$PBYI
PUMA BIOTECHNOLOGY, INC.

2013 Q2 Form 10-Q Financial Statement

#000119312513211141 Filed on May 09, 2013

View on sec.gov

Income Statement

Concept 2013 Q2 2013 Q1 2012 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.270M $2.270M $1.280M
YoY Change 28.25% 77.34%
% of Gross Profit
Research & Development $10.44M $9.532M $10.57M
YoY Change -19.73% -9.8%
% of Gross Profit
Depreciation & Amortization $100.0K $90.00K $50.00K
YoY Change 42.86% 80.0%
% of Gross Profit
Operating Expenses $12.71M $11.81M $11.85M
YoY Change -14.01% -0.39% 300559.56%
Operating Profit -$12.71M -$11.81M -$11.85M
YoY Change -14.01% -0.39% 300559.56%
Interest Expense $100.0K $20.00K $30.00K
YoY Change 400.0% -33.33%
% of Operating Profit
Other Income/Expense, Net $57.00K $26.00K $26.00K
YoY Change 147.83% 0.0%
Pretax Income -$12.65M -$11.78M -$11.83M
YoY Change -14.24% -0.42%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.65M -$11.78M -$11.83M
YoY Change -14.26% -0.39% 299900.0%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$441.1K -$410.7K -$590.3K
COMMON SHARES
Basic Shares Outstanding 28.68M shares 28.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q2 2013 Q1 2012 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.5M $118.7M $50.20M
YoY Change 162.2% 136.45%
Cash & Equivalents $60.90M $91.65M $50.17M
Short-Term Investments $46.60M $27.10M
Other Short-Term Assets $1.100M $2.100M $500.0K
YoY Change 37.5% 320.0%
Inventory
Prepaid Expenses
Receivables $14.80M $17.30M
Other Receivables $14.77M $9.800M
Total Short-Term Assets $123.4M $138.2M $50.71M
YoY Change 195.11% 172.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.648M $1.572M $1.057M
YoY Change 34.2% 48.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.900M $1.200M $1.100M
YoY Change 107.14% 9.09%
Total Long-Term Assets $4.547M $2.821M $2.111M
YoY Change 74.32% 33.64%
TOTAL ASSETS
Total Short-Term Assets $123.4M $138.2M $50.71M
Total Long-Term Assets $4.547M $2.821M $2.111M
Total Assets $128.0M $141.0M $52.82M
YoY Change 188.02% 166.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.624M $6.887M $566.7K
YoY Change 216.35% 1115.32%
Accrued Expenses $12.20M $14.74M $8.916M
YoY Change -7.1% 65.34%
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 $19.82M $21.63M $9.483M
YoY Change 27.55% 128.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.100M $700.0K
YoY Change 22.22% 57.14%
Total Long-Term Liabilities $1.100M $1.100M $700.0K
YoY Change 22.22% 57.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.82M $21.63M $9.483M
Total Long-Term Liabilities $1.100M $1.100M $700.0K
Total Liabilities $20.96M $22.74M $10.23M
YoY Change 27.82% 122.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $216.1M $214.7M $64.66M
YoY Change 233.21% 232.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $107.0M $118.3M $42.60M
YoY Change
Total Liabilities & Shareholders Equity $128.0M $141.0M $52.82M
YoY Change 188.02% 166.98%

