$PBYI
PUMA BIOTECHNOLOGY, INC.

2014 Q2 Form 10-Q Financial Statement

#000156459014003464 Filed on August 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2013 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.900M $2.270M
YoY Change 71.81% 28.25%
% of Gross Profit
Research & Development $35.00M $10.44M
YoY Change 235.26% -19.73%
% of Gross Profit
Depreciation & Amortization $150.0K $100.0K
YoY Change 50.0% 42.86%
% of Gross Profit
Operating Expenses $38.91M $12.71M
YoY Change 206.17% -14.01%
Operating Profit -$38.91M -$12.71M
YoY Change 206.17% -14.01%
Interest Expense $70.00K $100.0K
YoY Change -30.0% 400.0%
% of Operating Profit
Other Income/Expense, Net $61.00K $57.00K
YoY Change 7.02% 147.83%
Pretax Income -$38.84M -$12.65M
YoY Change 207.04% -14.24%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$38.84M -$12.65M
YoY Change 207.07% -14.26%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.290M -$441.1K
COMMON SHARES
Basic Shares Outstanding 30.12M shares 28.68M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $178.4M $107.5M
YoY Change 65.95% 162.2%
Cash & Equivalents $55.40M $60.90M
Short-Term Investments $123.0M $46.60M
Other Short-Term Assets $3.500M $1.100M
YoY Change 218.18% 37.5%
Inventory
Prepaid Expenses
Receivables $1.800M $14.80M
Other Receivables $1.760M $14.77M
Total Short-Term Assets $183.6M $123.4M
YoY Change 48.74% 195.11%
LONG-TERM ASSETS
Property, Plant & Equipment $1.900M $1.648M
YoY Change 15.29% 34.2%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.50M $2.900M
YoY Change 262.07% 107.14%
Total Long-Term Assets $12.50M $4.547M
YoY Change 174.91% 74.32%
TOTAL ASSETS
Total Short-Term Assets $183.6M $123.4M
Total Long-Term Assets $12.50M $4.547M
Total Assets $196.1M $128.0M
YoY Change 53.22% 188.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.80M $7.624M
YoY Change 146.59% 216.35%
Accrued Expenses $9.100M $12.20M
YoY Change -25.4% -7.1%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $27.90M $19.82M
YoY Change 40.75% 27.55%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.100M
YoY Change 0.0% 22.22%
Total Long-Term Liabilities $1.100M $1.100M
YoY Change 0.0% 22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.90M $19.82M
Total Long-Term Liabilities $1.100M $1.100M
Total Liabilities $29.00M $20.96M
YoY Change 38.37% 27.82%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $216.1M
YoY Change 233.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.0M $107.0M
YoY Change
Total Liabilities & Shareholders Equity $196.1M $128.0M
YoY Change 53.21% 188.02%

Cashflow Statement

Concept 2014 Q2 2013 Q2
OPERATING ACTIVITIES
Net Income -$38.84M -$12.65M
YoY Change 207.07% -14.26%
Depreciation, Depletion And Amortization $150.0K $100.0K
YoY Change 50.0% 42.86%
Cash From Operating Activities -$17.37M -$11.00M
YoY Change 57.91% 25.36%
INVESTING ACTIVITIES
Capital Expenditures -$320.0K -$180.0K
YoY Change 77.78% -25.0%
Acquisitions
YoY Change
Other Investing Activities -$90.33M -$19.59M
YoY Change 361.1% 12143.75%
Cash From Investing Activities -$90.65M -$19.77M
YoY Change 358.52% 4842.5%
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
YoY Change
NET CHANGE
Cash From Operating Activities -17.37M -11.00M
Cash From Investing Activities -90.65M -19.77M
Cash From Financing Activities 0.000 0.000
Net Change In Cash -108.0M -11.00M
YoY Change 882.0% 25.36%
FREE CASH FLOW
Cash From Operating Activities -$17.37M -$11.00M
Capital Expenditures -$320.0K -$180.0K
Free Cash Flow -$17.05M -$10.82M
YoY Change 57.58% 26.78%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates: </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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>
us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Risk: </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents. The Company&#8217;s cash and cash equivalents in excess of the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation insured limits at June&#160;30, 2014, were approximately $56.4 million. The Company does not believe it is exposed to any significant credit risk. </p></div>
pbyi Reduction In Excess Cap Costs
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0
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CY2011Q3 pbyi Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Shares Received
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18666733
CY2011Q3 pbyi Merger Stock Conversion Ratio
MergerStockConversionRatio
1.00
CY2011Q3 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
40000
CY2011Q3 us-gaap Payments For Merger Related Costs
PaymentsForMergerRelatedCosts
40000
CY2011 us-gaap Other Expenses
OtherExpenses
80000
CY2014Q2 us-gaap Cash Uninsured Amount
CashUninsuredAmount
56400000
pbyi License Agreement Number Of Days To Review Invoice And Supporting Documentation
LicenseAgreementNumberOfDaysToReviewInvoiceAndSupportingDocumentation
P60D
CY2013Q2 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
5100000
us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
9700000
CY2014Q1 us-gaap Cost Of Reimbursable Expense
CostOfReimbursableExpense
3500000
CY2014Q2 pbyi Reduction In Excess Cap Costs
ReductionInExcessCapCosts
0
CY2014Q2 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
679000
CY2013Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
513000
CY2014Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2919000
CY2013Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
699000
CY2014Q2 pbyi Accrued Development Costs
AccruedDevelopmentCosts
3812000
CY2013Q4 pbyi Accrued Development Costs
AccruedDevelopmentCosts
4801000
CY2014Q2 pbyi Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
2190000
CY2013Q4 pbyi Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
2369000
CY2014Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
284000
CY2013Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
84000
CY2014Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2417000
CY2013Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1066000
CY2014Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
432000
CY2013Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
259000
CY2014Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7167000
CY2013Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1445000
CY2014Q2 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.24
CY2013Q2 pbyi Share Based Compensation Effect On Earnings Per Share Basic And Diluted
ShareBasedCompensationEffectOnEarningsPerShareBasicAndDiluted
0.05
CY2013Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2604224
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
806583
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
35000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3375807
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1232172
CY2014Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
10.58
pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term3
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm3
P8Y8M12D
pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageRemainingContractualTerm
P9Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y
CY2014Q2 pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Intrinsic Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedIntrinsicValue
47441000
CY2014Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
68292000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
65.85

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