$KANT
KINETA, INC./DE

2017 Q1 Form 10-Q Financial Statement

#000156459017010767 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $1.021M $4.060M $1.158M
YoY Change -11.83% 229.01% 43.49%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.170M $3.200M $2.300M
YoY Change 37.83% 80.79% 74.24%
% of Gross Profit
Research & Development $13.11M $10.46M $6.876M
YoY Change 90.63% 80.77% 52.7%
% of Gross Profit
Depreciation & Amortization $340.0K $60.00K $66.00K
YoY Change 415.15% -14.29% 6.45%
% of Gross Profit
Operating Expenses $16.28M $13.66M $9.177M
YoY Change 77.38% 80.77% 57.57%
Operating Profit -$15.26M -$9.599M -$8.019M
YoY Change 90.26% 51.83% 59.84%
Interest Expense $190.0K $190.0K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$30.00K -$8.000K $28.00K
YoY Change -207.14% -101.16% -105.36%
Pretax Income -$15.10M -$9.420M -$7.990M
YoY Change 88.99% 67.32% 39.2%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$15.10M -$9.417M -$7.991M
YoY Change 88.91% 67.23% 39.22%
Net Earnings / Revenue -1478.55% -231.95% -690.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$12.08M -$7.536M -$14.80M
COMMON SHARES
Basic Shares Outstanding 25.02M 24.96M 10.77M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.20M $85.50M $49.80M
YoY Change 40.96% 517.6% 1058.14%
Cash & Equivalents $15.42M $18.61M $49.81M
Short-Term Investments $54.70M $66.90M
Other Short-Term Assets $3.700M $4.100M $824.0K
YoY Change 349.03% 2177.78% 17.71%
Inventory
Prepaid Expenses
Receivables $710.0K $668.0K $136.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $74.62M $90.24M $50.77M
YoY Change 46.99% 503.92% 595.44%
LONG-TERM ASSETS
Property, Plant & Equipment $504.0K $541.0K $524.0K
YoY Change -3.82% -4.42% -12.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $59.00K $68.00K $123.0K
YoY Change -52.03% -52.78% -79.5%
Total Long-Term Assets $857.0K $903.0K $941.0K
YoY Change -8.93% -75.91% -21.58%
TOTAL ASSETS
Total Short-Term Assets $74.62M $90.24M $50.77M
Total Long-Term Assets $857.0K $903.0K $941.0K
Total Assets $75.48M $91.14M $51.71M
YoY Change 45.97% 387.64% 508.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.451M $2.021M $3.207M
YoY Change -54.76% -39.31% 256.33%
Accrued Expenses $4.015M $4.328M $1.172M
YoY Change 242.58% 92.53% -49.04%
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 $8.088M $8.754M $8.594M
YoY Change -5.89% -11.0% 32.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $300.0K $900.0K $3.600M
YoY Change -91.67% -80.43% -28.0%
Total Long-Term Liabilities $300.0K $900.0K $3.600M
YoY Change -91.67% -80.85% -76.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.088M $8.754M $8.594M
Total Long-Term Liabilities $300.0K $900.0K $3.600M
Total Liabilities $8.388M $9.684M $12.18M
YoY Change -31.15% -33.21% -44.62%
SHAREHOLDERS EQUITY
Retained Earnings -$172.5M -$157.5M -$128.2M
YoY Change 34.58% 30.97%
Common Stock $26.00K $26.00K $20.00K
YoY Change 30.0% 2500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $67.09M $81.46M $39.53M
YoY Change
Total Liabilities & Shareholders Equity $75.48M $91.14M $51.71M
YoY Change 45.97% 387.64% 508.33%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$15.10M -$9.417M -$7.991M
YoY Change 88.91% 67.23% 39.22%
Depreciation, Depletion And Amortization $340.0K $60.00K $66.00K
YoY Change 415.15% -14.29% 6.45%
Cash From Operating Activities -$15.35M -$14.11M -$8.400M
YoY Change 82.74% 116.08% 85.43%
INVESTING ACTIVITIES
Capital Expenditures $10.00K -$200.0K $24.00K
YoY Change -58.33% 566.67% 242.86%
Acquisitions
YoY Change
Other Investing Activities $12.16M -$10.51M
YoY Change
Cash From Investing Activities $12.15M -$10.71M -$20.00K
YoY Change -60850.0% 35600.0% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -400.0K 44.38M
YoY Change -100.0% -23.08% 110850.0%
NET CHANGE
Cash From Operating Activities -15.35M -14.11M -8.400M
Cash From Investing Activities 12.15M -10.71M -20.00K
Cash From Financing Activities 0.000 -400.0K 44.38M
Net Change In Cash -3.200M -25.22M 35.96M
YoY Change -108.9% 256.21% -899.11%
FREE CASH FLOW
Cash From Operating Activities -$15.35M -$14.11M -$8.400M
Capital Expenditures $10.00K -$200.0K $24.00K
Free Cash Flow -$15.36M -$13.91M -$8.424M
YoY Change 82.34% 114.0% 85.67%

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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 clinical, 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 March&#160;31, 2017, the Company had an accumulated deficit of $172.5 million. During the three months ended March&#160;31, 2017, the Company incurred a loss of $15.1 million and used $15.3 million of cash in operations. The Company expects to continue to generate operating losses in the foreseeable future. The Company currently expects that its cash, cash equivalents and short-term investments of $70.2 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, at least 12 months from the issuance date of these financial statements. 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 would 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, or the Company may be unable to continue operations.</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>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <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;"> 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 and the 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>
CY2017Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
70200000
CY2016Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
9699600
CY2017Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
54784000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
66919000
CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
38000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
22000
CY2017Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
54746000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
66897000
CY2017Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016Q1 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2017Q1 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q1 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2016Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q1 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2016Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2017Q1 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2016Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017Q1 us-gaap Fair Value Option Methodology And Assumptions
FairValueOptionMethodologyAndAssumptions
Monte-Carlo simulation analysis
CY2017Q1 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y6M
CY2016 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y6M
CY2017Q1 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.735
CY2016 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.811
CY2017Q1 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0139
CY2016 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0133
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1813000
CY2017Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-54000
CY2017Q1 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
2538000
CY2016Q4 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
1390000
CY2017Q1 us-gaap Prepaid Insurance
PrepaidInsurance
538000
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
104000
CY2017Q1 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
672000
CY2016Q4 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
2565000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
673000
CY2017Q1 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2729000
CY2016Q4 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1612000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
613000
CY2016Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
383000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
520000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
744000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
308000
CY2017Q1 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2017Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2016Q1 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15096000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9369000
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25020337
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10766722
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2086453
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1670653
CY2017Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
4349

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