$KANT
KINETA, INC./DE

2016 Q4 Form 10-Q Financial Statement

#000156459016028797 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $4.060M $1.715M $1.234M
YoY Change 229.01% 42.8% -6.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.200M $3.270M $1.770M
YoY Change 80.79% 115.13% 129.87%
% of Gross Profit
Research & Development $10.46M $9.218M $5.787M
YoY Change 80.77% 47.3% 6.77%
% of Gross Profit
Depreciation & Amortization $60.00K $110.0K $70.00K
YoY Change -14.29% 57.14% -22.22%
% of Gross Profit
Operating Expenses $13.66M $12.48M $7.556M
YoY Change 80.77% 60.44% 22.27%
Operating Profit -$9.599M -$10.77M -$6.322M
YoY Change 51.83% 63.66%
Interest Expense $190.0K $40.00K $0.00
YoY Change -78.84% -100.0%
% of Operating Profit
Other Income/Expense, Net -$8.000K -$38.00K $691.0K
YoY Change -101.16% -86.48% 263.68%
Pretax Income -$9.420M -$10.77M -$5.630M
YoY Change 67.32% 52.77% 16.32%
Income Tax
% Of Pretax Income
Net Earnings -$9.417M -$10.77M -$5.631M
YoY Change 67.23% 52.78% 16.34%
Net Earnings / Revenue -231.95% -628.05% -456.32%
Basic Earnings Per Share -$13.95
Diluted Earnings Per Share -$7.536M -$10.77M -$13.95
COMMON SHARES
Basic Shares Outstanding 24.96M 20.07M 569.0K
Diluted Shares Outstanding 569.0K

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.50M $100.2M $13.84M
YoY Change 517.6% 379.43% 57.32%
Cash & Equivalents $18.61M $43.83M $13.84M
Short-Term Investments $66.90M $56.40M $0.00
Other Short-Term Assets $4.100M $2.388M $180.0K
YoY Change 2177.78% 696.0% -55.0%
Inventory
Prepaid Expenses
Receivables $668.0K $400.0K $918.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $90.24M $103.1M $14.94M
YoY Change 503.92% 360.27% 40.96%
LONG-TERM ASSETS
Property, Plant & Equipment $541.0K $300.0K $566.0K
YoY Change -4.42% -50.0% -5.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $68.00K $400.0K $144.0K
YoY Change -52.78% -82.61% -76.0%
Total Long-Term Assets $903.0K $700.0K $3.748M
YoY Change -75.91% -76.67% 212.33%
TOTAL ASSETS
Total Short-Term Assets $90.24M $103.1M $14.94M
Total Long-Term Assets $903.0K $700.0K $3.748M
Total Assets $91.14M $103.8M $18.69M
YoY Change 387.64% 308.66% 58.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.021M $2.800M $3.330M
YoY Change -39.31% -28.21% 75.26%
Accrued Expenses $4.328M $4.200M $2.248M
YoY Change 92.53% 110.0% 49.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.754M $11.90M $9.836M
YoY Change -11.0% 19.0% 63.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -99.03%
Other Long-Term Liabilities $900.0K $1.900M $4.600M
YoY Change -80.43% -66.67% 24.32%
Total Long-Term Liabilities $900.0K $1.900M $4.700M
YoY Change -80.85% -67.8% -66.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.754M $11.90M $9.836M
Total Long-Term Liabilities $900.0K $1.900M $4.700M
Total Liabilities $9.684M $13.82M $14.50M
YoY Change -33.21% -13.1% -27.5%
SHAREHOLDERS EQUITY
Retained Earnings -$157.5M -$148.0M -$120.2M
YoY Change 30.97%
Common Stock $26.00K $26.00K $1.000K
YoY Change 2500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.46M $89.97M -$108.1M
YoY Change
Total Liabilities & Shareholders Equity $91.14M $103.8M $18.69M
YoY Change 387.64% 308.62% 58.39%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$9.417M -$10.77M -$5.631M
YoY Change 67.23% 52.78% 16.34%
Depreciation, Depletion And Amortization $60.00K $110.0K $70.00K
YoY Change -14.29% 57.14% -22.22%
Cash From Operating Activities -$14.11M -$12.61M -$6.530M
YoY Change 116.08% 100.16% 123.63%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K $0.00 -$30.00K
YoY Change 566.67% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$10.51M -$56.30M
YoY Change
Cash From Investing Activities -$10.71M -$56.30M -$30.00K
YoY Change 35600.0% 26709.52% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -400.0K 70.09M -520.0K
YoY Change -23.08% 174.11% -110.57%
NET CHANGE
Cash From Operating Activities -14.11M -12.61M -6.530M
Cash From Investing Activities -10.71M -56.30M -30.00K
Cash From Financing Activities -400.0K 70.09M -520.0K
Net Change In Cash -25.22M 1.180M -7.080M
YoY Change 256.21% -93.81% -459.39%
FREE CASH FLOW
Cash From Operating Activities -$14.11M -$12.61M -$6.530M
Capital Expenditures -$200.0K $0.00 -$30.00K
Free Cash Flow -$13.91M -$12.61M -$6.500M
YoY Change 114.0% 107.06% 124.91%

