$ORKA
Oruka Therapeutics, Inc.

2013 Q4 Form 10-Q Financial Statement

#000156459013001316 Filed on November 13, 2013

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2012 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.160M $1.011M $650.0K
YoY Change 78.46% 30.96% -37.5%
% of Gross Profit
Research & Development $1.790M $714.0K $190.0K
YoY Change 842.11% 357.69% -68.33%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% -87.5%
% of Gross Profit
Operating Expenses $2.950M $1.725M $840.0K
YoY Change 251.19% 85.88% -48.47%
Operating Profit -$1.725M
YoY Change 85.88%
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.950M -$1.723M -$840.0K
YoY Change 251.19% 85.87% -48.47%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.950M -$1.723M -$840.0K
YoY Change 251.19% 85.87% -48.47%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$24.58M -$19.11M -$42.00M
COMMON SHARES
Basic Shares Outstanding 15.68M 10.84M
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.80M $18.60M $2.900M
YoY Change 479.31% 500.0% -50.85%
Cash & Equivalents $16.76M $18.63M $2.920M
Short-Term Investments
Other Short-Term Assets $200.0K $379.0K $125.0K
YoY Change 60.0% 89.5% -58.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.90M $19.01M $3.045M
YoY Change 455.01% 476.09% -50.89%
LONG-TERM ASSETS
Property, Plant & Equipment $29.00K $27.00K $23.00K
YoY Change 26.09% -77.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $130.0K $100.0K $144.0K
YoY Change -9.72% -50.0% -28.0%
Total Long-Term Assets $184.0K $127.0K $167.0K
YoY Change 10.18% -36.5% -44.33%
TOTAL ASSETS
Total Short-Term Assets $16.90M $19.01M $3.045M
Total Long-Term Assets $184.0K $127.0K $167.0K
Total Assets $17.08M $19.14M $3.212M
YoY Change 431.88% 446.8% -50.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $597.0K $447.0K $65.00K
YoY Change 818.46% 347.0% -78.33%
Accrued Expenses $900.0K $300.0K $200.0K
YoY Change 350.0% 200.0% -60.0%
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 $1.500M $769.0K $305.0K
YoY Change 391.8% 156.33% -61.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.500M $769.0K $305.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.503M $769.0K $305.0K
YoY Change 392.79% 156.33% -61.88%
SHAREHOLDERS EQUITY
Retained Earnings -$74.93M -$71.99M -$67.99M
YoY Change 10.21%
Common Stock $16.00K $13.00K $3.000K
YoY Change 433.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.58M $18.37M $2.907M
YoY Change
Total Liabilities & Shareholders Equity $17.08M $19.14M $3.212M
YoY Change 431.88% 446.8% -50.58%

Cashflow Statement

Concept 2013 Q4 2013 Q3 2012 Q4
OPERATING ACTIVITIES
Net Income -$2.950M -$1.723M -$840.0K
YoY Change 251.19% 85.87% -48.47%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% -87.5%
Cash From Operating Activities -$1.870M -$1.680M -$670.0K
YoY Change 179.1% 115.38% -45.97%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$10.00K $0.00
YoY Change -100.0%
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 -50.00K 510.0K
YoY Change -100.0% -107.35% -64.08%
NET CHANGE
Cash From Operating Activities -1.870M -1.680M -670.0K
Cash From Investing Activities 0.000 -10.00K 0.000
Cash From Financing Activities 0.000 -50.00K 510.0K
Net Change In Cash -1.870M -1.740M -160.0K
YoY Change 1068.75% 1640.0% -184.21%
FREE CASH FLOW
Cash From Operating Activities -$1.870M -$1.680M -$670.0K
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow -$1.870M -$1.670M -$670.0K
YoY Change 179.1% 114.1% -45.08%

