$RCKT
ROCKET PHARMACEUTICALS, INC.

2016 Q1 Form 10-K Financial Statement

#000119312516514228 Filed on March 23, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 2014 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 $2.520M $7.840M $780.0K
YoY Change 27.27% 271.56% 875.0%
% of Gross Profit
Research & Development $7.615M $12.55M $940.0K
YoY Change 612.35% 124.5% -40.88%
% of Gross Profit
Depreciation & Amortization $37.00K $45.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $7.615M $12.55M $1.710M
YoY Change 612.35% 124.5% 2.4%
Operating Profit -$10.14M -$20.40M
YoY Change 232.47% 164.75%
Interest Expense $70.00K $1.230M -$440.0K
YoY Change -85.23% 25.51% 46.67%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$10.07M -$67.98M -$2.150M
YoY Change 589.73% 613.33% 9.14%
Income Tax
% Of Pretax Income
Net Earnings -$10.07M -$67.98M -$2.150M
YoY Change 588.65% 613.27% 9.14%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.523M -$14.84M -$541.6K
COMMON SHARES
Basic Shares Outstanding 26.42M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.3M $111.3M $3.600M
YoY Change 92.66% 2991.67% -71.88%
Cash & Equivalents $58.71M $80.00M $3.618M
Short-Term Investments $43.60M $31.20M
Other Short-Term Assets $1.000M $1.100M $100.0K
YoY Change 233.33% 1000.0% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $103.2M $112.4M $3.670M
YoY Change 93.2% 2937.84% -71.55%
LONG-TERM ASSETS
Property, Plant & Equipment $790.0K $800.0K $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $170.0K $100.0K $1.850M
YoY Change -91.85% -94.74%
Total Long-Term Assets $960.0K $900.0K $1.850M
YoY Change -53.98% -50.0%
TOTAL ASSETS
Total Short-Term Assets $103.2M $112.4M $3.670M
Total Long-Term Assets $960.0K $900.0K $1.850M
Total Assets $104.2M $113.3M $5.520M
YoY Change 87.67% 1960.0% -57.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.376M $1.600M $1.146M
YoY Change 5.76% 45.45% 473.0%
Accrued Expenses $3.238M $2.200M $992.0K
YoY Change 207.79% 120.0% -38.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $2.000M
YoY Change -100.0%
Long-Term Debt Due $0.00 $3.100M
YoY Change -100.0% 121.43%
Total Short-Term Liabilities $4.614M $4.100M $7.222M
YoY Change 87.79% -43.06% 125.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.600M
YoY Change -100.0% -100.0% -51.85%
Other Long-Term Liabilities $351.0K $400.0K $24.00K
YoY Change 1362.5% -20.0% -98.74%
Total Long-Term Liabilities $351.0K $400.0K $24.00K
YoY Change 1362.5% -87.1% -99.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.614M $4.100M $7.222M
Total Long-Term Liabilities $351.0K $400.0K $24.00K
Total Liabilities $4.965M $4.500M $10.28M
YoY Change -76.99% -56.31% -2.11%
SHAREHOLDERS EQUITY
Retained Earnings -$206.1M -$128.0M
YoY Change 59.14%
Common Stock $305.3M $76.48M
YoY Change 86.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.24M $108.8M -$51.56M
YoY Change
Total Liabilities & Shareholders Equity $104.2M $113.3M $5.520M
YoY Change 87.67% 1960.0% -57.21%

Cashflow Statement

Concept 2016 Q1 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$10.07M -$67.98M -$2.150M
YoY Change 588.65% 613.27% 9.14%
Depreciation, Depletion And Amortization $37.00K $45.00K $0.00
YoY Change
Cash From Operating Activities -$8.990M -$17.42M -$2.990M
YoY Change 351.76% 78.85% 67.98%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$410.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$12.33M -$31.26M $0.00
YoY Change
Cash From Investing Activities -$12.34M -$31.68M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $73.97M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 125.5M 1.260M
YoY Change -100.0% 21921.05%
NET CHANGE
Cash From Operating Activities -8.990M -17.42M -2.990M
Cash From Investing Activities -12.34M -31.68M 0.000
Cash From Financing Activities 0.000 125.5M 1.260M
Net Change In Cash -21.33M 76.42M -1.730M
YoY Change -143.07% -933.37% -2.81%
FREE CASH FLOW
Cash From Operating Activities -$8.990M -$17.42M -$2.990M
Capital Expenditures -$20.00K -$410.0K
Free Cash Flow -$8.970M -$17.01M
YoY Change

