$LUMO
Lumos Pharma Inc

2014 Q3 Form 10-Q Financial Statement

#000112623414000146 Filed on August 05, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2014 Q2 2013 Q2
Revenue $2.801M $212.0K $232.0K
YoY Change 956.98% -8.62% -60.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.900M $2.900M $2.300M
YoY Change 113.04% 26.09% 4.55%
% of Gross Profit
Research & Development $10.90M $6.475M $5.037M
YoY Change 77.89% 28.55% 6.27%
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $15.83M $9.338M $7.301M
YoY Change 88.82% 27.9% 5.95%
Operating Profit -$13.03M -$9.127M -$7.069M
YoY Change 60.48% 29.11% 12.19%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $15.00K -$38.00K -$8.000K
YoY Change -350.0% 375.0% 0.0%
Pretax Income -$13.01M -$9.164M -$7.077M
YoY Change 60.17% 29.49% 12.33%
Income Tax -$7.413M $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.598M -$9.163M -$7.077M
YoY Change -31.08% 29.48% 12.17%
Net Earnings / Revenue -199.86% -4322.17% -3050.43%
Basic Earnings Per Share -$0.20 -$0.33 -$0.28
Diluted Earnings Per Share -$0.20 -$0.33 -$0.28
COMMON SHARES
Basic Shares Outstanding 27.91M shares 27.87M shares 25.60M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q3 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $67.70M $77.10M $59.30M
YoY Change 30.19% 30.02% 90.68%
Cash & Equivalents $51.07M $76.86M $59.04M
Short-Term Investments $16.60M $200.0K $200.0K
Other Short-Term Assets $400.0K $400.0K $500.0K
YoY Change 0.0% -20.0% 66.67%
Inventory
Prepaid Expenses $353.0K $446.0K $535.0K
Receivables
Other Receivables
Total Short-Term Assets $78.76M $78.21M $61.07M
YoY Change 45.45% 28.07% 85.79%
LONG-TERM ASSETS
Property, Plant & Equipment $7.117M $6.456M $5.942M
YoY Change 5.62% 8.65% -5.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.117M $6.456M $5.942M
YoY Change 5.62% 8.65% -5.16%
TOTAL ASSETS
Total Short-Term Assets $78.76M $78.21M $61.07M
Total Long-Term Assets $7.117M $6.456M $5.942M
Total Assets $85.88M $84.67M $67.01M
YoY Change 41.04% 26.35% 71.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.935M $687.0K $1.076M
YoY Change 201.64% -36.15% 87.13%
Accrued Expenses $4.026M $2.891M $2.817M
YoY Change 4.06% 2.63% 59.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $193.0K $190.0K $186.0K
YoY Change 2.66% 2.15% 93.75%
Total Short-Term Liabilities $7.238M $3.857M $4.163M
YoY Change 41.53% -7.35% 59.14%
LONG-TERM LIABILITIES
Long-Term Debt $989.0K $937.0K $1.129M
YoY Change -8.51% -17.01% -83.64%
Other Long-Term Liabilities $7.300M $7.300M $7.400M
YoY Change 0.0% -1.35% 428.57%
Total Long-Term Liabilities $8.248M $8.216M $8.492M
YoY Change -2.08% -3.25% 2.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.238M $3.857M $4.163M
Total Long-Term Liabilities $8.248M $8.216M $8.492M
Total Liabilities $15.49M $12.07M $12.66M
YoY Change 14.4% -4.6% 16.06%
SHAREHOLDERS EQUITY
Retained Earnings -$160.0M -$154.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $222.0K $182.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $70.40M $72.60M $54.40M
YoY Change
Total Liabilities & Shareholders Equity $85.88M $84.67M $67.01M
YoY Change 41.04% 26.35% 71.23%

