$KANT
KINETA, INC./DE

2019 Q3 Form 10-Q Financial Statement

#000156459019041718 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $0.00 $1.055M $843.0K
YoY Change -100.0% -31.98% -26.5%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.150M $4.150M $3.960M
YoY Change -24.1% 51.46% 36.55%
% of Gross Profit
Research & Development $10.15M $15.59M $12.60M
YoY Change -34.93% 20.92% -18.0%
% of Gross Profit
Depreciation & Amortization $360.0K $340.0K $530.0K
YoY Change 5.88% 6.25% 55.88%
% of Gross Profit
Operating Expenses $13.30M $19.74M $16.56M
YoY Change -32.63% 26.26% -9.36%
Operating Profit -$13.30M -$18.69M -$15.72M
YoY Change -28.83% 32.68% -8.22%
Interest Expense $220.0K $170.0K $190.0K
YoY Change 29.41% 6.25% 11.76%
% of Operating Profit
Other Income/Expense, Net $242.0K $87.00K $46.00K
YoY Change 178.16% -448.0% -2400.0%
Pretax Income -$12.83M -$18.43M -$15.48M
YoY Change -30.39% 32.11% -8.73%
Income Tax
% Of Pretax Income
Net Earnings -$12.83M -$18.43M -$15.48M
YoY Change -30.36% 32.06% -8.73%
Net Earnings / Revenue -1746.73% -1836.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$5.031M -$10.07M -$8.600M
COMMON SHARES
Basic Shares Outstanding 36.69M 36.01M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.80M $46.40M $60.80M
YoY Change 67.67% 7.41% 5.37%
Cash & Equivalents $35.30M $19.71M $20.76M
Short-Term Investments $42.50M $26.70M $40.90M
Other Short-Term Assets $1.900M $1.900M $2.100M
YoY Change 0.0% -9.52% -32.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $79.69M $48.30M $62.96M
YoY Change 65.0% 4.09% 2.37%
LONG-TERM ASSETS
Property, Plant & Equipment $464.0K $14.80M $15.50M
YoY Change -96.86% 17.46% 3000.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $112.0K $800.0K $1.000M
YoY Change -86.0% -52.94% 900.0%
Total Long-Term Assets $14.34M $15.70M $16.54M
YoY Change -8.64% 9.79% 2657.0%
TOTAL ASSETS
Total Short-Term Assets $79.69M $48.30M $62.96M
Total Long-Term Assets $14.34M $15.70M $16.54M
Total Assets $94.04M $64.00M $79.50M
YoY Change 46.93% 5.44% 28.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.068M $2.145M $1.900M
YoY Change 89.65% -14.2% -17.39%
Accrued Expenses $6.377M $9.400M $7.500M
YoY Change -32.16% 59.32% 22.95%
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 $11.57M $11.60M $9.400M
YoY Change -0.22% 5.45% -13.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.30M $13.50M $13.70M
YoY Change -8.89% 18.89%
Total Long-Term Liabilities $12.30M $13.50M $13.70M
YoY Change -8.89% 18.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.57M $11.60M $9.400M
Total Long-Term Liabilities $12.30M $13.50M $13.70M
Total Liabilities $23.92M $25.10M $23.10M
YoY Change -4.71% 12.05% 111.89%
SHAREHOLDERS EQUITY
Retained Earnings -$324.8M
YoY Change
Common Stock $51.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $70.12M $38.91M $56.33M
YoY Change
Total Liabilities & Shareholders Equity $94.04M $64.00M $79.50M
YoY Change 46.93% 5.44% 28.11%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$12.83M -$18.43M -$15.48M
YoY Change -30.36% 32.06% -8.73%
Depreciation, Depletion And Amortization $360.0K $340.0K $530.0K
YoY Change 5.88% 6.25% 55.88%
Cash From Operating Activities -$10.51M -$14.63M -$12.84M
YoY Change -28.16% 13.68% 4.05%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$410.0K
YoY Change -100.0% 310.0%
Acquisitions
YoY Change
Other Investing Activities $17.15M $14.28M $3.080M
YoY Change 20.1% 63.01% -85.28%
Cash From Investing Activities $17.15M $14.28M $2.670M
YoY Change 20.1% 63.39% -87.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 140.0K 10.34M
YoY Change -85.71% 180.0% 51600.0%
NET CHANGE
Cash From Operating Activities -10.51M -14.63M -12.84M
Cash From Investing Activities 17.15M 14.28M 2.670M
Cash From Financing Activities 20.00K 140.0K 10.34M
Net Change In Cash 6.660M -210.0K 170.0K
YoY Change -3271.43% -94.85% -98.0%
FREE CASH FLOW
Cash From Operating Activities -$10.51M -$14.63M -$12.84M
Capital Expenditures $0.00 $0.00 -$410.0K
Free Cash Flow -$10.51M -$14.63M -$12.43M
YoY Change -28.16% 13.76% 1.55%

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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 proprietary 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 September&#160;30, 2019, the Company had an accumulated deficit of $324.8 million. During the nine months ended September&#160;30, 2019, the Company incurred losses of $47.3 million and used $41.6 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;"> $77.8 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> 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 at-the-market (&#8220;ATM&#8221;) 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 from 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 September&#160;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 ATM 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-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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