$PBYI
PUMA BIOTECHNOLOGY, INC.

2020 Q2 Form 10-Q Financial Statement

#000156459020037821 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $70.58M $53.92M $99.07M
YoY Change 30.9% 6.21% 48.94%
Cost Of Revenue $9.420M $9.317M $7.990M
YoY Change 1.11% 5.5% 25.18%
Gross Profit $61.17M $44.60M $91.08M
YoY Change 37.15% 6.36% 51.46%
Gross Profit Margin 86.67% 82.72% 91.94%
Selling, General & Admin $29.35M $33.53M $45.51M
YoY Change -12.47% -16.46% 24.34%
% of Gross Profit 47.98% 75.17% 49.97%
Research & Development $24.69M $36.86M $35.73M
YoY Change -33.01% -14.78% -23.87%
% of Gross Profit 40.36% 82.63% 39.23%
Depreciation & Amortization $300.0K $2.100M $200.0K
YoY Change -85.71% 11.7% -85.07%
% of Gross Profit 0.49% 4.71% 0.22%
Operating Expenses $63.45M $79.70M $89.22M
YoY Change -20.38% -13.57% 143.75%
Operating Profit $7.129M -$25.78M $9.848M
YoY Change -127.65% -37.8% -58.15%
Interest Expense $3.784M $4.448M $4.443M
YoY Change -14.93% 71.94% 311.77%
% of Operating Profit 53.08% 45.12%
Other Income/Expense, Net -$3.734M -$11.64M -$19.94M
YoY Change -67.93% 302.77% 1996.21%
Pretax Income $3.395M -$37.42M -$10.09M
YoY Change -109.07% -15.61% -58.56%
Income Tax
% Of Pretax Income
Net Earnings $3.395M -$37.42M -$10.09M
YoY Change -109.07% -15.59% -58.57%
Net Earnings / Revenue 4.81% -69.41% -10.18%
Basic Earnings Per Share $0.09 -$0.97
Diluted Earnings Per Share $0.08 -$0.97 -$262.2K
COMMON SHARES
Basic Shares Outstanding 39.43M 38.65M 38.50M
Diluted Shares Outstanding 40.00M 38.65M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $107.3M $117.7M $150.4M
YoY Change -8.84% -12.49% 91.35%
Cash & Equivalents $90.90M $27.20M $53.11M
Short-Term Investments $16.40M $90.50M $101.6M
Other Short-Term Assets $3.426M $330.0K $10.16M
YoY Change 938.18% -97.18% -25.33%
Inventory $2.900M $3.260M $2.600M
Prepaid Expenses $11.01M $11.98M
Receivables $21.30M $25.35M $81.00M
Other Receivables $6.100M $0.00 $9.900M
Total Short-Term Assets $159.2M $157.6M $256.2M
YoY Change 1.02% -7.34% 130.36%
LONG-TERM ASSETS
Property, Plant & Equipment $2.859M $3.432M $3.718M
YoY Change -16.7% -20.19% -13.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.100M $15.70M $6.900M
YoY Change -61.15% 127.54% 1.47%
Total Long-Term Assets $104.6M $82.25M $75.20M
YoY Change 27.16% 43.04% 28.68%
TOTAL ASSETS
Total Short-Term Assets $159.2M $157.6M $256.2M
Total Long-Term Assets $104.6M $82.25M $75.20M
Total Assets $263.8M $239.9M $331.4M
YoY Change 9.99% 5.39% 95.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.77M $15.07M $28.88M
YoY Change -21.92% -32.42% 22.57%
Accrued Expenses $68.64M $74.25M $70.28M
YoY Change -7.56% 80.22% 103.37%
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 $94.53M $91.66M $101.4M
YoY Change 3.13% 44.35% 74.47%
LONG-TERM LIABILITIES
Long-Term Debt $96.60M $93.40M $152.8M
YoY Change 3.43% -22.36% 214.4%
Other Long-Term Liabilities $49.30M $33.00M $33.60M
YoY Change 49.39% 500.0% 510.91%
Total Long-Term Liabilities $145.9M $126.4M $186.4M
YoY Change 15.43% 0.48% 244.55%
TOTAL LIABILITIES
Total Short-Term Liabilities $94.53M $91.66M $101.4M
Total Long-Term Liabilities $145.9M $126.4M $186.4M
Total Liabilities $240.4M $218.1M $287.9M
YoY Change 10.24% 15.21% 156.6%
SHAREHOLDERS EQUITY
Retained Earnings -$1.291B -$1.250B
YoY Change 3.33%
Common Stock $1.315B $1.271B
YoY Change 3.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.40M $21.77M $43.47M
YoY Change
Total Liabilities & Shareholders Equity $263.8M $239.9M $331.4M
YoY Change 9.99% 5.39% 95.4%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income $3.395M -$37.42M -$10.09M
YoY Change -109.07% -15.59% -58.57%
Depreciation, Depletion And Amortization $300.0K $2.100M $200.0K
YoY Change -85.71% 11.7% -85.07%
Cash From Operating Activities $16.23M $44.25M -$16.13M
YoY Change -63.32% -350.85% 157.96%
INVESTING ACTIVITIES
Capital Expenditures -$10.01M $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $790.0K $11.20M -$44.58M
YoY Change -92.95% -129.02%
Cash From Investing Activities -$9.220M $11.20M -$44.58M
YoY Change -182.32% -128.86% 111350.0%
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 -68.22M 1.082M
YoY Change -100.0% -192.44% -65.62%
NET CHANGE
Cash From Operating Activities 16.23M 44.25M -16.13M
Cash From Investing Activities -9.220M 11.20M -44.58M
Cash From Financing Activities 0.000 -68.22M 1.082M
Net Change In Cash 7.010M -12.77M -59.63M
YoY Change -154.89% -173.6% 1795.45%
FREE CASH FLOW
Cash From Operating Activities $16.23M $44.25M -$16.13M
Capital Expenditures -$10.01M $0.00 $0.00
Free Cash Flow $26.24M $44.25M -$16.13M
YoY Change -40.7% -353.87% 156.32%

Facts In Submission

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CY2020Q2 pbyi Accrued Legal Verdict Expense Current
AccruedLegalVerdictExpenseCurrent
31536000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
17463000
CY2020Q2 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
8091000
CY2020Q2 pbyi Accrued Development Costs
AccruedDevelopmentCosts
4273000
CY2020Q2 pbyi Accrued Variable Consideration Current
AccruedVariableConsiderationCurrent
11096000
CY2020Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4053000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5342000
CY2020Q2 pbyi Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
1225000
CY2020Q2 pbyi Accrued Professional Fees Liability Current
AccruedProfessionalFeesLiabilityCurrent
1343000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
652000
CY2020Q2 pbyi Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
675000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
354000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
68640000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1276000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
9377000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
10630000
CY2020Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2000
CY2020Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-1000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
43471000
CY2019Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
15440000
CY2019Q2 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
194000
CY2019Q2 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
90000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-37424000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