Cashflow Statement

Concept 2014 Q3 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$5.598M -$9.163M -$7.077M
YoY Change -31.08% 29.48% 12.17%
Depreciation, Depletion And Amortization $300.0K $200.0K $200.0K
YoY Change 50.0% 0.0% 0.0%
Cash From Operating Activities -$8.500M -$7.000M -$4.900M
YoY Change 34.92% 42.86% 2.08%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$200.0K -$200.0K
YoY Change 0.0% 0.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$16.40M $0.00 $500.0K
YoY Change -5566.67% -100.0% -70.59%
Cash From Investing Activities -$17.40M -$200.0K $300.0K
YoY Change 2075.0% -166.67% -78.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 400.0K 300.0K
YoY Change 33.33% -40.0%
NET CHANGE
Cash From Operating Activities -8.500M -7.000M -4.900M
Cash From Investing Activities -17.40M -200.0K 300.0K
Cash From Financing Activities 100.0K 400.0K 300.0K
Net Change In Cash -25.80M -6.800M -4.300M
YoY Change 263.38% 58.14% 48.28%
FREE CASH FLOW
Cash From Operating Activities -$8.500M -$7.000M -$4.900M
Capital Expenditures -$1.000M -$200.0K -$200.0K
Free Cash Flow -$7.500M -$6.800M -$4.700M
YoY Change 41.51% 44.68% 6.82%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">D</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-weight:bold;">escription of Business</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On June&#160;4, 1999, NewLink Genetics Corporation (NewLink) was incorporated as a Delaware corporation. NewLink was formed for the purpose of developing treatments for cancer and other diseases. NewLink initiated operations in April of 2000, which primarily consist of research and development.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2005, NewLink created a wholly-owned subsidiary, BioProtection Systems Corporation (BPS). NewLink contributed certain licensing agreements and other intangible assets for BPS to create vaccines against potential biological terror threats. Subsequent to its creation, certain interests in BPS were sold to minority stockholders. On January&#160;7, 2011, NewLink acquired all of the minority interest in BPS, by merging a newly-formed subsidiary of NewLink with BPS, with BPS as the surviving corporation resulting in NewLink owning all the outstanding capital stock of BPS. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2013, NewLink created a wholly-owned subsidiary, NewLink International (NI). In 2014, NewLink created another wholly-owned subsidiary, NewLink Global (NG). NewLink plans to conduct all or a portion of its operations outside of the United States through NI and NG.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NewLink and its subsidiaries (the Company) are devoting substantially all of their efforts toward research and development. The Company has never earned revenue from sales of its drugs. The Company incurred a net loss of </font><font style="font-family:inherit;font-size:10pt;">9.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">18.4 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">three</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">six months ending</font><font style="font-family:inherit;font-size:10pt;"> </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">. The Company has managed its liquidity needs to date through a series of capital market transactions. On February 4, 2013, the Company completed an offering of its common stock. The Company sold </font><font style="font-family:inherit;font-size:10pt;">4,600,000</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock at a price of </font><font style="font-family:inherit;font-size:10pt;">$11.40</font><font style="font-family:inherit;font-size:10pt;"> per share raising a total of </font><font style="font-family:inherit;font-size:10pt;">$49.0 million</font><font style="font-family:inherit;font-size:10pt;"> in net proceeds.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">NewLink entered into a sales agreement with Cantor Fitzgerald &amp; Co., dated as of September 5, 2013, under which NewLink may sell up to </font><font style="font-family:inherit;font-size:10pt;">$60.0 million</font><font style="font-family:inherit;font-size:10pt;"> in shares of its common stock in one or more placements at prevailing market prices for its common stock (the ATM Offering). Any such sales would be effected pursuant to its registration statement on Form S-3 (333-185721), declared effective by the SEC on January 4, 2013. As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">, the Company had sold </font><font style="font-family:inherit;font-size:10pt;">1,833,838</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock under the ATM Offering, raising a total of </font><font style="font-family:inherit;font-size:10pt;">$45.0 million</font><font style="font-family:inherit;font-size:10pt;"> in net proceeds. During the years ended December 31, 2013 and 2012, the Company received equity financing of </font><font style="font-family:inherit;font-size:10pt;">$67.2 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$1.3 million</font><font style="font-family:inherit;font-size:10pt;">, respectively, through common stock offerings. Subsequent to March 31, 2014 and through the date of this filing, the Company sold no additional shares of common stock under the ATM Offering.</font></div><div style="line-height:120%;padding-top:4px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying financial statements as of </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;"> and for the three and </font><font style="font-family:inherit;font-size:10pt;">six months then ended</font><font style="font-family:inherit;font-size:10pt;"> have been prepared assuming the Company will continue as a going concern. The Company successfully raised net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$37.6 million</font><font style="font-family:inherit;font-size:10pt;"> from its initial public offering in 2011, completed a follow-on offering of its common stock raising net proceeds of </font><font style="font-family:inherit;font-size:10pt;">$49.0 million</font><font style="font-family:inherit;font-size:10pt;">, and raised an additional </font><font style="font-family:inherit;font-size:10pt;">$45.0 million</font><font style="font-family:inherit;font-size:10pt;"> in net proceeds from the ATM Offering prior to </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2014</font><font style="font-family:inherit;font-size:10pt;">. The Company's cash and cash equivalents after these offerings are expected to be adequate to satisfy the Company's liquidity requirements well into 2015, although not through commercialization and launch of revenue producing products. If available liquidity becomes insufficient to meet the Company&#8217;s operating obligations as they come due, the Company's plans include pursuing alternative funding arrangements and/or reducing expenditures as necessary to meet the Company&#8217;s cash requirements. However, there is no assurance that, if required, the Company will be able to raise additional capital or reduce discretionary spending to provide the required liquidity. Failure by the Company to successfully execute its plans or otherwise address its liquidity needs may have a material adverse effect on its business and financial position, and may materially affect the Company&#8217;s ability to continue as a going concern.</font></div></div>
