$LUMO
Lumos Pharma Inc

2018 Q4 Form 10-Q Financial Statement

#000112623418000140 Filed on November 02, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $202.0K $120.0K $5.482M
YoY Change -98.0% -97.81% -64.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.400M $6.800M $7.900M
YoY Change -3.57% -13.92% 2.6%
% of Gross Profit
Research & Development $5.700M $7.570M $18.48M
YoY Change -66.27% -59.04% -24.46%
% of Gross Profit
Depreciation & Amortization $200.0K $300.0K $400.0K
YoY Change -33.33% -25.0% 33.33%
% of Gross Profit
Operating Expenses $11.10M $15.16M $26.39M
YoY Change -50.45% -42.56% -18.08%
Operating Profit -$10.95M -$15.04M -$20.91M
YoY Change -22.1% -28.07% 25.28%
Interest Expense $500.0K $2.000K $3.000K
YoY Change 66.67% -33.33% -40.0%
% of Operating Profit
Other Income/Expense, Net -$100.0K $644.0K $160.0K
YoY Change 302.5% 742.11%
Pretax Income -$10.50M -$14.39M -$20.75M
YoY Change -23.91% -30.61% 23.13%
Income Tax $0.00 -$7.000M -$119.0K
% Of Pretax Income
Net Earnings -$10.57M -$7.403M -$20.63M
YoY Change -22.78% -64.11% 32.73%
Net Earnings / Revenue -5232.18% -6169.17% -376.25%
Basic Earnings Per Share -$0.28 -$0.20 -$0.69
Diluted Earnings Per Share -$2.585M -$1.805M -$6.242M
COMMON SHARES
Basic Shares Outstanding 37.22M shares 37.21M shares 29.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.7M $122.1M $120.7M
YoY Change -23.94% 1.16% -18.61%
Cash & Equivalents $120.7M $122.1M $120.7M
Short-Term Investments
Other Short-Term Assets $5.500M $4.900M $2.700M
YoY Change -11.29% 81.48% -74.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables $459.0K $700.0K $10.67M
Total Short-Term Assets $127.1M $135.1M $134.2M
YoY Change -27.58% 0.66% -25.1%
LONG-TERM ASSETS
Property, Plant & Equipment $3.727M $4.096M $5.527M
YoY Change -26.79% -25.89% -23.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.867M $4.236M $5.527M
YoY Change -26.08% -23.36% -23.11%
TOTAL ASSETS
Total Short-Term Assets $127.1M $135.1M $134.2M
Total Long-Term Assets $3.867M $4.236M $5.527M
Total Assets $130.9M $139.3M $139.7M
YoY Change -27.54% -0.29% -25.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $555.0K $1.238M $11.86M
YoY Change -94.0% -89.56% 401.06%
Accrued Expenses $8.139M $8.736M $13.83M
YoY Change -34.72% -36.84% -62.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 0.0%
Total Short-Term Liabilities $8.847M $10.13M $26.09M
YoY Change -59.84% -61.17% -35.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $100.0K $100.0K
YoY Change -100.0% 0.0% -66.67%
Other Long-Term Liabilities $6.900M $6.900M $7.000M
YoY Change -1.43% -1.43% -1.41%
Total Long-Term Liabilities $6.949M $6.988M $7.159M
YoY Change -2.25% -2.39% -3.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.847M $10.13M $26.09M
Total Long-Term Liabilities $6.949M $6.988M $7.159M
Total Liabilities $15.80M $17.12M $33.25M
YoY Change -45.79% -48.51% -30.83%
SHAREHOLDERS EQUITY
Retained Earnings -$291.0M -$280.4M -$223.8M
YoY Change 22.55% 25.32% 47.22%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.417M $1.409M $1.113M
YoY Change 24.08% 26.59% 41.96%
Treasury Stock Shares 92.33K shares 88.73K shares 55.78K shares
Shareholders Equity -$46.92M $122.2M $106.5M
YoY Change
Total Liabilities & Shareholders Equity $130.9M $139.3M $139.7M
YoY Change -27.54% -0.29% -25.02%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$10.57M -$7.403M -$20.63M
YoY Change -22.78% -64.11% 32.73%
Depreciation, Depletion And Amortization $200.0K $300.0K $400.0K
YoY Change -33.33% -25.0% 33.33%
Cash From Operating Activities -$1.300M -$15.00M -$7.200M
YoY Change -92.44% 108.33% -45.45%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $100.0K
YoY Change -100.0% -200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 20.00M
YoY Change -100.0% -100.0% 1718.18%
NET CHANGE
Cash From Operating Activities -1.300M -15.00M -7.200M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 0.000 20.00M
Net Change In Cash -1.300M -15.00M 12.80M
YoY Change -103.41% -217.19% -204.92%
FREE CASH FLOW
Cash From Operating Activities -$1.300M -$15.00M -$7.200M
Capital Expenditures $0.00 $0.00 $100.0K
Free Cash Flow -$1.300M -$15.00M -$7.300M
YoY Change -92.44% 105.48% -44.27%

