2016Q1 | us-gaap |
Liabilities And Stockholders Equity
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51708000 | |
CY2016Q1 | us-gaap |
Deferred Revenue Noncurrent
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CY2016Q1 | us-gaap |
Common Stock Value
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Commitments And Contingencies
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Assets
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Cash
Cash
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Accounts Receivable Net Current
AccountsReceivableNetCurrent
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Property Plant And Equipment Net
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Cash And Cash Equivalents At Carrying Value
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Fair Value Liabilities Level1 To Level2 Transfers Amount
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CY2016Q1 | us-gaap |
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PaymentOfFinancingAndStockIssuanceCosts
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Fair Value Assumptions Expected Volatility Rate
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Fair Value Assumptions Risk Free Interest Rate
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Fair Value Assumptions Expected Term
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Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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|
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Collaborative Arrangement Milestone Payment Expected
CollaborativeArrangementMilestonePaymentExpected
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Discount Rate Used To Derive Present Value Of Future Milestone Payments
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Probability Of Change In Control Assumed
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Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-14.68 | |
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Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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|
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Net Income Loss
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Net Income Loss Available To Common Stockholders Basic
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CY2015Q1 | us-gaap |
Revenues
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|
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CY2015Q1 | us-gaap |
Operating Income Loss
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|
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Increase Decrease In Other Operating Assets
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|
-65000 | |
CY2015Q1 | us-gaap |
Other Nonoperating Income Expense
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|
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|
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Capital Expenditures Incurred But Not Yet Paid
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Income Tax Expense Benefit
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Share Based Compensation
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Temporary Equity Accretion To Redemption Value Adjustment
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Fair Value Adjustment Of Warrants
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Interest Expense
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|
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|
39000 | |
CY2015Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
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Increase Decrease In Accrued Liabilities
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CY2015Q1 | us-gaap |
Proceeds From Stock Options Exercised
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Increase Decrease In Deferred Revenue
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CY2015Q1 | us-gaap |
Operating Expenses
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CY2016Q1 | us-gaap |
Fair Value Assumptions Expected Term
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Allocated Share Based Compensation Expense
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|
438000 | |
CY2015Q1 | us-gaap |
General And Administrative Expense
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1321000 | |
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CY2015Q1 | us-gaap |
Paid In Kind Interest
PaidInKindInterest
|
201000 | |
CY2015Q1 | us-gaap |
Depreciation Depletion And Amortization
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62000 | |
CY2015Q1 | pti |
Change In Fair Value Of Derivative Liability
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|
500000 | |
CY2015Q1 | pti |
Noncash Rent Expense
NoncashRentExpense
|
67000 | |
CY2015Q1 | pti |
Deferred Offering Costs Included In Accounts Payable And Accrued Expense
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpense
|
52000 | |
CY2015Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
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478000 | |
CY2016Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
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Q1 | |
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Nature Of Operations
NatureOfOperations
|
<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman'; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; WORD-SPACING: 0px; WIDOWS: 1; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px" cellspacing="0" cellpadding="0" width="100%" border="0"> <tr> <td valign="top" width="4%" align="left"><b>1.</b></td> <td valign="top" align="left"><b>Nature of the Business</b></td> </tr> </table> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> Proteostasis Therapeutics, Inc. (the “Company”) was incorporated in Delaware on December 13, 2006. The Company is an innovative biopharmaceutical company committed to the discovery and development of novel therapeutics that treat diseases caused by an imbalance in the proteostasis network, a set of pathways that control protein biosynthesis, folding, trafficking and clearance. The Company’s initial therapeutic focus is on cystic fibrosis, which is caused by defects in the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein and insufficient CFTR protein function. The Company’s lead product candidate, PTI-428, is in early clinical development, and the Company’s other drug candidates are in the discovery phase.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The Company’s financial statements have been prepared on the basis of continuity of operations, realization of assets, and the satisfaction of liabilities in the ordinary course of business. Through March 31, 2016, the Company has primarily funded its operations with proceeds received from its initial public offering, proceeds from the sale of convertible preferred stock and, to a lesser extent, payments received in connection with collaboration agreements and research grants. The Company has incurred losses and negative cash flows from operations and had an accumulated deficit of $128,209 as of March 31, 2016. The Company expects to continue to generate losses for the foreseeable future. As of March 31, 2016, the Company expects that its cash of $49,807 will be sufficient to fund its operating expenses and capital expenditure requirements through at least March 31, 2017. The future viability of the Company beyond that point is dependent on its ability to raise additional capital to finance its operations. