$PTGX
Protagonist Therapeutics, Inc

2019 Q4 Form 10-K Financial Statement

#000155837021002715 Filed on March 10, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018
Revenue $2.720M $2.350M $30.93M
YoY Change 15.74% -79.17% 54.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.110M $3.520M $13.70M
YoY Change 16.76% 14.66% 16.3%
% of Gross Profit
Research & Development $15.91M $14.25M $59.50M
YoY Change 11.65% 21.59% 28.84%
% of Gross Profit
Depreciation & Amortization $200.0K $130.0K $527.0K
YoY Change 53.85% 8.33% 28.54%
% of Gross Profit
Operating Expenses $20.02M $17.77M $73.19M
YoY Change 12.66% 20.07% 26.28%
Operating Profit -$42.27M
YoY Change
Interest Expense $660.0K $750.0K $2.550M
YoY Change -12.0% 63.04% 171.28%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$20.00K
YoY Change
Pretax Income -$16.65M -$14.66M -$39.72M
YoY Change 13.57% 380.66% 7.48%
Income Tax $860.0K -$800.0K -$799.0K
% Of Pretax Income
Net Earnings -$17.50M -$13.87M -$38.92M
YoY Change 26.17% 354.75% 5.31%
Net Earnings / Revenue -643.38% -590.21% -125.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$633.4K -$572.9K -$1.741M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.0M $128.9M $128.9M
YoY Change 3.18% -10.49% -10.49%
Cash & Equivalents $33.01M $82.23M $82.20M
Short-Term Investments $100.0M $46.60M $46.60M
Other Short-Term Assets $5.500M $2.600M $2.100M
YoY Change 111.54% -31.58% -44.74%
Inventory
Prepaid Expenses
Receivables
Other Receivables $744.0K
Total Short-Term Assets $145.3M $137.5M $137.5M
YoY Change 5.68% -8.88% -8.88%
LONG-TERM ASSETS
Property, Plant & Equipment $1.681M $900.0K $900.0K
YoY Change 86.78% 0.0% 0.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.900M $1.100M $1.100M
YoY Change 72.73% 120.0% 120.0%
Total Long-Term Assets $9.606M $2.000M $2.000M
YoY Change 380.3% -84.38% -84.38%
TOTAL ASSETS
Total Short-Term Assets $145.3M $137.5M $137.5M
Total Long-Term Assets $9.606M $2.000M $2.000M
Total Assets $154.9M $139.5M $139.5M
YoY Change 11.05% -14.78% -14.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.790M $5.700M $5.700M
YoY Change -51.05% 338.46% 338.46%
Accrued Expenses $12.36M $11.10M $11.10M
YoY Change 11.35% 18.09% 18.09%
Deferred Revenue $17.74M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.41M $26.20M $26.20M
YoY Change 35.14% -38.5% -38.5%
LONG-TERM LIABILITIES
Long-Term Debt $9.800M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.80M $800.0K $800.0K
YoY Change 3625.0% 60.0% 60.0%
Total Long-Term Liabilities $39.60M $800.0K $800.0K
YoY Change 4850.0% 60.0% 60.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.41M $26.20M $26.20M
Total Long-Term Liabilities $39.60M $800.0K $800.0K
Total Liabilities $74.95M $27.00M $27.00M
YoY Change 177.6% -37.35% -37.35%
SHAREHOLDERS EQUITY
Retained Earnings -$217.7M
YoY Change
Common Stock $297.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.96M $112.5M $112.5M
YoY Change
Total Liabilities & Shareholders Equity $154.9M $139.5M $139.5M
YoY Change 11.05% -14.78% -14.78%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$17.50M -$13.87M -$38.92M
YoY Change 26.17% 354.75% 5.31%
Depreciation, Depletion And Amortization $200.0K $130.0K $527.0K
YoY Change 53.85% 8.33% 28.54%
Cash From Operating Activities -$14.29M -$10.14M -$49.95M
YoY Change 40.93% -28.34% -1390.62%
INVESTING ACTIVITIES
Capital Expenditures -$220.0K -$70.00K $486.0K
YoY Change 214.29% 16.67% -172.54%
Acquisitions
YoY Change
Other Investing Activities -$12.33M $4.610M $2.700M
YoY Change -367.46% -4.16% -83.63%
Cash From Investing Activities -$12.55M $4.550M $2.213M
YoY Change -375.82% -4.21% -86.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.780M 480.0K 24.12M
YoY Change 1937.5% -99.26% -63.21%
NET CHANGE
Cash From Operating Activities -14.29M -10.14M -49.95M
Cash From Investing Activities -12.55M 4.550M 2.213M
Cash From Financing Activities 9.780M 480.0K 24.12M
Net Change In Cash -17.06M -5.110M -23.80M
YoY Change 233.86% -109.18% -127.92%
FREE CASH FLOW
Cash From Operating Activities -$14.29M -$10.14M -$49.95M
Capital Expenditures -$220.0K -$70.00K $486.0K
Free Cash Flow -$14.07M -$10.07M -$50.43M
YoY Change 39.72% -28.53% -1210.86%

