$LBPH
Longboard Pharmaceuticals Inc

2022 Q1 Form 10-K Financial Statement

#000095017022002818 Filed on March 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.499M $2.426M $8.065M
YoY Change 90.76% -69.45% -17.45%
% of Gross Profit
Research & Development $7.100M $6.368M $19.80M
YoY Change 61.36% 193.46% 330.43%
% of Gross Profit
Depreciation & Amortization $1.000K $1.000K $1.000K
YoY Change
% of Gross Profit
Operating Expenses $9.620M $8.794M $27.84M
YoY Change 68.68% -13.02% 93.33%
Operating Profit -$9.620M -$27.84M
YoY Change 68.68% 93.33%
Interest Expense $32.00K $24.00K $64.00K
YoY Change 700.0%
% of Operating Profit
Other Income/Expense, Net -$9.000K -$3.000K -$22.00K
YoY Change
Pretax Income -$9.597M -$8.773M -$27.80M
YoY Change 68.37% -13.22% 93.03%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.597M -$8.773M -$27.80M
YoY Change 68.4% -13.22% 93.03%
Net Earnings / Revenue
Basic Earnings Per Share -$0.56 -$1.93
Diluted Earnings Per Share -$561.7K -$515.3K -$1.929M
COMMON SHARES
Basic Shares Outstanding 17.22M 17.22M 14.41M
Diluted Shares Outstanding 17.09M 14.41M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $96.12M $106.7M $106.7M
YoY Change -20.49% 92.99% 92.92%
Cash & Equivalents $35.04M $66.35M $66.35M
Short-Term Investments $61.09M $40.38M $40.38M
Other Short-Term Assets $4.035M $1.659M $1.659M
YoY Change 44.11% 3218.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $100.2M $108.4M $108.4M
YoY Change -18.98% 95.77% 95.78%
LONG-TERM ASSETS
Property, Plant & Equipment $13.00K $14.00K $535.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $33.00K $33.00K $33.00K
YoY Change -96.33% -96.25%
Total Long-Term Assets $484.0K $568.0K $568.0K
YoY Change -35.16% -35.45%
TOTAL ASSETS
Total Short-Term Assets $100.2M $108.4M $108.4M
Total Long-Term Assets $484.0K $568.0K $568.0K
Total Assets $100.6M $109.0M $109.0M
YoY Change -18.59% 93.73% 93.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.357M $1.028M $1.028M
YoY Change -32.79% -15.25% -15.04%
Accrued Expenses $1.536M $352.0K $4.416M
YoY Change 119.74% -58.34% 130.0%
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 $6.684M $5.444M $5.444M
YoY Change 65.28% 73.65% 73.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $94.00K $185.0K $185.0K
YoY Change
Total Long-Term Liabilities $94.00K $185.0K $185.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.684M $5.444M $5.444M
Total Long-Term Liabilities $94.00K $185.0K $185.0K
Total Liabilities $6.778M $5.629M $5.629M
YoY Change 69.45% 81.58% 79.27%
SHAREHOLDERS EQUITY
Retained Earnings -$51.80M -$42.20M
YoY Change 157.71% 193.06%
Common Stock $146.3M $145.7M
YoY Change 4.7% 1144.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $93.87M $103.3M $103.3M
YoY Change
Total Liabilities & Shareholders Equity $100.6M $109.0M $109.0M
YoY Change -18.59% 93.73% 93.73%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$9.597M -$8.773M -$27.80M
YoY Change 68.4% -13.22% 93.03%
Depreciation, Depletion And Amortization $1.000K $1.000K $1.000K
YoY Change
Cash From Operating Activities -$10.03M -$5.675M -$24.71M
YoY Change 29.42% 288.7% 617.75%
INVESTING ACTIVITIES
Capital Expenditures -$3.000K $16.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$21.28M -$3.437M -$40.70M
YoY Change
Cash From Investing Activities -$21.28M -$3.440M -$40.72M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 76.45M
YoY Change -100.0% 30.11%
NET CHANGE
Cash From Operating Activities -10.03M -5.675M -24.71M
Cash From Investing Activities -21.28M -3.440M -40.72M
Cash From Financing Activities 0.000 76.45M
Net Change In Cash -31.31M -9.115M 11.03M
YoY Change -147.77% -116.54% -80.06%
FREE CASH FLOW
Cash From Operating Activities -$10.03M -$5.675M -$24.71M
Capital Expenditures -$3.000K $16.00K
Free Cash Flow -$5.672M -$24.72M
YoY Change 618.22%

