$LUMO
Lumos Pharma Inc

2019 Q2 Form 10-Q Financial Statement

#000112623419000051 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $0.00 $0.00 $9.900M
YoY Change -100.0% -100.0% 258.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $700.0K $700.0K $8.300M
YoY Change -91.14% -91.57% 1.22%
% of Gross Profit
Research & Development $1.881M $1.455M $20.31M
YoY Change -84.44% -92.84% 29.18%
% of Gross Profit
Depreciation & Amortization $0.00 $8.000K $334.0K
YoY Change -100.0% -97.6% -7.22%
% of Gross Profit
Operating Expenses $2.595M $2.138M $28.61M
YoY Change -87.03% -92.53% 19.4%
Operating Profit -$2.595M -$2.138M -$18.71M
YoY Change -85.38% -88.57% -11.76%
Interest Expense $0.00 $0.00 $13.00K
YoY Change -100.0% -100.0% -87.74%
% of Operating Profit
Other Income/Expense, Net $26.00K $33.00K $396.0K
YoY Change -94.02% -91.67% -1684.0%
Pretax Income -$2.569M -$2.105M -$18.31M
YoY Change -85.16% -88.5% -13.73%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.569M -$2.105M -$18.31M
YoY Change -85.16% -88.5% -12.45%
Net Earnings / Revenue -184.95%
Basic Earnings Per Share -$0.27 -$0.27 -$0.49
Diluted Earnings Per Share -$2.000M -$1.615M -$4.463M
COMMON SHARES
Basic Shares Outstanding 37.28M shares 37.28M shares 37.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.4M $113.2M $143.9M
YoY Change -23.12% -21.33% 21.74%
Cash & Equivalents $105.4M $113.2M $143.9M
Short-Term Investments
Other Short-Term Assets $4.000M $4.400M $5.600M
YoY Change -23.08% -21.43% -37.78%
Inventory
Prepaid Expenses $5.762M
Receivables
Other Receivables $458.0K $305.0K $10.68M
Total Short-Term Assets $110.2M $118.3M $160.2M
YoY Change -23.2% -26.17% 11.91%
LONG-TERM ASSETS
Property, Plant & Equipment $3.314M $3.520M $4.700M
YoY Change -24.46% -25.11% -27.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $10.61M $10.99M $20.54M
YoY Change 134.44% -46.47% 217.65%
TOTAL ASSETS
Total Short-Term Assets $110.2M $118.3M $160.2M
Total Long-Term Assets $10.61M $10.99M $20.54M
Total Assets $120.8M $129.3M $180.7M
YoY Change -18.38% -28.48% 20.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $689.0K $896.0K $5.300M
YoY Change -90.61% -83.09% -44.89%
Accrued Expenses $7.235M $6.950M $14.50M
YoY Change -15.15% -52.07% -18.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% -50.0%
Total Short-Term Liabilities $8.628M $8.872M $20.00M
YoY Change -46.21% -55.64% -28.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% -50.0%
Other Long-Term Liabilities $13.50M $13.40M $7.000M
YoY Change 92.86% 91.43% -1.41%
Total Long-Term Liabilities $13.50M $13.38M $7.100M
YoY Change 92.09% 88.45% -2.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.628M $8.872M $20.00M
Total Long-Term Liabilities $13.50M $13.38M $7.100M
Total Liabilities $22.12M $22.25M $27.10M
YoY Change -4.09% -17.89% -23.16%
SHAREHOLDERS EQUITY
Retained Earnings -$311.2M -$301.0M -$237.4M
YoY Change 13.97% 26.8% 27.36%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.450M $1.449M
YoY Change 3.2%
Treasury Stock Shares 112.1K shares 111.8K shares
Shareholders Equity -$53.01M -$49.73M $138.0M
YoY Change
Total Liabilities & Shareholders Equity $120.8M $129.3M $180.7M
YoY Change -18.38% -28.48% 20.8%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.569M -$2.105M -$18.31M
YoY Change -85.16% -88.5% -12.45%
Depreciation, Depletion And Amortization $0.00 $8.000K $334.0K
YoY Change -100.0% -97.6% -7.22%
Cash From Operating Activities -$2.300M -$2.186M -$14.68M
YoY Change -66.67% -85.1% 12.81%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $100.0K
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 $83.00K
YoY Change -100.0% -738.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.00K $155.0K
YoY Change -79.35% -10.92%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -$46.00K -$224.0K
YoY Change -100.0% -79.46% -1.75%
NET CHANGE
Cash From Operating Activities -2.300M -$2.186M -$14.68M
Cash From Investing Activities 0.000 $0.00 $83.00K
Cash From Financing Activities 0.000 -$46.00K -$224.0K
Net Change In Cash -2.300M -$2.186M -$14.82M
YoY Change -66.18% -85.25% 11.83%
FREE CASH FLOW
Cash From Operating Activities -$2.300M -$2.186M -$14.68M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$2.300M -$14.68M
YoY Change -66.67% 12.51%

Facts In Submission

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CY2019Q1 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 to develop 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 March 31, 2019 and for the three months ended March 31, 2019 have been prepared assuming the Company will continue as a going concern. The Company 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. </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 March 31, 2019 are expected to be adequate to satisfy the Company's liquidity requirements through 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>
CY2019Q1 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, 2018, 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>
CY2019Q1 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>
CY2019Q1 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
90000 USD
CY2018Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
LongTermDebtAndCapitalLeaseObligationsIncludingCurrentMaturities
104000 USD
CY2019Q1 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.
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7200000 USD
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7000000.0 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8500000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7500000 USD
CY2018Q4 us-gaap Deferred Rent Receivables Net
DeferredRentReceivablesNet
1000000.0 USD
CY2019Q1 us-gaap Government Contract Receivable
GovernmentContractReceivable
32000 USD
CY2018Q4 us-gaap Government Contract Receivable
GovernmentContractReceivable
309000 USD
CY2019Q1 nlnk Government Contract Accrued Subcontractor Fees
GovernmentContractAccruedSubcontractorFees
38000 USD
CY2018Q4 nlnk Government Contract Accrued Subcontractor Fees
GovernmentContractAccruedSubcontractorFees
54000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1900000 USD
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4800000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
0 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
44329 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
0 shares
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y8M12D
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
823000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1004000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
923000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
906000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
909000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
6570000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11135000 USD
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2819000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8316000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1105000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1004000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
923000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
906000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
909000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
6570000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11417000 USD
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019Q1 nlnk Tax Cutsand Jobs Actof2017 Income Tax Expense Benefit
TaxCutsandJobsActof2017IncomeTaxExpenseBenefit
140000 USD
CY2019Q1 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
653000 USD
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-10036000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-18310000 USD
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37275459 shares
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37155082 shares
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.27
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.49
CY2018Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.30
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2018Q4 us-gaap Restructuring Reserve
RestructuringReserve
649000 USD
CY2019Q1 us-gaap Restructuring Charges
RestructuringCharges
0 USD
CY2019Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
214000 USD
CY2019Q1 us-gaap Restructuring Reserve
RestructuringReserve
435000 USD

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