$LBPH
Longboard Pharmaceuticals Inc

2021 Q3 Form 10-Q Financial Statement

#000095017021001038 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.262M $2.072M $7.940M
YoY Change 23.67% 170.14%
% of Gross Profit
Research & Development $4.100M $4.900M $2.170M
YoY Change 156.25% 512.5%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.355M $6.987M $10.11M
YoY Change 149.22% 345.88%
Operating Profit -$6.355M -$6.987M
YoY Change 149.22% 345.88%
Interest Expense $23.00K $13.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$13.00K -$6.000K
YoY Change
Pretax Income -$6.345M -$6.980M -$10.11M
YoY Change 47.87% 345.44%
Income Tax
% Of Pretax Income
Net Earnings -$6.345M -$6.980M -$10.11M
YoY Change 148.82% 345.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.38 -$0.41
Diluted Earnings Per Share -$376.2K -$0.41 -$597.5K
COMMON SHARES
Basic Shares Outstanding 17.22M 16.83M
Diluted Shares Outstanding 16.87M 16.83M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $112.6M $118.8M $55.30M
YoY Change 56179.5%
Cash & Equivalents $75.46M $90.86M $55.32M
Short-Term Investments $37.10M $27.98M
Other Short-Term Assets $2.740M $1.848M $0.00
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $115.3M $120.7M $55.36M
YoY Change 57549.5%
LONG-TERM ASSETS
Property, Plant & Equipment $16.00K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.00K $33.00K $900.0K
YoY Change
Total Long-Term Assets $649.0K $33.00K $876.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $115.3M $120.7M $55.36M
Total Long-Term Assets $649.0K $33.00K $876.0K
Total Assets $115.9M $120.7M $56.24M
YoY Change 57874.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $891.0K $915.0K $1.213M
YoY Change 791.0%
Accrued Expenses $231.0K $162.0K $845.0K
YoY Change -76.9%
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 $4.021M $3.273M $3.135M
YoY Change 235.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $275.0K
YoY Change
Total Long-Term Liabilities $275.0K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.021M $3.273M $3.135M
Total Long-Term Liabilities $275.0K $0.00 $0.00
Total Liabilities $4.296M $3.273M $3.100M
YoY Change 258.0%
SHAREHOLDERS EQUITY
Retained Earnings -$33.40M -$27.10M -$14.40M
YoY Change
Common Stock $145.1M $144.6M $11.71M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.7M $117.4M -$2.692M
YoY Change
Total Liabilities & Shareholders Equity $115.9M $120.7M $56.24M
YoY Change 57874.0%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$6.345M -$6.980M -$10.11M
YoY Change 148.82% 345.44%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$6.134M -$5.146M -$1.460M
YoY Change 490.94% 446.28%
INVESTING ACTIVITIES
Capital Expenditures -$13.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$9.251M -$28.01M
YoY Change
Cash From Investing Activities -$9.264M -$28.01M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000K 3.173M 56.56M
YoY Change -100.22% 148.67%
NET CHANGE
Cash From Operating Activities -6.134M -5.146M -1.460M
Cash From Investing Activities -9.264M -28.01M
Cash From Financing Activities -2.000K 3.173M 56.56M
Net Change In Cash -15.40M -29.99M 55.10M
YoY Change 13408.77% -9077.54%
FREE CASH FLOW
Cash From Operating Activities -$6.134M -$5.146M -$1.460M
Capital Expenditures -$13.00K
Free Cash Flow -$6.121M
YoY Change

Facts In Submission

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us-gaap Use Of Estimates
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<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:10.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:22.3pt;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company’s financial statements are prepared in accordance with GAAP. The preparation of the Company’s financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. Such estimates include the accrual of R&amp;D expenses and stock-based compensation. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span></p><p style="margin-left:12.5pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:0.1736111111111111in;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:22.3pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and invests in short-term investments with the primary objectives of seeking to preserve principal, achieve liquidity requirements and safeguard funds. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held and the nature, including the credit-ratings, of its short-term investments.</span></p>
CY2020Q4 us-gaap Deferred Costs Current
DeferredCostsCurrent
900000
CY2021Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
27980000
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4900000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9300000
CY2020Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
800000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
900000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1634106
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1634106
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
28014000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
34000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
27980000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
-2692000
CY2021Q1 us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
55795000
CY2021Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
8384000
CY2021Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
8384000
CY2021Q2 lbph Debt Securities Available For Sale Amortized Cost Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleAmortizedCostMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
19630000
CY2021Q2 lbph Debt Securities Available For Sale Fair Value Maturity Allocated And Single Maturity Date After Year One Through Three
DebtSecuritiesAvailableForSaleFairValueMaturityAllocatedAndSingleMaturityDateAfterYearOneThroughThree
19596000
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
28014000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
27980000
CY2021Q2 lbph Accrued Computer Related Expenses
AccruedComputerRelatedExpenses
70000
CY2020Q4 lbph Accrued Computer Related Expenses
AccruedComputerRelatedExpenses
0
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
65000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
115000
CY2021Q2 lbph Accrued Financing Costs
AccruedFinancingCosts
1000
CY2020Q4 lbph Accrued Financing Costs
AccruedFinancingCosts
639000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
91000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
162000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
845000
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
333000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-5699000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
119586000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
512000
CY2021Q2 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-34000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-6980000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
117449000
CY2020Q1 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
39000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
95000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-174000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-40000
CY2020Q2 us-gaap Partners Capital Account Contributions
PartnersCapitalAccountContributions
1237000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
555000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-1567000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
185000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
873264
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.42
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y10M24D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
412392
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.83
lbph Share Based Compensation Arrangement By Share Based Payment Award Options Granted Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedRemainingContractualTerm
P9Y8M12D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1285656
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.12
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y6M
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
370797
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.47
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P9Y3M18D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
22347
CY2021Q2 lbph Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Early Exercise Provision Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToEarlyExerciseProvisionExercisableNumber
348450
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5100000
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2200000
CY2021Q2 us-gaap Share Price
SharePrice
11.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0086
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7398
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.63
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
512000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
555000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
845000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
650000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2021Q2 lbph Area Of Office Space
AreaOfOfficeSpace
8681
lbph Effective Lease Date
EffectiveLeaseDate
2021-07-01
CY2021Q2 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-06-30
lbph Operating Leases Future Rent Payments Per Month Due Current
OperatingLeasesFutureRentPaymentsPerMonthDueCurrent
29000
CY2021Q2 lbph Percentage Of Increase In Rent
PercentageOfIncreaseInRent
0.045
CY2021Q2 us-gaap Security Deposit
SecurityDeposit
33000
us-gaap Payments For Rent
PaymentsForRent
1000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
6000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
3000
CY2020Q2 lbph Defined Contribution Plan Matching Contributions
DefinedContributionPlanMatchingContributions
11000000
lbph Defined Contribution Plan Matching Contributions
DefinedContributionPlanMatchingContributions
13000000
lbph Company Provides Safe Harbor Contribution
CompanyProvidesSafeHarborContribution
0.04
CY2021Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
8000000
us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
8000000

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