Facts In Submission

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CY2017Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
120702000 USD
us-gaap Interest Paid
InterestPaid
6000 USD
us-gaap Interest Paid
InterestPaid
11000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
4000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-6261000 USD
us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">On June 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. </span></div><div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">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. </span></div><div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The accompanying condensed consolidated financial statements as of September 30, 2018 and for the three and nine months ended have been prepared assuming the Company will continue as a going concern. The Company successfully raised net proceeds of $37.6 million from its initial public offering in 2011, completed a follow-on offering of its common stock raising net proceeds of $49.0 million in 2013, and raised an additional $58.7 million in net proceeds from an at the market (ATM) offering completed in 2015.</span></div><div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">During 2017, the Company sold 1,940,656 shares of its common stock under an ATM offering, with aggregate net proceeds of $19.3 million after commissions of $398,000 paid to Cantor Fitzgerald &amp; Co. (Cantor) as the placement agent, and other costs of $163,000. In October 2017, the Company sold 5,750,000 of its shares of common stock in a public offering for aggregate net proceeds of $55.2 million after underwriters' discounts, commissions and other expenses of $3.7 million. On March 12, 2018, the Company entered into a new Sales Agreement with Cantor under which the Company may sell up to $60.0 million of its common stock in one or more placements at prevailing market prices in an ATM offering (the 2018 ATM Offering). As of September 30, 2018, no shares have been sold under the 2018 ATM Offering. </span></div><div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The Company's cash and cash equivalents as of September 30, 2018 are expected to be adequate to satisfy the Company's liquidity requirements into the second half of 2021. If available liquidity becomes insufficient to meet the Company’s operating obligations as they come due, the Company's plans include selling additional shares of common stock, alternative funding arrangements and/or reducing expenditures as necessary to meet the Company’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’s ability to continue as a going concern.</span></div>
CY2018Q1 nlnk Maximum Available Under Atm Offering
MaximumAvailableUnderATMOffering
60000000.0 USD
us-gaap Basis Of Accounting
BasisOfAccounting
Basis of Presentation<div style="text-indent:22pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The accompanying unaudited condensed consolidated financial statements have been prepared and presented by the Company in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and the rules and regulations of the U.S. Securities and Exchange Commission (the SEC), and, in management’s opinion, reflect all adjustments necessary to present fairly the Company’s interim condensed financial information.</span></div><div style="text-indent:22pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">Certain information and footnote disclosures normally included in the Company’s annual financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The accompanying unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2017, included in the Company’s Annual Report on Form 10-K. The financial results for any interim period are not necessarily indicative of financial results for the full year.</span></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="text-indent:22.5pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:24pt;text-align:justify;margin-top:9pt;margin-bottom:9pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:10pt;line-height:120%;">The preparation of the condensed consolidated financial statements in conformity with U.S. 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.</span></div>
CY2018Q3 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
133000 USD
CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
271000 USD
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high-quality securities such as certificates of deposit and money market funds.
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7100000 USD
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6600000 USD
CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6226000 USD
CY2018Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5762000 USD
CY2017Q4 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
10176000 USD
CY2018Q1 us-gaap Other Receivables Net Current
OtherReceivablesNetCurrent
10682000 USD
CY2017Q4 us-gaap Assets
Assets
180697000 USD
CY2018Q1 us-gaap Assets
Assets
180739000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-237459000 USD
CY2018Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-237417000 USD
CY2017Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
180697000 USD
CY2018Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
180739000 USD
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7570000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
39972000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-7403000 USD
us-gaap Net Income Loss
NetIncomeLoss
-43026000 USD
us-gaap Net Income Loss
NetIncomeLoss
-43026000 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-9982000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-11749000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36622000 USD
CY2018Q3 us-gaap Government Contract Receivable
GovernmentContractReceivable
320000 USD
CY2017Q4 us-gaap Government Contract Receivable
GovernmentContractReceivable
9300000 USD
CY2018Q3 nlnk Government Contract Accrued Subcontractor Fees
GovernmentContractAccruedSubcontractorFees
81000 USD
CY2017Q4 nlnk Government Contract Accrued Subcontractor Fees
GovernmentContractAccruedSubcontractorFees
1800000 USD
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4600000 USD
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4400000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13600000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14900000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
72447 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
6721 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-7000000.0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-429000 USD
CY2017Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-119000 USD
nlnk Tax Cutsand Jobs Actof2017 Income Tax Expense Benefit
TaxCutsandJobsActof2017IncomeTaxExpenseBenefit
140000 USD
CY2018Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
653000 USD
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-7403000 USD
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-20626000 USD
us-gaap Net Income Loss
NetIncomeLoss
-43026000 USD
us-gaap Net Income Loss
NetIncomeLoss
-58265000 USD
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37214363 shares
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29939823 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37178542 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29462226 shares
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.69
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.16
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.98
CY2018Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.30
us-gaap Restructuring Charges
RestructuringCharges
1300000 USD
CY2017Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.50
CY2017 us-gaap Restructuring Charges
RestructuringCharges
1700000 USD
CY2017Q4 us-gaap Restructuring Reserve
RestructuringReserve
207000 USD
us-gaap Restructuring Charges
RestructuringCharges
1323000 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
511000 USD
CY2018Q3 us-gaap Restructuring Reserve
RestructuringReserve
1019000 USD

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