21771000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
2000
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
-3000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-64000
us-gaap Net Income Loss
NetIncomeLoss
-13538000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
23403000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
34306000
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
33578000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
1276000
us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
122000
us-gaap Net Income Loss
NetIncomeLoss
-47511000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
21771000
us-gaap Profit Loss
ProfitLoss
-13538000
us-gaap Profit Loss
ProfitLoss
-47511000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4153000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4235000
us-gaap Share Based Compensation
ShareBasedCompensation
19537000
us-gaap Share Based Compensation
ShareBasedCompensation
33578000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-54000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-8047000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-4909000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
4573000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-279000
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
635000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
119000
us-gaap Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
-2258000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
3103000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1457000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-7416000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-5613000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
155000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
27820000
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
44000
pbyi Increase Decrease In Post Marketing Commitment Liability
IncreaseDecreaseInPostMarketingCommitmentLiability
-125000
pbyi Increase Decrease In Post Marketing Commitment Liability
IncreaseDecreaseInPostMarketingCommitmentLiability
9000000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4688000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28117000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
12000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
16376000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
127974000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
28135000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
51546000
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
66462000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
10000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
25158000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-33377000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
8444000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
25000000
us-gaap Repayments Of Debt
RepaymentsOfDebt
8444000
us-gaap Repayments Of Debt
RepaymentsOfDebt
80000000
us-gaap Payments Of Debt Extinguishment Costs
PaymentsOfDebtExtinguishmentCosts
7793000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
5625000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-67142000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
29848000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-72402000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
73210000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
112738000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
103058000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
40336000
us-gaap Noncash Or Part Noncash Acquisition Intangible Assets Acquired1
NoncashOrPartNoncashAcquisitionIntangibleAssetsAcquired1
30000000
us-gaap Interest Paid Net
InterestPaidNet
4721000
us-gaap Interest Paid Net
InterestPaidNet
7914000
pbyi Number Of Subsidiaries
NumberOfSubsidiaries
2
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
3400000
us-gaap Net Income Loss
NetIncomeLoss
-13500000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4700000
CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
90900000
CY2020Q2 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
16400000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:0pt;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:10pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles, 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 revenues and expenses for the period presented. Accordingly, actual results could differ from those estimates. </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:6.67%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates include estimates for variable consideration for which reserves were established. These estimates are included in the calculation of net revenues and include trade discounts and allowances, product returns, provider chargebacks and discounts, government rebates, payor rebates, and other incentives, such as voluntary patient assistance, and other allowances that are offered within contracts between the Company and its customers, payors, and other indirect customers relating to the Company’s sale of its products. </p>
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
3395000
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-37424000
us-gaap Net Income Loss
NetIncomeLoss
-13538000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39432000
CY2020Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
566000
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39998000
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38648000
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.97
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.08
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.97
CY2020Q2 pbyi Incremental Costs Expenses
IncrementalCostsExpenses
0
CY2019Q2 pbyi Incremental Costs Expenses
IncrementalCostsExpenses
0
CY2019Q2 pbyi Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
15440000
CY2020Q2 us-gaap Restricted Cash
RestrictedCash
12200000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
13200000
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
93284000
CY2020Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
93285000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
92840000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
