2021 Q4 Form 10-Q Financial Statement

#000155837021014076 Filed on November 02, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $20.41M $21.54M $18.39M
YoY Change 10.62% 17.15% -11.83%
Cost Of Revenue $487.0K $151.0K $140.0K
YoY Change 52.19% 7.86% -54.84%
Gross Profit $19.92M $21.39M $16.15M
YoY Change 14.28% 32.47% 41.58%
Gross Profit Margin 97.61% 99.3% 87.82%
Selling, General & Admin $24.52M $22.88M $17.43M
YoY Change 12.35% 31.25% -3.81%
% of Gross Profit 123.05% 106.94% 107.93%
Research & Development $13.30M $18.30M $14.60M
YoY Change -12.13% 25.34% 0.95%
% of Gross Profit 66.78% 85.55% 90.41%
Depreciation & Amortization $404.0K $261.0K $160.0K
YoY Change 92.38% 63.13% 0.0%
% of Gross Profit 2.03% 1.22% 0.99%
Operating Expenses $37.82M $41.18M $32.03M
YoY Change 2.32% 28.56% -1.7%
Operating Profit -$17.90M -$19.79M -$13.78M
YoY Change -8.35% 43.57% 14.49%
Interest Expense -$1.283M $1.317M $429.0K
YoY Change 212.93% 206.99% 5262.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$22.70M -$21.09M -$14.17M
YoY Change 17.99% 48.78% 23.36%
Income Tax -$60.00K -$136.0K $0.00
% Of Pretax Income
Net Earnings -$22.64M -$20.95M -$14.17M
YoY Change 17.68% 47.82% 23.36%
Net Earnings / Revenue -110.94% -97.26% -77.08%
Basic Earnings Per Share -$0.12 -$0.08
Diluted Earnings Per Share -$132.3K -$0.12 -$0.08
COMMON SHARES
Basic Shares Outstanding 171.0M 170.9M 168.9M
Diluted Shares Outstanding 170.9M 168.9M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $125.0M $143.1M $72.80M
YoY Change 118.09% 96.63% -32.28%
Cash & Equivalents $18.89M $30.40M $36.57M
Short-Term Investments $106.1M $112.7M $36.20M
Other Short-Term Assets $7.412M $5.932M $10.40M
YoY Change -47.06% -42.96% 79.31%
Inventory $6.616M $7.035M $2.050M
Prepaid Expenses
Receivables $15.47M $14.99M $14.63M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $154.5M $171.1M $99.85M
YoY Change 73.59% 71.36% -20.76%
LONG-TERM ASSETS
Property, Plant & Equipment $2.184M $2.655M $2.517M
YoY Change -18.39% 5.48% -91.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $974.0K $935.0K $820.0K
YoY Change 18.2% 14.02% 17.14%
Total Long-Term Assets $12.86M $15.41M $23.21M
YoY Change -39.89% -33.59% -22.89%
TOTAL ASSETS
Total Short-Term Assets $154.5M $171.1M $99.85M
Total Long-Term Assets $12.86M $15.41M $23.21M
Total Assets $167.3M $186.5M $123.1M
YoY Change 51.6% 51.57% -21.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.795M $3.144M $2.283M
YoY Change 2.37% 37.71% -15.44%
Accrued Expenses $3.580M $42.00M $28.80M
YoY Change -2.21% 45.82% 7.46%
Deferred Revenue $2.596M $3.157M $3.069M
YoY Change -13.98% 2.87%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $63.55M $59.28M $34.19M
YoY Change 55.61% 73.38% 10.3%
LONG-TERM LIABILITIES
Long-Term Debt $19.91M $19.89M $19.80M
YoY Change 0.58% 0.44% 102.04%
Other Long-Term Liabilities $52.73M $54.37M $5.000M
YoY Change 945.13% 987.3% -89.22%
Total Long-Term Liabilities $52.73M $54.37M $5.000M
YoY Change 945.13% 987.3% -91.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $63.55M $59.28M $34.19M
Total Long-Term Liabilities $52.73M $54.37M $5.000M
Total Liabilities $116.3M $113.6M $39.19M
YoY Change 153.41% 189.97% -55.06%
SHAREHOLDERS EQUITY
Retained Earnings -$1.324B -$1.301B -$1.287B
YoY Change 1.37% 1.13%
Common Stock $1.354B $1.351B $1.338B
YoY Change 1.07% 0.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.37M $49.67M $50.96M
YoY Change
Total Liabilities & Shareholders Equity $167.3M $186.5M $123.1M
YoY Change 51.6% 51.57% -21.17%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$22.64M -$20.95M -$14.17M
YoY Change 17.68% 47.82% 23.36%
