$NGNE
Neurogene Inc.

2018 Q3 Form 10-Q Financial Statement

#000119312518242081 Filed on August 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $0.00 $25.00M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.480M $4.310M $3.520M
YoY Change 24.1% 22.44% 92.35%
% of Gross Profit
Research & Development $10.71M $18.00M $10.48M
YoY Change 26.69% 71.8% 13.43%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $15.20M $22.31M $14.00M
YoY Change 25.91% 59.41% 26.48%
Operating Profit -$15.20M $2.690M -$14.00M
YoY Change 25.91% -119.22%
Interest Expense $470.0K $350.0K $240.0K
YoY Change 95.83% 45.83% 87.5%
% of Operating Profit 13.01%
Other Income/Expense, Net $204.0K $228.0K $229.0K
YoY Change -13.92% -0.44% 39.63%
Pretax Income -$14.99M $2.920M -$13.77M
YoY Change 26.71% -121.21% 26.32%
Income Tax
% Of Pretax Income
Net Earnings -$14.99M $2.918M -$13.77M
YoY Change 26.7% -121.2% 26.28%
Net Earnings / Revenue 11.67%
Basic Earnings Per Share $0.12 -$0.59
Diluted Earnings Per Share -$636.8K $0.12 -$0.59
COMMON SHARES
Basic Shares Outstanding 23.54M shares 23.52M 23.44M shares
Diluted Shares Outstanding 23.85M 23.44M shares

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.70M $102.1M $131.3M
YoY Change -27.57% -22.24% 97.15%
Cash & Equivalents $86.73M $99.13M $27.15M
Short-Term Investments $0.00 $3.000M $104.1M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $600.0K $1.100M $900.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $87.29M $103.2M $132.2M
YoY Change -27.6% -21.9% 95.41%
LONG-TERM ASSETS
Property, Plant & Equipment $467.0K $781.0K $1.092M
YoY Change -54.62% -28.48% 182.17%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $100.0K $400.0K
YoY Change
Total Long-Term Assets $521.0K $1.185M $1.092M
YoY Change -49.37% 8.52% -96.7%
TOTAL ASSETS
Total Short-Term Assets $87.29M $103.2M $132.2M
Total Long-Term Assets $521.0K $1.185M $1.092M
Total Assets $87.81M $104.4M $133.3M
YoY Change -27.79% -21.65% 32.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.70M $13.30M $8.100M
YoY Change 52.86% 64.2% -4.71%
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 $10.75M $13.35M $8.128M
YoY Change 53.62% 64.22% -4.34%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $343.0K $401.0K $548.0K
YoY Change -33.14% -26.82% 380.7%
Total Long-Term Liabilities $343.0K $401.0K $548.0K
YoY Change -33.14% -26.82% 380.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.75M $13.35M $8.128M
Total Long-Term Liabilities $343.0K $401.0K $548.0K
Total Liabilities $11.09M $13.75M $8.676M
YoY Change 47.7% 58.47% 0.75%
SHAREHOLDERS EQUITY
Retained Earnings -$225.2M -$210.2M -$170.4M
YoY Change 23.58% 23.36% 32.21%
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 $76.72M $90.68M $124.6M
YoY Change
Total Liabilities & Shareholders Equity $87.81M $104.4M $133.3M
YoY Change -27.79% -21.65% 32.36%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$14.99M $2.918M -$13.77M
YoY Change 26.7% -121.2% 26.28%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$15.39M $9.180M -$10.30M
YoY Change 33.48% -189.13% 30.05%
INVESTING ACTIVITIES
Capital Expenditures $20.00K -$30.00K -$340.0K
YoY Change -166.67% -91.18% 17.24%
Acquisitions
YoY Change
Other Investing Activities $3.000M $23.00M $16.50M
YoY Change -90.48% 39.39% -430.0%
Cash From Investing Activities $3.020M $22.97M $16.16M
YoY Change -90.41% 42.14% -404.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -20.00K 390.0K 370.0K
YoY Change 5.41%
NET CHANGE
Cash From Operating Activities -15.39M 9.180M -10.30M
Cash From Investing Activities 3.020M 22.97M 16.16M
Cash From Financing Activities -20.00K 390.0K 370.0K
Net Change In Cash -12.39M 32.54M 6.230M
YoY Change -162.11% 422.31% -147.13%
FREE CASH FLOW
Cash From Operating Activities -$15.39M $9.180M -$10.30M
Capital Expenditures $20.00K -$30.00K -$340.0K
Free Cash Flow -$15.41M $9.210M -$9.960M
YoY Change 34.0% -192.47% 30.54%

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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 subsidiary, Aquinox Pharmaceuticals (Canada) Inc., (consolidated, the &#x201C;Company&#x201D;) is a pharmaceutical company developing novel therapeutics for conditions marked by inflammation, inflammatory pain, and blood cancers.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> On June&#xA0;27, 2018, the Company announced that its Phase 3 Leadership 301 clinical trial evaluating once-daily, oral rosiptor for the treatment of interstitial cystitis/bladder pain syndrome (IC/BPS) failed to meet its primary endpoint. As a result, all further development activities with rosiptor were halted. The Company is undertaking a thorough evaluation of its pipeline and other strategic options.</p> <p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> 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-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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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
9.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
223460 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y0M7D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23846256 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23521719 shares
CY2018Q2 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
us-gaap Operating Income Loss
OperatingIncomeLoss
-12127000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
68000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
69000
us-gaap Proceeds From Interest Received
ProceedsFromInterestReceived
736000
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
53000000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
602000
us-gaap Profit Loss
ProfitLoss
-11705000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
8000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
28504000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25000000
us-gaap Share Based Compensation
ShareBasedCompensation
2825000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.83
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.77 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
963340 shares
dei Trading Symbol
TradingSymbol
AQXP
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.98
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
15.92
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
64938 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23501351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23501351 shares
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 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 valuation of stock options, amortization and depreciation, accrual of expenses, valuation allowance for deferred income taxes, and contingencies. Actual results could differ from those estimates.</p> </div>
aqxp Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
174000
aqxp Non Refundable Up Front Payment Received
NonRefundableUpFrontPaymentReceived
25000000
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 Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
P10Y
aqxp Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
0.04 pure
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M3D
CY2017 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1100000
CY2017Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2056767 shares
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
CY2018Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
45207 shares
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-13766000
CY2017Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2017Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2017Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-12000
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3520000
CY2017Q2 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
200000
CY2017Q2 us-gaap Investment Income Net
InvestmentIncomeNet
250000
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
229000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-13766000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000
CY2017Q2 us-gaap Operating Expenses
OperatingExpenses
13995000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-13995000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10475000
CY2017Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0182 pure
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.25
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.90 pure
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
23444150 shares
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23444150 shares
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2940000
CY2018Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2018Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2018Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-30000
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4314000
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
324537 shares
CY2018Q2 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
200000
CY2018Q2 us-gaap Investment Income Net
InvestmentIncomeNet
376000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
228000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
2918000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-118000
CY2018Q2 us-gaap Operating Expenses
OperatingExpenses
22310000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
2690000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
22000
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17996000
CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25000000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0282 pure
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.60
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.86 pure

Files In Submission

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0001193125-18-242081-index-headers.html Edgar Link pending
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0001193125-18-242081.txt Edgar Link pending
0001193125-18-242081-xbrl.zip Edgar Link pending
aqxp-20180630.xml Edgar Link completed
aqxp-20180630.xsd Edgar Link pending
aqxp-20180630_cal.xml Edgar Link unprocessable
aqxp-20180630_def.xml Edgar Link unprocessable
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