2018 Q3 Form 10-Q Financial Statement

#000147929018000101 Filed on August 03, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $2.362M $686.0K $75.00K
YoY Change 3049.33% 814.67% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.16M $12.73M $8.609M
YoY Change 54.73% 47.91% 22.67%
% of Gross Profit
Research & Development $21.85M $22.87M $18.31M
YoY Change 0.95% 24.93% 815.35%
% of Gross Profit
Depreciation & Amortization $440.0K $420.0K $360.0K
YoY Change 15.79% 16.67% 0.0%
% of Gross Profit
Operating Expenses $36.00M $35.61M $26.92M
YoY Change 16.93% 32.28% 11.41%
Operating Profit -$33.64M -$34.92M -$26.84M
YoY Change 9.52% 30.1% 11.45%
Interest Expense $0.00 $0.00 $141.0K
YoY Change -100.0% -100.0% -50.7%
% of Operating Profit
Other Income/Expense, Net -$144.0K -$172.0K -$132.0K
YoY Change 12.5% 30.3% -7.69%
Pretax Income -$32.83M -$34.08M -$26.87M
YoY Change 7.11% 26.83% 9.23%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$32.83M -$34.08M -$26.87M
YoY Change 7.12% 26.81% 9.24%
Net Earnings / Revenue -1390.09% -4967.93% -35832.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$905.2K -$925.1K -$902.3K
COMMON SHARES
Basic Shares Outstanding 36.94M shares 36.78M shares 30.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $208.4M $233.7M $165.5M
YoY Change 35.85% 41.21% -23.7%
Cash & Equivalents $45.13M $39.28M $53.69M
Short-Term Investments $163.3M $194.5M $111.9M
Other Short-Term Assets $7.500M $9.100M $8.800M
YoY Change 167.86% 3.41% 450.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $215.9M $242.9M $174.4M
YoY Change 38.15% 39.3% -20.23%
LONG-TERM ASSETS
Property, Plant & Equipment $13.49M $12.20M $11.26M
YoY Change 17.33% 8.36% -36.26%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.944M $3.315M $888.0K
YoY Change 252.15% 273.31% 314.95%
Total Long-Term Assets $17.17M $16.24M $12.72M
YoY Change 32.91% 27.65% -31.05%
TOTAL ASSETS
Total Short-Term Assets $215.9M $242.9M $174.4M
Total Long-Term Assets $17.17M $16.24M $12.72M
Total Assets $233.1M $259.1M $187.1M
YoY Change 37.75% 38.51% -21.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.341M $5.435M $4.079M
YoY Change 9.9% 33.24% 36.79%
Accrued Expenses $15.72M $13.57M $14.35M
YoY Change 30.23% -5.42% 155.19%
Deferred Revenue $8.749M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $3.600M
YoY Change -100.0% -100.0% 9.09%
Total Short-Term Liabilities $31.81M $28.32M $21.98M
YoY Change 48.11% 28.89% 84.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $19.10M $20.90M $0.00
YoY Change -100.0%
Total Long-Term Liabilities $19.10M $20.90M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.81M $28.32M $21.98M
Total Long-Term Liabilities $19.10M $20.90M $0.00
Total Liabilities $50.95M $49.27M $27.66M
YoY Change 87.83% 78.11% 30.28%
SHAREHOLDERS EQUITY
Retained Earnings -$644.2M -$611.3M -$475.6M
YoY Change 27.24% 28.53% 26.24%
Common Stock $826.4M $821.4M $635.1M
YoY Change 27.46% 29.32% 7.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $182.1M $209.9M $159.4M
YoY Change
Total Liabilities & Shareholders Equity $233.1M $259.1M $187.1M
YoY Change 37.75% 38.51% -21.07%

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$32.83M -$34.08M -$26.87M
YoY Change 7.12% 26.81% 9.24%
Depreciation, Depletion And Amortization $440.0K $420.0K $360.0K
YoY Change 15.79% 16.67% 0.0%
Cash From Operating Activities -$25.41M -$36.56M -$24.29M
YoY Change 18.35% 50.51% 48.74%
INVESTING ACTIVITIES
Capital Expenditures -$3.030M -$1.270M -$1.210M
YoY Change 471.7% 4.96% 303.33%
Acquisitions
YoY Change
Other Investing Activities $33.39M $5.100M $37.81M
YoY Change 122.6% -86.51% 28.87%
Cash From Investing Activities $30.36M $3.830M $36.59M
YoY Change 109.81% -89.53% 26.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 900.0K 2.940M 3.160M
YoY Change -90.13% -6.96% -545.07%
NET CHANGE
Cash From Operating Activities -25.41M -36.56M -24.29M
Cash From Investing Activities 30.36M 3.830M 36.59M
Cash From Financing Activities 900.0K 2.940M 3.160M
Net Change In Cash 5.850M -29.79M 15.46M
YoY Change 175.94% -292.69% 28.83%
FREE CASH FLOW
Cash From Operating Activities -$25.41M -$36.56M -$24.29M
Capital Expenditures -$3.030M -$1.270M -$1.210M
Free Cash Flow -$22.38M -$35.29M -$23.08M
YoY Change 6.88% 52.9% 43.98%

