2018 Q1 Form 10-Q Financial Statement
#000156459018012442 Filed on May 09, 2018
Income Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| Revenue | $942.0K | $1.021M |
| YoY Change | -7.74% | -11.83% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $3.820M | $3.170M |
| YoY Change | 20.5% | 37.83% |
| % of Gross Profit | ||
| Research & Development | $8.400M | $13.11M |
| YoY Change | -35.92% | 90.63% |
| % of Gross Profit | ||
| Depreciation & Amortization | $563.0K | $340.0K |
| YoY Change | 65.59% | 415.15% |
| % of Gross Profit | ||
| Operating Expenses | $12.22M | $16.28M |
| YoY Change | -24.91% | 77.38% |
| Operating Profit | -$11.28M | -$15.26M |
| YoY Change | -26.06% | 90.26% |
| Interest Expense | $170.0K | $190.0K |
| YoY Change | -10.53% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | $90.00K | -$30.00K |
| YoY Change | -400.0% | -207.14% |
| Pretax Income | -$11.03M | -$15.10M |
| YoY Change | -26.95% | 88.99% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$11.03M | -$15.10M |
| YoY Change | -26.96% | 88.91% |
| Net Earnings / Revenue | -1170.49% | -1478.55% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$6.413M | -$12.08M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 34.47M | 25.02M |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $63.30M | $70.20M |
| YoY Change | -9.83% | 40.96% |
| Cash & Equivalents | $20.58M | $15.42M |
| Short-Term Investments | $43.90M | $54.70M |
| Other Short-Term Assets | $2.300M | $3.700M |
| YoY Change | -37.84% | 349.03% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $710.0K | |
| Other Receivables | $0.00 | |
| Total Short-Term Assets | $65.60M | $74.62M |
| YoY Change | -12.09% | 46.99% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $15.60M | $504.0K |
| YoY Change | 2995.24% | -3.82% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $24.00K | $59.00K |
| YoY Change | -59.32% | -52.03% |
| Total Long-Term Assets | $16.66M | $857.0K |
| YoY Change | 1843.52% | -8.93% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $65.60M | $74.62M |
| Total Long-Term Assets | $16.66M | $857.0K |
| Total Assets | $82.26M | $75.48M |
| YoY Change | 8.98% | 45.97% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $1.222M | $1.451M |
| YoY Change | -15.78% | -54.76% |
| Accrued Expenses | $5.222M | $4.015M |
| YoY Change | 30.06% | 242.58% |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $8.100M | $8.088M |
| YoY Change | 0.15% | -5.89% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $14.00M | $300.0K |
| YoY Change | 4566.67% | -91.67% |
| Total Long-Term Liabilities | $14.00M | $300.0K |
| YoY Change | 4566.67% | -91.67% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $8.100M | $8.088M |
| Total Long-Term Liabilities | $14.00M | $300.0K |
| Total Liabilities | $22.10M | $8.388M |
| YoY Change | 163.47% | -31.15% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$172.5M | |
| YoY Change | 34.58% | |
| Common Stock | $26.00K | |
| YoY Change | 30.0% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $60.13M | $67.09M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $82.30M | $75.48M |
| YoY Change | 9.04% | 45.97% |
Cashflow Statement
| Concept | 2018 Q1 | 2017 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$11.03M | -$15.10M |
| YoY Change | -26.96% | 88.91% |
| Depreciation, Depletion And Amortization | $563.0K | $340.0K |
| YoY Change | 65.59% | 415.15% |
| Cash From Operating Activities | -$12.03M | -$15.35M |
| YoY Change | -21.6% | 82.74% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $0.00 | $10.00K |
| YoY Change | -100.0% | -58.33% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $890.0K | $12.16M |
| YoY Change | -92.68% | |
| Cash From Investing Activities | $893.0K | $12.15M |
| YoY Change | -92.65% | -60850.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 46.00K | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -12.03M | -15.35M |
| Cash From Investing Activities | 893.0K | 12.15M |
| Cash From Financing Activities | 46.00K | 0.000 |
| Net Change In Cash | -11.10M | -3.200M |
| YoY Change | 246.72% | -108.9% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$12.03M | -$15.35M |
| Capital Expenditures | $0.00 | $10.00K |
| Free Cash Flow | -$12.03M | -$15.36M |
| YoY Change | -21.65% | 82.34% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2018Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
15261000 | |
| CY2018Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
24000 | |
| CY2018Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
828000 | |
| CY2017Q4 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
294000 | |
| CY2018Q1 | pti |
Deferred Offering Costs Noncurrent
DeferredOfferingCostsNoncurrent
|
160000 | |
| CY2018Q1 | us-gaap |
Accounts Payable Current
AccountsPayableCurrent
|
1222000 | |
| CY2018Q1 | us-gaap |
Accrued Liabilities Current
AccruedLiabilitiesCurrent
|
5222000 | |
| CY2017Q4 | us-gaap |
Deferred Revenue Current
DeferredRevenueCurrent
|
1108000 | |
| CY2018Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
1671000 | |
| CY2018Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
13999000 | |
| CY2017Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
472000 | |
| CY2017Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
424000 | |
| CY2018Q1 | us-gaap |
Assets
Assets
|
82256000 | |
| CY2017Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.60 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
25020337 | |
| CY2017Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-16000 | |
| CY2017Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-15112000 | |
