$KANT
KINETA, INC./DE

2017 Q4 Form 10-K Financial Statement

#000156459018005657 Filed on March 14, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 2016 Q4
Revenue $1.622M $5.341M $4.060M
YoY Change -60.05% -36.3% 229.01%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.850M $11.66M $3.200M
YoY Change -10.94% -1.85% 80.79%
% of Gross Profit
Research & Development $12.28M $53.65M $10.46M
YoY Change 17.41% 58.0% 80.77%
% of Gross Profit
Depreciation & Amortization $400.0K $1.402M $60.00K
YoY Change 566.67% 0.14% -14.29%
% of Gross Profit
Operating Expenses $15.13M $65.31M $13.66M
YoY Change 10.76% 42.49% 80.77%
Operating Profit -$13.51M -$59.97M -$9.599M
YoY Change 40.71% 60.12% 51.83%
Interest Expense $130.0K $640.0K $190.0K
YoY Change -31.58% 156.0%
% of Operating Profit
Other Income/Expense, Net -$43.00K -$100.0K -$8.000K
YoY Change 437.5% 334.78% -101.16%
Pretax Income -$13.42M -$59.43M -$9.420M
YoY Change 42.46% 59.63% 67.32%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$13.42M -$59.43M -$9.417M
YoY Change 42.55% 59.63% 67.23%
Net Earnings / Revenue -827.62% -1112.75% -231.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$10.17M -$46.80M -$7.536M
COMMON SHARES
Basic Shares Outstanding 24.96M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $74.50M $74.50M $85.50M
YoY Change -12.87% -12.87% 517.6%
Cash & Equivalents $29.72M $29.70M $18.61M
Short-Term Investments $44.70M $44.70M $66.90M
Other Short-Term Assets $1.700M $1.700M $4.100M
YoY Change -58.54% -58.54% 2177.78%
Inventory
Prepaid Expenses
Receivables $668.0K
Other Receivables $0.00
Total Short-Term Assets $76.13M $76.10M $90.24M
YoY Change -15.63% -15.63% 503.92%
LONG-TERM ASSETS
Property, Plant & Equipment $424.0K $900.0K $541.0K
YoY Change -21.63% 80.0% -4.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.00K $1.700M $68.00K
YoY Change -51.47% 325.0% -52.78%
Total Long-Term Assets $2.585M $2.600M $903.0K
YoY Change 186.27% 188.89% -75.91%
TOTAL ASSETS
Total Short-Term Assets $76.13M $76.10M $90.24M
Total Long-Term Assets $2.585M $2.600M $903.0K
Total Assets $78.72M $78.70M $91.14M
YoY Change -13.63% -13.61% 387.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.098M $2.100M $2.021M
YoY Change 3.81% 5.0% -39.31%
Accrued Expenses $6.120M $6.700M $4.328M
YoY Change 41.4% 55.81% 92.53%
Deferred Revenue $1.108M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.885M $9.900M $8.754M
YoY Change 12.92% 12.5% -11.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $15.32M $0.00 $900.0K
YoY Change 1601.67% -100.0% -80.43%
Total Long-Term Liabilities $15.32M $0.00 $900.0K
YoY Change 1601.67% -100.0% -80.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.885M $9.900M $8.754M
Total Long-Term Liabilities $15.32M $0.00 $900.0K
Total Liabilities $25.66M $9.900M $9.684M
YoY Change 164.92% 2.06% -33.21%
SHAREHOLDERS EQUITY
Retained Earnings -$216.9M -$157.5M
YoY Change 37.75% 30.97%
Common Stock $35.00K $26.00K
YoY Change 34.62% 2500.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $68.81M $68.80M $81.46M
YoY Change
Total Liabilities & Shareholders Equity $94.39M $78.70M $91.14M
YoY Change 3.56% -13.61% 387.64%

Cashflow Statement

Concept 2017 Q4 2017 2016 Q4
OPERATING ACTIVITIES
Net Income -$13.42M -$59.43M -$9.417M
YoY Change 42.55% 59.63% 67.23%
Depreciation, Depletion And Amortization $400.0K $1.402M $60.00K
YoY Change 566.67% 0.14% -14.29%
Cash From Operating Activities -$11.84M -$52.40M -$14.11M
YoY Change -16.09% 24.96% 116.08%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $118.0K -$200.0K
YoY Change -100.0% -48.47% 566.67%
Acquisitions
YoY Change
Other Investing Activities -$19.84M $22.00M -$10.51M
YoY Change 88.77% -132.93%
Cash From Investing Activities -$19.84M $21.88M -$10.71M
YoY Change 85.25% -132.65% 35600.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $43.24M
YoY Change -38.46%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.21M 43.28M -400.0K
YoY Change -10902.5% -61.94% -23.08%
NET CHANGE
Cash From Operating Activities -11.84M -52.40M -14.11M
Cash From Investing Activities -19.84M 21.88M -10.71M
Cash From Financing Activities 43.21M 43.28M -400.0K
Net Change In Cash 11.53M 12.77M -25.22M
YoY Change -145.72% 168.21% 256.21%
FREE CASH FLOW
Cash From Operating Activities -$11.84M -$52.40M -$14.11M
Capital Expenditures $0.00 $118.0K -$200.0K
Free Cash Flow -$11.84M -$52.51M -$13.91M
YoY Change -14.88% 24.56% 114.0%