Facts In Submission

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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Nature of the Business</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proteostasis Therapeutics, Inc. (the &#8220;Company&#8221;) was incorporated in Delaware on December&#160;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&#8217;s initial therapeutic focus is on cystic fibrosis, which is caused by defects in the cystic fibrosis transmembrane conductance regulator (&#8220;CFTR&#8221;) protein and insufficient CFTR protein function. The Company&#8217;s lead product candidate, PTI-428, is in early clinical development, and the Company&#8217;s other drug candidates are in the preclinical development and discovery phases.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred losses from operations since its inception. As of September 30, 2016, the Company had an accumulated deficit of $148.0 million. The Company has primarily funded its operations with proceeds received from its initial public offerings and sale of convertible preferred stock. As of September 30, 2016, the Company expects that its cash, cash equivalents and short-term investments of $100.2 million will be sufficient to fund its operating expenses and capital requirements through the second quarter of 2018.</p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reverse Stock Split</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On January&#160;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&#8217;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-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Public Offerings</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the Company issued and sold 6,250,000 shares of its common stock in its initial public offering (&#8220;IPO&#8221;) at a public offering price of $8.00 per share, for net proceeds of $42.5 million after deducting underwriting discounts and commissions of $3.5 million and other offering expenses of $4.0 million. 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 $36.0 million of accruing dividends due to holders of Series A preferred stock. In addition, the Company&#8217;s convertible preferred stock warrant outstanding at the close of the IPO converted to a warrant to purchase common stock.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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 September&#160;30, 2016, there were no shares of preferred stock issued or outstanding.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In September 2016, the Company issued and sold 5,750,000 shares of its common stock in a public offering at a public offering price of $13.00 per share, for net proceeds of $69.5 million after deducting underwriter discounts and commissions of $4.5 million and other offering expenses of $0.8 million. The foregoing includes the exercise by the underwriters of their options to purchase an additional 750,000 shares of our common stock within 30 days following the date of the final prospectus for the offering.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> &nbsp;&nbsp;&nbsp;&nbsp; </p> <p style="margin-top:8pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Unaudited Interim Financial Information</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited interim financial statements as of September&#160;30, 2016 and for the three months and nine months ended September&#160;30, 2016 and 2015 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (the &#8220;SEC&#8221;) for interim financial statements. The year-end balance sheet data was derived from the Company&#8217;s audited financial statements, but certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) 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&#8217;s&#160;audited financial statements and the notes thereto for the year ended December&#160;31, 2015 included in the Company&#8217;s&#160;Annual Report on Form 10-K filed with the SEC on March&#160;30, 2016. </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;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 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>
CY2016Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
100200000
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 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
10.8102
pti Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2016-01-19
CY2016Q1 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
9699600
CY2016Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
2590742
CY2016Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
4000000
CY2016Q3 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
800000
CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
9699600
CY2016Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
56421000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2016Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
11000
CY2016Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
56412000
CY2016Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q3 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2015Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2015Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
0
CY2015Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
0
CY2016Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2015Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2015Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2016Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2015Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2016Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2015Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Option Methodology And Assumptions
FairValueOptionMethodologyAndAssumptions
Monte-Carlo simulation analysis
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y6M
CY2015 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P1M13D
us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.815
CY2015 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.741
us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0082
CY2015 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0014
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
140000
CY2016Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1469000
CY2015Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1607000
CY2016Q3 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1810000
CY2015Q4 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
185000
CY2016Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
711000
CY2015Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
436000
CY2016Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
192000
CY2015Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20000
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
570000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1375000
pti Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
-500000
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10771000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9335000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-29193000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15368000
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20073685
CY2015Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
556567
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16672368
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
547816
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1746623
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10580482
CY2016Q2 pti Advisory Retainer Fees
AdvisoryRetainerFees
2500000
CY2016Q2 pti Transaction Fee Percentage Of Aggregate Consideration
TransactionFeePercentageOfAggregateConsideration
0.01

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