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CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2019 us-gaap Increase Decrease In Accounts Receivable Related Parties
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CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2019 us-gaap Increase Decrease In Accounts Payable Related Parties
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CY2018 us-gaap Increase Decrease In Accounts Payable Related Parties
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CY2019 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2018 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2019 us-gaap Increase Decrease In Contract With Customer Liability
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CY2020 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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CY2019 us-gaap Net Cash Provided By Used In Financing Activities
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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33466000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Interest Paid Net
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CY2019 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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CY2018 ptgx Fair Value Of Common Stock Retired In Exchange For Issuance Of Common Stock Warrant
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6670000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2020 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">The preparation of the 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 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 revenue recognition, accruals for research and development activities, stock-based compensation, income taxes, marketable securities and leases. Estimates related to revenue recognition include actual costs incurred versus total estimated costs of the Company’s deliverables to determine percentage of completion in addition to the application and estimates of potential revenue constraints in the determination of the transaction price under its license and collaboration agreements. 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 forecasted amounts and future events. Actual results may differ significantly from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt 0pt 12pt 0pt;">Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets. The Company has taken into consideration any known COVID-19 impacts in its accounting estimates to date and is not aware of any additional specific events or circumstances that would require any additional updates to its estimates or judgments or a revision of the carrying value of its assets or liabilities as of the date of issuance of this Annual Report on Form 10-K. These estimates may change as new events occur and additional information is obtained. Actual results could differ materially from these estimates under different assumptions or conditions.</p>
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Income Tax Examination Penalties And Interest Expense
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0
CY2020 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:23.75pt;margin:0pt;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and marketable securities. Substantially all of the Company’s cash is held by two financial institutions that management believes are of high credit quality. Such deposits may, at times, exceed federally insured limits. The primary focus of the Company’s investment strategy is to preserve capital and to meet liquidity requirements. The Company’s cash equivalents and marketable securities are managed by external managers within the guidelines of the Company’s investment policy. The Company’s investment policy addresses the level of credit exposure by limiting concentration in </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="white-space:pre-wrap;">any one corporate issuer and establishing a minimum allowable credit rating. To manage its credit risk exposure, the Company maintains its portfolio of cash equivalents and marketable securities in fixed income securities denominated and payable in U.S. dollars. Permissible investments of fixed income securities include obligations of the U.S. government and its agencies, money market instruments including commercial paper and negotiable certificates of deposit, and highly rated corporate debt obligations and money market funds.</span><span style="white-space:pre-wrap;"> </span></p>
CY2020Q4 ptgx Cash Number Of Financial Institutions
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2
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Restricted Cash Noncurrent
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CY2019Q4 us-gaap Capitalized Contract Cost Net
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CY2020Q4 us-gaap Capitalized Contract Cost Net
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CY2020Q4 us-gaap Cash Equivalents At Carrying Value
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131699000
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CY2019Q4 ptgx Cash Equivalents And Marketable Securities Fair Value
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CY2020Q4 us-gaap Marketable Securities Current
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CY2019Q4 us-gaap Marketable Securities Current
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CY2020 ptgx Current Contractual Maturities Maximum Period
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CY2020 ptgx Noncurrent Contractual Maturities Minimum Period
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CY2020 ptgx Noncurrent Contractual Maturities Maximum Period
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CY2019 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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0
CY2020 us-gaap Marketable Securities Realized Gain Loss Excluding Other Than Temporary Impairments
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CY2020Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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CY2019Q4 ptgx Prepaid Manufacturing Of Clinical Materials
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CY2020Q4 us-gaap Prepaid Insurance
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CY2019Q4 us-gaap Prepaid Insurance
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CY2019Q4 us-gaap Other Prepaid Expense Current
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311000
CY2019Q4 us-gaap Other Receivables Net Current
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CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2019Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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2641000
CY2020Q4 us-gaap Property Plant And Equipment Net
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1462000
CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2019Q4 ptgx Accrued Clinical And Research Related Expenses Current
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CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Accrued Liabilities Current
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12360000
CY2020Q4 us-gaap Debt Instrument Interest Rate Stated Percentage
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CY2019Q4 us-gaap Debt Instrument Carrying Amount
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CY2019Q4 us-gaap Deferred Finance Costs Net
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CY2019Q4 ptgx Debt Instrument Accrued Final Payment Fee
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16000
CY2019Q4 us-gaap Long Term Debt
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CY2020Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
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CY2019Q4 us-gaap Debt Instrument Interest Rate Effective Percentage
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q4 us-gaap Operating Lease Liability Current
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CY2019Q4 us-gaap Operating Lease Liability Current
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1256000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
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4500000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
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5961000
CY2020Q4 us-gaap Operating Lease Liability
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5959000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
7217000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
1941000
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
1885000
CY2018 us-gaap Operating Leases Rent Expense Net
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1900000
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y4M24D
CY2017Q1 us-gaap Security Deposit
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450000
CY2020 us-gaap Sublease Income
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89400
CY2019 us-gaap Sublease Income
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64000
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P4Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.110
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.110
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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2000000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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2059000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2121000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
895000
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7075000
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
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CY2020Q4 us-gaap Operating Lease Liability
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