$RCKT
ROCKET PHARMACEUTICALS, INC.

2017 Q1 Form 10-K Financial Statement

#000156459017004532 Filed on March 16, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2015 Q4 2015
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $590.0K $2.310M $7.840M
YoY Change -76.59% 196.15% 271.56%
% of Gross Profit
Research & Development $2.290M $5.920M $12.55M
YoY Change -69.93% 529.79% 124.5%
% of Gross Profit
Depreciation & Amortization $61.00K $40.00K $45.00K
YoY Change 64.86%
% of Gross Profit
Operating Expenses $2.870M $8.230M $12.55M
YoY Change -62.31% 381.29% 124.5%
Operating Profit -$9.966M -$20.40M
YoY Change -1.69% 164.75%
Interest Expense $876.0K $60.00K $1.230M
YoY Change 1151.43% -113.64% 25.51%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$2.870M -$8.170M -$67.98M
YoY Change -71.5% 280.0% 613.33%
Income Tax
% Of Pretax Income
Net Earnings -$10.67M -$8.170M -$67.98M
YoY Change 5.98% 280.0% 613.27%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$422.1K -$1.232M -$14.84M
COMMON SHARES
Basic Shares Outstanding 26.99M 26.41M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2015 Q4 2015
SHORT-TERM ASSETS
Cash & Short-Term Investments $114.7M $111.3M $111.3M
YoY Change 12.12% 2991.67% 2991.67%
Cash & Equivalents $25.27M $80.04M $80.00M
Short-Term Investments $89.40M $31.20M $31.20M
Other Short-Term Assets $1.900M $1.100M $1.100M
YoY Change 90.0% 1000.0% 1000.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $116.6M $112.4M $112.4M
YoY Change 12.97% 2961.74% 2937.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.122M $812.0K $800.0K
YoY Change 42.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $168.0K $143.0K $100.0K
YoY Change -1.18% -92.27% -94.74%
Total Long-Term Assets $1.290M $955.0K $900.0K
YoY Change 34.38% -48.38% -50.0%
TOTAL ASSETS
Total Short-Term Assets $116.6M $112.4M $112.4M
Total Long-Term Assets $1.290M $955.0K $900.0K
Total Assets $117.9M $113.3M $113.3M
YoY Change 13.16% 1952.92% 1960.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.902M $1.633M $1.600M
YoY Change 38.23% 42.5% 45.45%
Accrued Expenses $2.886M $2.508M $2.200M
YoY Change -10.87% 152.82% 120.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $5.300M $4.141M $4.100M
YoY Change 14.87% -42.66% -43.06%
LONG-TERM LIABILITIES
Long-Term Debt $49.10M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $300.0K $367.0K $400.0K
YoY Change -14.53% 1429.17% -20.0%
Total Long-Term Liabilities $49.40M $367.0K $400.0K
YoY Change 13974.07% 1429.17% -87.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.300M $4.141M $4.100M
Total Long-Term Liabilities $49.40M $367.0K $400.0K
Total Liabilities $54.70M $4.508M $4.500M
YoY Change 1001.71% -56.14% -56.31%
SHAREHOLDERS EQUITY
Retained Earnings -$196.0M
YoY Change 53.09%
Common Stock $304.8M
YoY Change 298.59%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.30M $108.8M $108.8M
YoY Change
Total Liabilities & Shareholders Equity $117.9M $113.3M $113.3M
YoY Change 13.14% 1952.92% 1960.0%

Cashflow Statement

Concept 2017 Q1 2015 Q4 2015
OPERATING ACTIVITIES
Net Income -$10.67M -$8.170M -$67.98M
YoY Change 5.98% 280.0% 613.27%
Depreciation, Depletion And Amortization $61.00K $40.00K $45.00K
YoY Change 64.86%
Cash From Operating Activities -$3.720M -$7.040M -$17.42M
YoY Change -58.62% 135.45% 78.85%
INVESTING ACTIVITIES
Capital Expenditures -$130.0K -$90.00K -$410.0K
YoY Change 550.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$2.140M -$31.26M
YoY Change -100.0%
Cash From Investing Activities -$130.0K -$2.240M -$31.68M
YoY Change -98.95%
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 21.55M 80.00K 125.5M
YoY Change -93.65% 21921.05%
NET CHANGE
Cash From Operating Activities -3.720M -7.040M -17.42M
Cash From Investing Activities -130.0K -2.240M -31.68M
Cash From Financing Activities 21.55M 80.00K 125.5M
Net Change In Cash 17.70M -9.200M 76.42M
YoY Change -182.98% 431.79% -933.37%
FREE CASH FLOW
Cash From Operating Activities -$3.720M -$7.040M -$17.42M
Capital Expenditures -$130.0K -$90.00K -$410.0K
Free Cash Flow -$3.590M -$6.950M -$17.01M
YoY Change -59.98%

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EffectiveIncomeTaxRateReconciliationChangeInValueOfConvertibleNotesDerivativesAndWarrantLiabilities
-0.2116
CY2016 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.4040
CY2015 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.0929
CY2016 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2015 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
43765000
CY2015Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
35858000
CY2016Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
22775000
CY2015Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
14406000
CY2016Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1963000
CY2015Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
927000
CY2016Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
68503000
CY2015Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
51191000
CY2016Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2015Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2016 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
17312000
CY2015 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
6313000
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
105336000
CY2016Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
62653000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
488000
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
333000
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
284000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
6000
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
149000
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
49000
CY2015Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.835422
CY2014Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.294985
CY2016 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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.
CY2016 us-gaap Common Stock Voting Rights
CommonStockVotingRights
One vote per share
CY2015Q2 itek Lease Commencement Date
LeaseCommencementDate
2015-09
CY2015Q2 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
445000
CY2016Q1 itek Lease Amendment Commencement Date
LeaseAmendmentCommencementDate
2016-07-01
CY2016Q1 itek Lease Term Period
LeaseTermPeriod
P90M
CY2016Q1 itek Lease Extend Term
LeaseExtendTerm
P5Y
CY2016 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The lease term is 90 months and the Company has the right to extend the term for one period of five years.
CY2016Q1 itek Operating Lease Annual Rent Per Square Foot In First Year Of Lease
OperatingLeaseAnnualRentPerSquareFootInFirstYearOfLease
25
CY2016Q1 itek Operating Lease Annual Rent Per Square Foot In Final Year Of Lease
OperatingLeaseAnnualRentPerSquareFootInFinalYearOfLease
30.50
CY2016 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
275000
CY2015 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
143000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
402000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
411000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
421000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
429000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
439000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
520000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2622000
CY2016 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
168000
CY2015 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
35000

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