$KANT
KINETA, INC./DE

2019 Q2 Form 10-Q Financial Statement

#000156459019030053 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $0.00 $843.0K $942.0K
YoY Change -100.0% -26.5% -7.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.680M $3.960M $3.820M
YoY Change -7.07% 36.55% 20.5%
% of Gross Profit
Research & Development $16.93M $12.60M $8.400M
YoY Change 34.28% -18.0% -35.92%
% of Gross Profit
Depreciation & Amortization $350.0K $530.0K $563.0K
YoY Change -33.96% 55.88% 65.59%
% of Gross Profit
Operating Expenses $20.61M $16.56M $12.22M
YoY Change 24.43% -9.36% -24.91%
Operating Profit -$20.61M -$15.72M -$11.28M
YoY Change 31.1% -8.22% -26.06%
Interest Expense $300.0K $190.0K $170.0K
YoY Change 57.89% 11.76% -10.53%
% of Operating Profit
Other Income/Expense, Net $292.0K $46.00K $90.00K
YoY Change 534.78% -2400.0% -400.0%
Pretax Income -$20.02M -$15.48M -$11.03M
YoY Change 29.33% -8.73% -26.95%
Income Tax
% Of Pretax Income
Net Earnings -$20.02M -$15.48M -$11.03M
YoY Change 29.33% -8.73% -26.96%
Net Earnings / Revenue -1836.06% -1170.49%
Basic Earnings Per Share
Diluted Earnings Per Share -$7.851M -$8.600M -$6.413M
COMMON SHARES
Basic Shares Outstanding 36.01M 34.47M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.00M $60.80M $63.30M
YoY Change 44.74% 5.37% -9.83%
Cash & Equivalents $28.64M $20.76M $20.58M
Short-Term Investments $59.40M $40.90M $43.90M
Other Short-Term Assets $3.100M $2.100M $2.300M
YoY Change 47.62% -32.26% -37.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $91.09M $62.96M $65.60M
YoY Change 44.68% 2.37% -12.09%
LONG-TERM ASSETS
Property, Plant & Equipment $513.0K $15.50M $15.60M
YoY Change -96.69% 3000.0% 2995.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $75.00K $1.000M $24.00K
YoY Change -92.5% 900.0% -59.32%
Total Long-Term Assets $14.66M $16.54M $16.66M
YoY Change -11.37% 2657.0% 1843.52%
TOTAL ASSETS
Total Short-Term Assets $91.09M $62.96M $65.60M
Total Long-Term Assets $14.66M $16.54M $16.66M
Total Assets $105.7M $79.50M $82.26M
YoY Change 33.02% 28.02% 8.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.160M $1.900M $1.222M
YoY Change 66.32% -17.39% -15.78%
Accrued Expenses $6.863M $7.500M $5.222M
YoY Change -8.49% 22.95% 30.06%
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 $11.13M $9.400M $8.100M
YoY Change 18.37% -13.76% 0.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.60M $13.70M $14.00M
YoY Change -8.03% 4566.67%
Total Long-Term Liabilities $12.60M $13.70M $14.00M
YoY Change -8.03% 4566.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.13M $9.400M $8.100M
Total Long-Term Liabilities $12.60M $13.70M $14.00M
Total Liabilities $23.76M $23.10M $22.10M
YoY Change 2.87% 111.89% 163.47%
SHAREHOLDERS EQUITY
Retained Earnings -$312.0M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $81.99M $56.33M $60.13M
YoY Change
Total Liabilities & Shareholders Equity $105.7M $79.50M $82.30M
YoY Change 33.02% 28.11% 9.04%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income -$20.02M -$15.48M -$11.03M
YoY Change 29.33% -8.73% -26.96%
Depreciation, Depletion And Amortization $350.0K $530.0K $563.0K
YoY Change -33.96% 55.88% 65.59%
Cash From Operating Activities -$17.62M -$12.84M -$12.03M
YoY Change 37.23% 4.05% -21.6%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$410.0K $0.00
YoY Change -100.0% 310.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $14.67M $3.080M $890.0K
YoY Change 376.3% -85.28% -92.68%
Cash From Investing Activities $14.67M $2.670M $893.0K
YoY Change 449.44% -87.18% -92.65%
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 10.34M 46.00K
YoY Change -100.0% 51600.0%
NET CHANGE
Cash From Operating Activities -17.62M -12.84M -12.03M
Cash From Investing Activities 14.67M 2.670M 893.0K
Cash From Financing Activities 0.000 10.34M 46.00K
Net Change In Cash -2.950M 170.0K -11.10M
YoY Change -1835.29% -98.0% 246.72%
FREE CASH FLOW
Cash From Operating Activities -$17.62M -$12.84M -$12.03M
Capital Expenditures $0.00 -$410.0K $0.00
Free Cash Flow -$17.62M -$12.43M -$12.03M
YoY Change 41.75% 1.55% -21.65%