Facts In Submission

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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y10M28D
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1907000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
15369000
CY2012Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3081000
us-gaap Interest Paid
InterestPaid
3000
us-gaap Interest Paid
InterestPaid
3000
us-gaap Interest Paid
InterestPaid
118000
abio Accrued Interest On Notes Payable Converted To Equity
AccruedInterestOnNotesPayableConvertedToEquity
163000
abio Warrant Issued In Connection With Credit Facility
WarrantIssuedInConnectionWithCreditFacility
111000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
358000
us-gaap Proceeds From Sale Of Intangible Assets
ProceedsFromSaleOfIntangibleAssets
2000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-28000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
45026000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
10841000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
4000000
abio Proceeds From Issuance Of Restricted Stock
ProceedsFromIssuanceOfRestrictedStock
38000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
20000000
us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
52316000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1741000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
953000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
15850000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
4000000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
105000
abio Repayment Of Principal On Vendor Finance Agreement
RepaymentOfPrincipalOnVendorFinanceAgreement
174000
abio Repayment Of Principal On Vendor Finance Agreement
RepaymentOfPrincipalOnVendorFinanceAgreement
134000
abio Repayment Of Principal On Vendor Finance Agreement
RepaymentOfPrincipalOnVendorFinanceAgreement
454000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19156000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
547000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
74443000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
15712000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2862000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
18632000
CY2011Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5943000
abio Accrued Deferred Transaction Costs
AccruedDeferredTransactionCosts
482000
abio Vendor Finance Agreement
VendorFinanceAgreement
abio Vendor Finance Agreement
VendorFinanceAgreement
abio Vendor Finance Agreement
VendorFinanceAgreement
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin:18pt 0pt 0pt; page-break-after:avoid"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold; font-style:italic">Concentrations of Credit Risk </font></p> <p style="margin:6pt 0pt 0pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company has no off-balance-sheet concentrations of credit risk, such as foreign exchange contracts, option contracts, or foreign currency hedging arrangements. The Company maintains cash and cash equivalent balances in the form of bank demand deposits, money market fund accounts and debt securities with financial institutions that management believes are creditworthy. Such balances may at times exceed the insured amount. </font></p> <p style="margin:8pt 0pt 0pt"><font style="font-family:&apos;Times New Roman&apos;; font-size:10pt; font-weight:bold; font-style:italic">&#160;</font></p> </div>
abio Anticipated Period To Start Atrial Fibrillation Trial
AnticipatedPeriodToStartAtrialFibrillationTrial
P168D
abio Number Of Patients Company Plans To Enroll
NumberOfPatientsCompanyPlansToEnroll
200
abio Term Of Completion
TermOfCompletion
P2Y6M
CY2013Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-6 reverse split
us-gaap Revenues
Revenues
0
CY2013Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10835299
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2286519
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6302611
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2116462
CY2013Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
-2783
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
-2783
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
-2783
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
-2783
CY2013Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
10832516
CY2012Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
2283736
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
6299828
CY2013Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
8200000
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
19000
CY2009Q1 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
25300000
CY2013Q3 abio Cash Equivalents Consisting Of Money Market Funds With Maturities
CashEquivalentsConsistingOfMoneyMarketFundsWithMaturities
P90D
CY2013Q3 abio Fair Value Assets Between Hierarchy Levels Transfers Amount
FairValueAssetsBetweenHierarchyLevelsTransfersAmount
0
abio Fair Value Assets Between Hierarchy Levels Transfers Amount
FairValueAssetsBetweenHierarchyLevelsTransfersAmount
0
CY2013Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
509000
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
78000
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
81000
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
62000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
2113679
CY2013Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13100000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6700000
CY2013Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
240000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2713000
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
144019
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
731535
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
700000
CY2009Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
11900000
CY2009Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
37200000
CY2009Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
45500000
CY2008Q3 abio Milestone Payment Due Period
MilestonePaymentDuePeriod
P6M
CY2012Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
533000
CY2013Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
482000
CY2012Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
510000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1800000
CY2008Q1 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
15000
CY2011Q2 us-gaap Area Of Real Estate Property
AreaOfRealEstateProperty
4500
CY2008Q1 abio Lease Term
LeaseTerm
P5Y
abio Lease Month Expiration Date
LeaseMonthExpirationDate
2013-09
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
44000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
36000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
559000
CY2008Q3 abio Milestone Payment Made By Company
MilestonePaymentMadeByCompany
500000
CY2008Q3 abio Expected Milestone Payments Upon Approval
ExpectedMilestonePaymentsUponApproval
8000000
CY2008Q3 abio Another Expected Milestone Payments Upon Approval
AnotherExpectedMilestonePaymentsUponApproval
5000000
CY2008Q3 abio Minimum Percentage Of Royalty Obligation
MinimumPercentageOfRoyaltyObligation
0.125
CY2008Q3 abio Maximum Percentage Of Royalty Obligation
MaximumPercentageOfRoyaltyObligation
0.25
CY2008Q3 abio Percentage Of Royalty Obligated To Pay Under Its Original License Agreement
PercentageOfRoyaltyObligatedToPayUnderItsOriginalLicenseAgreement
0.05
CY2008Q3 abio Minimum Percentage Of Range Of Royalties That Can Be Buy Down
MinimumPercentageOfRangeOfRoyaltiesThatCanBeBuyDown
0.125
CY2008Q3 abio Maximum Percentage Of Range Of Royalties That Can Be Buy Down
MaximumPercentageOfRangeOfRoyaltiesThatCanBeBuyDown
0.17
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
-39113
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
836441
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
115435
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
721216
CY2012Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.28
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
11.07
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.84
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.08
CY2013Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
4.20
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4M21D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y1M13D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y3M22D
CY2013Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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