$ORKA
Oruka Therapeutics, Inc.

2014 Form 10-K Financial Statement

#000156459015001840 Filed on March 19, 2015

View on sec.gov

Income Statement

Concept 2014 2013 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 $4.070M $4.010M $650.0K
YoY Change 1.5% 24.15% -37.5%
% of Gross Profit
Research & Development $5.625M $2.930M $190.0K
YoY Change 91.98% 168.81% -68.33%
% of Gross Profit
Depreciation & Amortization $10.00K $26.00K $10.00K
YoY Change -61.54% -39.53% -87.5%
% of Gross Profit
Operating Expenses $9.693M $6.940M $840.0K
YoY Change 39.67% 60.65% -48.47%
Operating Profit -$9.693M
YoY Change
Interest Expense $3.000K $4.000K $0.00
YoY Change -25.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.690M -$6.939M -$840.0K
YoY Change 39.65% 60.63% -48.47%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.689M -$6.939M -$840.0K
YoY Change 39.63% 60.63% -48.47%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$60.56M -$99.14M -$42.00M
COMMON SHARES
Basic Shares Outstanding 20.50M 8.632M
Diluted Shares Outstanding

Balance Sheet

Concept 2014 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.40M $16.80M $2.900M
YoY Change -8.33% 479.31% -50.85%
Cash & Equivalents $15.40M $16.80M $2.920M
Short-Term Investments
Other Short-Term Assets $100.0K $200.0K $125.0K
YoY Change -50.0% 100.0% -58.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.50M $16.90M $3.045M
YoY Change -8.28% 463.33% -50.89%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $23.00K
YoY Change -77.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $600.0K $100.0K $144.0K
YoY Change 500.0% 0.0% -28.0%
Total Long-Term Assets $600.0K $200.0K $167.0K
YoY Change 200.0% 0.0% -44.33%
TOTAL ASSETS
Total Short-Term Assets $15.50M $16.90M $3.045M
Total Long-Term Assets $600.0K $200.0K $167.0K
Total Assets $16.10M $17.10M $3.212M
YoY Change -5.85% 434.38% -50.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $800.0K $600.0K $65.00K
YoY Change 33.33% 500.0% -78.33%
Accrued Expenses $600.0K $900.0K $200.0K
YoY Change -33.33% 350.0% -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 $1.400M $1.500M $305.0K
YoY Change -6.67% 400.0% -61.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.400M $1.500M $305.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.400M $1.500M $305.0K
YoY Change -6.67% 400.0% -61.88%
SHAREHOLDERS EQUITY
Retained Earnings -$67.99M
YoY Change
Common Stock $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.70M $15.60M $2.907M
YoY Change
Total Liabilities & Shareholders Equity $16.10M $17.10M $3.212M
YoY Change -5.85% 434.38% -50.58%

Cashflow Statement

Concept 2014 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$9.689M -$6.939M -$840.0K
YoY Change 39.63% 60.63% -48.47%
Depreciation, Depletion And Amortization $10.00K $26.00K $10.00K
YoY Change -61.54% -39.53% -87.5%
Cash From Operating Activities -$9.410M -$5.288M -$670.0K
YoY Change 77.95% 29.67% -45.97%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $32.00K $0.00
YoY Change -40.63% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.00K -$32.00K $0.00
YoY Change -37.5% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $9.038M $1.741M
YoY Change 419.13% 13.94%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.020M 19.16M 510.0K
YoY Change -58.13% 1715.73% -64.08%
NET CHANGE
Cash From Operating Activities -9.410M -5.288M -670.0K
Cash From Investing Activities -20.00K -32.00K 0.000
Cash From Financing Activities 8.020M 19.16M 510.0K
Net Change In Cash -1.410M 13.84M -160.0K
YoY Change -110.19% -557.69% -184.21%
FREE CASH FLOW
Cash From Operating Activities -$9.410M -$5.288M -$670.0K
Capital Expenditures $19.00K $32.00K $0.00
Free Cash Flow -$9.429M -$5.320M -$670.0K
YoY Change 77.24% 30.46% -45.08%

