2020 Q3 Form 10-Q Financial Statement

#000155837020012838 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $18.39M $20.86M $10.41M
YoY Change -11.83% 328.28% 481.4%
Cost Of Revenue $140.0K $310.0K $311.0K
YoY Change -54.84% 342.86% 936.67%
Gross Profit $16.15M $11.41M $9.862M
YoY Change 41.58% 137.63% 460.34%
Gross Profit Margin 87.82% 54.69% 94.76%
Selling, General & Admin $17.43M $18.12M $18.21M
YoY Change -3.81% 0.28% 6.67%
% of Gross Profit 107.93% 158.87% 184.64%
Research & Development $14.60M $14.46M $13.23M
YoY Change 0.95% 30.3% 22.46%
% of Gross Profit 90.41% 126.8% 134.11%
Depreciation & Amortization $160.0K $160.0K $180.0K
YoY Change 0.0% 0.0% 12.5%
% of Gross Profit 0.99% 1.4% 1.83%
Operating Expenses $32.03M $32.58M $31.44M
YoY Change -1.7% 11.7% 12.79%
Operating Profit -$13.78M -$12.04M -$21.34M
YoY Change 14.49% -50.61% -18.27%
Interest Expense $429.0K $8.000K $730.0K
YoY Change 5262.5% -98.67% 32.73%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$14.17M -$11.49M -$20.61M
YoY Change 23.36% -51.66% -19.37%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.17M -$11.49M -$20.61M
YoY Change 23.36% -51.66% -19.37%
Net Earnings / Revenue -77.08% -55.09% -198.04%
Basic Earnings Per Share -$0.08
Diluted Earnings Per Share -$0.08 -$68.55K -$123.3K
COMMON SHARES
Basic Shares Outstanding 168.9M 167.6M 167.2M
Diluted Shares Outstanding 168.9M 167.6M 167.2M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.80M $107.5M $112.4M
YoY Change -32.28% -7.01% -16.74%
Cash & Equivalents $36.57M $39.09M $44.23M
Short-Term Investments $36.20M $68.40M $68.10M
Other Short-Term Assets $10.40M $5.800M $4.000M
YoY Change 79.31% 262.5% 100.0%
Inventory $2.050M $1.200M $1.200M
Prepaid Expenses
Receivables $14.63M $11.60M $6.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $99.85M $126.0M $124.5M
YoY Change -20.76% 4.13% -10.5%
LONG-TERM ASSETS
Property, Plant & Equipment $2.517M $29.40M $30.90M
YoY Change -91.44% 1860.0% 1960.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $820.0K $700.0K $700.0K
YoY Change 17.14% 0.0% 0.0%
Total Long-Term Assets $23.21M $30.10M $31.70M
YoY Change -22.89% 1268.18% 1409.52%
TOTAL ASSETS
Total Short-Term Assets $99.85M $126.0M $124.5M
Total Long-Term Assets $23.21M $30.10M $31.70M
Total Assets $123.1M $156.1M $156.2M
YoY Change -21.17% 26.7% 10.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.283M $2.700M $3.800M
YoY Change -15.44% 3.85% 15.15%
Accrued Expenses $28.80M $26.80M $23.20M
YoY Change 7.46% 56.73% 65.71%
Deferred Revenue $3.069M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.19M $31.00M $28.40M
YoY Change 10.3% 57.36% 63.22%
LONG-TERM LIABILITIES
Long-Term Debt $19.80M $9.800M $0.00
YoY Change 102.04%
Other Long-Term Liabilities $5.000M $46.40M $49.50M
YoY Change -89.22% 16400.0%
Total Long-Term Liabilities $5.000M $56.20M $49.50M
YoY Change -91.1% 16400.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.19M $31.00M $28.40M
Total Long-Term Liabilities $5.000M $56.20M $49.50M
Total Liabilities $39.19M $87.20M $77.90M
YoY Change -55.06% 342.64% 340.11%
SHAREHOLDERS EQUITY
Retained Earnings -$1.287B
YoY Change
Common Stock $1.338B
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.96M $68.91M $78.29M
YoY Change
Total Liabilities & Shareholders Equity $123.1M $156.1M $156.2M
YoY Change -21.17% 26.7% 10.62%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$14.17M -$11.49M -$20.61M
YoY Change 23.36% -51.66% -19.37%
Depreciation, Depletion And Amortization $160.0K $160.0K $180.0K
YoY Change 0.0% 0.0% 12.5%
Cash From Operating Activities -$19.48M -$14.64M -$16.65M
YoY Change 33.06% -27.09% -38.33%
INVESTING ACTIVITIES
Capital Expenditures -$200.0K -$350.0K -$110.0K
YoY Change -42.86% 118.75% -83.82%
Acquisitions
YoY Change
Other Investing Activities $19.72M $50.00K -$14.55M
YoY Change 39340.0% -99.69% -6.25%
Cash From Investing Activities $19.53M -$290.0K -$14.68M
YoY Change -6834.48% -101.83% -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 50.00K 9.800M 850.0K
YoY Change -99.49% 1431.25% -98.75%
NET CHANGE
Cash From Operating Activities -19.48M -14.64M -16.65M
Cash From Investing Activities 19.53M -290.0K -14.68M
Cash From Financing Activities 50.00K 9.800M 850.0K
Net Change In Cash 100.0K -5.130M -30.48M
YoY Change -101.95% 42.9% -222.16%
FREE CASH FLOW
Cash From Operating Activities -$19.48M -$14.64M -$16.65M
Capital Expenditures -$200.0K -$350.0K -$110.0K
Free Cash Flow -$19.28M -$14.29M -$16.54M
YoY Change 34.92% -28.26% -37.16%

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us-gaap Nature Of Operations
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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 product approved by the United States Food and Drug Administration (FDA) is TAVALISSE<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> (fostamatinib disodium hexahydrate) tablets, 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 product has been approved by the European Commission (EC) for the treatment of chronic ITP in adult patients who are refractory to other treatments and is marketed in Europe under the name TAVLESSE<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">® </sup>(fostamatinib). Fostamatinib is currently being studied in a Phase 3 trial for the treatment of warm autoimmune hemolytic anemia (AIHA); a NIH/NHLBI-Sponsored Phase 2 trial for the treatment of hospitalized COVID-19 patients, in collaboration with Inova<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">®</sup> Health System; and a Phase 2 trial for the treatment of COVID-19 pneumonia being conducted by Imperial College London. Additionally, we plan to study fostamatinib in a Phase 3 clinical trial for the treatment of hospitalized COVID-19 patients which is expected to launch in the fourth quarter of 2020. Other clinical trials include an ongoing Phase 1 study of R835, a proprietary molecule from its interleukin receptor associated kinase (IRAK) inhibitor program; and an ongoing Phase 1 study of R552, a proprietary molecule from its receptor-interacting protein kinase (RIP) inhibitor program. In addition, we have product candidates in clinical development with partners AstraZeneca (AZ), BerGenBio ASA (BerGenBio), and Daiichi Sankyo (Daiichi).</p>
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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2612000
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us-gaap Sublease Income
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4028000
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1093000
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SubleasePaymentsToBeReceivedTwoYears
4534000
CY2020Q3 rigl Sublease Payments To Be Received Three Years
SubleasePaymentsToBeReceivedThreeYears
4716000
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394000
CY2020Q3 rigl Sublease Payments To Be Received
SubleasePaymentsToBeReceived
10737000
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LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
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CY2020Q3 us-gaap Long Term Debt
LongTermDebt
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