$LBPH
Longboard Pharmaceuticals Inc

2024 Q3 Form 10-Q Financial Statement

#000095017024089319 Filed on August 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.674M $5.198M
YoY Change 115.99% 67.35%
% of Gross Profit
Research & Development $21.45M $20.45M
YoY Change 104.52% 63.56%
% of Gross Profit
Depreciation & Amortization $1.000K $2.000K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $28.12M $25.64M
YoY Change 107.07% 63.94%
Operating Profit -$28.12M -$25.64M
YoY Change 107.07% 63.94%
Interest Expense $3.655M $3.905M
YoY Change 452.11% 491.67%
% of Operating Profit
Other Income/Expense, Net -$71.00K -$47.00K
YoY Change 610.0% 176.47%
Pretax Income -$24.54M -$21.79M
YoY Change 89.79% 45.24%
Income Tax
% Of Pretax Income
Net Earnings -$24.54M -$21.79M
YoY Change 89.73% 45.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.63 -$0.56
Diluted Earnings Per Share -$0.63 -$0.56
COMMON SHARES
Basic Shares Outstanding 38.90M 38.88M
Diluted Shares Outstanding 38.96M 38.88M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $288.4M $304.9M
YoY Change 415.08% 383.56%
Cash & Equivalents $27.61M $14.60M
Short-Term Investments $260.8M $290.3M
Other Short-Term Assets $4.584M $3.932M
YoY Change 99.3% 54.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $293.0M $308.8M
YoY Change 402.43% 370.8%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $1.000K
YoY Change -100.0% -85.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $244.0K $244.0K
YoY Change 597.14%
Total Long-Term Assets $3.975M $4.100M
YoY Change 634.75% 549.76%
TOTAL ASSETS
Total Short-Term Assets $293.0M $308.8M
Total Long-Term Assets $3.975M $4.100M
Total Assets $297.0M $312.9M
YoY Change 404.56% 372.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.132M $2.475M
YoY Change 211.85% 27.64%
Accrued Expenses $1.894M $551.0K
YoY Change 291.32% -1.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.35M $14.74M
YoY Change 173.42% 86.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.467M $3.568M
YoY Change 3367.0% 1567.29%
Total Long-Term Liabilities $3.467M $3.568M
YoY Change 3367.0% 1567.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.35M $14.74M
Total Long-Term Liabilities $3.467M $3.568M
Total Liabilities $21.82M $18.31M
YoY Change 220.87% 125.57%
SHAREHOLDERS EQUITY
Retained Earnings -$201.9M -$177.3M
YoY Change 60.88% 57.46%
Common Stock $476.4M $472.4M
YoY Change 167.98% 176.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $275.2M $294.6M
YoY Change
Total Liabilities & Shareholders Equity $297.0M $312.9M
YoY Change 404.56% 372.5%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$24.54M -$21.79M
YoY Change 89.73% 45.24%
Depreciation, Depletion And Amortization $1.000K $2.000K
YoY Change 0.0%
Cash From Operating Activities -$20.60M -$19.13M
YoY Change 54.97% 42.2%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $33.05M -$20.69M
YoY Change 181.48% -359.81%
Cash From Investing Activities $33.05M -$20.69M
YoY Change 181.48% -359.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 560.0K 21.00K
YoY Change -90.57% -116.8%
NET CHANGE
Cash From Operating Activities -20.60M -19.13M
Cash From Investing Activities 33.05M -20.69M
Cash From Financing Activities 560.0K 21.00K
Net Change In Cash 13.01M -39.80M
YoY Change 196.38% 608.49%
FREE CASH FLOW
Cash From Operating Activities -$20.60M -$19.13M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.133%;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Estimates </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">are based on the Company’s historical experience, knowledge of current events and actions it may undertake in the future, and actual results may materially differ from these estimates and assumptions.</span></p>
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<p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="margin-left:2.32%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;margin-right:2.315%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.133%;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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, but we have not eliminated all credit risk.</span></p>
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
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0
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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48912000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
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CY2024Q2 lbph Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Early Exercise Provision Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToEarlyExerciseProvisionExercisableNumber
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WeightedAverageStockPrice
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lbph Weighted Average Stock Price
WeightedAverageStockPrice
20.3
lbph Weighted Average Stock Price
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.8378
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M24D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.91
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.22
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AllocatedShareBasedCompensationExpense
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us-gaap Operating Lease Payments
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P5Y10M24D
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
856000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1829000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5235000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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1373000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.04
CY2024Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
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PensionAndOtherPostretirementBenefitExpense
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CY2023Q2 us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
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us-gaap Pension And Other Postretirement Benefit Expense
PensionAndOtherPostretirementBenefitExpense
184000000

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