Facts In Submission

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CY2014 abio Notification For Delisting Of Shares Description
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On February 18, 2015, we received notification from NASDAQ of potential delisting of our shares from the NASDAQ Capital Market because the closing bid price of our common stock had not met the minimum closing bid price of $1.00 per share during the preceding 30 days. NASDAQ rules provided us a 180 calendar day grace period from the date of the Notice to regain compliance by meeting the continued listing standard. The continued listing standard would be met if our common stock has a minimum closing bid price of at least $1.00 per share for a minimum of 10 consecutive business days during the 180 calendar day grace period.
CY2014 us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:6pt;line-height:11pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Accounting Estimates in the Preparation of Financial Statements </p> <p style="margin-bottom:0pt;margin-top:6pt;line-height:11pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United&#160;States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company bases estimates on various assumptions that are believed to be reasonable under the circumstances. The Company believes significant judgment was involved in estimating the clinical trial accruals, and in estimating other accrued liabilities, stock-based compensation, and income taxes. Management is continually evaluating and updating these estimates, and it is possible that these estimates will change in the future or that actual results may differ from these estimates. </p></div>
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CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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191700
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139671
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
471029
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
CY2014 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
CY2014 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
1.39
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.62
CY2013 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
1.39
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
419000
CY2014 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
647000
CY2013 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
283000
CY2014 us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
matching contribution equal to 100% of the employee’s first 3% of the employee’s contributions and 50% of the employee’s next 2% of contributions.
CY2014 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
108000
CY2013 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
70000
CY2014Q4 us-gaap Operating Loss Carryforwards
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113700000
CY2014 us-gaap Tax Credit Carryforward Description
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The net operating loss carryforwards will expire beginning 2025 through 2034.
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance
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44500000
CY2014 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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-400000
CY2014 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34
CY2013 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2014 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-3294000
CY2013 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2429000
CY2014 us-gaap Income Tax Reconciliation State And Local Income Taxes
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-296000
CY2013 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-209000
CY2014 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
171000
CY2013 us-gaap Income Tax Reconciliation Tax Credits Research
IncomeTaxReconciliationTaxCreditsResearch
133000
CY2014 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
1041000
CY2014 abio Income Tax Reconciliation Adjustment To Deferred Tax Asset
IncomeTaxReconciliationAdjustmentToDeferredTaxAsset
2907000
CY2014 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
178000
CY2013 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
184000
CY2014 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-365000
CY2013 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
2587000
CY2014 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2013 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
25000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Compensated Absences
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsCompensatedAbsences
27000
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance Current
DeferredTaxAssetsValuationAllowanceCurrent
27000
CY2014Q4 us-gaap Deferred Tax Assets Net Current
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0
CY2013Q4 us-gaap Deferred Tax Assets Net Current
DeferredTaxAssetsNetCurrent
0
CY2014Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
42135000
CY2013Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Subject To Expiration
DeferredTaxAssetsOperatingLossCarryforwardsSubjectToExpiration
39799000
CY2014Q4 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
410000
CY2013Q4 us-gaap Deferred Tax Assets Charitable Contribution Carryforwards
DeferredTaxAssetsCharitableContributionCarryforwards
371000
CY2014Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
991000
CY2013Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
820000
CY2014Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
741000
CY2013Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
DeferredTaxAssetsGoodwillAndIntangibleAssets
3351000
CY2014Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
158000
CY2013Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
454000
CY2014Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
2000
CY2013Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
5000
CY2014Q4 us-gaap Deferred Tax Assets Gross Noncurrent
DeferredTaxAssetsGrossNoncurrent
44437000
CY2013Q4 us-gaap Deferred Tax Assets Gross Noncurrent
DeferredTaxAssetsGrossNoncurrent
44800000
CY2014Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
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44437000
CY2013Q4 us-gaap Deferred Tax Assets Valuation Allowance Noncurrent
DeferredTaxAssetsValuationAllowanceNoncurrent
44800000
CY2014Q4 us-gaap Deferred Tax Assets Net Noncurrent
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0
CY2013Q4 us-gaap Deferred Tax Assets Net Noncurrent
DeferredTaxAssetsNetNoncurrent
0
CY2014Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2013Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2014Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2013Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2014 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2013 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2014 us-gaap Open Tax Year
OpenTaxYear
2009

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