Facts In Submission

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397000 USD
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1813000 USD
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
100000 USD
us-gaap Payments To Acquire In Process Research And Development
PaymentsToAcquireInProcessResearchAndDevelopment
100000 USD
us-gaap Payments To Acquire Investments
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36028000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
212197000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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1507000 USD
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Proceeds From Stock Options Exercised
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CY2018Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2018Q2 us-gaap Preferred Stock Shares Issued
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CY2018Q2 us-gaap Preferred Stock Shares Outstanding
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us-gaap Proceeds From Sale Of Property Plant And Equipment
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us-gaap Proceeds From Stock Options Exercised
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CY2018Q2 us-gaap Property Plant And Equipment Net
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us-gaap Repayments Of Long Term Debt And Capital Securities
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CY2017Q2 us-gaap Research And Development Expense
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CY2018Q2 us-gaap Research And Development Expense
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us-gaap Research And Development Expense
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2018Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2018Q2 us-gaap Revenue Recognition Milestone Method Revenue Recognized
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CY2017Q2 us-gaap Revenues
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us-gaap Revenues
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CY2017Q4 us-gaap Royalty Revenue
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CY2017Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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CY2018Q2 us-gaap Selling General And Administrative Expense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2017Q4 us-gaap Short Term Investments
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CY2017Q4 us-gaap Stockholders Equity
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us-gaap Loss Contingency Disclosures
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Medicis Settlement</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In July&#160;2009, the Company entered into a license agreement with Medicis Pharmaceutical Corporation, or Medicis, granting Medicis worldwide aesthetic and dermatological rights to the Company&#8217;s investigational botulinum toxin type A product candidates. In October 2012, the Company entered into a settlement and termination agreement with Medicis. The terms of the settlement provided for the reacquisition of the rights related to all territories of RT002 injectable and RT001 topical from Medicis and for consideration payable by the Company to Medicis of up to </font><font style="font-family:inherit;font-size:10pt;">$25.0 million</font><font style="font-family:inherit;font-size:10pt;">, comprised of (i)&#160;an upfront payment of </font><font style="font-family:inherit;font-size:10pt;">$7.0 million</font><font style="font-family:inherit;font-size:10pt;">, which was paid in 2012, (ii) a proceeds sharing arrangement payment of&#160;</font><font style="font-family:inherit;font-size:10pt;">$14.0 million</font><font style="font-family:inherit;font-size:10pt;"> due upon specified capital raising achievements by the Company, of which </font><font style="font-family:inherit;font-size:10pt;">$6.9 million</font><font style="font-family:inherit;font-size:10pt;"> was paid in 2013 and </font><font style="font-family:inherit;font-size:10pt;">$7.1 million</font><font style="font-family:inherit;font-size:10pt;"> in 2014, and (iii)&#160;a Product Approval Payment of </font><font style="font-family:inherit;font-size:10pt;">$4.0 million</font><font style="font-family:inherit;font-size:10pt;"> to be paid upon the achievement of regulatory approval for RT002 injectable or RT001 topical by the Company. Medicis was subsequently acquired by Valeant Pharmaceuticals International, Inc. in December 2012.</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company determined that the settlement provisions related to the proceeds sharing arrangement payment in (ii) above and Product Approval Payment in (iii) above were derivative instruments that require fair value accounting as a liability and periodic fair value remeasurements until settled. </font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> As of </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company determined the fair value of its liability for the Product Approval Payment was </font><font style="font-family:inherit;font-size:10pt;">$2.7 million</font><font style="font-family:inherit;font-size:10pt;">, which was measured by assuming a term of </font><font style="font-family:inherit;font-size:10pt;">2</font><font style="font-family:inherit;font-size:10pt;">&#160;years, a risk-free rate of </font><font style="font-family:inherit;font-size:10pt;">2.52%</font><font style="font-family:inherit;font-size:10pt;"> and a credit risk adjustment of </font><font style="font-family:inherit;font-size:10pt;">6.00%</font><font style="font-family:inherit;font-size:10pt;">. The Company&#8217;s assumption for the expected term is based on an expected Biologics License Application, or BLA, approval in 2020. The Company did not make any payments under the Product Approval Payment during the </font><font style="font-family:inherit;font-size:10pt;">six months ended June 30, 2018</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of Condensed Consolidated Financial Statements in conformity with US&#160;GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include revenue recognition, deferred revenue, accruals, stock-based compensation, the fair value of a derivative liability, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates.</font></div></div>

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