$KANT

2016 Q2 Form 10-Q Financial Statement

#000119312516681317 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2 2015
Revenue $1.451M $1.070M $4.312M
YoY Change 35.61% -16.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.120M $1.710M $6.320M
YoY Change 82.46% 54.52%
% of Gross Profit
Research & Development $7.404M $5.976M $22.52M
YoY Change 23.9% 34.52%
% of Gross Profit
Depreciation & Amortization $70.00K $70.00K $272.0K
YoY Change 0.0% -36.3%
% of Gross Profit
Operating Expenses $10.52M $7.685M $28.85M
YoY Change 36.88% 38.46%
Operating Profit -$9.068M -$6.615M -$24.53M
YoY Change 37.08% 56.44%
Interest Expense $20.00K $209.0K $599.0K
YoY Change -90.43% 201.01%
% of Operating Profit
Other Income/Expense, Net -$5.000K $205.0K $93.00K
YoY Change -102.44% -14.68%
Pretax Income -$9.050M -$6.620M -$25.04M
YoY Change 36.71% 58.78%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.053M -$6.619M -$25.04M
YoY Change 36.77% 58.76%
Net Earnings / Revenue -623.91% -618.6% -580.71%
Basic Earnings Per Share -$0.47 $0.12 $0.12
Diluted Earnings Per Share -$0.47 -$0.46 -$0.46
COMMON SHARES
Basic Shares Outstanding 19.14M 553.5K
Diluted Shares Outstanding 19.14M shares 14.52M

Balance Sheet

Concept 2016 Q2 2015 Q2 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $42.60M $13.80M
YoY Change 56.82%
Cash & Equivalents $42.64M $13.80M
Short-Term Investments
Other Short-Term Assets $1.119M $200.0K
YoY Change -50.0%
Inventory
Prepaid Expenses
Receivables $140.0K $900.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $43.90M $14.90M
YoY Change 40.57%
LONG-TERM ASSETS
Property, Plant & Equipment $456.0K $600.0K
YoY Change 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $102.0K $3.200M
YoY Change 433.33%
Total Long-Term Assets $852.0K $3.800M
YoY Change 216.67%
TOTAL ASSETS
Total Short-Term Assets $43.90M $14.90M
Total Long-Term Assets $852.0K $3.800M
Total Assets $44.75M $18.70M
YoY Change 58.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.741M $3.300M
YoY Change 73.68%
Accrued Expenses $3.057M $2.200M
YoY Change 46.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.32M $9.800M
YoY Change 63.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K
YoY Change -99.03%
Other Long-Term Liabilities $2.800M $4.600M
YoY Change 24.32%
Total Long-Term Liabilities $2.800M $4.700M
YoY Change -66.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.32M $9.800M
Total Long-Term Liabilities $2.800M $4.700M
Total Liabilities $14.14M $14.50M
YoY Change -27.5%
SHAREHOLDERS EQUITY
Retained Earnings -$137.3M
YoY Change
Common Stock $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.61M $4.200M
YoY Change
Total Liabilities & Shareholders Equity $44.75M $18.70M
YoY Change 58.47%

Cashflow Statement

Concept 2016 Q2 2015 Q2 2015
OPERATING ACTIVITIES
Net Income -$9.053M -$6.619M -$25.04M
YoY Change 36.77% 58.76%
Depreciation, Depletion And Amortization $70.00K $70.00K $272.0K
YoY Change 0.0% -36.3%
Cash From Operating Activities -$6.810M -$2.060M -$19.42M
YoY Change 230.58% 124.25%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K $263.0K
YoY Change 0.0% 52.91%
Acquisitions
YoY Change
Other Investing Activities $10.00K $0.00
YoY Change
Cash From Investing Activities $0.00 -$10.00K -$260.0K
YoY Change -100.0% 52.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -350.0K -360.0K 24.73M
YoY Change -2.78% 64.54%
NET CHANGE
Cash From Operating Activities -6.810M -2.060M -19.42M
Cash From Investing Activities 0.000 -10.00K -260.0K
Cash From Financing Activities -350.0K -360.0K 24.73M
Net Change In Cash -7.160M -2.430M 5.050M
YoY Change 194.65% -18.55%
FREE CASH FLOW
Cash From Operating Activities -$6.810M -$2.060M -$19.42M
Capital Expenditures -$10.00K -$10.00K $263.0K
Free Cash Flow -$6.800M -$2.050M -$19.68M
YoY Change 231.71% 122.86%

