2020 Q2 Form 10-Q Financial Statement

#000155837020009147 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.536M $8.440M
YoY Change 12.99% 94.92%
% of Gross Profit
Research & Development $22.32M $30.85M
YoY Change -27.63% 79.35%
% of Gross Profit
Depreciation & Amortization $595.0K $508.0K
YoY Change 17.13% 4980.0%
% of Gross Profit
Operating Expenses $31.86M $39.29M
YoY Change -18.91% 82.48%
Operating Profit -$31.86M -$39.29M
YoY Change -18.91%
Interest Expense $270.0K $1.720M
YoY Change -84.3% 60.75%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$31.59M -$37.57M
YoY Change -15.9% 83.6%
Income Tax $5.875M -$374.0K
% Of Pretax Income
Net Earnings -$37.47M -$37.19M
YoY Change 0.75% 83.57%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$647.0K -$682.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $252.4M $287.4M
YoY Change -12.18% -19.99%
Cash & Equivalents $123.5M $83.02M
Short-Term Investments $128.9M $204.6M
Other Short-Term Assets $12.10M $9.000M
YoY Change 34.44% 91.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $264.5M $296.5M
YoY Change -10.79% -18.52%
LONG-TERM ASSETS
Property, Plant & Equipment $5.210M $8.900M
YoY Change -41.46% 2125.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $400.0K $2.800M
YoY Change -85.71% 211.11%
Total Long-Term Assets $6.948M $11.60M
YoY Change -40.1% 866.67%
TOTAL ASSETS
Total Short-Term Assets $264.5M $296.5M
Total Long-Term Assets $6.948M $11.60M
Total Assets $271.4M $308.1M
YoY Change -11.9% -15.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.373M $9.300M
YoY Change -74.48% 1450.0%
Accrued Expenses $16.50M $20.70M
YoY Change -20.29% -8.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $20.55M $30.20M
YoY Change -31.95% 30.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $334.0K $2.800M
YoY Change -88.07% 1300.0%
Total Long-Term Liabilities $334.0K $2.800M
YoY Change -88.07% 1300.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.55M $30.20M
Total Long-Term Liabilities $334.0K $2.800M
Total Liabilities $21.03M $32.90M
YoY Change -36.09% 41.2%
SHAREHOLDERS EQUITY
Retained Earnings -$420.0M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $250.4M $275.2M
YoY Change
Total Liabilities & Shareholders Equity $271.4M $308.1M
YoY Change -11.9% -15.61%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$37.47M -$37.19M
YoY Change 0.75% 83.57%
Depreciation, Depletion And Amortization $595.0K $508.0K
YoY Change 17.13% 4980.0%
Cash From Operating Activities -$29.22M -$41.67M
YoY Change -29.88% 132.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $790.0K
YoY Change -100.0% -443.48%
Acquisitions
YoY Change
Other Investing Activities -$31.21M $40.57M
YoY Change -176.93% -155.06%
Cash From Investing Activities -$31.22M $41.37M
YoY Change -175.47% -155.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.57M 490.0K
YoY Change 15730.61% -99.69%
NET CHANGE
Cash From Operating Activities -29.22M -41.67M
Cash From Investing Activities -31.22M 41.37M
Cash From Financing Activities 77.57M 490.0K
Net Change In Cash 17.13M 190.0K
YoY Change 8915.79% -99.71%
FREE CASH FLOW
Cash From Operating Activities -$29.22M -$41.67M
Capital Expenditures $0.00 $790.0K
Free Cash Flow -$29.22M -$42.46M
YoY Change -31.18% 140.02%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47138000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
72186000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
123666000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
83020000
us-gaap Income Taxes Paid
IncomeTaxesPaid
282000
us-gaap Income Taxes Paid
IncomeTaxesPaid
1027000
knsa Deferred Offering Costs Included In Accrued Expenses And Accounts Payable
DeferredOfferingCostsIncludedInAccruedExpensesAndAccountsPayable
335000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
253000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of the Company’s consolidated 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 consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of common shares and share-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. </p>
us-gaap Lease Cost
LeaseCost
783000
us-gaap Lease Cost
LeaseCost
871000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-419980000
us-gaap Net Income Loss
NetIncomeLoss
-63888000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-61020000
CY2020Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
252398000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="color:#212529;font-style:italic;font-weight:bold;">Reclassifications</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="color:#212529;">The Company reclassified certain prior year balances on its consolidated statements of cash flows to conform to current year presentation. The balances related to prepaid expenses and other assets and non-cash lease expense. The reclassifications had no effect on net cash used by operating activities or the Company’s consolidated statements of operations and comprehensive loss.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 36pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and short-term investments. At June 30, 2020 and December 31, 2019, substantially all of the Company’s cash, cash equivalents and short-term investments were held at two financial institutions. The Company generally maintains balances in various operating accounts at financial institutions that management believes to be of high credit quality, in amounts that may exceed federally insured limits. The Company has not experienced any losses related to its cash, cash equivalents and short-term investments and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p>
CY2020Q2 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
210000
CY2019Q4 us-gaap Cash Collateral For Borrowed Securities
CashCollateralForBorrowedSecurities
210000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
CY2019Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2019Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
knsa Number Of Securities
NumberOfSecurities
17
CY2020Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
113682000
CY2019 knsa Number Of Securities
NumberOfSecurities
7
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
43107000
CY2020Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8724000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8723000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3514000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2325000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5210000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6398000
CY2020Q2 us-gaap Depreciation
Depreciation
595000
CY2019Q2 us-gaap Depreciation
Depreciation
508000
us-gaap Depreciation
Depreciation
1189000
us-gaap Depreciation
Depreciation
979000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
341000
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
361000
us-gaap Operating Lease Cost
OperatingLeaseCost
681000
us-gaap Operating Lease Cost
OperatingLeaseCost
762000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
52000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
87000
us-gaap Variable Lease Cost
VariableLeaseCost
102000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y11M23D
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0716
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
911000
us-gaap Variable Lease Cost
VariableLeaseCost
109000
CY2020Q2 us-gaap Lease Cost
LeaseCost
393000
CY2019Q2 us-gaap Lease Cost
LeaseCost
448000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
972000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1883000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
64000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1819000
CY2020Q2 knsa Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
8854000
CY2019Q4 knsa Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
11813000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5064000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7089000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2005000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1087000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
576000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
426000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
16499000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20415000
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0039
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0216
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0071
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0248
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M26D
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M19D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M4D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M4D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7938
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7888
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7971
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7835
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4851000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3464000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9060000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6357000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-37469000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-37191000
us-gaap Net Income Loss
NetIncomeLoss
-63888000
us-gaap Net Income Loss
NetIncomeLoss
-103012000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
57914105
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54475476
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
56618397
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
53225710
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.65
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.68
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.94
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8970107
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7553673
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
CY2020Q2 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
0
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
5875000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
3696000
CY2020Q2 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
8404000

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