62000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
92902000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;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:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:6.67%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to concentrations of credit risk, principally consist of cash and cash equivalents, marketable securities, and accounts receivable, net. The Company’s cash and cash equivalents and restricted cash in excess of the Federal Deposit Insurance Corporation and the Securities Investor Protection Corporation insured limits at June 30, 2020, were approximately $103.4 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’s internal investment policy, investments must be rated A-1/P-1 or better by Standard and Poor’s Rating Service and Moody’s Investors Service at the time of purchase. </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:6.67%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company sells its products in the United States primarily through specialty pharmacies and specialty distributors. Therefore, wholesale distributors and large pharmacy chains account for a large portion of its accounts receivables, net and product revenues, net. The creditworthiness of its customers is continuously monitored, and the Company has internal policies regarding customer credit limits. The Company estimates an allowance for doubtful accounts primarily based on the credit worthiness of its customers, historical payment patterns, aging of receivable balances and general economic conditions. The Company recorded $0 as an allowance for doubtful accounts in the three and six months ended June 30, 2020 and 2019.</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:10pt;text-indent:6.67%;color:#000000;font-size:10pt;font-family:Times New Roman;letter-spacing:-0.2pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s success depends on its ability to successfully commercialize NERLYNX. The Company currently has a single product and limited commercial sales experience, which makes it difficult to evaluate its current business, predict its future prospects and forecast financial performance and growth. The Company has invested a significant portion of its efforts and financial resources in the development and commercialization of the lead product, NERLYNX, and expects NERLYNX to constitute the vast majority of product revenue for the foreseeable future.  </p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:6.67%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="Background-color:#FFFFFF;">The Company relies exclusively on third parties to formulate and manufacture NERLYNX and its drug candidates. The commercialization of NERLYNX and any other drug candidates, if approved, could be stopped, delayed or made less profitable if those third parties fail to provide sufficient quantities of product or fail to do so at acceptable quality levels or prices. The Company has no experience in drug formulation or manufacturing and does not intend to establish its own manufacturing facilities.</span><span style="Background-color:#FFFFFF;"> </span><span style="Background-color:#FFFFFF;">The</span><span style="Background-color:#FFFFFF;"> </span><span style="Background-color:#FFFFFF;">Company lacks the resources and expertise to formulate or manufacture NERLYNX and other drug candidates. While the drug candidates were being developed by Pfizer, both the drug substance and drug product were manufactured by third-party contractors. The Company is using the same third-party contractors to manufacture, supply, store and distribute drug supplies for clinical trials and the commercialization of NERLYNX. If the Company is unable to continue its relationships with one or more of these third-party contractors, it could experience delays in the development or commercialization efforts as it locates and qualifies new manufacturers. The Company intends to rely on one or more third-party contractors to manufacture the commercial supply of drugs.</span></p>
CY2020Q2 pbyi Cash And Cash Equivalents And Restricted Cash In Excess Of Insured Limits
CashAndCashEquivalentsAndRestrictedCashInExcessOfInsuredLimits
103400000
CY2020Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2019Q2 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
0
CY2017 pbyi Research And Development Expense Related To Inventory
ResearchAndDevelopmentExpenseRelatedToInventory
4500000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
Options to extend or terminate a lease are considered in the lease term to the extent that the option is reasonably certain of exercise
CY2020Q2 pbyi Average Incremental Borrowing Rate
AverageIncrementalBorrowingRate
0.109
CY2019 pbyi Reduction In Carrying Value Of Right Of Use Assets
ReductionInCarryingValueOfRightOfUseAssets
1200000
CY2020Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1300000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
4000000.0
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8000000.0
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Ten
FiniteLivedIntangibleAssetsAmortizationExpenseYearTen
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Nine
FiniteLivedIntangibleAssetsAmortizationExpenseYearNine
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Eight
FiniteLivedIntangibleAssetsAmortizationExpenseYearEight
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Seven
FiniteLivedIntangibleAssetsAmortizationExpenseYearSeven
8000000.0
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
8000000.0
CY2020Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Six
FiniteLivedIntangibleAssetsAmortizationExpenseYearSix
8000000.0
CY2020Q2 pbyi Finite Lived Intangible Assets Amortization Expense Year Eleven
FiniteLivedIntangibleAssetsAmortizationExpenseYearEleven
2000000.0
CY2020Q2 pbyi Deposit For Manufacturing Costs Current
DepositForManufacturingCostsCurrent
3376000
CY2020Q2 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
50000
CY2019Q4 us-gaap Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
323000
CY2020Q2 pbyi Accounts Receivable Net Excluding License Revenue Receivable
AccountsReceivableNetExcludingLicenseRevenueReceivable
21287000
CY2019Q4 pbyi Accounts Receivable Net Excluding License Revenue Receivable