| CY2018Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
563000 | |
| CY2017Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
340000 | |
| CY2017Q1 | pti |
Premium On Short Term Investments
PremiumOnShortTermInvestments
|
100000 | |
| CY2018Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
55000 | |
| CY2017Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
-78000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
914000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
486000 | |
| CY2018Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
308000 | |
| CY2017Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
258000 | |
| CY2018Q1 | pti |
Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
|
-12000 | |
| CY2017Q1 | pti |
Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
|
-54000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
42000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
605000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
-311000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-9000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
-9000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-876000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-595000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-1058000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-313000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-3000 | |
| CY2017Q1 | us-gaap |
Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
|
-311000 | |
| CY2018Q1 | pti |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-193000 | |
| CY2017Q1 | pti |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-316000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-12034000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-15345000 | |
| CY2018Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
7957000 | |
| CY2017Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
11393000 | |
| CY2018Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
8850000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
893000 | |
| CY2018Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
21000 | |
| CY2017Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
4000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
46000 | |
| CY2017Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
4000 | |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-11095000 | |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
|
-3194000 | |
| CY2017Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
31674000 | |
| CY2016Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
18907000 | |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
20579000 | |
| CY2017Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
15713000 | |
| CY2018Q1 | pti |
Deferred Offering Costs Included In Accrued Expense
DeferredOfferingCostsIncludedInAccruedExpense
|
160000 | |
| CY2018Q1 | 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: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 “Company”) was incorporated in Delaware on December 13, 2006. The Company is a clinical stage biopharmaceutical company developing small molecule therapeutics to treat cystic fibrosis (“CF”) and other diseases caused by dysfunctional protein processing. The Company focuses on identifying therapies that restore protein function. CF is a disease caused by defects in the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein and insufficient CFTR protein function. The Company’s lead product candidates, PTI-428, an amplifier, PTI-801, a third generation corrector, and PTI-808, a potentiator, as well as a dual combination consisting of PTI-801 and PTI-808, and a triple combination consisting of PTI-428, PT-801, and PTI-808 are in clinical development. The Company’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 <font style="color:#000000;">Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales</font>. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;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’s ability to continue as a going concern within one year after the date the financial statements are issued<font style="color:#000000;">. As of March 31, 2018, the Company had an accumulated deficit of $226.7 million. During the three months ended March 31, 2018, the Company incurred losses of $11.0 million and used $12.0 million of cash in operations. </font>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<font style="color:#000000;"> $63.3 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, into early 2019. </font> In accordance with the requirements of ASC 205-40, the Company determined that there is substantial doubt about the Company’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. The Company intends to obtain additional funding through public or private financing or collaborative arrangements with strategic partners to increase the funds available to support its operating and capital needs. 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’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:0pt;text-indent:0%;font-size:9pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p></div> | |
| CY2018Q1 | 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> | |
| CY2018Q1 | us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and Significant Customers</p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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’s accounts receivable balances are due from the counterparty to its collaboration agreements (see Note 8) that the Company believes to be creditworthy.</p></div> | |
| CY2018Q1 | us-gaap |
