$PTGX
Protagonist Therapeutics, Inc

2016 Q4 Form 10-Q Financial Statement

#000119312516767928 Filed on November 14, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.570M $1.580M $810.0K
YoY Change 217.28% 83.72%
% of Gross Profit
Research & Development $8.820M $5.561M $4.190M
YoY Change 110.5% 76.09%
% of Gross Profit
Depreciation & Amortization $80.00K $80.00K $90.00K
YoY Change -11.11% 60.0%
% of Gross Profit
Operating Expenses $11.40M $7.138M $5.000M
YoY Change 128.0% 77.52%
Operating Profit -$11.40M -$7.138M -$5.001M
YoY Change 127.89% 77.52%
Interest Expense $150.0K $50.00K -$490.0K
YoY Change -130.61% -91.23%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 $0.00
YoY Change
Pretax Income -$11.25M -$7.080M -$5.490M
YoY Change 104.92% 105.22%
Income Tax
% Of Pretax Income
Net Earnings -$11.25M -$7.084M -$5.493M
YoY Change 104.77% 105.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$767.4K -$482.9K -$374.5K
COMMON SHARES
Basic Shares Outstanding 16.71M shares 16.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.60M $98.50M $11.90M
YoY Change 552.1%
Cash & Equivalents $21.08M $96.02M $4.055M
Short-Term Investments $56.50M $2.500M $7.900M
Other Short-Term Assets $906.0K $1.800M $305.0K
YoY Change 197.05%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $83.24M $102.2M $14.21M
YoY Change 485.98%
LONG-TERM ASSETS
Property, Plant & Equipment $562.0K $564.0K $609.0K
YoY Change -7.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.20M
YoY Change
Other Assets $34.00K $34.00K $30.00K
YoY Change 13.33%
Total Long-Term Assets $10.75M $598.0K $639.0K
YoY Change 1581.69%
TOTAL ASSETS
Total Short-Term Assets $83.24M $102.2M $14.21M
Total Long-Term Assets $10.75M $598.0K $639.0K
Total Assets $93.99M $102.8M $14.85M
YoY Change 533.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.163M $2.335M $1.247M
YoY Change -6.74%
Accrued Expenses $5.272M $3.014M $1.879M
YoY Change 180.57%
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 $6.435M $5.349M $3.126M
YoY Change 105.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.100M
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $2.100M
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.435M $5.349M $3.126M
Total Long-Term Liabilities $0.00 $0.00 $2.100M
Total Liabilities $6.435M $5.349M $5.249M
YoY Change 22.59%
SHAREHOLDERS EQUITY
Retained Earnings -$64.59M -$53.35M -$27.42M
YoY Change 135.6%
Common Stock $152.4M $150.9M $118.0K
YoY Change 129046.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $87.56M $97.49M -$27.40M
YoY Change
Total Liabilities & Shareholders Equity $93.99M $102.8M $14.85M
YoY Change 533.14%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q4
OPERATING ACTIVITIES
Net Income -$11.25M -$7.084M -$5.493M
YoY Change 104.77% 105.39%
Depreciation, Depletion And Amortization $80.00K $80.00K $90.00K
YoY Change -11.11% 60.0%
Cash From Operating Activities -$9.680M -$6.980M -$4.740M
YoY Change 104.22% 85.15%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$50.00K -$220.0K
YoY Change -77.27% -54.55%
Acquisitions
YoY Change
Other Investing Activities -$64.27M $3.930M -$7.870M
YoY Change 716.65%
Cash From Investing Activities -$64.33M $3.890M -$8.080M
YoY Change 696.16% -3636.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -850.0K 85.28M 0.000
YoY Change 391.24%
NET CHANGE
Cash From Operating Activities -9.680M -6.980M -4.740M
Cash From Investing Activities -64.33M 3.890M -8.080M
Cash From Financing Activities -850.0K 85.28M 0.000
Net Change In Cash -74.86M 82.19M -12.82M
YoY Change 483.93% 509.72%
FREE CASH FLOW
Cash From Operating Activities -$9.680M -$6.980M -$4.740M
Capital Expenditures -$50.00K -$50.00K -$220.0K
Free Cash Flow -$9.630M -$6.930M -$4.520M
YoY Change 113.05% 89.34%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and available-for-sale securities. Substantially all the Company&#x2019;s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits.</p> </div>
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
32000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0138 pure
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accruals for research and development activities, fair value of redeemable convertible preferred stock tranche liability, fair value of redeemable convertible preferred stock warrant liability, fair value of common stock, stock-based compensation and income taxes. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates.</p> </div>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.648 pure
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
In July 2016, the Company's board of directors approved an amendment to the Company's amended and restated certificate of incorporation to effect a reverse split of the Company's issued and outstanding common stock at a 1-for-14.5 ratio, which was effected on August 1, 2016.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
84508000
dei Trading Symbol
TradingSymbol
PTGX
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
16882000
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
22508000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
143000
us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
558000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0127 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.16
us-gaap Share Based Compensation
ShareBasedCompensation
610000
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
558000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.625 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3071456 shares
ptgx Stock Issuance Costs Incurred But Not Yet Paid
StockIssuanceCostsIncurredButNotYetPaid
860000
ptgx Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2016-08-01
ptgx Accretion Of Redeemable Convertible Preferred Stock
AccretionOfRedeemableConvertiblePreferredStock
558000
ptgx Amortization Of Premium On Available For Sale Securities
AmortizationOfPremiumOnAvailableForSaleSecurities
82000
ptgx Reclassification Of Preferred Stock Warrant Liability To Equity
ReclassificationOfPreferredStockWarrantLiabilityToEquity
1005000
ptgx Settlement Of Fair Value Of Redeemable Convertible Preferred Stock Liability
SettlementOfFairValueOfRedeemableConvertiblePreferredStockLiability
5837000
ptgx Fair Value Adjustment Of Tranche Liability
FairValueAdjustmentOfTrancheLiability
4194000
ptgx Fair Value Adjustment Of Tranche And Warrants
FairValueAdjustmentOfTrancheAndWarrants
4719000
ptgx Increase Decrease In Research And Development Tax Incentive Receivable
IncreaseDecreaseInResearchAndDevelopmentTaxIncentiveReceivable
1229000
CY2016Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.06896 pure
CY2016Q1 ptgx Settlement Of Fair Value Of Redeemable Convertible Preferred Stock Liability
SettlementOfFairValueOfRedeemableConvertiblePreferredStockLiability
5800000
CY2015 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6067510 shares
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-12.79
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22000
CY2015Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
863000
CY2015Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-3620000
CY2015Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-805000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
4021000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-3449000
CY2015Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-171000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3485000
CY2015Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-4021000
CY2015Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
1000
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3158000
CY2015Q3 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
36000
CY2015Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
36000
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
272409 shares
CY2015Q3 ptgx Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Granted In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGrantedInPeriod
0 shares
CY2015Q3 ptgx Fair Value Adjustment Of Tranche And Warrants
FairValueAdjustmentOfTrancheAndWarrants
-571000
CY2016Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1496156 shares
CY2016Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.87
CY2016Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
448000
CY2016Q3 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1577000
CY2016Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-7008000
CY2016Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0
CY2016Q3 us-gaap Operating Expenses
OperatingExpenses
7138000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
-7084000
CY2016Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
75000
CY2016Q3 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
1000
CY2016Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7377000
CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-7138000
CY2016Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
54000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5561000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.628 pure
CY2016Q3 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
293000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.09
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0128 pure
CY2016Q3 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
293000
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8483189 shares

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ptgx-20160930.xml Edgar Link completed
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