$NGNE
Neurogene Inc.

2016 Q1 Form 10-K Financial Statement

#000119312516503435 Filed on March 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q4 2015
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.950M $1.670M $5.540M
YoY Change 32.65% 12.08% 28.84%
% of Gross Profit
Research & Development $4.881M $3.930M $15.80M
YoY Change 6.88% -37.91% -12.61%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.834M $5.590M $21.34M
YoY Change 13.16% -28.52% -4.63%
Operating Profit
YoY Change
Interest Expense $121.0K $20.00K -$420.0K
YoY Change 1916.67% -300.0% -193.13%
% of Operating Profit
Other Income/Expense, Net $123.0K -$90.00K -$520.0K
YoY Change -132.98% -65.38% -68.52%
Pretax Income -$6.711M -$5.660M -$21.86M
YoY Change 4.66% -30.04% -9.02%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.711M -$5.660M -$21.86M
YoY Change 4.66% -30.04% -9.02%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$389.9K -$327.9K -$1.729M
COMMON SHARES
Basic Shares Outstanding 17.21M shares 17.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.70M $74.50M $74.50M
YoY Change 99.71% 90.54% 90.54%
Cash & Equivalents $35.69M $39.53M $37.40M
Short-Term Investments $33.00M $35.00M $35.00M
Other Short-Term Assets $300.0K $300.0K
YoY Change 200.0% 200.0%
Inventory
Prepaid Expenses
Receivables $800.0K $0.00 $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $69.49M $74.80M $74.80M
YoY Change 98.41% 90.32% 90.33%
LONG-TERM ASSETS
Property, Plant & Equipment $104.0K $89.00K $100.0K
YoY Change 7.22% -15.24% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $38.60M $38.50M $38.50M
YoY Change 1825.0% 1825.0%
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $38.73M $38.55M $38.50M
YoY Change 35429.36% 1717.4% 1733.33%
TOTAL ASSETS
Total Short-Term Assets $69.49M $74.80M $74.80M
Total Long-Term Assets $38.73M $38.55M $38.50M
Total Assets $108.2M $113.3M $113.3M
YoY Change 208.03% 173.63% 173.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.700M $4.800M $2.200M
YoY Change 14.0% -7.69% 214.29%
Accrued Expenses $2.600M
YoY Change -42.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.723M $4.792M $4.800M
YoY Change 15.1% -7.9% -7.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $106.0K $131.0K $100.0K
YoY Change 6.0% 81.94% 0.0%
Total Long-Term Liabilities $106.0K $131.0K $100.0K
YoY Change 6.0% 81.94% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.723M $4.792M $4.800M
Total Long-Term Liabilities $106.0K $131.0K $100.0K
Total Liabilities $5.829M $4.923M $4.900M
YoY Change 15.4% -6.67% -7.55%
SHAREHOLDERS EQUITY
Retained Earnings -$118.0M -$111.3M
YoY Change 23.13% 24.45%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $102.4M $108.4M $108.4M
YoY Change
Total Liabilities & Shareholders Equity $108.2M $113.3M $113.3M
YoY Change 208.03% 173.63% 173.67%

Cashflow Statement

Concept 2016 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$6.711M -$5.660M -$21.86M
YoY Change 4.66% -30.04% -9.02%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.870M -$3.960M -$20.27M
YoY Change -6.83% -40.9% 15.89%
INVESTING ACTIVITIES
Capital Expenditures $27.00K -$10.00K $26.00K
YoY Change 350.0% -50.0% -77.19%
Acquisitions
YoY Change
Other Investing Activities $2.020M -$65.67M -$47.51M
YoY Change -66.72% -1180.1% 102.51%
Cash From Investing Activities $2.000M -$65.68M -$47.53M
YoY Change -67.0% -1185.62% 101.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $98.04M
YoY Change 84.52%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -150.0K 92.95M
YoY Change -100.0% 105.28%
NET CHANGE
Cash From Operating Activities -5.870M -3.960M -20.27M
Cash From Investing Activities 2.000M -65.68M -47.53M
Cash From Financing Activities 0.000 -150.0K 92.95M
Net Change In Cash -3.870M -69.79M 25.15M
YoY Change 2176.47% 10636.92% 495.97%
FREE CASH FLOW
Cash From Operating Activities -$5.870M -$3.960M -$20.27M
Capital Expenditures $27.00K -$10.00K $26.00K
Free Cash Flow -$5.897M -$3.950M -$20.30M
YoY Change -6.49% -40.87% 15.29%

