2020 Q2 Form 10-Q Financial Statement

#000155837020009154 Filed on August 04, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $16.02M $10.41M
YoY Change 53.94% 481.4%
Cost Of Revenue $279.0K $311.0K
YoY Change -10.29% 936.67%
Gross Profit $14.70M $9.862M
YoY Change 49.01% 460.34%
Gross Profit Margin 91.72% 94.76%
Selling, General & Admin $18.92M $18.21M
YoY Change 3.9% 6.67%
% of Gross Profit 128.75% 184.64%
Research & Development $14.21M $13.23M
YoY Change 7.47% 22.46%
% of Gross Profit 96.73% 134.11%
Depreciation & Amortization $170.0K $180.0K
YoY Change -5.56% 12.5%
% of Gross Profit 1.16% 1.83%
Operating Expenses $33.13M $31.44M
YoY Change 5.4% 12.79%
Operating Profit -$17.39M -$21.34M
YoY Change -18.5% -18.27%
Interest Expense $353.0K $730.0K
YoY Change -51.64% 32.73%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$17.58M -$20.61M
YoY Change -14.72% -19.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.58M -$20.61M
YoY Change -14.7% -19.37%
Net Earnings / Revenue -109.73% -198.04%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10 -$123.3K
COMMON SHARES
Basic Shares Outstanding 168.6M 167.2M
Diluted Shares Outstanding 168.6M 167.2M

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $92.50M $112.4M
YoY Change -17.7% -16.74%
Cash & Equivalents $36.47M $44.23M
Short-Term Investments $56.00M $68.10M
Other Short-Term Assets $7.200M $4.000M
YoY Change 80.0% 100.0%
Inventory $1.684M $1.200M
Prepaid Expenses
Receivables $11.73M $6.900M
Other Receivables $0.00 $0.00
Total Short-Term Assets $113.1M $124.5M
YoY Change -9.16% -10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.381M $30.90M
YoY Change -92.29% 1960.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $653.0K $700.0K
YoY Change -6.71% 0.0%
Total Long-Term Assets $24.95M $31.70M
YoY Change -21.31% 1409.52%
TOTAL ASSETS
Total Short-Term Assets $113.1M $124.5M
Total Long-Term Assets $24.95M $31.70M
Total Assets $138.0M $156.2M
YoY Change -11.63% 10.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.414M $3.800M
YoY Change -10.16% 15.15%
Accrued Expenses $28.10M $23.20M
YoY Change 21.12% 65.71%
Deferred Revenue $3.215M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.76M $28.40M
YoY Change 22.39% 63.22%
LONG-TERM LIABILITIES
Long-Term Debt $19.80M $0.00
YoY Change
Other Long-Term Liabilities $5.000M $49.50M
YoY Change -89.9% 16400.0%
Total Long-Term Liabilities $5.000M $49.50M
YoY Change -89.9% 16400.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.76M $28.40M
Total Long-Term Liabilities $5.000M $49.50M
Total Liabilities $39.76M $77.90M
YoY Change -48.96% 340.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.273B
YoY Change
Common Stock $1.336B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.21M $78.29M
YoY Change
Total Liabilities & Shareholders Equity $138.0M $156.2M
YoY Change -11.63% 10.62%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$17.58M -$20.61M
YoY Change -14.7% -19.37%
Depreciation, Depletion And Amortization $170.0K $180.0K
YoY Change -5.56% 12.5%
Cash From Operating Activities -$14.04M -$16.65M
YoY Change -15.68% -38.33%
INVESTING ACTIVITIES
Capital Expenditures $50.00K -$110.0K
YoY Change -145.45% -83.82%
Acquisitions
YoY Change
Other Investing Activities -$5.280M -$14.55M
YoY Change -63.71% -6.25%
Cash From Investing Activities -$5.230M -$14.68M
YoY Change -64.37% -9.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.51M 850.0K
YoY Change 1136.47% -98.75%
NET CHANGE
Cash From Operating Activities -14.04M -16.65M
Cash From Investing Activities -5.230M -14.68M
Cash From Financing Activities 10.51M 850.0K
Net Change In Cash -8.760M -30.48M
YoY Change -71.26% -222.16%
FREE CASH FLOW
Cash From Operating Activities -$14.04M -$16.65M
Capital Expenditures $50.00K -$110.0K
Free Cash Flow -$14.09M -$16.54M
YoY Change -14.81% -37.16%

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<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">1.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">Nature of Operations</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">We are a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with immune and hematologic disorders, cancer and rare diseases. Our pioneering research focuses on signaling pathways that are critical to disease mechanisms. Our first U.S. Food and Drug Administration (FDA) approved product is TAVALISSE<span style="font-family:'Calibri','Helvetica','sans-serif';">®</span> (fostamatinib disodium hexahydrate), the only oral spleen tyrosine kinase (SYK) inhibitor, for the treatment of adult patients with chronic immune thrombocytopenia (ITP) who have had an insufficient response to a previous treatment. The marketing authorization application (MAA) for fostamatinib was approved by the European Commission (EC) in Europe in January 2020 for the treatment of chronic ITP in adult patients who are refractory to other treatments and is marketed in Europe under the name TAVLESSE<span style="font-family:'Calibri','Helvetica','sans-serif';">®</span> (fostamatinib). Our clinical programs include a Phase 3 study of fostamatinib in warm autoimmune hemolytic anemia (AIHA); a completed Phase 1 study of R835, a proprietary molecule from our interleukin receptor associated kinase (IRAK 1/4) inhibitor program; and an ongoing Phase 1 study of R552, a proprietary molecule from our receptor-interacting protein kinase (RIP1) inhibitor program. In addition, we have product candidates in clinical development with partners BerGenBio ASA (BerGenBio), Daiichi Sankyo (Daiichi), Aclaris Therapeutics (Aclaris), and AstraZeneca AB (AZ).</p>
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
0.02
us-gaap Basis Of Accounting
BasisOfAccounting
<table style="border-collapse:collapse;border:0;"><tr><td style="vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">2.</b></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;margin-bottom:0pt;margin-top:0pt;"><b style="font-size:10pt;font-weight:bold;">Basis of Presentation</b></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;padding-left:18pt;text-indent:-18pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Our accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (U.S. GAAP), for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X of the Securities Act of 1933, as amended (Securities Act). Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. These unaudited condensed financial statements include only normal and recurring adjustments that we believe are necessary to fairly state our financial position and the results of our operations and cash flows. Interim-period results are not necessarily indicative of results of operations or cash flows for a full-year or any subsequent interim period. The balance sheet at December 31, 2019 has been derived from audited financial statements at that date but does not include all disclosures required by U.S. GAAP for complete financial statements. Because certain disclosures required by U.S. GAAP for complete financial statements are not included herein, these interim unaudited condensed financial statements and the notes accompanying them should be read in conjunction with our audited financial statements and the notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2019.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:12pt;text-indent:36pt;margin:0pt;"><span style="font-size:10pt;visibility:hidden;">​</span></p>
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EarningsPerShareBasicAndDiluted
-0.23
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SalesDiscountsAndAllowances
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ContingentPaymentsUnderAgreement
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OperatingLeasePayments
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2687000
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2187000
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4716000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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CY2020Q2 us-gaap Long Term Debt
LongTermDebt
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