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<div> <table style="FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WORD-SPACING: 0px; BORDER-COLLAPSE: collapse; TEXT-TRANSFORM: none; ORPHANS: 2; WIDOWS: 2; 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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> Proteostasis Therapeutics, Inc. (the &#x201C;Company&#x201D;) was incorporated in Delaware on December&#xA0;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&#x2019;s initial therapeutic focus is on cystic fibrosis, which is caused by defects in the cystic fibrosis transmembrane conductance regulator (&#x201C;CFTR&#x201D;) protein and insufficient CFTR protein function. The Company&#x2019;s lead product candidate, PTI-428, is in early clinical development, and the Company&#x2019;s other drug candidates are in the discovery phase.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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&#x2019;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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The Company&#x2019;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 June&#xA0;30, 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 $137,262 as of June&#xA0;30, 2016. The Company expects to continue to generate losses for the foreseeable future. As of June&#xA0;30, 2016, the Company expects that its cash of $42,642 will be sufficient to fund its operating expenses and capital expenditure requirements through at least the second quarter of 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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Reverse Stock Split</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> On January&#xA0;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&#x2019;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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Initial Public Offering</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> In February 2016, the Company issued and sold 6,250,000 shares of its common stock in its initial public offering (&#x201C;IPO&#x201D;) at a public offering price of $8.00 per share, for net proceeds of $42,529 after deducting underwriting discounts and commissions of $3,500 and other offering expenses of $3,971. 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&#x2019;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; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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 June&#xA0;30, 2016, there were no shares of preferred stock issued or outstanding.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18px; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 0pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Unaudited Interim Financial Information</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> The accompanying unaudited interim financial statements as of June&#xA0;30, 2016 and for the three months and six months ended June&#xA0;30, 2016 and 2015 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#x201C;SEC&#x201D;) 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 (&#x201C;GAAP&#x201D;) 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&#x2019;s&#xA0;audited financial statements and the notes thereto for the year ended December&#xA0;31, 2015 included in the Company&#x2019;s&#xA0;Annual Report on Form 10-K filed with the SEC on March&#xA0;30, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> 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&#x2019;s financial position as of June&#xA0;30, 2016 and results of operations for the six months ended June&#xA0;30, 2016 and 2015 and cash flows for the six months ended June&#xA0;30, 2016 and 2015. Such adjustments are of a normal and recurring nature. The results of operations for the three and six months ended June&#xA0;30, 2016 are not necessarily indicative of the results of operations that may be expected for the year ending December&#xA0;31, 2016.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> <b><i>Revision of Previously Issued Financial Information</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; LINE-HEIGHT: normal; TEXT-INDENT: 4%; -webkit-text-stroke-width: 0px; font-variant-ligatures: normal; font-variant-caps: normal"> As presented in Note 8 and within the accompanying statements of operations and comprehensive loss, the Company has revised basic net income per share attributable to common stockholders and diluted net loss per share attributable to common stockholders for the three months ended June 30, 2015 from the amounts presented in error in the unaudited quarterly financial data footnote in the previously filed Form 10-K for the year ended December 31, 2015. Amounts previously reported for basic and diluted net income per share did not appropriately present the allocation of income to participating securities and reflect the impact of certain potential common shares. These revisions decreased basic net income attributable to common stockholders from $3.24 per share to $0.12 per share and reduced diluted net income attributable to common stockholders from $3.24 per share to a loss of $0.46 per share. Based upon the Company&#x2019;s evaluation of relevant factors, the Company concluded that the revisions to the basic and diluted net income (loss) attributable to common stockholders within the consolidated statement of operations and comprehensive loss are not material to the previously issued quarterly financial data.</p> </div>
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