$LUMO
Lumos Pharma Inc

2016 Q2 Form 10-Q Financial Statement

#000112623416000283 Filed on August 05, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $2.012M $7.445M
YoY Change -72.98% 3411.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.600M $7.300M
YoY Change 17.81% 151.72%
% of Gross Profit
Research & Development $27.41M $16.13M
YoY Change 69.93% 149.11%
% of Gross Profit
Depreciation & Amortization $600.0K $300.0K
YoY Change 100.0% 50.0%
% of Gross Profit
Operating Expenses $36.54M $23.39M
YoY Change 56.24% 150.45%
Operating Profit -$34.53M -$15.94M
YoY Change 116.59% 74.67%
Interest Expense $6.000K $4.000K
YoY Change 50.0%
% of Operating Profit
Other Income/Expense, Net $60.00K $22.00K
YoY Change 172.73% -157.89%
Pretax Income -$34.47M -$15.92M
YoY Change 116.51% 73.72%
Income Tax -$2.100M -$1.829M
% Of Pretax Income
Net Earnings -$32.39M -$14.09M
YoY Change 129.86% 53.78%
Net Earnings / Revenue -1609.79% -189.27%
Basic Earnings Per Share -$1.12 -$0.49
Diluted Earnings Per Share -$1.12 -$0.49
COMMON SHARES
Basic Shares Outstanding 28.89M shares 28.66M shares
Diluted Shares Outstanding 28.89M shares 28.66M shares

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $160.5M $207.6M
YoY Change -22.69% 169.26%
Cash & Equivalents $160.5M $203.4M
Short-Term Investments $0.00 $4.200M
Other Short-Term Assets $4.000M $11.30M
YoY Change -64.6% 2725.0%
Inventory
Prepaid Expenses $4.048M $11.34M
Receivables
Other Receivables
Total Short-Term Assets $172.0M $234.5M
YoY Change -26.63% 199.76%
LONG-TERM ASSETS
Property, Plant & Equipment $7.435M $8.798M
YoY Change -15.49% 36.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $7.435M $8.798M
YoY Change -15.49% 36.28%
TOTAL ASSETS
Total Short-Term Assets $172.0M $234.5M
Total Long-Term Assets $7.435M $8.798M
Total Assets $179.4M $243.3M
YoY Change -26.23% 187.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.843M $1.474M
YoY Change 25.03% 114.56%
Accrued Expenses $19.54M $5.954M
YoY Change 228.13% 105.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $556.0K
YoY Change -64.03% 192.63%
Total Short-Term Liabilities $22.55M $9.036M
YoY Change 149.5% 134.28%
LONG-TERM LIABILITIES
Long-Term Debt $400.0K $450.0K
YoY Change -11.11% -51.97%
Other Long-Term Liabilities $7.200M $8.000M
YoY Change -10.0% 9.59%
Total Long-Term Liabilities $7.560M $8.455M
YoY Change -10.59% 2.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.55M $9.036M
Total Long-Term Liabilities $7.560M $8.455M
Total Liabilities $30.11M $17.49M
YoY Change 72.12% 44.88%
SHAREHOLDERS EQUITY
Retained Earnings -$136.5M -$36.03M
YoY Change 278.72% -76.66%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $784.0K $551.0K
YoY Change 42.29% 202.75%
Treasury Stock Shares 25.23K shares
Shareholders Equity $149.3M $225.8M
YoY Change
Total Liabilities & Shareholders Equity $179.4M $243.3M
YoY Change -26.23% 187.29%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$32.39M -$14.09M
YoY Change 129.86% 53.78%
Depreciation, Depletion And Amortization $600.0K $300.0K
YoY Change 100.0% 50.0%
Cash From Operating Activities -$16.20M -$6.400M
YoY Change 153.13% -8.57%
INVESTING ACTIVITIES
Capital Expenditures -$1.700M -$1.500M
YoY Change 13.33% 650.0%
Acquisitions
YoY Change
Other Investing Activities $1.000M $3.600M
YoY Change -72.22%
Cash From Investing Activities -$700.0K $2.100M
YoY Change -133.33% -1150.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 400.0K 1.100M
YoY Change -63.64% 175.0%
NET CHANGE
Cash From Operating Activities -16.20M -6.400M
Cash From Investing Activities -700.0K 2.100M
Cash From Financing Activities 400.0K 1.100M
Net Change In Cash -16.50M -3.200M
YoY Change 415.63% -52.94%
FREE CASH FLOW
Cash From Operating Activities -$16.20M -$6.400M
Capital Expenditures -$1.700M -$1.500M
Free Cash Flow -$14.50M -$4.900M
YoY Change 195.92% -27.94%