Facts In Submission

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<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 13, 2006. The Company is a clinical stage biopharmaceutical company committed to the discovery and development of novel therapeutics to treat cystic fibrosis (&#8220;CF&#8221;) and other diseases caused by an imbalance in the proteostasis network, a set of pathways that control protein biosynthesis, folding, trafficking and clearance. The Company focuses on identifying therapies that restore protein function. CF is a disease caused by defects in the function or abundance of cystic fibrosis transmembrane conductance regulator (&#8220;CFTR&#8221;). The Company&#8217;s CF focused pipeline consists of novel CFTR modulators including correctors, potentiators and amplifiers. Upon discovery of amplifiers, a novel class of CFTR modulators, the Company has exploited its novel mechanism of action as a drug screening tool and has subsequently identified correctors and potentiators to be developed as part of combination therapies. Investigational agents representative of all three classes of CFTR modulators are currently in clinical development and include PTI-801, a third generation CFTR corrector, PTI-808, a CFTR potentiator, and PTI-428, a CFTR amplifier. The Company is pursuing proprietary dual combination of PTI-801 and PTI-808, and triple combination of PTI-801, PTI-808 and PTI-428 as product opportunities. The Company is developing and, if approved, intends to commercialize their own proprietary combination therapies for CF patients who have at least one F508del mutation, representing the majority of the patient population.</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 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-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, <font style="font-style:italic;">Going Concern</font> (&#8220;ASC 205-40&#8221;), 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<font style="color:#000000;">. The Company has incurred losses and negative cash flows from operations since its inception. As of June&#160;30, 2019, the Company had an accumulated deficit of $312.0 million. During the six months ended June&#160;30, 2019, the Company incurred losses of $34.4 million and used $31.1 million of cash in operations. </font>The Company expects that its operating losses and negative cash flows will continue for the foreseeable future. The Company expects that its cash, cash equivalents and short-term investments of<font style="color:#000000;"> $88.0 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, for at least 12 months from the date that these financial statements are issued. </font>However, additional funding will be necessary to complete the funding of critical path activities anticipated in 2020.<font style="color:#000000;"> </font>The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. 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, and the Company may not be able to enter into collaborations or other arrangements. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.</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 May 2019, the Company entered into a sales agreement with H.C. Wainwright &amp; Co., LLC (&#8220;HCW&#8221;) with respect to an ATM offering program under which the Company may issue and sell, from time to time at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $56.6 million (the &#8220;HCW ATM program&#8221;). HCW acts as the Company&#8217;s sales agent and will use commercially reasonable efforts to sell shares of common stock from time to time, based upon instruction form the Company. Common stock will be sold at prevailing market prices at the time of the sale; and as a result, prices may vary. The Company will pay HCW up to 3% of the gross proceeds from any common stock sold through the sales agreement. As of June 30, 2019, the Company has not sold any shares of its common stock under the HCW ATM program.</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 the fourth quarter of 2018, the Company completed a follow-on public offering whereby the Company sold 12,650,000 shares of common stock at a public offering price of $6.75 per share, which included 1,650,000 shares issued pursuant to the exercise by the underwriters of their option to purchase additional shares of common stock. The Company received net proceeds of $80.1 million, after deducting underwriting discounts and commissions and other offering expenses.</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 March 2018, the Company entered into a sales agreement with Leerink Partners LLC (&#8220;Leerink&#8221;) with respect to an at-the-market (&#8220;ATM&#8221;) offering program under which the Company could have issued and sold, from time to time at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $50.0 million. As of March 31, 2019, the Company had sold an aggregate of 3,475,166 shares of its common stock for total net proceeds of approximately $21.6 million under the ATM program. On March 28, 2019 the Company delivered a notice of termination of the ATM offering program to Leerink, effective as of April 7, 2019.&#160;</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:9pt;">&nbsp;</p>
us-gaap Profit Loss
ProfitLoss
-26504000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
704000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1094000
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AccretionAmortizationOfDiscountsAndPremiumsInvestments
614000
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
129000
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
242000
pti Change In Fair Value Of Derivative Liability
ChangeInFairValueOfDerivativeLiability
-22000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-41000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
585000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
761000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
75000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-18000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1276000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-258000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1202000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
402000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3000
pti Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-514000
pti Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-1118000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-31051000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-24865000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
43170000
us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
24883000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
74000000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
28850000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
406000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
