$PBYI
PUMA BIOTECHNOLOGY, INC.

2014 Q1 Form 10-K Financial Statement

#000119312514080183 Filed on March 03, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 Q4 2013 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.530M $2.980M $2.260M
YoY Change 55.51% -78.2% -72.06%
% of Gross Profit
Research & Development $16.29M $13.01M $12.07M
YoY Change 70.94% 57.13% -32.12%
% of Gross Profit
Depreciation & Amortization $130.0K $120.0K $110.0K
YoY Change 44.44% 50.0% 57.14%
% of Gross Profit
Operating Expenses $19.82M $15.99M $14.33M
YoY Change 67.87% -27.15% -44.61%
Operating Profit -$19.82M -$14.33M
YoY Change 67.87% -44.61%
Interest Expense $50.00K $40.00K $10.00K
YoY Change 150.0% 0.0% 0.0%
% of Operating Profit
Other Income/Expense, Net $25.00K $0.00 $48.00K
YoY Change -3.85% 242.86%
Pretax Income -$19.79M -$15.95M -$14.28M
YoY Change 68.0% -27.2% -44.78%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.79M -$15.95M -$14.28M
YoY Change 68.03% -27.23% -44.77%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$669.3K -$554.8K -$497.9K
COMMON SHARES
Basic Shares Outstanding 30.12M shares 28.69M shares 28.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $196.1M $83.90M $95.60M
YoY Change 65.21% -38.94% 187.09%
Cash & Equivalents $163.4M $43.04M $51.26M
Short-Term Investments $32.70M $40.90M $44.40M
Other Short-Term Assets $2.300M $2.600M $3.600M
YoY Change 9.52% 160.0% 350.0%
Inventory
Prepaid Expenses
Receivables $13.30M $9.800M $11.30M
Other Receivables $13.30M $9.813M $11.29M
Total Short-Term Assets $211.7M $96.40M $110.6M
YoY Change 53.16% -35.29% 224.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.769M $1.684M $1.619M
YoY Change 12.53% 13.86% 38.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.800M $6.300M $2.900M
YoY Change 466.67% 425.0% 141.67%
Total Long-Term Assets $8.590M $7.978M $4.533M
YoY Change 204.5% 192.56% 90.4%
TOTAL ASSETS
Total Short-Term Assets $211.7M $96.40M $110.6M
Total Long-Term Assets $8.590M $7.978M $4.533M
Total Assets $220.3M $104.4M $115.1M
YoY Change 56.18% -31.2% 215.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $15.19M $10.69M $9.730M
YoY Change 120.59% 2118.26% 855.75%
Accrued Expenses $5.051M $8.579M $9.496M
YoY Change -65.74% -59.57% -62.97%
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 $20.24M $19.27M $19.23M
YoY Change -6.41% -11.2% -27.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.200M $1.100M $1.100M
YoY Change 9.09% 0.0% 37.5%
Total Long-Term Liabilities $1.200M $1.100M $1.100M
YoY Change 9.09% 0.0% 37.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.24M $19.27M $19.23M
Total Long-Term Liabilities $1.200M $1.100M $1.100M
Total Liabilities $21.47M $20.39M $20.35M
YoY Change -5.61% -10.54% -25.99%
SHAREHOLDERS EQUITY
Retained Earnings -$139.3M
YoY Change
Common Stock $357.8M $223.2M $218.1M
YoY Change 66.69% 4.56% 204.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.8M $83.99M $94.76M
YoY Change
Total Liabilities & Shareholders Equity $220.3M $104.4M $115.1M
YoY Change 56.18% -31.2% 215.39%

Cashflow Statement

Concept 2014 Q1 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$19.79M -$15.95M -$14.28M
YoY Change 68.03% -27.23% -44.77%
Depreciation, Depletion And Amortization $130.0K $120.0K $110.0K
YoY Change 44.44% 50.0% 57.14%
Cash From Operating Activities -$17.05M -$13.58M -$12.00M
YoY Change -7.76% -45.26% 57.07%
INVESTING ACTIVITIES
Capital Expenditures -$220.0K -$190.0K -$80.00K
YoY Change 22.22% -51.28% 700.0%
Acquisitions
YoY Change
Other Investing Activities $8.160M $3.490M $2.300M
YoY Change -130.11%
Cash From Investing Activities $7.940M $3.290M $2.230M
YoY Change -129.11% -943.59% -22400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $129.4M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 129.4M 2.070M 150.0K
YoY Change -98.4%
NET CHANGE
Cash From Operating Activities -17.05M -13.58M -12.00M
Cash From Investing Activities 7.940M 3.290M 2.230M
Cash From Financing Activities 129.4M 2.070M 150.0K
Net Change In Cash -17.05M -8.220M -12.00M
YoY Change -62.75% -107.9% 56.86%
FREE CASH FLOW
Cash From Operating Activities -$17.05M -$13.58M -$12.00M
Capital Expenditures -$220.0K -$190.0K -$80.00K
Free Cash Flow -$16.83M -$13.39M -$11.92M
YoY Change -8.05% -45.17% 56.23%