Property Plant And Equipment Impairment
PropertyPlantAndEquipmentImpairment
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Impairment of Long-Lived Assets</p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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> | |
| CY2018Q1 | us-gaap |
Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Embedded Derivatives</p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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.. 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> | |
| CY2018Q1 | us-gaap |
Fair Value Option Methodology And Assumptions
FairValueOptionMethodologyAndAssumptions
|
Monte-Carlo simulation analysis | |
| CY2018Q1 | us-gaap |
Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
|
P1Y9M | |
| CY2017 | us-gaap |
Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
|
P2Y | |
| CY2018Q1 | us-gaap |
Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
|
0.800 | |
| CY2017 | us-gaap |
Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
|
0.800 | |
| CY2018Q1 | us-gaap |
Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
|
0.0220 | |
| CY2017 | us-gaap |
Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
|
0.0187 | |
| CY2018Q1 | us-gaap |
Fair Value Net Derivative Asset Liability Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
|
-12000 | |
| CY2018Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
63300000 | |
| CY2018Q1 | pti |
Number Of Accredited Financial Institutions
NumberOfAccreditedFinancialInstitutions
|
2 | |
| CY2018Q1 | us-gaap |
Decrease In Restricted Cash
DecreaseInRestrictedCash
|
800000 | |
| CY2018Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
900000 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
43902000 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
44740000 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
0 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
1000 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
28000 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
3000 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
43874000 | |
| CY2017Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
44738000 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2017Q1 | 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 | |
| CY2018Q1 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2017Q4 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2018Q1 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
|
0 | |
| CY2017Q4 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
|
0 | |
| CY2018Q1 | us-gaap |
Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
|
0 | |
| CY2017Q4 | us-gaap |
Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
|
0 | |
| CY2018Q1 | us-gaap |
Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
|
0 | |
| CY2017Q4 | us-gaap |
Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
|
0 | |
| CY2018Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
973000 | |
| CY2017Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1542000 | |
| CY2018Q1 | pti |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
3282000 | |
| CY2017Q4 | pti |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
3930000 | |
| CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1222000 | |
| CY2018Q1 | us-gaap |
Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
|
0 | |
| 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 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
34474004 | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
25020337 | |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
3745536 | |
| CY2017Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
744000 | |
| CY2017Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2086453 | |
| CY2018Q1 | pti |
Lessee Leasing Arrangements Operating Lease Expiration Date
LesseeLeasingArrangementsOperatingLeaseExpirationDate
|
2018-05 | |
| CY2018Q1 | us-gaap |
Lessee Leasing Arrangements Operating Leases Term Of Contract
LesseeLeasingArrangementsOperatingLeasesTermOfContract
|
P10Y | |
| CY2018Q1 | us-gaap |
Lessee Leasing Arrangements Operating Leases Renewal Term
LesseeLeasingArrangementsOperatingLeasesRenewalTerm
|
P7Y | |
| CY2018Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
660000 | |
| CY2017Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
286000 | |
| CY2018Q1 | us-gaap |
Lease Cost
LeaseCost
|
660000 | |
| CY2017Q1 | us-gaap |
Lease Cost
LeaseCost
|
286000 | |
| CY2018Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
338000 | |
| CY2017Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
333000 | |
| CY2018Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
15304000 | |
| CY2018Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term
OperatingLeaseWeightedAverageRemainingLeaseTerm
|
P10Y | |
| CY2017Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term
OperatingLeaseWeightedAverageRemainingLeaseTerm
|
P1Y | |
| CY2018Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0450 | |
| CY2017Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0406 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
1824000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
1686000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
1733000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
1780000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
1829000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
10636000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
19488000 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
3920000 | |
| CY2018Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
15568000 |
