2016 Q4 Form 10-Q Financial Statement

#000155905316000084 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $171.0K $286.0K $429.0K
YoY Change -44.3% -33.33% -71.13%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.600M $16.14M $5.910M
YoY Change 44.8% 173.1% 39.72%
% of Gross Profit
Research & Development $39.84M $26.84M $17.19M
YoY Change 122.69% 56.17% 65.43%
% of Gross Profit
Depreciation & Amortization $920.0K $800.0K $200.0K
YoY Change 318.18% 300.0% 0.0%
% of Gross Profit
Operating Expenses $49.45M $42.97M $23.09M
YoY Change 101.67% 86.12% 57.96%
Operating Profit -$42.69M -$22.66M
YoY Change 88.38% 72.56%
Interest Expense $150.0K $140.0K $50.00K
YoY Change 87.5% 180.0% 150.0%
% of Operating Profit
Other Income/Expense, Net $580.0K -$130.0K -$77.00K
YoY Change -3000.0% 68.83% -140.31%
Pretax Income -$48.55M -$42.82M -$22.74M
YoY Change 100.95% 88.31% 75.71%
Income Tax $350.0K $421.0K $238.0K
% Of Pretax Income
Net Earnings -$48.90M -$43.24M -$22.98M
YoY Change 102.44% 88.19% 74.3%
Net Earnings / Revenue -28598.25% -15118.53% -5355.71%
Basic Earnings Per Share -$1.41 -$1.26 -$0.73
Diluted Earnings Per Share -$1.41 -$1.26 -$0.73
COMMON SHARES
Basic Shares Outstanding 34.49M shares 34.40M shares 31.44M shares
Diluted Shares Outstanding 31.44M shares

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $386.9M $408.6M $387.8M
YoY Change 4.4% 5.36% 26.65%
Cash & Equivalents $386.9M $408.6M $387.8M
Short-Term Investments
Other Short-Term Assets $4.300M $6.700M $5.000M
YoY Change -31.75% 34.0% 212.5%
Inventory
Prepaid Expenses
Receivables $178.0K $409.0K $814.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $391.4M $415.6M $393.6M
YoY Change 3.7% 5.61% 27.45%
LONG-TERM ASSETS
Property, Plant & Equipment $56.45M $51.74M $2.930M
YoY Change 1361.73% 1665.8% -10.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.193M $2.162M $7.000K
YoY Change 95.63% 30785.71% -99.53%
Total Long-Term Assets $68.61M $63.94M $5.354M
YoY Change 775.96% 1094.32% 12.06%
TOTAL ASSETS
Total Short-Term Assets $391.4M $415.6M $393.6M
Total Long-Term Assets $68.61M $63.94M $5.354M
Total Assets $460.0M $479.6M $398.9M
YoY Change 19.4% 20.22% 27.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.07M $10.54M $4.058M
YoY Change 189.2% 159.73% 227.26%
Accrued Expenses $25.70M $22.60M $13.00M
YoY Change 54.82% 73.85% 85.71%
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 $41.08M $36.91M $18.56M
YoY Change 84.89% 98.88% 86.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $126.0K
YoY Change -100.0% -100.0% -94.0%
Total Long-Term Liabilities $53.50M $41.57M $2.419M
YoY Change 2175.54% 1618.64% 17.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.08M $36.91M $18.56M
Total Long-Term Liabilities $53.50M $41.57M $2.419M
Total Liabilities $94.57M $78.48M $20.98M
YoY Change 284.96% 274.13% 74.29%
SHAREHOLDERS EQUITY
Retained Earnings -$289.2M -$240.3M -$104.9M
YoY Change 124.02% 128.98% 196.62%
Common Stock $348.0K $344.0K $315.0K
YoY Change 9.78% 9.21% 14.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $365.4M $401.1M $378.0M
YoY Change
Total Liabilities & Shareholders Equity $460.0M $479.6M $398.9M
YoY Change 19.4% 20.22% 27.21%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$48.90M -$43.24M -$22.98M
YoY Change 102.44% 88.19% 74.3%
Depreciation, Depletion And Amortization $920.0K $800.0K $200.0K
YoY Change 318.18% 300.0% 0.0%
Cash From Operating Activities -$33.81M -$29.76M -$16.91M
YoY Change 71.71% 75.99% 37.82%
INVESTING ACTIVITIES
Capital Expenditures -$7.140M -$8.560M -$330.0K
YoY Change 628.57% 2493.94% 200.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.060M
YoY Change
Cash From Investing Activities -$7.140M -$4.500M -$330.0K
YoY Change 628.57% 1263.64% 200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 19.30M 3.950M 2.650M
YoY Change 459.42% 49.06% -81.95%
NET CHANGE
Cash From Operating Activities -33.81M -29.76M -16.91M
Cash From Investing Activities -7.140M -4.500M -330.0K
Cash From Financing Activities 19.30M 3.950M 2.650M
Net Change In Cash -21.65M -30.31M -14.59M
YoY Change 25.73% 107.75% -734.35%
FREE CASH FLOW
Cash From Operating Activities -$33.81M -$29.76M -$16.91M
Capital Expenditures -$7.140M -$8.560M -$330.0K
Free Cash Flow -$26.67M -$21.20M -$16.58M
YoY Change 42.54% 27.86% 36.35%