Cashflow Statement

Concept 2013 Q2 2013 Q1 2012 Q1
OPERATING ACTIVITIES
Net Income -$12.65M -$11.78M -$11.83M
YoY Change -14.26% -0.39% 299900.0%
Depreciation, Depletion And Amortization $100.0K $90.00K $50.00K
YoY Change 42.86% 80.0%
Cash From Operating Activities -$11.00M -$18.48M -$2.785M
YoY Change 25.36% 563.59% 70549.42%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K -$180.0K $187.2K
YoY Change -25.0% -196.17%
Acquisitions
YoY Change
Other Investing Activities -$19.59M -$27.10M $0.00
YoY Change 12143.75%
Cash From Investing Activities -$19.77M -$27.28M -$424.0K
YoY Change 4842.5% 6333.73%
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 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -11.00M -18.48M -2.785M
Cash From Investing Activities -19.77M -27.28M -424.0K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -11.00M -45.76M -3.209M
YoY Change 25.36% 1325.99%
FREE CASH FLOW
Cash From Operating Activities -$11.00M -$18.48M -$2.785M
Capital Expenditures -$180.0K -$180.0K $187.2K
Free Cash Flow -$10.82M -$18.30M -$2.972M
YoY Change 26.78% 515.75% 75297.54%

Facts In Submission

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PUMA BIOTECHNOLOGY, INC.
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Reclassifications:</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts for 2012 have been reclassified to conform to the current year&#x2019;s presentation.</font></p> </div>
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<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Risk:</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents. The Company&#x2019;s cash and cash equivalents in excess of the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation insured limits at March&#xA0;31, 2013, were approximately $92.7 million. The Company does not believe it is exposed to any significant credit risk.</font></p> </div>
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-11780000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
26000
CY2013Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
6723000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
239250 shares
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11780000
CY2013Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-TOP: 18px; MARGIN-BOTTOM: 0px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates:</b></font></p> <p style="MARGIN-TOP: 6px; TEXT-INDENT: 4%; MARGIN-BOTTOM: 0px"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the balance sheet and reported amounts of expenses for the period presented. Accordingly, actual results could differ from those estimates. Significant estimates include the cost of services provided by consultants who manage clinical trials and conduct research and clinical trials on behalf of the Company that are billed on a delayed basis. As the actual costs become known, the Company adjusts its estimated cost in that period. The value of stock-based compensation includes estimates based on future events which are difficult to predict. It is at least reasonably possible that a change in the estimates used to value the stock-based compensation will occur in the near term.</font></p> </div>
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-25000
CY2013Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
4600000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6477000
CY2013Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
18.84
CY2013Q1 pbyi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
24000
CY2013Q1 pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
1195000
CY2013Q1 pbyi Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodIntrinsicValue
CY2013Q1 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.04
CY2012Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11852000
CY2012Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-236000
CY2012Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
567000
CY2012Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11826000
CY2012Q1 us-gaap Share Based Compensation
ShareBasedCompensation
198000
CY2012Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1000
CY2012Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.59
CY2012Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
49000
CY2012Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-2785000
CY2012Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-424000
CY2012Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
26000
CY2012Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3209000
CY2012Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1284000
CY2012Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
187000
CY2012Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
10568000
CY2012Q1 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
-149000
CY2012Q1 us-gaap Operating Expenses
OperatingExpenses
11852000
CY2012Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
49000
CY2012Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
20500
CY2012Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
20040000 shares
CY2012Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
236000
CY2012Q1 us-gaap Net Income Loss
NetIncomeLoss
-11826000
CY2012Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
26000
CY2012Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11826000
CY2012Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8330000
CY2012Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.66
CY2012Q1 pbyi Change In Fair Value Of Warrant
ChangeInFairValueOfWarrant
-149300
CY2012Q1 pbyi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
68000
CY2012Q1 pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
258000
us-gaap Operating Income Loss
OperatingIncomeLoss
-96420000
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-903000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6887000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
185955000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-77000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-96397000
us-gaap Proceeds From Related Party Debt
ProceedsFromRelatedPartyDebt
150000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-64324000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30246000
us-gaap Investment Income Interest
InvestmentIncomeInterest
125000
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
150000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
366000
us-gaap Share Based Compensation
ShareBasedCompensation
2650000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1213000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
91648000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
36426000
us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
1028000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
59994000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
45000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
186218000
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
25808000
us-gaap Operating Expenses
OperatingExpenses
96420000
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
68000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
27095000
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
910000
us-gaap Net Income Loss
NetIncomeLoss
-96372000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
48000
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
17335000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-96372000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-25000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
14742000
pbyi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
210000
pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
2183000

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