$ORKA
Oruka Therapeutics, Inc.

2014 Q1 Form 10-Q Financial Statement

#000156459014002121 Filed on May 13, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.080M $1.160M $889.0K
YoY Change 21.48% 78.46% -9.29%
% of Gross Profit
Research & Development $1.310M $1.790M $180.0K
YoY Change 627.78% 842.11% -57.14%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% -28.57%
% of Gross Profit
Operating Expenses $2.390M $2.950M $889.0K
YoY Change 168.84% 251.19% -36.95%
Operating Profit -$2.390M -$1.070M
YoY Change 123.36%
Interest Expense $1.000K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.389M -$2.950M -$1.071M
YoY Change 123.06% 251.19% -23.88%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.389M -$2.950M -$1.071M
YoY Change 123.06% 251.19% -23.88%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$15.93M -$24.58M -$53.50M
COMMON SHARES
Basic Shares Outstanding 18.79M 15.68M 3.038M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.20M $16.80M $3.500M
YoY Change 505.71% 479.31% -16.67%
Cash & Equivalents $21.20M $16.76M $3.537M
Short-Term Investments
Other Short-Term Assets $600.0K $200.0K $500.0K
YoY Change 20.0% 60.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.80M $16.90M $4.000M
YoY Change 445.0% 455.01% -14.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $29.00K $0.00
YoY Change 26.09% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $130.0K $100.0K
YoY Change 700.0% -9.72% -50.0%
Total Long-Term Assets $900.0K $184.0K $100.0K
YoY Change 800.0% 10.18% -66.67%
TOTAL ASSETS
Total Short-Term Assets $21.80M $16.90M $4.000M
Total Long-Term Assets $900.0K $184.0K $100.0K
Total Assets $22.70M $17.08M $4.100M
YoY Change 453.66% 431.88% -18.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $597.0K $400.0K
YoY Change 50.0% 818.46% 300.0%
Accrued Expenses $600.0K $900.0K $400.0K
YoY Change 50.0% 350.0% 0.0%
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 $1.100M $1.500M $800.0K
YoY Change 37.5% 391.8% 33.33%
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 $1.100M $1.500M $800.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.121M $1.503M $800.0K
YoY Change 40.13% 392.79% 33.33%
SHAREHOLDERS EQUITY
Retained Earnings -$77.32M -$74.93M
YoY Change 10.21%
Common Stock $21.00K $16.00K
YoY Change 433.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.53M $15.58M $3.300M
YoY Change
Total Liabilities & Shareholders Equity $22.66M $17.08M $4.100M
YoY Change 452.56% 431.88% -18.0%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q1
OPERATING ACTIVITIES
Net Income -$2.389M -$2.950M -$1.071M
YoY Change 123.06% 251.19% -23.88%
Depreciation, Depletion And Amortization $0.00 $10.00K $10.00K
YoY Change -100.0% 0.0% -28.57%
Cash From Operating Activities -$3.690M -$1.870M -$764.0K
YoY Change 382.98% 179.1% -53.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $9.000K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 -$9.000K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.018M $1.741M
YoY Change 417.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.130M 0.000 1.390M
YoY Change 484.89% -100.0% -2416.67%
NET CHANGE
Cash From Operating Activities -3.690M -1.870M -764.0K
Cash From Investing Activities 0.000 0.000 -9.000K
Cash From Financing Activities 8.130M 0.000 1.390M
Net Change In Cash 4.440M -1.870M 617.0K
YoY Change 619.61% 1068.75% -135.96%
FREE CASH FLOW
Cash From Operating Activities -$3.690M -$1.870M -$764.0K
Capital Expenditures $0.00 $0.00 $9.000K
Free Cash Flow -$3.690M -$1.870M -$773.0K
YoY Change 377.36% 179.1% -53.32%

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CY2014Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-weight:bold;font-style:italic;;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </font></p><p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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></div>
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
CY2009Q1 us-gaap Business Combination Bargain Purchase Gain Recognized Amount
BusinessCombinationBargainPurchaseGainRecognizedAmount
25300000
CY2014Q1 abio Fair Value Assets Between Hierarchy Levels Transfers Amount
FairValueAssetsBetweenHierarchyLevelsTransfersAmount
0
CY2014Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
514000
CY2013Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
514000
CY2014Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
488000
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
485000
CY2014Q1 abio Number Of Patients Company Plans To Enroll
NumberOfPatientsCompanyPlansToEnroll
200
CY2014Q1 abio Term Of Completion
TermOfCompletion
P2Y6M
us-gaap Operating Income Loss
OperatingIncomeLoss
-108500000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1809000
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
59000
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
80000
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
62000
CY2014Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
201000
CY2014Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
19000
CY2013Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
12000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
597000
CY2014Q1 abio Agreement Termination Notice Period
AgreementTerminationNoticePeriod
P90D
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
CY2008Q3 abio Milestone Payment Due Period
MilestonePaymentDuePeriod
P6M
CY2014Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9400000
CY2014Q1 abio Class Of Warrant Or Rights Expiration Date Earliest
ClassOfWarrantOrRightsExpirationDateEarliest
2016-04
CY2014Q1 abio Class Of Warrant Or Rights Expiration Date Latest
ClassOfWarrantOrRightsExpirationDateLatest
2020-01
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
158000
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
42000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3029000
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
843442
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
200079
CY2014Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
27
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1043494
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
266655
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1031382
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.76
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.91
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1908.00
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.35
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.57
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.42
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.37
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y11M9D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y11M5D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y1M17D
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y11M1D
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
419000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
191700
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
610700
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.39
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.95
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue

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