2019 Q1 Form 10-Q Financial Statement
#000119312519139021 Filed on May 07, 2019
Income Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| Revenue | $0.00 | $0.00 |
| YoY Change | ||
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.360M | $4.310M |
| YoY Change | -45.24% | 56.73% |
| % of Gross Profit | ||
| Research & Development | $104.0K | $10.51M |
| YoY Change | -99.01% | 81.89% |
| % of Gross Profit | ||
| Depreciation & Amortization | $41.00K | |
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $2.659M | $14.82M |
| YoY Change | -82.05% | 73.87% |
| Operating Profit | ||
| YoY Change | ||
| Interest Expense | $450.0K | $250.0K |
| YoY Change | 80.0% | 8.7% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $451.0K | $194.0K |
| YoY Change | 132.47% | -5.83% |
| Pretax Income | -$2.210M | -$14.62M |
| YoY Change | -84.88% | 75.81% |
| Income Tax | ||
| % Of Pretax Income | ||
| Net Earnings | -$2.208M | -$14.62M |
| YoY Change | -84.9% | 75.84% |
| Net Earnings / Revenue | ||
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$93.88K | -$622.7K |
| COMMON SHARES | ||
| Basic Shares Outstanding | 23.54M shares | 23.49M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $74.20M | $92.70M |
| YoY Change | -19.96% | -23.77% |
| Cash & Equivalents | $74.17M | $66.61M |
| Short-Term Investments | $26.10M | |
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $700.0K | $1.600M |
| Other Receivables | $0.00 | $0.00 |
| Total Short-Term Assets | $74.83M | $94.22M |
| YoY Change | -20.58% | -23.04% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $359.0K | $849.0K |
| YoY Change | -57.71% | -4.07% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | ||
| YoY Change | ||
| Other Assets | $0.00 | $600.0K |
| YoY Change | -100.0% | |
| Total Long-Term Assets | $603.0K | $1.400M |
| YoY Change | -56.93% | -93.3% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $74.83M | $94.22M |
| Total Long-Term Assets | $603.0K | $1.400M |
| Total Assets | $75.43M | $95.62M |
| YoY Change | -21.11% | -33.28% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $3.400M | $9.400M |
| YoY Change | -63.83% | 62.07% |
| Accrued Expenses | $200.0K | |
| 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 | $3.596M | $9.355M |
| YoY Change | -61.56% | 60.63% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $4.000K | $443.0K |
| YoY Change | -99.1% | -21.17% |
| Total Long-Term Liabilities | $4.000K | $443.0K |
| YoY Change | -99.1% | -21.17% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $3.596M | $9.355M |
| Total Long-Term Liabilities | $4.000K | $443.0K |
| Total Liabilities | $3.892M | $9.798M |
| YoY Change | -60.28% | 53.43% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$232.3M | -$213.1M |
| YoY Change | 8.99% | 36.06% |
| Common Stock | $0.00 | $0.00 |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $71.54M | $85.83M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $75.43M | $95.62M |
| YoY Change | -21.11% | -33.28% |
Cashflow Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$2.208M | -$14.62M |
| YoY Change | -84.9% | 75.84% |
| Depreciation, Depletion And Amortization | $41.00K | |
| YoY Change | ||
| Cash From Operating Activities | -$2.756M | -$15.59M |
| YoY Change | -82.32% | 38.2% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | $0.00 | $40.00K |
| YoY Change | -100.0% | -62.96% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $30.00M |
| YoY Change | -100.0% | |
| Cash From Investing Activities | $0.00 | $29.96M |
| YoY Change | -100.0% | -27840.74% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -2.000K | 199.0K |
| YoY Change | -101.01% | -5075.0% |
| NET CHANGE | ||
| Cash From Operating Activities | -2.756M | -15.59M |
| Cash From Investing Activities | 0.000 | 29.96M |
| Cash From Financing Activities | -2.000K | 199.0K |
| Net Change In Cash | -2.759M | 14.58M |
| YoY Change | -118.93% | -227.97% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$2.756M | -$15.59M |
| Capital Expenditures | $0.00 | $40.00K |
| Free Cash Flow | -$2.756M | -$15.63M |
| YoY Change | -82.37% | 37.24% |
Facts In Submission
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|---|---|---|---|---|
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|
false | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1078000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-2759000 | |
| CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-2208000 | |
| CY2019Q1 | dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | |
| CY2019Q1 | dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q1 | |
| CY2019Q1 | dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2019 | |
| CY2019Q1 | dei |
Document Type
DocumentType
|
10-Q | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.09 | |
| CY2019Q1 | dei |
Entity Registrant Name
EntityRegistrantName
|
AQUINOX PHARMACEUTICALS, INC | |
| CY2019Q1 | dei |
Entity Small Business
EntitySmallBusiness