Facts In Submission

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In November 2014, the board of directors and the stockholders of the Company approved a 1-for-3.39 reverse stock split of the Company's outstanding common stock and in January 2015, the board of directors and the stockholders of the Company approved a 1-for-1.197 reverse stock split of the Company's outstanding common stock.
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0120 pure
CY2015 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2015 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2015 dei Entity Registrant Name
EntityRegistrantName
Inotek Pharmaceuticals Corporation
CY2015 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2015 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Shorter of useful life or remaining life of lease
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
730500 shares
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Document Period End Date
DocumentPeriodEndDate
2015-12-31
CY2015 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> <b>Use of Estimates</b>&#x2014;The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from these estimates. Significant items subject to such estimates and assumptions include the valuation of stock options used for the calculation of stock-based compensation, fair value of warrant liabilities and other derivative instruments, and determination of accruals related to research and clinical development.</p> </div>
CY2015 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
18311333 shares
CY2015 dei Trading Symbol
TradingSymbol
ITEK
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2015 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
5800000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
-67982000
CY2015 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
11000
CY2015 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
43000
CY2015 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-68113000
CY2015 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
-42793000
CY2015 us-gaap Interest Paid
InterestPaid
89000
CY2015 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2380000
CY2015 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1256000
CY2015 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
63000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
-20396000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
6313000
CY2015 us-gaap Extinguishment Of Debt Gain Loss Net Of Tax
ExtinguishmentOfDebtGainLossNetOfTax
-4399000
CY2015 us-gaap Available For Sale Securities Gross Unrealized Gains
AvailableForSaleSecuritiesGrossUnrealizedGains
0
CY2015 us-gaap Temporary Equity Accretion To Redemption Value
TemporaryEquityAccretionToRedemptionValue
-131000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Settlements With Taxing Authorities
UnrecognizedTaxBenefitsIncreasesResultingFromSettlementsWithTaxingAuthorities
0
CY2015 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-4239000
CY2015 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
412000
CY2015 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
33693000
CY2015 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-11000
CY2015 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
1841000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
2380000
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
35000
CY2015 us-gaap Interest Expense
InterestExpense
1230000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-31675000
CY2015 us-gaap Investment Income Interest
InvestmentIncomeInterest
89000
CY2015 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-267000
CY2015 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
63000
CY2015 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
11000
CY2015 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
66376000
CY2015 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-67993000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
49000
CY2015 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2015 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
445000
CY2015 us-gaap Investment Income Amortization Of Premium
InvestmentIncomeAmortizationOfPremium
75000
CY2015 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
131000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
143000
CY2015 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
76424000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
125515000
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12554000
CY2015 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
73965000
CY2015 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1438000
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
43000
CY2015 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
2430000
CY2015 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7842000
CY2015 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
107000
CY2015 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
38085000
CY2015 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
487000
CY2015 us-gaap Depreciation
Depreciation
45000
CY2015 us-gaap Available For Sale Securities Gross Unrealized Loss
AvailableForSaleSecuritiesGrossUnrealizedLoss
11000
CY2015 itek Effective Income Tax Rate Reconciliation Capital Loss Expirations
EffectiveIncomeTaxRateReconciliationCapitalLossExpirations
0.0213 pure
CY2015 itek Net Proceeds From Underwritten Offering Of Debt
NetProceedsFromUnderwrittenOfferingOfDebt
21000000
CY2015 itek Noncash Interest Expense
NoncashInterestExpense
1132000
CY2015 itek Fair Value Adjustment Of Convertible Notes Redemption Rights Derivative
FairValueAdjustmentOfConvertibleNotesRedemptionRightsDerivative
-480000
CY2015 itek Conversion Of Convertible Bridge Notes Into Common Stock Value
ConversionOfConvertibleBridgeNotesIntoCommonStockValue
2027000
CY2015 itek Adjustment To Additional Paid In Capital Reclassification Of Fair Value Of Warrant Liability
AdjustmentToAdditionalPaidInCapitalReclassificationOfFairValueOfWarrantLiability
215000
CY2015 itek Conversion Of Convertible Notes Into Common Stock Value
ConversionOfConvertibleNotesIntoCommonStockValue
66376000
CY2015 itek Effective Income Tax Rate Reconciliation Change In Value Of Convertible Notes Derivatives And Warrant Liabilities
EffectiveIncomeTaxRateReconciliationChangeInValueOfConvertibleNotesDerivativesAndWarrantLiabilities
-0.2116 pure
CY2015 itek Gain Loss On Deferred Rent And Lease Incentive
GainLossOnDeferredRentAndLeaseIncentive
20000
CY2015Q1 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
18903000
CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
36495000

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