2014 Q2 Form 10-Q Financial Statement

#000119312514194791 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.900M $3.530M $2.270M
YoY Change 71.81% 55.51% 77.34%
% of Gross Profit
Research & Development $35.00M $16.29M $9.532M
YoY Change 235.26% 70.94% -9.8%
% of Gross Profit
Depreciation & Amortization $150.0K $130.0K $90.00K
YoY Change 50.0% 44.44% 80.0%
% of Gross Profit
Operating Expenses $38.91M $19.82M $11.81M
YoY Change 206.17% 67.87% -0.39%
Operating Profit -$38.91M -$19.82M -$11.81M
YoY Change 206.17% 67.87% -0.39%
Interest Expense $70.00K $50.00K $20.00K
YoY Change -30.0% 150.0% -33.33%
% of Operating Profit
Other Income/Expense, Net $61.00K $25.00K $26.00K
YoY Change 7.02% -3.85% 0.0%
Pretax Income -$38.84M -$19.79M -$11.78M
YoY Change 207.04% 68.0% -0.42%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$38.84M -$19.79M -$11.78M
YoY Change 207.07% 68.03% -0.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.290M -$669.3K -$410.7K
COMMON SHARES
Basic Shares Outstanding 30.12M shares 30.12M shares 28.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $178.4M $196.1M $118.7M
YoY Change 65.95% 65.21% 136.45%
Cash & Equivalents $55.40M $163.4M $91.65M
Short-Term Investments $123.0M $32.70M $27.10M
Other Short-Term Assets $3.500M $2.300M $2.100M
YoY Change 218.18% 9.52% 320.0%
Inventory
Prepaid Expenses
Receivables $1.800M $13.30M $17.30M
Other Receivables $1.760M $13.30M $9.800M
Total Short-Term Assets $183.6M $211.7M $138.2M
YoY Change 48.74% 53.16% 172.53%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900M $1.769M $1.572M
YoY Change 15.29% 12.53% 48.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.50M $6.800M $1.200M
YoY Change 262.07% 466.67% 9.09%
Total Long-Term Assets $12.50M $8.590M $2.821M
YoY Change 174.91% 204.5% 33.64%
TOTAL ASSETS
Total Short-Term Assets $183.6M $211.7M $138.2M
Total Long-Term Assets $12.50M $8.590M $2.821M
Total Assets $196.1M $220.3M $141.0M
YoY Change 53.22% 56.18% 166.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.80M $15.19M $6.887M
YoY Change 146.59% 120.59% 1115.32%
Accrued Expenses $9.100M $5.051M $14.74M
YoY Change -25.4% -65.74% 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 $27.90M $20.24M $21.63M
YoY Change 40.75% -6.41% 128.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.200M $1.100M
YoY Change 0.0% 9.09% 57.14%
Total Long-Term Liabilities $1.100M $1.200M $1.100M
YoY Change 0.0% 9.09% 57.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.90M $20.24M $21.63M
Total Long-Term Liabilities $1.100M $1.200M $1.100M
Total Liabilities $29.00M $21.47M $22.74M
YoY Change 38.37% -5.61% 122.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $357.8M $214.7M
YoY Change 66.69% 232.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.0M $198.8M $118.3M
YoY Change
Total Liabilities & Shareholders Equity $196.1M $220.3M $141.0M
YoY Change 53.21% 56.18% 166.98%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$38.84M -$19.79M -$11.78M
YoY Change 207.07% 68.03% -0.39%
Depreciation, Depletion And Amortization $150.0K $130.0K $90.00K
YoY Change 50.0% 44.44% 80.0%
Cash From Operating Activities -$17.37M -$17.05M -$18.48M
YoY Change 57.91% -7.76% 563.59%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$220.0K -$180.0K
YoY Change 77.78% 22.22% -196.17%
Acquisitions
YoY Change
Other Investing Activities -$90.33M $8.160M -$27.10M
YoY Change 361.1% -130.11%
Cash From Investing Activities -$90.65M $7.940M -$27.28M
YoY Change 358.52% -129.11% 6333.73%
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 0.000 129.4M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -17.37M -17.05M -18.48M
Cash From Investing Activities -90.65M 7.940M -27.28M
Cash From Financing Activities 0.000 129.4M 0.000
Net Change In Cash -108.0M -17.05M -45.76M
YoY Change 882.0% -62.75% 1325.99%
FREE CASH FLOW
Cash From Operating Activities -$17.37M -$17.05M -$18.48M
Capital Expenditures -$320.0K -$220.0K -$180.0K
Free Cash Flow -$17.05M -$16.83M -$18.30M
YoY Change 57.58% -8.05% 515.75%

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CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
190000
CY2013Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-18481000
CY2013Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28676666 shares
CY2013Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
CY2013Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
1000
CY2013Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-25000
CY2013Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
23000
CY2013Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
6723000
CY2013Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
27095000
CY2013Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-11780000
CY2013Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
3000
CY2013Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11805000
CY2013Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-11806000
CY2013Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
183000
CY2013Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
26000
CY2013Q1 us-gaap Net Income Loss
NetIncomeLoss
-11780000
CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2274000
CY2013Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1175000
CY2013Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
90000
CY2013Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-45760000
CY2013Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-27279000
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
11806000
CY2013Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-6477000
CY2013Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
6405000
CY2013Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
4600000
CY2013Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9532000
CY2013Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
48600
CY2013Q1 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.04
CY2013Q1 pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
1195000
CY2013Q1 pbyi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
24000
CY2014Q1 dei Trading Symbol
TradingSymbol
PBYI
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
PUMA BIOTECHNOLOGY, INC.
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Large Accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001401667
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
33.95
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
470625 shares
CY2014Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
106.86
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-17047000
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17047000
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P3Y
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29567071 shares
CY2014Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Concentration of Risk:</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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, 2014, were approximately $164.6 million. The Company does not believe it is exposed to any significant credit risk.</p> </div>
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
15000 shares
CY2014Q1 us-gaap Equity Issuance Per Share Amount
EquityIssuancePerShareAmount
122.50
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates:</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> 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 will occur in the near term.</p> </div>
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
CY2014Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y2M12D
CY2014Q1 us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
4000
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-9000
CY2014Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
46000
CY2014Q1 us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
3483000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19794000
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-21000
CY2014Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-19803000
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-19819000
CY2014Q1 us-gaap Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
214000
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
25000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-19794000
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
5163000
CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
129440000
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3525000
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
5163000
CY2014Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
133000
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
120336000
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
7943000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
19819000
CY2014Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-3528000
CY2014Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4500000
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
129440000
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
8161000
CY2014Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
3500000
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16294000
CY2014Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
86800
CY2014Q1 pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageRemainingContractualTerm
P9Y1M6D
CY2014Q1 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.17
CY2014Q1 pbyi Increase Decrease In Prepaid Expense And Other Assets
IncreaseDecreaseInPrepaidExpenseAndOtherAssets
145000
CY2014Q1 pbyi Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
107000
CY2014Q1 pbyi License Agreement Number Of Days To Review Invoice And Supporting Documentation
LicenseAgreementNumberOfDaysToReviewInvoiceAndSupportingDocumentation
P60D

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