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CY2014Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8793000
CY2015 pti Conversion Of Convertible Promissory Notes And Accrued Interest Into Convertible Preferred Stock
ConversionOfConvertiblePromissoryNotesAndAccruedInterestIntoConvertiblePreferredStock
15798000
CY2016 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
112292000
CY2016 pti Stock Issued For Payment Of Accrued Dividends
StockIssuedForPaymentOfAccruedDividends
3000
CY2016 pti Stock Issued For Payment Of Accrued Bonus
StockIssuedForPaymentOfAccruedBonus
62000
CY2016 pti Conversion Of Preferred Stock Warrants To Common Stock Warrants
ConversionOfPreferredStockWarrantsToCommonStockWarrants
28000
CY2017 pti Deferred Offering Costs Included In Accounts Payable And Accrued Expense
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpense
321000
CY2015 pti Deferred Offering Costs Included In Accounts Payable And Accrued Expense
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpense
1288000
CY2017 us-gaap Nature Of Operations
NatureOfOperations
<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:5.24%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:12pt;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:12pt;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-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;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 candidates, PTI-428, an amplifier, PTI-801, a third generation corrector, and PTI-808, a potentiator, as well a dual combination consisting of PTI-801 and PTI-808, and a triple combination consisting of PTI-428, PTI-801, and PTI-808 are in clinical development. The Company&#8217;s other drug candidates are in the preclinical development and discovery phase. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: 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&#8217;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;margin-top:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In accordance with ASC 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company&#8217;s ability to continue as a going concern within one year after the date the financial statements are issued. As of December&#160;31, 2017, the Company had an accumulated deficit of $216.9 million. During the year ended December&#160;31, 2017, the Company incurred a loss of $59.4 million and used $52.4 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 $74.5 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, into early 2019.<font style="font-size:12pt;"> </font>In accordance with the requirements of ASC 205-40, the Company determined that there is substantial doubt about the Company&#8217;s ability to continue as a going concern within twelve months of the issuance date of these financial statements. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. 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, nor is it considered probable under the accounting standards. As such, under the requirements of ASC 205-40, management may not consider the potential for future capital raises or management plans to reduce costs that are not considered probable in its assessment of the Company&#8217;s ability to meet its obligations for the next twelve months. 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:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In October 2017, the Company reduced headcount through the elimination of 13 positions. As a result of this action, which was completed in the fourth quarter of 2017, the Company incurred one-time severance and related costs of $0.2 million in the fourth quarter of 2017.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:5.24%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reverse Stock Split </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;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 (see Note 10). 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;margin-top:18pt;text-indent:5.24%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Public Offerings </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;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-bottom:0pt;margin-top:12pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;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 December&#160;31, 2017 and 2016, there were no shares of preferred stock issued or outstanding.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;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 the Company&#8217;s common stock within 30 days following the date of the final prospectus for the offering.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2017, the Company issued and sold 9,200,000 shares of its common stock in a public offering at a public offering price of $5.00 per share, for net proceeds of <font style="color:#000000;">$42.9 million after deducting underwriting discounts and commissions of $2.8 million and other offering expenses of $0.3 million. The foregoing includes the exercise by the underwriters of their option to purchase an additional 1,200,000 shares of the Company&#8217;s common stock within 30 days following the date of the final prospectus for the offering</font>.<font style="font-weight:bold;font-style:italic;color:#000000;"> </font></p></div>
CY2017 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">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, including clinical trials, and the valuation of common stock, preferred stock warrant liability, derivative liability and build-to-suit lease obligation. 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>
CY2017 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Significant Customers </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investments and accounts receivable. The Company mitigates its risk with respect to cash, cash equivalents and short-term investments by maintaining its balances at two accredited financial institutions, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. The Company&#8217;s accounts receivable balances are due from the counterparty to its collaboration agreements (see Note 13) that the Company believes to be creditworthy. As of December 31, 2016, accounts receivable consisted of amounts due from one such counterparty. </p></div>
CY2017 us-gaap Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Impairment of Long-Lived Assets </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset group for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset group to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset group are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset group over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets. </p></div>
CY2017 us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Embedded Derivatives </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">Embedded derivatives that are required to be bifurcated from the underlying host instrument are accounted for and valued as a separate financial instrument. An embedded derivative exists associated with an alternate payment option upon change of control within the research, development and commercialization agreement with Cystic Fibrosis Foundation Therapeutics, Inc. (see Note 13). The embedded derivative has been bifurcated and is classified as a liability on the balance sheet and separately accounted for at its fair value. The derivative liability is marked-to-market every reporting period. Changes in fair value of the derivative liability are recognized as a component of other income (expense), net in the accompanying statement of operations and comprehensive loss. </p></div>