Facts In Submission

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On March 5, 2021, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a forward stock split of shares of the Company’s common stock on a 1.38-for-1 basis (March Forward Stock Split). Adjustments corresponding to the March Forward Stock Split were made to the ratio at which the Company’s Series A Preferred Stock were converted into common stock immediately prior to the closing of the IPO. The par value of the common stock and number of shares authorized were not adjusted as a result of the March Forward Stock Split. All references to common stock, options to purchase common stock, share data, per share data, and related information contained in the financial statements and related footnotes have been retrospectively adjusted to reflect the effect of the March Forward Stock Split for all periods presented.
CY2021Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.38
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:4.133%;font-size:10.0pt;margin-top:10.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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>
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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:2.32%;text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;margin-right:2.315%;text-align:left;"><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span> </p><p style="text-indent:4.133%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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>
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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164000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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6.31
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AvailableForSaleSecuritiesDebtSecurities
40379000
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ResearchAndDevelopmentExpense
19800000
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ResearchAndDevelopmentExpense
4600000
CY2021 lbph Number Of Securities
NumberOfSecurities
17
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26400000
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1566945
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8949714
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500000
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40379000
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76393000
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40543000
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0
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16813000
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23730000
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40543000
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168000
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AccruedPayrollTaxesCurrent
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AccruedRecruitmentFeesCurrent
0
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27000
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AccruedComputerRelatedExpenses
0
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AccruedLegalAndAccountingFeesCurrent
7000
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AccruedFinancingCosts
0
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23000
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P9Y10M24D
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P9Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1272000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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1421756
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P9Y1M6D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
540821
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y10M24D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
814000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
192371
CY2021Q4 lbph Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Early Exercise Provision Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToEarlyExerciseProvisionExercisableNumber
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CY2021Q4 us-gaap Share Price
SharePrice
10.90
CY2020Q4 us-gaap Share Price
SharePrice
3.42
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0092
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0056
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7435
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7214
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SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y9M18D
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.25
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AllocatedShareBasedCompensationExpense
1967000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8508000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
4800000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
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
us-gaap Payments For Rent
PaymentsForRent
29000
CY2021Q2 lbph Percentage Of Increase In Rent
PercentageOfIncreaseInRent
0.045
CY2021Q2 us-gaap Security Deposit
SecurityDeposit
33000
lbph Payments For Rent Historical
PaymentsForRentHistorical
1000
CY2021 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
198000
CY2020 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
9000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
181000
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
679000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
521000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
339000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
185000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
524000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y6M
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
370000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
189000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
35000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
524000
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
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161000
CY2021 lbph Permanent Items
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97000
CY2020 lbph Permanent Items
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CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
679000
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
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CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
1421000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
6376000
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DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
1204000
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DeferredTaxAssetsCarryforwardsResearchAndDevelopmentStateAndLocal
840000
CY2021 us-gaap Income Loss From Continuing Operations Before Income Taxes Domestic
IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic
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-14400000
CY2021 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-27797000
CY2020 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-14400000
CY2021 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3024000
CY2020Q4 lbph Deferred Tax Assets Carryforwards Research And Development State And Local
DeferredTaxAssetsCarryforwardsResearchAndDevelopmentStateAndLocal
161000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
343000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
23000
CY2021Q4 lbph Deferred Tax Assets Carryforwards Lease Liability
DeferredTaxAssetsCarryforwardsLeaseLiability
110000
CY2020Q4 lbph Deferred Tax Assets Carryforwards Lease Liability
DeferredTaxAssetsCarryforwardsLeaseLiability
0
CY2021Q4 us-gaap Deferred Tax Assets Other
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301000
CY2020Q4 us-gaap Deferred Tax Assets Other
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33000
CY2021Q4 us-gaap Deferred Tax Assets Gross
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7970000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1421000
CY2021Q4 lbph Deferred Tax Assets Carryforwards Right Of Use Asset
DeferredTaxAssetsCarryforwardsRightOfUseAsset
-109000
CY2020Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
174000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
31000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
140000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
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345000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
31000
CY2021Q4 us-gaap Unrecognized Tax Benefits
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300000
CY2020Q4 lbph Deferred Tax Assets Carryforwards Right Of Use Asset
DeferredTaxAssetsCarryforwardsRightOfUseAsset
0
CY2021Q4 lbph Fixed Asset Basis Difference
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CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
112000
CY2021Q4 us-gaap Deferred Tax Assets Net
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7858000
CY2020Q4 us-gaap Deferred Tax Assets Net
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1421000
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CY2021Q4 lbph Tax Deferred Assets Net
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0
CY2020Q4 lbph Tax Deferred Assets Net
TaxDeferredAssetsNet
0
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6400000
CY2021 lbph Percentage Of Uncertain Tax Positions Not Recognized
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0.50
CY2020Q4 us-gaap Unrecognized Tax Benefits
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31000
CY2020Q4 lbph Defined Contribution Plan Arena Matching Contributions
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16000000
CY2021 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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0.04
CY2021 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
119000000

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