$MDGL
Madrigal Pharmaceuticals Inc

2012 Q2 Form 10-Q Financial Statement

#000110465912053436 Filed on August 02, 2012

View on sec.gov

Income Statement

Concept 2012 Q2 2011 Q2
Revenue $0.00 $211.0K
YoY Change -100.0% -93.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.900M $2.900M
YoY Change 0.0% 7.41%
% of Gross Profit
Research & Development $11.25M $10.42M
YoY Change 8.02% 7.39%
% of Gross Profit
Depreciation & Amortization $300.0K $400.0K
YoY Change -25.0% -16.67%
% of Gross Profit
Operating Expenses $14.13M $13.36M
YoY Change 5.77% 7.77%
Operating Profit -$14.13M -$12.01M
YoY Change 17.7%
Interest Expense -$486.0K -$493.0K
YoY Change -1.42%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.60M -$12.50M
YoY Change 16.8% 37.36%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.60M -$12.50M
YoY Change 16.8% 37.36%
Net Earnings / Revenue -5924.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$9.125M -$8.929M
COMMON SHARES
Basic Shares Outstanding 57.64M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2012 Q2 2011 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.70M $62.90M
YoY Change -28.93% 29.16%
Cash & Equivalents $25.59M $25.90M
Short-Term Investments $19.10M $37.00M
Other Short-Term Assets $800.0K $800.0K
YoY Change 0.0% 14.29%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $45.50M $63.70M
YoY Change -28.57% 28.95%
LONG-TERM ASSETS
Property, Plant & Equipment $1.166M $1.400M
YoY Change -16.71% -53.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $500.0K
YoY Change 0.0% 150.0%
Total Long-Term Assets $1.700M $1.900M
YoY Change -10.53% -40.63%
TOTAL ASSETS
Total Short-Term Assets $45.50M $63.70M
Total Long-Term Assets $1.700M $1.900M
Total Assets $47.20M $65.60M
YoY Change -28.05% 24.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.500M $2.000M
YoY Change 75.0% 53.85%
Accrued Expenses $6.900M $5.800M
YoY Change 18.97% 9.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.900M $3.100M
YoY Change 154.84% 181.82%
Total Short-Term Liabilities $18.25M $15.30M
YoY Change 19.31% 24.39%
LONG-TERM LIABILITIES
Long-Term Debt $8.400M $13.80M
YoY Change -39.13% 4500.0%
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $8.400M $13.80M
YoY Change -39.13% 193.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.25M $15.30M
Total Long-Term Liabilities $8.400M $13.80M
Total Liabilities $26.70M $29.20M
YoY Change -8.56% 71.76%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.46M $36.40M
YoY Change
Total Liabilities & Shareholders Equity $47.16M $65.60M
YoY Change -28.1% 24.71%

Cashflow Statement

Concept 2012 Q2 2011 Q2
OPERATING ACTIVITIES
Net Income -$14.60M -$12.50M
YoY Change 16.8% 37.36%
Depreciation, Depletion And Amortization $300.0K $400.0K
YoY Change -25.0% -16.67%
Cash From Operating Activities -$13.10M -$12.15M
YoY Change 7.82% 35.45%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$40.00K
YoY Change 50.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $3.760M -$14.13M
YoY Change -126.61% 133.55%
Cash From Investing Activities $3.700M -$14.17M
YoY Change -126.11% 132.68%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 440.0K 34.84M
YoY Change -98.74% -14036.0%
NET CHANGE
Cash From Operating Activities -13.10M -12.15M
Cash From Investing Activities 3.700M -14.17M
Cash From Financing Activities 440.0K 34.84M
Net Change In Cash -8.960M 8.520M
YoY Change -205.16% -155.65%
FREE CASH FLOW
Cash From Operating Activities -$13.10M -$12.15M
Capital Expenditures -$60.00K -$40.00K
Free Cash Flow -$13.04M -$12.11M
YoY Change 7.68% 35.61%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Use Of Estimates
UseOfEstimates
<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">Use of Estimates</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include contract research accruals, recoverability of long-lived assets, measurement of stock-based compensation, and the periods of performance under its collaborative research and development agreements. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</font></p></td></tr></table>
CY2011Q2 us-gaap Revenue From Grants
RevenueFromGrants
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us-gaap Revenue From Grants
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snta Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Forfeiture Rate
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us-gaap Nature Of Operations
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<table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="MARGIN: 0in 0in 0pt"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold" size="2">(1)&#160;Nature of Business</font></b></p> <p style="MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">Synta Pharmaceuticals Corp. (the Company) was incorporated in March&#160;2000 and commenced operations in July&#160;2001. The Company is a biopharmaceutical company focusing on discovering, developing and commercializing small molecule drugs to extend and enhance the lives of patients with severe medical conditions, including cancer and chronic inflammatory diseases.</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">&#160;</font></p> <p style="TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt" size="2">The Company is subject to risks common to emerging companies in the drug development and pharmaceutical industry including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, dependence on key personnel, uncertainty of market acceptance of products, product liability, uncertain protection of proprietary technology, potential inability to raise additional financing and compliance with the U.S. Food and Drug Administration and other government regulations.</font></p></td></tr></table>
dei Entity Registrant Name
EntityRegistrantName
SYNTA PHARMACEUTICALS CORP
dei Entity Central Index Key
EntityCentralIndexKey
0001157601
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-06-30
dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
dei Entity Filer Category
EntityFilerCategory
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dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Fiscal Period Focus
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CY2012Q2 us-gaap Allocated Share Based Compensation Expense
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CY2011Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2012Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2012Q2 us-gaap Accrued Professional Fees Current
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CY2012Q2 snta Accrued Liabilities Current Excluding Accrued Contract Research Costs
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CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2012Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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CY2011Q4 us-gaap Additional Paid In Capital Common Stock
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CY2011Q2 snta License And Milestone Revenues
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snta License And Milestone Revenues
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CY2011Q2 snta Collaborative Revenues
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