$PTCT
PTC THERAPEUTICS, INC.

2014 Q2 Form 10-Q Financial Statement

#000110465914035287 Filed on May 06, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q4
Revenue $1.700M $9.217M $4.411M
YoY Change -75.2% 29.05% -33.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.700M $7.500M $7.500M
YoY Change 31.82% 66.67% 134.38%
% of Gross Profit
Research & Development $18.30M $15.89M $15.00M
YoY Change 24.39% 41.15% 57.89%
% of Gross Profit
Depreciation & Amortization $560.0K $588.0K $590.0K
YoY Change -6.67% -5.92% -9.23%
% of Gross Profit
Operating Expenses $27.00M $23.43M $22.50M
YoY Change 26.72% 49.06% 77.55%
Operating Profit -$14.21M -$18.09M
YoY Change 65.72% 199.82%
Interest Expense $200.0K $171.0K $200.0K
YoY Change -275.17% -102.78% -200.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$57.00K $0.00
YoY Change -100.0% -205.56%
Pretax Income -$25.10M -$14.10M -$17.90M
YoY Change 71.92% -4.08% 184.13%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$25.10M -$14.10M -$17.89M
YoY Change 72.08% -3.99% 185.17%
Net Earnings / Revenue -1476.47% -152.96% -405.5%
Basic Earnings Per Share -$0.75
Diluted Earnings Per Share -$856.7K -$575.5K -$0.75
COMMON SHARES
Basic Shares Outstanding 30.07M shares 30.08M shares 24.92M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $226.9M $246.6M $142.5M
YoY Change 36.93% 391.24% 5127.44%
Cash & Equivalents $21.20M $115.9M $15.41M
Short-Term Investments $205.7M $130.7M $127.1M
Other Short-Term Assets $2.600M $2.000M $1.600M
YoY Change 62.5% 122.22%
Inventory
Prepaid Expenses
Receivables $900.0K $800.0K $1.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $230.3M $249.4M $145.0M
YoY Change 36.95% 378.66% 3055.94%
LONG-TERM ASSETS
Property, Plant & Equipment $6.400M $6.328M $6.730M
YoY Change -10.53% -17.82% -18.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $800.0K $100.0K $100.0K
YoY Change 300.0% -50.0%
Total Long-Term Assets $7.300M $6.460M $6.879M
YoY Change -0.14% -17.18% -18.85%
TOTAL ASSETS
Total Short-Term Assets $230.3M $249.4M $145.0M
Total Long-Term Assets $7.300M $6.460M $6.879M
Total Assets $237.6M $255.8M $151.9M
YoY Change 35.41% 327.11% 1062.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $600.0K $387.0K $1.124M
YoY Change 41.04% 29.0% 80.83%
Accrued Expenses $4.100M $2.100M $5.100M
YoY Change 36.67% -48.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00K $49.00K
YoY Change -99.68% -98.9%
Total Short-Term Liabilities $11.60M $9.239M $13.13M
YoY Change -41.38% -66.16% -53.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $2.200M $2.259M $2.227M
YoY Change -12.64% -24.7% -12.66%
Total Long-Term Liabilities $2.200M $2.259M $2.227M
YoY Change -12.64% -24.7% -25.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.60M $9.239M $13.13M
Total Long-Term Liabilities $2.200M $2.259M $2.227M
Total Liabilities $13.80M $11.50M $15.36M
YoY Change -38.8% -62.05% -51.83%
SHAREHOLDERS EQUITY
Retained Earnings -$342.9M -$328.8M
YoY Change 18.6%
Common Stock $30.00K $24.00K
YoY Change 4303.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $223.8M $244.3M $136.5M
YoY Change
Total Liabilities & Shareholders Equity $237.6M $255.8M $151.9M
YoY Change 35.41% 327.11% 1062.02%