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Reverse Stock Split</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> On January 19, 2016, the Company effected a 1-for-10.8102 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s Preferred Stock. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Initial Public Offering</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In February 2016, the Company issued and sold 6,250,000 shares of its common stock in its initial public offering (“IPO”) at a public offering price of $8.00 per share, for net proceeds of $42,887 after deducting underwriting discounts and commissions of $3,500 and other offering expenses of $3,613. Upon the closing of the IPO, all shares of convertible preferred stock then outstanding converted into an aggregate of 9,699,600 shares of common stock, and the Company issued 2,590,742 shares of common stock as payment of $36,016 of accruing dividends due to holders of Series A preferred stock. In addition, the Company’s convertible preferred stock warrant outstanding at the close of the IPO converted to a warrant to purchase common stock.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> In connection with the completion of the IPO, the Company amended its certificate of incorporation to authorize the future issuance of up to 5,000,000 shares of undesignated preferred stock, par value $0.001 per share. As of March 31, 2016, there were no shares of preferred stock issued or outstanding.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; MARGIN-LEFT: 62px; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>Unaudited Interim Financial Information</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The accompanying unaudited interim financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These interim financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2015 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 30, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; TEXT-TRANSFORM: none; WORD-SPACING: 0px; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px"> The unaudited interim financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited interim financial statements contain all adjustments which are necessary for a fair statement of the Company’s financial position as of March 31, 2016 and results of operations and cash flows for the three months ended March 31, 2016 and 2015. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2016.</p> </div> | |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-8397000 | |
CY2016Q1 | us-gaap |
Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
|
0.769 | pure |
CY2016Q1 | us-gaap |
Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
|
0.0080 | pure |
CY2016Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2016 | |
CY2016Q1 | dei |
Amendment Flag
AmendmentFlag
|
false | |
CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.87 | |
CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1670653 | shares |
CY2016Q1 | dei |
Document Type
DocumentType
|
10-Q | |
CY2016Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001445283 | |
CY2016Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
CY2016Q1 | dei |
Trading Symbol
TradingSymbol
|
PTI | |
CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
10766722 | shares |
CY2016Q1 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
On January 19, 2016, the Company effected a 1-for-10.8102 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company's Preferred Stock. | |
CY2016Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
CY2016Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
PROTEOSTASIS THERAPEUTICS, INC. | |
CY2016Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2016-03-31 | |
CY2016Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 6pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses and the valuation of common stock, preferred stock warrant liability and derivative liability. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</p> </div> | |
CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
24000 | |
CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7991000 | |
CY2016Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
41000 | |
CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2301000 | |
CY2016Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
112292000 | |
CY2016Q1 | us-gaap |
Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
|
46500000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
957000 | |
CY2016Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-9369000 | |
CY2016Q1 | us-gaap |
Revenues
Revenues
|
1158000 | |
CY2016Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
308000 | |
CY2016Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
42887000 | |
CY2016Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
66000 | |
CY2016Q1 | pti |
Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
|
55000 | |
CY2016Q1 | us-gaap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
55000 | |
CY2016Q1 | us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
2157000 | |
CY2016Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-8019000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-21000 | |
CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
28000 | |
CY2016Q1 | us-gaap |
Adjustments To Additional Paid In Capital Warrant Issued
AdjustmentsToAdditionalPaidInCapitalWarrantIssued
|
28000 | |
CY2016Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
112292000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-782000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
|
644000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Deferred Income Taxes
IncreaseDecreaseInDeferredIncomeTaxes
|
3000000 | |
CY2016Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
62000 | |
CY2016Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
308000 | |
CY2016Q1 | us-gaap |
Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
|
1378000 | |
CY2016Q1 | us-gaap |
Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
|
-82000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-1021000 | |
CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
35963000 | |
CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
9177000 | |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-24000 | |
CY2016Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
44384000 | |
CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
6876000 | |
CY2016Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1806000 | |
CY2016Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
41000 | |
CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
308000 | |
CY2016Q1 | pti |
Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
|
2016-01-19 | |
CY2016Q1 | pti |
Collaborative Arrangement Milestone Payment Expected
CollaborativeArrangementMilestonePaymentExpected
|
28520000 | |
CY2016Q1 | pti |
Stock Issued For Payment Of Accrued Dividends
StockIssuedForPaymentOfAccruedDividends
|
3000 | |
CY2016Q1 | pti |
Stock Issued For Payment Of Accrued Bonus
StockIssuedForPaymentOfAccruedBonus
|
62000 | |
CY2016Q1 | pti |
Conversion Of Preferred Stock Warrants Into Common Stock Warrants
ConversionOfPreferredStockWarrantsIntoCommonStockWarrants
|
28000 | |
CY2016Q1 | pti |
Prepaid Rent Expense
PrepaidRentExpense
|
42000 | |
CY2016Q1 | pti |
Discount Rate Used To Derive Present Value Of Future Milestone Payments
DiscountRateUsedToDerivePresentValueOfFutureMilestonePayments
|
0.25 | pure |
CY2016Q1 | pti |
Probability Of Change In Control Assumed
ProbabilityOfChangeInControlAssumed
|
0.05 | pure |