Depreciation, Depletion And Amortization $404.0K $261.0K $160.0K
YoY Change 92.38% 63.13% 0.0%
Cash From Operating Activities -$19.09M -$10.30M -$19.48M
YoY Change 22.5% -47.14% 33.06%
INVESTING ACTIVITIES
Capital Expenditures $21.00K -$170.0K -$200.0K
YoY Change -104.2% -15.0% -42.86%
Acquisitions
YoY Change
Other Investing Activities $6.467M -$44.23M $19.72M
YoY Change -29.86% -324.27% 39340.0%
Cash From Investing Activities $6.488M -$44.40M $19.53M
YoY Change -25.51% -327.33% -6834.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.085M 274.0K 50.00K
YoY Change 61.94% 448.0% -99.49%
NET CHANGE
Cash From Operating Activities -19.09M -10.30M -19.48M
Cash From Investing Activities 6.488M -44.40M 19.53M
Cash From Financing Activities 1.085M 274.0K 50.00K
Net Change In Cash -11.51M -54.42M 100.0K
YoY Change 85.69% -54520.0% -101.95%
FREE CASH FLOW
Cash From Operating Activities -$19.09M -$10.30M -$19.48M
Capital Expenditures $21.00K -$170.0K -$200.0K
Free Cash Flow -$19.11M -$10.13M -$19.28M
YoY Change 26.7% -47.47% 34.92%

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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:9pt;margin-top:9pt;"><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:9pt;margin-top:9pt;"><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:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">We are a biotechnology company dedicated to discovering, developing and providing novel small molecule drugs that significantly improve the lives of patients with hematologic disorders, cancer and rare immune 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® (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 is also commercially available in Europe, the United Kingdom (TAVLESSE) and Canada (TAVALISSE) for the treatment of chronic ITP in adult patients. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">Fostamatinib is currently being studied in a Phase 3 trial for the treatment of warm autoimmune hemolytic anemia (wAIHA); a Phase 3 clinical trial for the treatment of hospitalized high-risk patients with COVID-19; a National Institute of Health (NIH)/National Heart, Lung, and Blood Institute (NHLBI) sponsored Phase 3 trial (ACTIV-4 Host Tissue Trial) for the treatment of COVID-19 in hospitalized patients; and a Phase 2 trial for the treatment of COVID-19 being conducted by Imperial College London. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;">Our other clinical programs include our interleukin receptor-associated kinase (IRAK) inhibitor program and a receptor-interacting serine/threonine-protein kinase (RIP1) inhibitor program in clinical development with partner Eli Lilly and Company (Lilly). In addition, we have product candidates in clinical development with partners AstraZeneca AB (AZ), BerGenBio ASA (BerGenBio) and Daiichi Sankyo (Daiichi). </p>
CY2021Q3 rigl Customer Allowance For Prompt Payment Discounts
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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:9pt;margin-top:9pt;"><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:9pt;margin-top:9pt;"><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:10pt;text-indent:36pt;margin:9pt 0pt 9pt 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 as of December 31, 2020 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, 2020.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 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>
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-136000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
665000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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