$NGNE
Neurogene Inc.

2015 Q2 Form 10-Q Financial Statement

#000119312515183189 Filed on May 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q2 2015 Q1 2014 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.170M $1.470M $740.0K
YoY Change 8.33% 98.65% 76.19%
% of Gross Profit
Research & Development $3.619M $4.567M $1.880M
YoY Change -20.48% 142.93% 228.12%
% of Gross Profit
Depreciation & Amortization $18.24K
YoY Change 23.35%
% of Gross Profit
Operating Expenses $4.792M $6.039M $2.615M
YoY Change -14.91% 130.94% 162.33%
Operating Profit
YoY Change
Interest Expense $5.000K $6.000K $454.0K
YoY Change 150.0% -98.68% 24654.63%
% of Operating Profit
Other Income/Expense, Net $42.00K -$373.0K -$1.613M
YoY Change -79.81% -76.88% 11905.95%
Pretax Income -$4.750M -$6.412M -$4.228M
YoY Change -12.43% 51.66% 318.5%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.750M -$6.412M -$4.228M
YoY Change -12.43% 51.66% 318.5%
Net Earnings / Revenue
Basic Earnings Per Share -$1.28
Diluted Earnings Per Share -$443.1K -$598.5K -$1.28
COMMON SHARES
Basic Shares Outstanding 10.72M shares 10.72M shares 3.148M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q2 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.00M $34.40M $55.60M
YoY Change -19.22% -38.13%
Cash & Equivalents $14.92M $14.28M $52.92M
Short-Term Investments $14.10M $20.10M $2.700M
Other Short-Term Assets $700.0K $500.0K $500.0K
YoY Change 75.0% 0.0%
Inventory
Prepaid Expenses $547.8K
Receivables $100.0K $100.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $29.76M $35.02M $56.25M
YoY Change -18.11% -37.74%
LONG-TERM ASSETS
Property, Plant & Equipment $85.00K $97.00K $67.38K
YoY Change -27.27% 43.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $12.00K $12.00K $135.3K
YoY Change -28.42% -91.13%
Total Long-Term Assets $97.00K $109.0K $202.7K
YoY Change -99.42% -46.23%
TOTAL ASSETS
Total Short-Term Assets $29.76M $35.02M $56.25M
Total Long-Term Assets $97.00K $109.0K $202.7K
Total Assets $29.86M $35.13M $56.45M
YoY Change -43.62% -37.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.000M $5.000M $1.200M
YoY Change 42.86% 316.67%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $3.983M $4.972M $1.238M
YoY Change 39.95% 301.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $100.0K $7.047K
YoY Change 0.0% 1319.04%
Total Long-Term Liabilities $100.0K $100.0K $7.047K
YoY Change 0.0% 1319.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.983M $4.972M $1.238M
Total Long-Term Liabilities $100.0K $100.0K $7.047K
Total Liabilities $4.049M $5.051M $1.352M
YoY Change 37.76% 273.53%
SHAREHOLDERS EQUITY
Retained Earnings -$100.6M -$95.83M
YoY Change 34.03%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.81M $30.08M -$65.39M
YoY Change
Total Liabilities & Shareholders Equity $29.86M $35.13M $56.45M
YoY Change -43.62% -37.77%

Cashflow Statement

Concept 2015 Q2 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$4.750M -$6.412M -$4.228M
YoY Change -12.43% 51.66% 318.5%
Depreciation, Depletion And Amortization $18.24K
YoY Change 23.35%
Cash From Operating Activities -$5.800M -$6.300M -$3.800M
YoY Change 106.41% 65.79% 322.22%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $6.000K $4.000K
YoY Change -100.0% 50.0% -14.82%
Acquisitions
YoY Change
Other Investing Activities $6.020M $6.070M $0.00
YoY Change -118.95% -100.0%
Cash From Investing Activities $6.030M $6.060M $0.00
YoY Change -118.94% -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 -50.00K 70.00K 45.72M
YoY Change -87.18% -99.85% 155.85%
NET CHANGE
Cash From Operating Activities -5.800M -6.300M -3.800M
Cash From Investing Activities 6.030M 6.060M 0.000
Cash From Financing Activities -50.00K 70.00K 45.72M
Net Change In Cash 180.0K -170.0K 41.92M
YoY Change -100.51% -100.41% 146.3%
FREE CASH FLOW
Cash From Operating Activities -$5.800M -$6.300M -$3.800M
Capital Expenditures $0.00 $6.000K $4.000K
Free Cash Flow -$5.800M -$6.306M -$3.804M
YoY Change 101.77% 65.77% 320.47%

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<div> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> <b>1. Nature of operations</b></p> <p style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Aquinox Pharmaceuticals, Inc. and its wholly owned subsidiary, Aquinox Pharmaceuticals (Canada) Inc., (consolidated, the &#x201C;Company&#x201D;) is a clinical stage pharmaceutical company discovering and developing targeted therapeutics in disease areas of inflammation and immuno-oncology. The Company&#x2019;s primary focus is anti-inflammatory product candidates targeting SHIP1, which is a key regulator of an important cellular signaling pathway in immune cells, known as the PI3K pathway.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Aquinox Pharmaceuticals (USA) Inc. was incorporated on May&#xA0;31, 2007 in the State of Delaware, United States. On January&#xA0;27, 2014, Aquinox Pharmaceuticals (USA) Inc. changed its name to Aquinox Pharmaceuticals, Inc. (&#x201C;Aquinox USA&#x201D;).</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Aquinox Pharmaceuticals (Canada) Inc. (&#x201C;AQXP Canada&#x201D;) was originally incorporated under the name of 6175813 Canada Inc. on December&#xA0;26, 2003 under the Canada Business Corporations Act. In May 2014, after a corporate restructuring, the name was changed to Aquinox Pharmaceuticals (Canada) Inc.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> The Company operates in Vancouver, British Columbia, Canada.</p> </div>
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CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(b) Use of estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of 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 the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring management estimates are the valuation of stock options and warrants, amortization and depreciation, accrual of expenses, valuation allowance for deferred income taxes, and contingencies. Actual results could differ from those estimates.</p> </div>
CY2015Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10711967 shares
CY2015Q1 dei Document Period End Date
DocumentPeriodEndDate
2015-03-31
CY2015Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y10M10D
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.25
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2015Q1 dei Amendment Flag
AmendmentFlag
false
CY2015Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y10M17D
CY2015Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.70
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001404644
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.60
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.98 pure
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1068255 shares
CY2015Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
28020 shares
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-13000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
406000
CY2015Q1 us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-8000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-6412000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6405000
CY2015Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-373000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-360000
CY2015Q1 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-7000
CY2015Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
10000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6412000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-6412000
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
7000
CY2015Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
266000
CY2015Q1 us-gaap Interest Expense
InterestExpense
6000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
6039000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4567000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-623000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
72000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
6060000
CY2015Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
72000
CY2015Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1472000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-231000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
6066000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
266000
CY2015Q1 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
15000
CY2015Q1 aqxp Common Stock Reserved For Issuance Description
CommonStockReservedForIssuanceDescription
Additionally, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year for a period of up to 10 years, beginning on January 1, 2015 and ending on and including January 1, 2024, by 4% of the total number of shares of capital outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the board of directors.
CY2015Q1 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2015Q1 aqxp Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
0.04 pure
CY2015Q1 aqxp Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
P10Y

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