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q4
OPERATING ACTIVITIES
Net Income -$25.10M -$14.10M -$17.89M
YoY Change 72.08% -3.99% 185.17%
Depreciation, Depletion And Amortization $560.0K $588.0K $590.0K
YoY Change -6.67% -5.92% -9.23%
Cash From Operating Activities -$18.81M -$13.44M -$14.46M
YoY Change -3.19% 71.21% 30.98%
INVESTING ACTIVITIES
Capital Expenditures -$650.0K $186.0K -$380.0K
YoY Change 712.5% 785.71% 3700.0%
Acquisitions
YoY Change
Other Investing Activities -$75.44M -$4.080M $6.240M
YoY Change 551.47%
Cash From Investing Activities -$76.09M -$4.270M $5.870M
YoY Change 552.57% 21250.0% -58800.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $37.00K
YoY Change -96.54%
Cash From Financing Activities 210.0K 118.2M -30.00K
YoY Change -99.84% 113.31% -95.71%
NET CHANGE
Cash From Operating Activities -18.81M -13.44M -14.46M
Cash From Investing Activities -76.09M -4.270M 5.870M
Cash From Financing Activities 210.0K 118.2M -30.00K
Net Change In Cash -94.69M 100.4M -8.620M
YoY Change -191.18% 111.36% -26.64%
FREE CASH FLOW
Cash From Operating Activities -$18.81M -$13.44M -$14.46M
Capital Expenditures -$650.0K $186.0K -$380.0K
Free Cash Flow -$18.16M -$13.63M -$14.08M
YoY Change -6.15% 73.12% 27.65%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2014Q1 us-gaap Nature Of Operations
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<div style="font-size:10.0pt;font-family:Times New Roman;"> <p style="MARGIN: 0in 0in 0pt;"><b><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold;" size="2">1.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The Company</font></b></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">PTC Therapeutics,&#160;Inc. (the Company or PTC) was incorporated as a Delaware corporation on March&#160;31, 1998. The Company is a biopharmaceutical company focused on the discovery and development of orally administered, proprietary small-molecule drugs that target post-transcriptional control processes.</font></p> <p style="MARGIN: 0in 0in 0pt;">&#160;</p> <p style="MARGIN: 0in 0in 0pt;"><font style="FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt;" size="2">The Company has devoted substantially all of its efforts to research and development, including clinical trials. The Company has not completed development of any drugs. The Company has not generated product revenue to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, the difficulties inherent in the development of commercially usable products, the potential need to obtain additional capital necessary to fund the development of its products, and competition from other companies. As of March&#160;31, 2014, the Company had an accumulated deficit of approximately $342.9&#160;million.</font> <font style="FONT-SIZE: 10pt;" size="2">The Company has financed its operations to date primarily through a public offering in February&#160;2014, its initial public offering in June&#160;2013 (see note&#160;6 below), private placements of its convertible preferred stock, collaborations, bank debt, convertible debt financings, grant funding and clinical trial support from governmental and philanthropic organizations and patient advocacy groups in the disease area addressed by the Company&#8217;s product candidates. The Company believes that its existing cash, cash equivalents, and marketable securities provide for sufficient resources to fund its currently planned operations through 2016.</font></p> </div>
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587128000 USD
CY2014Q1 us-gaap Depreciation
Depreciation
588000 USD
CY2014Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
55000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3705000 USD
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
358000 USD
CY2014Q1 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-120000 USD
CY2014Q1 us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
-17000 USD
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3472000 USD
CY2014Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-23000 USD
CY2014Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-386000 USD
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
186000 USD
CY2014Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
37000 USD
CY2014Q1 ptct Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
36000 USD
CY2014Q1 ptct Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
117000 USD
CY2013Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2013Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2013Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
69157000 USD
CY2013Q4 ptct Available For Sale Securities Debt Maturities Over One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesOverOneYearAmortizedCost
57896000 USD
CY2013Q4 ptct Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
31000 USD
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3882286 shares
CY2013Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
781966 shares
CY2014Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-414000 USD

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