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Operating Income Loss
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us-gaap Operating Income Loss
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CY2013Q2 us-gaap Other Nonoperating Income
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us-gaap Other Nonoperating Income Expense
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CY2014Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments To Acquire Property Plant And Equipment
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297000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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274000 USD
CY2013Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2013Q4 us-gaap Preferred Stock Shares Issued
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Profit Loss
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ProfitLoss
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us-gaap Profit Loss
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CY2013Q4 us-gaap Property Plant And Equipment Gross
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CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2014Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6456000 USD
CY2013Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6587000 USD
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
47000 USD
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
233000 USD
CY2013Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-135977000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11380000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
18000 USD
CY2014Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6475000 USD
CY2013Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5037000 USD
CY2014Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-154376000 USD
CY2013Q2 us-gaap Revenue From Grants
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232000 USD
CY2014Q2 us-gaap Revenue From Grants
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212000 USD
us-gaap Revenue From Grants
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534000 USD
us-gaap Revenue From Grants
RevenueFromGrants
546000 USD
us-gaap Share Based Compensation
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3604000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2027000 USD
us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
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us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
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StockIssuedDuringPeriodSharesStockOptionsExercised
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us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
27555000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
3604000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1459000 USD
us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
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us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
182000 USD
CY2013Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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CY2014Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
72597000 USD
CY2013Q4 us-gaap Treasury Stock Value
TreasuryStockValue
0 USD
CY2014Q2 us-gaap Treasury Stock Value
TreasuryStockValue
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us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div></div>
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
4200000 USD
us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2400000 USD
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27742029 shares
CY2013Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
24745380 shares
CY2014Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27876652 shares
CY2014Q2 nlnk Cash And Cash Equivalents Excluding Certificates Of Deposit
CashAndCashEquivalentsExcludingCertificatesOfDeposit
76861000 USD
CY2013Q4 nlnk Cash And Cash Equivalents Excluding Certificates Of Deposit
CashAndCashEquivalentsExcludingCertificatesOfDeposit
61291000 USD
CY2013 nlnk Financing Received
FinancingReceived
67200000 USD
CY2012 nlnk Financing Received
FinancingReceived
1300000 USD
nlnk Increase Decrease In State Research And Development Credit Receivable
IncreaseDecreaseInStateResearchAndDevelopmentCreditReceivable
168000 USD
nlnk Increase Decrease In State Research And Development Credit Receivable
IncreaseDecreaseInStateResearchAndDevelopmentCreditReceivable
-107000 USD
CY2013Q4 nlnk Lab Equipment
LabEquipment
3724000 USD
CY2014Q2 nlnk Lab Equipment
LabEquipment
3994000 USD
CY2013Q4 nlnk Royalty Obligation Payable Noncurrent
RoyaltyObligationPayableNoncurrent
6000000 USD
CY2014Q2 nlnk Royalty Obligation Payable Noncurrent
RoyaltyObligationPayableNoncurrent
6000000 USD
CY2014Q2 nlnk State Research And Development Credit Receivable
StateResearchAndDevelopmentCreditReceivable
497000 USD
CY2013Q4 nlnk State Research And Development Credit Receivable
StateResearchAndDevelopmentCreditReceivable
329000 USD
CY2013Q4 nlnk Total Leasehold Improvements And Equipment
TotalLeaseholdImprovementsAndEquipment
10445000 USD
CY2014Q2 nlnk Total Leasehold Improvements And Equipment
TotalLeaseholdImprovementsAndEquipment
10832000 USD
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
dei Document Period End Date
DocumentPeriodEndDate
2014-06-30
dei Document Type
DocumentType
10-Q
dei Entity Central Index Key
EntityCentralIndexKey
0001126234
CY2014Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
27909031 shares
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2014Q2 dei Entity Public Float
EntityPublicFloat
528615385 USD
dei Entity Registrant Name
EntityRegistrantName
NEWLINK GENETICS CORP
dei Entity Voluntary Filers
EntityVoluntaryFilers
No
dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No

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