2017 Q1 Form 10-Q Financial Statement
#000119312517163318 Filed on May 09, 2017
Income Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.750M | $1.950M |
| YoY Change | 41.03% | 32.65% |
| % of Gross Profit | ||
| Research & Development | $5.777M | $4.881M |
| YoY Change | 18.36% | 6.88% |
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $8.522M | $6.834M |
| YoY Change | 24.7% | 13.16% |
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | $230.0K | $121.0K |
| YoY Change | 90.08% | 1916.67% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $206.0K | $123.0K |
| YoY Change | 67.48% | -132.98% |
| Pretax Income | -$8.316M | -$6.711M |
| YoY Change | 23.92% | 4.66% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$8.316M | -$6.711M |
| YoY Change | 23.92% | 4.66% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$355.3K | -$389.9K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 23.42M shares | 17.21M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $121.6M | $68.70M |
| YoY Change | 77.0% | 99.71% |
| Cash & Equivalents | $20.92M | $35.69M |
| Short-Term Investments | $100.7M | $33.00M |
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $900.0K | $800.0K |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $122.4M | $69.49M |
| YoY Change | 76.2% | 98.41% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $885.0K | $104.0K |
| YoY Change | 750.96% | 7.22% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $20.00M | $38.60M |
| YoY Change | -48.19% | |
| Other Assets | ||
| YoY Change | ||
| Total Long-Term Assets | $20.89M | $38.73M |
| YoY Change | -46.05% | 35429.36% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $122.4M | $69.49M |
| Total Long-Term Assets | $20.89M | $38.73M |
| Total Assets | $143.3M | $108.2M |
| YoY Change | 32.45% | 208.03% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $5.800M | $5.700M |
| YoY Change | 1.75% | 14.0% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $5.824M | $5.723M |
| YoY Change | 1.76% | 15.1% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $562.0K | $106.0K |
| YoY Change | 430.19% | 6.0% |
| Total Long-Term Liabilities | $562.0K | $106.0K |
| YoY Change | 430.19% | 6.0% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $5.824M | $5.723M |
| Total Long-Term Liabilities | $562.0K | $106.0K |
| Total Liabilities | $6.386M | $5.829M |
| YoY Change | 9.56% | 15.4% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$156.6M | -$118.0M |
| YoY Change | 32.76% | 23.13% |
| Common Stock | $0.00 | $0.00 |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $136.9M | $102.4M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $143.3M | $108.2M |
| YoY Change | 32.45% | 208.03% |
Cashflow Statement
| Concept | 2017 Q1 | 2016 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$8.316M | -$6.711M |
| YoY Change | 23.92% | 4.66% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | -$11.28M | -$5.870M |
| YoY Change | 92.16% | -6.83% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $108.0K | $27.00K |
| YoY Change | 300.0% | 350.0% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $2.020M |
| YoY Change | -100.0% | -66.72% |
| Cash From Investing Activities | -$108.0K | $2.000M |
| YoY Change | -105.4% | -67.0% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -4.000K | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -11.28M | -5.870M |
| Cash From Investing Activities | -108.0K | 2.000M |
| Cash From Financing Activities | -4.000K | 0.000 |
| Net Change In Cash | -11.39M | -3.870M |
| YoY Change | 194.37% | 2176.47% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$11.28M | -$5.870M |
| Capital Expenditures | $108.0K | $27.00K |
| Free Cash Flow | -$11.39M | -$5.897M |
| YoY Change | 93.12% | -6.49% |
Facts In Submission
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|
AQUINOX PHARMACEUTICALS, INC | |
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10-Q | |
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2017-03-31 | |
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Payments To Acquire Property Plant And Equipment
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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 subsidiary, Aquinox Pharmaceuticals (Canada) Inc., (consolidated, the “Company”) is a clinical stage pharmaceutical company discovering and developing targeted therapeutics in disease areas of inflammation and immuno-oncology. The Company’s primary focus is anti-inflammatory product candidates targeting <font style="WHITE-SPACE: nowrap">SHIP1 (SH2-containing</font> <font style="WHITE-SPACE: nowrap">inositol-5’-phosphatase</font> 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 31, 2007 in the State of Delaware, United States. On January 27, 2014, Aquinox Pharmaceuticals (USA) Inc. changed its name to Aquinox Pharmaceuticals, Inc. (“Aquinox USA”).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Aquinox Pharmaceuticals (Canada) Inc. (“AQXP Canada”) was originally incorporated under the name of 6175813 Canada Inc. on December 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> | |
| CY2017Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 14pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px"> <b><i>(b) Use of estimates and assumptions</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: "Times New Roman"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: normal; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -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 include 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> | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y4M2D | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
17.35 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y5M9D | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
12.37 | |
| CY2017Q1 | dei |
Trading Symbol
TradingSymbol
|
AQXP | |
| CY2017Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
5777000 | |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.91 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0190 | pure |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
59063 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
631000 | |
| CY2017Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y | |
| CY2017Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
23423150 | shares |
| CY2017Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
4000 | |
| CY2017Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | Segment |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
696100 | shares |
| CY2017Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
13.02 | |
| CY2017Q1 | aqxp |
Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
|
426000 | |
| CY2017Q1 | aqxp |
Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
|
0 | |
| CY2017Q1 | 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. | |
| CY2017Q1 | aqxp |
Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
|
0.04 | pure |
| CY2017Q1 | aqxp |
Other Non Operating Income And Expense Miscellaneous
OtherNonOperatingIncomeAndExpenseMiscellaneous
|
-20000 | |
| CY2017Q1 | aqxp |
Foreign Currency Transaction Gain Loss And Others
ForeignCurrencyTransactionGainLossAndOthers
|
-146000 | |
| CY2017Q1 | aqxp |
Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
|
P10Y | |
| CY2016Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1266936 | shares |
| CY2016Q1 | us-gaap |
Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
|
-3835000 | |
| CY2016Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.39 | |
| CY2016Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
15025000 | |
| CY2016Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
6834000 | |
| CY2016Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6711000 | |
| CY2016Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-6711000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
1996000 | |
| CY2016Q1 | us-gaap |
Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
|
119000 | |
| CY2016Q1 | us-gaap |
Proceeds From Interest Received
ProceedsFromInterestReceived
|
121000 | |
| CY2016Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
13002000 | |
| CY2016Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
243000 | |
| CY2016Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
121000 | |
| CY2016Q1 | us-gaap |
Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
|
50000 | |
| CY2016Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
-5872000 | |
| CY2016Q1 | us-gaap |
Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
|
41000 | |
| CY2016Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
433000 | |
| CY2016Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
1953000 | |
| CY2016Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-6468000 | |
| CY2016Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-26000 | |
| CY2016Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P3Y2M16D | |
| CY2016Q1 | us-gaap |
Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
890000 | |
| CY2016Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
123000 | |
| CY2016Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
27000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.00 | pure |
| CY2016Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
4881000 | |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.80 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
5.67 | |
| CY2016Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0127 | pure |
| CY2016Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
433000 | |
| CY2016Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
|
P6Y | |
| CY2016Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
17211986 | shares |
| CY2016Q1 | aqxp |
Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
|
465000 | |
| CY2016Q1 | aqxp |
Other Non Operating Income And Expense Miscellaneous
OtherNonOperatingIncomeAndExpenseMiscellaneous
|
-22000 | |
| CY2016Q1 | aqxp |
Foreign Currency Transaction Gain Loss And Others
ForeignCurrencyTransactionGainLossAndOthers
|
-31000 |