30821000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
3561000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10513000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
21000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
53000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
25000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
171000
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
34000
us-gaap Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Summary of Significant Accounting Policies<font style="font-weight:normal;font-style:normal;">&nbsp;&nbsp;</font></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 Company&#8217;s significant accounting policies, which are disclosed in the audited consolidated financial statements for the year ended December 31, 2018 and the notes thereto are included in the Company&#8217;s Annual Report on Form 10-K that was filed with the SEC on March 8, 2019.&nbsp;&nbsp;</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;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;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 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>
CY2019Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
88000000
CY2019Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
59352000
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2019Q2 us-gaap Available For Sale Securities
AvailableForSaleSecurities
59385000
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
89569000
CY2019Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2019Q2 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2019Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2018Q4 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2019Q2 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2018Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
pti Fair Value Option Methodology And Assumption
FairValueOptionMethodologyAndAssumption
Monte-Carlo simulation analysis
CY2019Q2 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
0
CY2018Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
0
CY2019Q2 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
1741000
CY2018Q4 pti Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
1660000
CY2019Q2 us-gaap Prepaid Insurance
PrepaidInsurance
691000
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
108000
CY2019Q2 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
634000
CY2018Q4 pti Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
713000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1992000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2746000
CY2019Q2 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
4349000
CY2018Q4 pti Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1965000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
443000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
799000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
79000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
151000
CY2019Q1 us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
163425
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1021000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1153000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1991000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3158676
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1497200
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2543
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
54483
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4598850
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2126163
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4515600
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.93
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.08
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.09
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.01
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
6.20
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.36
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M10D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M17D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y11M26D
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
471000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
4400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.92
pti Share Based Compensation Arrangement By Share Based Payment Award Requisite Service Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardRequisiteServicePeriod
P4Y
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
2543
CY2019Q2 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2018Q2 us-gaap Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
0
CY2019Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
CY2018Q2 us-gaap State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4598850
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3530135
CY2018Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2018Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P7Y
pti Lessee Leasing Arrangements Operating Lease Expiration Date
LesseeLeasingArrangementsOperatingLeaseExpirationDate
2018-05
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
459000
CY2018Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
662000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
179000
CY2018Q2 us-gaap Variable Lease Cost
VariableLeaseCost
163000
CY2019Q2 us-gaap Lease Cost
LeaseCost
638000
CY2018Q2 us-gaap Lease Cost
LeaseCost
825000
us-gaap Operating Lease Cost
OperatingLeaseCost
921000
us-gaap Operating Lease Cost
OperatingLeaseCost
1322000
us-gaap Variable Lease Cost
VariableLeaseCost
316000
us-gaap Variable Lease Cost
VariableLeaseCost
309000
us-gaap Lease Cost
LeaseCost
1237000
us-gaap Lease Cost
LeaseCost
1631000
us-gaap Operating Lease Payments
OperatingLeasePayments
836000
us-gaap Operating Lease Payments
OperatingLeasePayments
461000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
13738000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
14746000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y10M2D
CY2018Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y10M2D
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0450
CY2018Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0450
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
851000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1733000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1780000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1829000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1880000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8757000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16830000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3092000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
13738000

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