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5351000
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ResearchAndDevelopmentExpense
18079000
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53130000
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320000
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800000
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100000
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1884000
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0
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0.273 pure
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172000
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1133000
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IncomeTaxExpenseOnPreferredStock
100000
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1685000
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-6561000
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1458000
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1898000
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439000
CY2014 aqxp Stock Issued During Period Value Issued For Noncash Consideration
StockIssuedDuringPeriodValueIssuedForNoncashConsideration
186000
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ForeignCurrencyTransactionGainLossAndOthers
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462000
CY2015 dei Document Fiscal Period Focus
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FY
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NumberOfOperatingSegments
1 Segment
CY2015 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2015
CY2015 dei Amendment Flag
AmendmentFlag
false
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0.0148 pure
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2015 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Nature of operations</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> 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 (SH2-containing inositol-5&#x2019;-phosphatase 1), which is a key regulator of an important cellular signaling pathway in immune cells, known as the PI3K pathway.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Aquinox Pharmaceuticals, Inc. was originally incorporated under the name of Aquinox Pharmaceuticals (USA) Inc. 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> 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-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company operates in Vancouver, British Columbia, Canada and San Bruno, California.</p> </div>
CY2015 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-20268000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
12170 shares
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P6Y
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EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.26 pure
CY2015 us-gaap Income Tax Examination Description
IncomeTaxExaminationDescription
The Company currently files income tax returns in the United States and Canada, the jurisdictions in which the Company believes that it is subject to tax. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carry-forwards, the limitation period for examination generally does not expire until several years after the loss carry-forwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that the Company has claimed, management is not aware of any other material income tax examination currently in progress by any taxing jurisdiction.
CY2015 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.73
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
876820 shares
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Central Index Key
EntityCentralIndexKey
0001404644
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P7Y6M22D
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P6Y3M22D
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9.58
CY2015 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
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EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35 pure
CY2015 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2015 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(o) Concentration of credit risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consist primarily of cash and cash equivalents, short-term investments and long-term investments. Cash, cash equivalents and investments are invested in accordance with the Company&#x2019;s investment policy. The primary objective for the Company&#x2019;s investment portfolio is the preservation of capital and maintenance of liquidity and includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk.</p> </div>
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0.97 pure
CY2015 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
The Company effected a 1-for-19.2 reverse stock split.
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11.51
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
AQUINOX PHARMACEUTICALS, INC
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
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5.99
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.91
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
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GainLossOnDerivativeInstrumentsNetPretax
-52000
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>(d) Use of estimates and assumptions</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 include whether the use of the going concern assumption is appropriate, 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>
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191878 shares
CY2015 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
Less than a 50%
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TradingSymbol
AQXP
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294250 shares
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27000
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-34000
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1506000
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91793000
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130000
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96000
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6245000
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-286000
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ComprehensiveIncomeNetOfTax
-22146000
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6210000
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-21860000
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CapitalLeaseObligationsIncurred
11000
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60703000
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IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-21860000
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ShareBasedCompensation
1506000
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IncomeTaxReconciliationChangeInEnactedTaxRate
26000
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446000
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24620000
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IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
5525000
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OperatingExpenses
21340000
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NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
92948000
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ResearchAndDevelopmentExpense
15799000
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98038000
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ProceedsFromSaleOfPropertyPlantAndEquipment
1000
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1120000
CY2015 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1506000
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5541000
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EffectOfExchangeRateOnCashAndCashEquivalents
-527000
CY2015 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
13196000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2325
CY2015 us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
108000
CY2015 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015 us-gaap Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
-450000
CY2015 aqxp Long Term Investments Maturity Period Maximum
LongTermInvestmentsMaturityPeriodMaximum
P24M
CY2015 aqxp Share Issuance Expenditures Incurred But Not Yet Paid
ShareIssuanceExpendituresIncurredButNotYetPaid
35000
CY2015 aqxp Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
P10Y
CY2015 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2015 aqxp Percentage Of Recognition Of Tax Benefit Upon Settlement
PercentageOfRecognitionOfTaxBenefitUponSettlement
0.50 pure
CY2015 aqxp Effective Income Tax Rate Reconciliation At Domestic And Foreign Income Tax Rate Combined Percent
EffectiveIncomeTaxRateReconciliationAtDomesticAndForeignIncomeTaxRateCombinedPercent
0.274 pure
CY2015 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 stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the board of directors.
CY2015 aqxp Effective Income Tax Rate Reconciliation At Domestic And Foreign Income Tax Rate Combined Amount
EffectiveIncomeTaxRateReconciliationAtDomesticAndForeignIncomeTaxRateCombinedAmount
-5997000
CY2015 aqxp Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
0.04 pure
CY2015 aqxp Foreign Currency Transaction Gain Loss And Others
ForeignCurrencyTransactionGainLossAndOthers
-580000
CY2015 aqxp Interest Expense And Financing Costs
InterestExpenseAndFinancingCosts
99000

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