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CY2011Q4 invest Investment Warrants Expiration Date
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2021-10-04
CY2011Q4 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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1800000
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
29.94
CY2013Q4 pbyi Area Of Leased Property
AreaOfLeasedProperty
16750 sqft
CY2011 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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7746529 shares
CY2011 us-gaap Net Cash Provided By Used In Operating Activities
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-1824000
CY2011 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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670000 shares
CY2011 us-gaap Equity Issuance Per Share Amount
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3.75
CY2011 us-gaap Earnings Per Share Basic And Diluted
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-1.32
CY2011 us-gaap Payments For Capital Improvements
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439000
CY2011 us-gaap Adjustments To Additional Paid In Capital Other
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61000
CY2011 us-gaap Increase Decrease In Restricted Cash
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CY2011 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2011 us-gaap Investment Income Interest
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4000
CY2011 us-gaap Net Income Loss Available To Common Stockholders Basic
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-10233000
CY2011 us-gaap Other Nonoperating Income Expense
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-80000
CY2011 us-gaap Comprehensive Income Net Of Tax
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-439000
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CY2011 us-gaap Payments For Proceeds From Productive Assets
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254000
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-76000
CY2011 us-gaap Net Income Loss
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CY2011 us-gaap Debt Conversion Converted Instrument Amount1
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150000
CY2011 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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67000
CY2011 us-gaap Other Expenses
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80000
CY2011 us-gaap General And Administrative Expense
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CY2011 us-gaap Net Cash Provided By Used In Financing Activities
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56952000
CY2011 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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4049000
CY2011 us-gaap Share Based Compensation
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67000
CY2011 us-gaap Depreciation And Amortization
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11000
CY2011 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2011 us-gaap Operating Expenses
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24000
CY2011 us-gaap Income Tax Expense Benefit
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7586000
CY2011 us-gaap Increase Decrease In Accrued Liabilities
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500000
CY2011 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2011 us-gaap Increase Decrease In Accounts Payable
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CY2011 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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150000
CY2011 us-gaap Allocated Share Based Compensation Expense
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7653000
CY2011 us-gaap Net Cash Provided By Used In Investing Activities
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-1746000
CY2011 us-gaap Research And Development Expense
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CY2011 pbyi Issuance Of Common Stock In Exchange For Convertible Notes Value
IssuanceOfCommonStockInExchangeForConvertibleNotesValue
150000
CY2011 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.99
CY2011 pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
281000
CY2013 dei Trading Symbol
TradingSymbol
PBYI
CY2013 dei Document Period End Date
DocumentPeriodEndDate
2013-12-31
CY2013 dei Entity Central Index Key
EntityCentralIndexKey
0001401667
CY2013 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2013 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2013 dei Entity Registrant Name
EntityRegistrantName
PUMA BIOTECHNOLOGY, INC.
CY2013 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2013 dei Amendment Flag
AmendmentFlag
false
CY2013 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2013 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2013
CY2013 dei Document Type
DocumentType
10-K
CY2013 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2013 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.60
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2013 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2013 us-gaap Net Cash Provided By Used In Operating Activities
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CY2013 us-gaap Concentration Risk Credit Risk
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Concentration of Risk:</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <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 December&#xA0;31, 2013, were approximately $44.2 million. The Company does not believe it is exposed to any significant credit risk due to the quality nature of the financial instruments in which the money is held. Pursuant to the Company&#x2019;s internal investment policy, investments must be rated A-1/P-1 or better by Standard and Poor&#x2019;s Corporation and Moody&#x2019;s Investor Services at the time of purchase.</font></p> </div>
CY2013 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Reclassifications:</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">Certain amounts for 2012 and 2011 have been reclassified to conform to the current year&#x2019;s presentation.</font></p> </div>
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
19862 shares
CY2013 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 18px"><font style="FONT-FAMILY: Times New Roman" size="2"><b>Use of Estimates:</b></font></p> <p style="MARGIN-BOTTOM: 0px; MARGIN-TOP: 6px; TEXT-INDENT: 4%"> <font style="FONT-FAMILY: Times New Roman" size="2">The preparation of financial statements in conformity with accounting principles generally accepted in the United States, or 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 accrued expenses for 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 record accrued expenses and to value the stock-based compensation will occur in the near term.</font></p> </div>
CY2013 us-gaap Earnings Per Share Basic And Diluted
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CY2013 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2013 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P2Y6M
CY2013 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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P8Y3M18D
CY2013 us-gaap Payments For Capital Improvements
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CY2013 us-gaap Increase Decrease In Restricted Cash
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CY2013 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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3000
CY2013 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2013 us-gaap Investment Income Interest
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2000
CY2013 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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25300000
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205000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
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CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
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CY2013 us-gaap Unrecognized Tax Benefits Decreases Resulting From Prior Period Tax Positions
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CY2013 us-gaap Income Tax Expense Benefit
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CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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2031
CY2013 pbyi Deferred Tax Asset Increase Decrease In Equity
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8100000
CY2013 pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Remaining Contractual Term
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CY2013 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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CY2012 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2012 us-gaap Adjustments To Additional Paid In Capital Warrant Issued
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CY2013Q3 us-gaap Revenues
Revenues
CY2013Q3 us-gaap Net Income Loss
NetIncomeLoss
-14283000
CY2012Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26511141 shares
CY2012Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.83
CY2012Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21913000
CY2012Q4 us-gaap Revenues
Revenues
CY2012Q4 us-gaap Net Income Loss
NetIncomeLoss
-21913000
CY2013Q4 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28750382 shares
CY2013Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
CY2013Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15946000
CY2013Q4 us-gaap Revenues
Revenues
CY2013Q4 us-gaap Net Income Loss
NetIncomeLoss
-15946000

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