CY2015Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2017 us-gaap Fair Value Option Methodology And Assumptions
FairValueOptionMethodologyAndAssumptions
Monte-Carlo simulation analysis
CY2017Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
74500000
CY2017Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
13
CY2017Q4 us-gaap Severance Costs1
SeveranceCosts1
200000
CY2017Q4 pti Number Of Accredited Financial Institutions
NumberOfAccreditedFinancialInstitutions
2
CY2015Q4 pti Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
2700000
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
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
44740000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
44738000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
66919000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
22000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
66897000
CY2017 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2017Q4 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
CY2015Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q4 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
CY2015Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2017Q4 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
CY2015Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2017Q4 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
CY2017 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y
CY2016 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P2Y6M
CY2017 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.800
CY2016 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.811
CY2017 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0187
CY2016 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0133
CY2017 pti Collaborative Arrangement Milestone Payment Expected
CollaborativeArrangementMilestonePaymentExpected
28500000
CY2016 pti Collaborative Arrangement Milestone Payment Expected
CollaborativeArrangementMilestonePaymentExpected
28500000
CY2017 pti Discount Rate Used To Derive Present Value Of Future Milestone Payments
DiscountRateUsedToDerivePresentValueOfFutureMilestonePayments
0.25
CY2016 pti Discount Rate Used To Derive Present Value Of Future Milestone Payments
DiscountRateUsedToDerivePresentValueOfFutureMilestonePayments
0.25
CY2014Q4 pti Preferred Stock Warrant Liability
PreferredStockWarrantLiability
120000
CY2015Q4 pti Preferred Stock Warrant Liability
PreferredStockWarrantLiability
110000
CY2016 pti Conversion Of Preferred Stock Warrants Into Common Stock Warrants
ConversionOfPreferredStockWarrantsIntoCommonStockWarrants
28000
CY2014Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
65000
CY2015 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-63000
CY2015Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
2000
CY2016 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
89000
CY2017 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-66000
CY2017Q4 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
568000
CY2016Q4 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
1390000
CY2017Q4 us-gaap Prepaid Insurance
PrepaidInsurance
55000
CY2016Q4 us-gaap Prepaid Insurance
PrepaidInsurance
104000
CY2017Q4 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
754000
CY2016Q4 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
2565000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
20125000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3864000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3558000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3323000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1542000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1813000
CY2017Q4 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
3930000
CY2016Q4 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1612000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
556000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
383000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
92000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
520000
CY2014 us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
10000000
CY2015Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
110057398
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017 us-gaap Preferred Stock Dividend Payment Terms
PreferredStockDividendPaymentTerms
In September 2015, in connection with the Series B preferred stock financing, (1) the right of the holders of Series A preferred stock to receive accruing dividends, whether or not declared, at a rate of 8.0% per year of the Original Issue Price per share (as described below) ceased as of August 31, 2015, at which time such cumulative accruing dividends totaled $36.0 million, and (2) the right of holders of Series A preferred stock to receive a cash payment of accruing dividends upon the automatic conversion of the Series A preferred stock into common stock was modified such that all previously accrued but unpaid dividends on Series A preferred stock will be paid in shares of common stock, at a price of $13.9019172 per share, upon such conversion of the Series A preferred stock. If as of January 1, 2016, the Series A preferred stock has not automatically converted into shares of common stock according to its terms, the holders of the Series A preferred stock will be entitled to receive dividends at the rate of 8.0% per year of the respective Original Issue Price per share, commencing as of the respective original issuance date of the Series A preferred stock. These amendments to the Series A preferred stock dividend rights were accounted for as a modification of preferred stock based on a quantitative assessment of the change in the fair value that resulted from the modification of the dividend rights on the modification date. The decrease in the fair value of Series A preferred stock measured immediately before the modification and immediately after the modification, equal to $0.2 million, was recorded as a deemed dividend from holders of preferred stock to the holders of common stock, resulting in an increase to additional paid-in capital of $0.2 million and a corresponding decrease of $0.2 to the carrying value of the Series A preferred stock.
CY2015Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
104854769
CY2015Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
104854769
CY2015Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
112292000
CY2015Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
149392000
CY2015 us-gaap Incremental Common Shares Attributable To Contingently Issuable Shares
IncrementalCommonSharesAttributableToContingentlyIssuableShares
9699600
CY2017 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote for the election of directors and on all matters submitted to a vote of the Company’s stockholders.
CY2017 us-gaap Dividends
Dividends
0
CY2015Q2 pti Increase Decrease In Share Based Compensation
IncreaseDecreaseInShareBasedCompensation
-500000
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0200
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0135
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0168
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M15D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M2D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M27D
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7518
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7319
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.5686
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.00
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