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us-gaap Operating Income Loss
OperatingIncomeLoss
-110258000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
10913000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
552000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2289000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2412000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2328000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2249000 USD
CY2016Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1083000 USD
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
1121000 USD
CY2016Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
2162000 USD
CY2015Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
4903000 USD
CY2016Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
8251000 USD
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
126000 USD
CY2016Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
0 USD
CY2015Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-127000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-147000 USD
CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-268000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-561000 USD
CY2015Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
520000 USD
CY2016Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
1481000 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
0 USD
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
-2812000 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
397000 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
9497000 USD
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6308000 USD
CY2016Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6655000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
131481000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
128777000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3562000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2396000 USD
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9205000 USD
CY2016Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
58582000 USD
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3862000 USD
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
51738000 USD
CY2016Q3 us-gaap Purchase Obligation
PurchaseObligation
21559000 USD
CY2016Q3 us-gaap Purchase Obligation Due After Fifth Year
PurchaseObligationDueAfterFifthYear
0 USD
CY2016Q3 us-gaap Purchase Obligation Due In Fifth Year
PurchaseObligationDueInFifthYear
32000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
59000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Second Year
PurchaseObligationDueInSecondYear
144000 USD
CY2016Q3 us-gaap Purchase Obligation Due In Third Year
PurchaseObligationDueInThirdYear
107000 USD
CY2016Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
21217000 USD
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17185000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
40549000 USD
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
26838000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
79690000 USD
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
0 USD
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
4056000 USD
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-129103000 USD
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-240308000 USD
CY2015Q3 us-gaap Revenues
Revenues
429000 USD
us-gaap Revenues
Revenues
1300000 USD
CY2016Q3 us-gaap Revenues
Revenues
286000 USD
us-gaap Revenues
Revenues
884000 USD
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
3017000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
7136000 USD
CY2016Q3 us-gaap Share Based Compensation
ShareBasedCompensation
11448000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
19718000 USD
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
1850000 shares
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
360669000 USD
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
401100000 USD
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31441000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29893000 shares
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34413000 shares
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34266000 shares
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Segment and Concentration of Risks</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company operates in </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> segment. The Company&#8217;s chief operating decision maker (the &#8220;CODM&#8221;), its Chief Executive Officer, manages the Company&#8217;s operations on a consolidated basis for purposes of allocating resources. When evaluating the Company&#8217;s financial performance, the CODM reviews all financial information on a consolidated basis.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents and accounts receivable. The Company places its cash equivalents with high credit quality financial institutions and by policy, limits the amount of credit exposure with any one financial institution. Deposits held with banks may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on its deposits of cash and cash equivalents and its credit risk exposure is up to the extent recorded on the Company's Condensed Consolidated Balance Sheets.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Receivable from Roche as of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;"> and December 31, 2015 are amounts due from Roche entities located in the U.S. and Switzerland under the License Agreement that became effective January 22, 2014. Revenue recorded in the Statements of Operations consists of reimbursement from Roche for research and development services. Credit risk exposure is up to the extent of amounts recorded on the Company's Condensed Consolidated Balance Sheets.</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;">September&#160;30, 2016</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$51.0 million</font><font style="font-family:inherit;font-size:10pt;"> of the Company's long-lived assets were held in the U.S. and </font><font style="font-family:inherit;font-size:10pt;">$0.8 million</font><font style="font-family:inherit;font-size:10pt;"> were held in Ireland. </font></div><div style="line-height:120%;padding-top:15px;text-align:justify;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company does not own or operate facilities for the manufacture, storage, testing or distribution of preclinical or clinical supplies of any of its drug candidates. The Company instead contracts with and relies on third-parties to manufacture, store, test and distribute all preclinical development and clinical supplies of its drug candidates, and the Company plans to continue to do so for the foreseeable future. Currently, the Company has a single source of preclinical or clinical supplies for each of its drug candidates. A delay or inability to obtain such supply could have an adverse effect on the Company's business, financial condition and results of operations.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-align:justify;text-indent:30px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the Condensed Consolidated Financial Statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, share-based compensation and research and development expenses. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Because of the uncertainties inherent in such estimates, actual results may differ materially from these estimates.</font></div></div>

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