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3280000 USD
us-gaap Revenue From Grants
RevenueFromGrants
12929000 USD
CY2016Q2 us-gaap Revenue From Grants
RevenueFromGrants
1262000 USD
us-gaap Revenue From Grants
RevenueFromGrants
5600000 USD
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
7445000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
46640000 USD
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
2012000 USD
us-gaap Sales Revenue Net
SalesRevenueNet
7720000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9121000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
9244000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
115566 shares
us-gaap Stock Issued During Period Shares Employee Stock Ownership Plan
StockIssuedDuringPeriodSharesEmployeeStockOwnershipPlan
37888 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
111459 shares
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
363000 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
9244000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
212000 USD
us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
-13000 USD
CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
195774000 USD
CY2016Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
149344000 USD
us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
4000000 USD
CY2015Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
859000 USD
CY2016Q2 us-gaap Taxes Payable Current
TaxesPayableCurrent
0 USD
CY2015Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
24034 shares
CY2016Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
25227 shares
us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
-1193 shares
CY2015Q4 us-gaap Treasury Stock Value
TreasuryStockValue
771000 USD
CY2016Q2 us-gaap Treasury Stock Value
TreasuryStockValue
784000 USD
CY2015Q4 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
3600000 USD
CY2016Q2 us-gaap Unbilled Contracts Receivable
UnbilledContractsReceivable
2600000 USD
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28661588 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28408474 shares
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28891827 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28874385 shares
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28661588 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28408474 shares
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28891827 shares
us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;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:12px;padding-top:12px;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 patients with cancer and other diseases. NewLink initiated operations in April 2000. </font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2005, NewLink created a partially 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. 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:12px;padding-top:12px;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). NewLink plans to conduct all or a portion of its operations outside of the United States through NI. In 2014, NewLink created another wholly owned subsidiary, NewLink Global (NG), which was subsequently merged into NewLink during 2014.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;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 commercial sales of its drugs. The Company incurred a net loss of </font><font style="font-family:inherit;font-size:10pt;">$32.4 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$56.1 million</font><font style="font-family:inherit;font-size:10pt;"> for the </font><font style="font-family:inherit;font-size:10pt;">three and six months ended</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, respectively. </font></div><div style="line-height:120%;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2016, the Company announced that its Phase 3 clinical trial IMPRESS (IMmunotherapy for&#160;Pancreatic&#160;RESectable cancer&#160;Study) of algenpantucel-L for patients with resected pancreatic cancer did not achieve its primary endpoint. On May 25, 2016, the Company's management adopted a restructuring plan designed to better align the Company's workforce and operating costs to its revised pipeline development plans and operating needs. The restructuring plan calls for the Company to reduce its workforce; exit or reduce certain leased facilities; and renegotiate or terminate contracts with certain third parties. In connection with the restructuring plan, the Company also discontinued the development of its commercial manufacturing capabilities for algenpantucel-L, discontinued programs supporting the future commercialization of algenpantucel-L, and recorded an impairment charge to fixed assets. The Company has retained some internal manufacturing ability to support the development of clinical supplies for its ongoing clinical trials of the other HyperAcute product candidates. The Company anticipates additional restructuring charges related to the closing or reduction of leased facilities during the remainder of 2016. Refer to Note 9 for more information.</font></div><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying condensed consolidated financial statements as of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> and for the </font><font style="font-family:inherit;font-size:10pt;">three and six months 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 IPO, 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;">$58.7 million</font><font style="font-family:inherit;font-size:10pt;"> in net proceeds from the at the market (ATM) offering. In connection with two license and collaboration agreements the Company entered into during 2014, the Company received a nonrefundable upfront cash payment of </font><font style="font-family:inherit;font-size:10pt;">$150.0 million</font><font style="font-family:inherit;font-size:10pt;"> from Genentech Inc., a member of the Roche Group, or Genentech, in 2014, and a nonrefundable upfront cash payment of </font><font style="font-family:inherit;font-size:10pt;">$30.0 million</font><font style="font-family:inherit;font-size:10pt;"> from Merck, Sharpe and Dohme Corp., or Merck, in 2014, as well as a milestone payment of </font><font style="font-family:inherit;font-size:10pt;">$20.0 million</font><font style="font-family:inherit;font-size:10pt;"> from Merck in February 2015. The Company's cash and cash equivalents after these agreements and offerings are expected to be adequate to satisfy the Company's liquidity requirements through 2018. 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>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;padding-top:12px;text-align:justify;text-indent:18px;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:12px;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the condensed 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 condensed 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>

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