$NGNE
Neurogene Inc.

2016 Q4 Form 10-Q Financial Statement

#000119312516763805 Filed on November 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.330M $2.150M $1.230M
YoY Change 99.4% 74.8% 24.24%
% of Gross Profit
Research & Development $8.130M $6.134M $3.687M
YoY Change 106.87% 66.37% -30.73%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $11.46M $8.283M $4.917M
YoY Change 105.01% 68.46% -22.08%
Operating Profit
YoY Change
Interest Expense $240.0K $142.0K $4.000K
YoY Change 1100.0% 3450.0% 100.0%
% of Operating Profit
Other Income/Expense, Net -$20.00K $137.0K -$118.0K
YoY Change -77.78% -216.1% -553.85%
Pretax Income -$11.24M -$8.146M -$5.035M
YoY Change 98.59% 61.79% -19.88%
Income Tax
% Of Pretax Income
Net Earnings -$11.24M -$8.146M -$5.035M
YoY Change 98.59% 61.79% -19.88%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$479.1K -$460.7K -$425.7K
COMMON SHARES
Basic Shares Outstanding 23.42M shares 17.21M shares 10.73M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.1M $145.9M $117.4M
YoY Change 38.39% 24.28% 193.5%
Cash & Equivalents $32.30M $86.23M $109.4M
Short-Term Investments $70.80M $59.70M $8.000M
Other Short-Term Assets $500.0K
YoY Change 66.67%
Inventory
Prepaid Expenses
Receivables $400.0K $700.0K $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $103.5M $146.6M $117.9M
YoY Change 38.36% 24.32% 192.18%
LONG-TERM ASSETS
Property, Plant & Equipment $849.0K $791.0K $81.00K
YoY Change 853.93% 876.54% -16.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.00M $16.70M $0.00
YoY Change 29.87% -100.0%
Other Assets $12.00K
YoY Change -13.44%
Total Long-Term Assets $50.90M $17.46M $93.00K
YoY Change 32.03% 18670.97% -98.87%
TOTAL ASSETS
Total Short-Term Assets $103.5M $146.6M $117.9M
Total Long-Term Assets $50.90M $17.46M $93.00K
Total Assets $154.4M $164.1M $118.0M
YoY Change 36.21% 39.01% 142.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.500M $8.600M $3.900M
YoY Change 97.92% 120.51% -15.22%
Accrued Expenses
YoY Change
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 $9.519M $8.564M $3.859M
YoY Change 98.64% 121.92% -15.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $197.0K $142.0K $100.0K
YoY Change 50.38% 42.0% 0.0%
Total Long-Term Liabilities $197.0K $142.0K $100.0K
YoY Change 50.38% 42.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.519M $8.564M $3.859M
Total Long-Term Liabilities $197.0K $142.0K $100.0K
Total Liabilities $9.716M $8.706M $4.001M
YoY Change 97.36% 117.6% -13.69%
SHAREHOLDERS EQUITY
Retained Earnings -$148.3M -$137.0M -$105.6M
YoY Change 33.25% 29.75% 29.87%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $144.7M $155.4M $114.0M
YoY Change
Total Liabilities & Shareholders Equity $154.4M $164.1M $118.0M
YoY Change 36.21% 39.01% 142.78%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$11.24M -$8.146M -$5.035M
YoY Change 98.59% 61.79% -19.88%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.000M -$7.440M -$4.210M
YoY Change 127.27% 76.72% 0.72%
INVESTING ACTIVITIES
Capital Expenditures -$90.00K -$300.0K -$10.00K
YoY Change 800.0% 2900.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities -$44.61M $240.0K $6.070M
YoY Change -32.07% -96.05% 173.42%
Cash From Investing Activities -$44.71M -$50.00K $6.060M
YoY Change -31.93% -100.83% 174.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.40M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -170.0K 71.28M 93.08M
YoY Change 13.33% -23.42% -186260.0%
NET CHANGE
Cash From Operating Activities -9.000M -7.440M -4.210M
Cash From Investing Activities -44.71M -50.00K 6.060M
Cash From Financing Activities -170.0K 71.28M 93.08M
Net Change In Cash -53.88M 63.79M 94.93M
YoY Change -22.8% -32.8% -4799.5%
FREE CASH FLOW
Cash From Operating Activities -$9.000M -$7.440M -$4.210M
Capital Expenditures -$90.00K -$300.0K -$10.00K
Free Cash Flow -$8.910M -$7.140M -$4.200M
YoY Change 125.57% 70.0% 0.96%

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<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b>1. Nature of operations</b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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&#xA0;(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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> The Company operates in Vancouver, British Columbia, Canada and San Bruno, California.</p> </div>
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-21229000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
616000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
75368000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
55663 shares
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> <b><i>(b) Use of estimates and assumptions</i></b></p> <p style="MARGIN-BOTTOM: 0pt; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; COLOR: rgb(0,0,0); FONT: 10pt 'Times New Roman'; WIDOWS: 1; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; -webkit-text-stroke-width: 0px"> 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>
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
440000
us-gaap Share Based Compensation
ShareBasedCompensation
1405000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y11M1D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M7D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.39
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.91
dei Trading Symbol
TradingSymbol
AQXP
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20250000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.81 pure
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
4531000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
573960 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0123 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
82144 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.52
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
8008 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17372616 shares
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
2000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
aqxp Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
357000
aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
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.
aqxp Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
0.04 pure
aqxp Other Non Operating Income And Expense Miscellaneous
OtherNonOperatingIncomeAndExpenseMiscellaneous
-27000
aqxp Share Issuance Expenditures Incurred But Not Yet Paid
ShareIssuanceExpendituresIncurredButNotYetPaid
306000
aqxp Foreign Currency Transaction Gain Loss And Others
ForeignCurrencyTransactionGainLossAndOthers
-122000
aqxp Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
P10Y
aqxp Exercise Of Warrants On Net Settlement Basis
ExerciseOfWarrantsOnNetSettlementBasis
43000
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M22D
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
870320 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.43
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
424000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1230000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5036000
CY2015Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-48000
CY2015Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
9000
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-118000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
4917000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-5035000
CY2015Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5035000
CY2015Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000
CY2015Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-76000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3687000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11841147 shares
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6134000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87 pure
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-8146000
CY2016Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-8146000
CY2016Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-80000
CY2016Q3 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
8000
CY2016Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
55012 shares
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q3 aqxp Other Non Operating Income And Expense Miscellaneous
OtherNonOperatingIncomeAndExpenseMiscellaneous
-3000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1293602 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
490000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2149000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-8226000
CY2016Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1000
CY2016Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
142000
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
137000
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
8283000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.50
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0107 pure
CY2016Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
17690362 shares
CY2016Q3 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2016Q3 aqxp Other Non Operating Income And Expense Miscellaneous
OtherNonOperatingIncomeAndExpenseMiscellaneous
-12000

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