AccountsReceivableNetExcludingLicenseRevenueReceivable
26396000
CY2020Q2 pbyi License Revenue Receivable
LicenseRevenueReceivable
2700000
CY2019Q4 pbyi License Revenue Receivable
LicenseRevenueReceivable
2500000
CY2020Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
23987000
CY2019Q4 us-gaap Accounts Receivable Net
AccountsReceivableNet
28896000
CY2020Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12600000
CY2020Q2 us-gaap Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
2777000
CY2020Q2 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
15377000
CY2020Q2 us-gaap Other Assets Current
OtherAssetsCurrent
3426000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
323000
pbyi Fixed Lease Expense
FixedLeaseExpense
2400000
us-gaap Variable Lease Cost
VariableLeaseCost
200000
us-gaap Operating Lease Payments
OperatingLeasePayments
2814000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.109
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2624000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5365000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5483000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5631000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5805000
CY2020Q2 pbyi Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
7491000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32399000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8388000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
24011000
us-gaap Sublease Income
SubleaseIncome
200000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
229000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
467000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
481000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
495000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
510000
CY2020Q2 pbyi Lessor Operating Lease Payments To Be Received After Year Four
LessorOperatingLeasePaymentsToBeReceivedAfterYearFour
659000
CY2020Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
2841000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9163000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5859000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3304000
us-gaap Depreciation
Depreciation
500000
CY2019Q4 us-gaap Finite Lived License Agreements Gross
FiniteLivedLicenseAgreementsGross
50000000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
9539000
CY2019Q4 us-gaap Intangible Assets Net Including Goodwill
IntangibleAssetsNetIncludingGoodwill
40461000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2300000
us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2019Q4 pbyi Accrued Legal Verdict Expense Current
AccruedLegalVerdictExpenseCurrent
31350000
CY2019Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
8866000
CY2019Q4 pbyi Accrued Development Costs
AccruedDevelopmentCosts
8502000
CY2019Q4 pbyi Accrued Variable Consideration Current
AccruedVariableConsiderationCurrent
7978000
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1618000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4138000
CY2019Q4 pbyi Accrued Clinical Expenses Current
AccruedClinicalExpensesCurrent
2546000
CY2019Q4 pbyi Accrued Professional Fees Liability Current
AccruedProfessionalFeesLiabilityCurrent
1775000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
266000
CY2019Q4 pbyi Accrued Manufacturing Costs Current
AccruedManufacturingCostsCurrent
869000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1122000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
69030000
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
100000000
us-gaap Debt Instrument Maturity Date
DebtInstrumentMaturityDate
2024-06-01
CY2020Q2 pbyi Accretion Of Final Interest Payment
AccretionOfFinalInterestPayment
2599000
CY2020Q2 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
6026000
CY2020Q2 us-gaap Long Term Debt
LongTermDebt
96573000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
423113
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
346045
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q2 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2021-10-04
CY2020Q2 pbyi Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
10630000
pbyi Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
19537000
pbyi Allocated Share Based Compensation Expense Benefit
AllocatedShareBasedCompensationExpenseBenefit
33578000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5042325
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
82.42
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1951000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
606900
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.96
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
5000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
476087
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
92.81
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5172638
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
72.97
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3723000
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
944433
CY2020Q2 pbyi Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Exercise Price
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageExercisePrice
13.49
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4228205
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
86.25
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2329000
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
439194
CY2019Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
19.38
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
606900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
101661
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
32.46
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
944433
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue
10.57
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
700000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
800000
CY2020Q2 pbyi Milestone Payments Maximum Amount
MilestonePaymentsMaximumAmount
187500000
pbyi Percentage Of Unpaid Portion Of Milestone Payments Interest Rate
PercentageOfUnpaidPortionOfMilestonePaymentsInterestRate
0.0625
CY2020Q2 pbyi Success Based Legal Fee
SuccessBasedLegalFee
3000000.0

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