$NGNE
Neurogene Inc.

2018 Q4 Form 10-Q Financial Statement

#000119312518320293 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 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 $2.730M $4.480M $3.610M
YoY Change -45.07% 24.1% 67.91%
% of Gross Profit
Research & Development $2.570M $10.71M $8.456M
YoY Change -77.77% 26.69% 37.85%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.300M $15.20M $12.07M
YoY Change -67.94% 25.91% 45.72%
Operating Profit -$15.20M -$12.07M
YoY Change 25.91%
Interest Expense $430.0K $470.0K $240.0K
YoY Change 59.26% 95.83% 69.01%
% of Operating Profit
Other Income/Expense, Net -$10.00K $204.0K $237.0K
YoY Change -13.92% 72.99%
Pretax Income -$4.890M -$14.99M -$11.83M
YoY Change -69.94% 26.71% 45.22%
Income Tax
% Of Pretax Income
Net Earnings -$4.890M -$14.99M -$11.83M
YoY Change -69.94% 26.7% 45.26%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$207.7K -$636.8K -$504.3K
COMMON SHARES
Basic Shares Outstanding 23.54M shares 23.54M shares 23.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.90M $86.70M $119.7M
YoY Change -28.86% -27.57% -17.96%
Cash & Equivalents $76.93M $86.73M $47.11M
Short-Term Investments $0.00 $0.00 $72.60M
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $200.0K $600.0K $900.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $77.17M $87.29M $120.6M
YoY Change -29.09% -27.6% -17.76%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $467.0K $1.029M
YoY Change -55.8% -54.62% 30.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $100.0K $100.0K
YoY Change -83.33%
Total Long-Term Assets $453.0K $521.0K $1.029M
YoY Change -69.88% -49.37% -94.11%
TOTAL ASSETS
Total Short-Term Assets $77.17M $87.29M $120.6M
Total Long-Term Assets $453.0K $521.0K $1.029M
Total Assets $77.62M $87.81M $121.6M
YoY Change -29.65% -27.79% -25.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.600M $10.70M $7.000M
YoY Change -58.18% 52.86% -18.6%
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 $4.627M $10.75M $6.997M
YoY Change -57.77% 53.62% -18.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $319.0K $343.0K $513.0K
YoY Change -34.36% -33.14% 261.27%
Total Long-Term Liabilities $319.0K $343.0K $513.0K
YoY Change -34.36% -33.14% 261.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.627M $10.75M $6.997M
Total Long-Term Liabilities $319.0K $343.0K $513.0K
Total Liabilities $4.946M $11.09M $7.510M
YoY Change -56.77% 47.7% -13.74%
SHAREHOLDERS EQUITY
Retained Earnings -$230.1M -$225.2M -$182.2M
YoY Change 15.91% 23.58% 32.98%
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 $72.67M $76.72M $114.1M
YoY Change
Total Liabilities & Shareholders Equity $77.62M $87.81M $121.6M
YoY Change -29.65% -27.79% -25.88%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$4.890M -$14.99M -$11.83M
YoY Change -69.94% 26.7% 45.26%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.780M -$15.39M -$11.53M
YoY Change -15.76% 33.48% 54.97%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $20.00K -$30.00K
YoY Change -100.0% -166.67% -90.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $3.000M $31.51M
YoY Change -100.0% -90.48% 13029.17%
Cash From Investing Activities $0.00 $3.020M $31.48M
YoY Change -100.0% -90.41% -63060.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -20.00K 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -9.780M -15.39M -11.53M
Cash From Investing Activities 0.000 3.020M 31.48M
Cash From Financing Activities 0.000 -20.00K 0.000
Net Change In Cash -9.780M -12.39M 19.95M
YoY Change -298.78% -162.11% -68.73%
FREE CASH FLOW
Cash From Operating Activities -$9.780M -$15.39M -$11.53M
Capital Expenditures $0.00 $20.00K -$30.00K
Free Cash Flow -$9.780M -$15.41M -$11.50M
YoY Change -15.69% 34.0% 61.06%

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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 discovering and 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. In July 2018, the Company announced a restructuring plan to reduce operating costs and better align the Company&#x2019;s workforce with the needs of its business. On November&#xA0;6, 2018, the Company&#x2019;s Board of Directors approved further restructuring to reduce operating costs (see Note 11. Subsequent Event). The Company is currently evaluating 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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602000
us-gaap Profit Loss
ProfitLoss
-26698000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
30000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
39217000
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
ShareBasedCompensation
3861000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
520 shares
us-gaap Restructuring Charges
RestructuringCharges
9155000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
25000000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M7D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
10.56
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 Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0280 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y4M20D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
700985 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.25
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.80 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
2054540 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
14.86
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.10
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M3D
aqxp Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
0.04 pure
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
64938 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>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23513489 shares
aqxp Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
-720000
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
CY2017Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
8000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1000000
CY2017 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2073542 shares
CY2017Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11731000
CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2017Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3614000
CY2017Q3 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
300000
CY2017Q3 us-gaap Investment Income Net
InvestmentIncomeNet
236000
CY2017Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
237000
CY2017Q3 us-gaap Net Income Loss
NetIncomeLoss
-11833000
CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-7000
CY2017Q3 us-gaap Operating Expenses
OperatingExpenses
12070000
CY2017Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-12070000
CY2017Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
102000
CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8456000
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0187 pure
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.13
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.91 pure
CY2017Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23464785 shares
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3357264 shares
CY2018Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-14991000
CY2018Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.64
CY2018Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-3000
CY2018Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4484000
CY2018Q3 us-gaap Interest Income Securities Us Treasury And Other Us Government
InterestIncomeSecuritiesUSTreasuryAndOtherUSGovernment
300000
CY2018Q3 us-gaap Investment Income Net
InvestmentIncomeNet
469000
CY2018Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
204000
CY2018Q3 us-gaap Net Income Loss
NetIncomeLoss
-14993000
CY2018Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-262000
CY2018Q3 us-gaap Operating Expenses
OperatingExpenses
15197000
CY2018Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-15197000
CY2018Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
2000
CY2018Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
3300000
CY2018Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10713000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0286 pure
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.20
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83 pure
CY2018Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23537368 shares
CY2018Q3 aqxp Fair Value Transfers Between Level One Level Two And Level Three Amount
FairValueTransfersBetweenLevelOneLevelTwoAndLevelThreeAmount
0

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