|
true | |
| CY2019Q1 | dei |
Document Period End Date
DocumentPeriodEndDate
|
2019-03-31 | |
| CY2019Q1 | dei |
Entity Central Index Key
EntityCentralIndexKey
|
0001404644 | |
| CY2019Q1 | dei |
Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
|
2007-05-31 | |
| CY2019Q1 | us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
-1000 | |
| CY2019Q1 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y7M9D | |
| CY2019Q1 | dei |
Entity Emerging Growth Company
EntityEmergingGrowthCompany
|
true | |
| CY2019Q1 | dei |
Entity Ex Transition Period
EntityExTransitionPeriod
|
true | |
| CY2019Q1 | dei |
Entity Filer Category
EntityFilerCategory
|
Non-accelerated Filer | |
| CY2019Q1 | us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
0 | |
| CY2019Q1 | us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
2000 | |
| CY2019Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2555000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Other Operating Liabilities
IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
|
-1297000 | |
| CY2019Q1 | us-gaap |
Investment Income Net
InvestmentIncomeNet
|
450000 | |
| CY2019Q1 | us-gaap |
Lease Cost
LeaseCost
|
79000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-2756000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-2208000 | |
| CY2019Q1 | us-gaap |
Other Noncash Income Expense
OtherNoncashIncomeExpense
|
-74000 | |
| CY2019Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Nature of operations</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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> Aquinox Pharmaceuticals, Inc. and its subsidiary, Aquinox Pharmaceuticals (Canada) Inc., (consolidated, the “Company”) is a pharmaceutical company discovering and developing novel therapeutics for conditions marked by inflammation, inflammatory pain, and blood cancers.</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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> In June 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’s workforce with the needs of its business. In November 2018, the Company’s Board of Directors approved further restructuring to reduce operating costs. As of the date of this report, the Company does not have any product candidates in clinical development or identified for clinical development. The Company is currently evaluating strategic options.</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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> 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"; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company operates in Vancouver, British Columbia, Canada.</p> </div> | |
| CY2019Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
451000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-2000 | |
| CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
104000 | |
| CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
515000 | |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
-1000 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
2659000 | |
| CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
31000 | |
| CY2019Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
41000 | |
| CY2019Q1 | us-gaap |
Proceeds From Interest Received
ProceedsFromInterestReceived
|
443000 | |
| CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-2208000 | |
| CY2019Q1 | us-gaap |
Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
|
2000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1078000 | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y10M6D | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y1M9D | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
264097 | shares |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
0 | shares |
| CY2019Q1 | dei |
Trading Symbol
TradingSymbol
|
AQXP | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
11.83 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
0 | shares |
| CY2019Q1 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
48000 | |
| CY2019Q1 | 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: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <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: 400; 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; text-decoration-style: initial; text-decoration-color: initial"> The preparation of consolidated 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 consolidated 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> | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
23537368 | shares |
| CY2019Q1 | aqxp |
Increase Decrease In Receivables Prepayments And Deposits
IncreaseDecreaseInReceivablesPrepaymentsAndDeposits
|
403000 | |
| CY2019Q1 | 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. | |
| CY2019Q1 | aqxp |
Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
|
P10Y | |
| CY2019Q1 | aqxp |
Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
|
0.04 | pure |
