$SCYX
SCYNEXIS INC

2016 Q1 Form 10-Q Financial Statement

#000162828016015866 Filed on May 09, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $64.00K $65.00K
YoY Change -1.54% 0.0%
Cost Of Revenue $3.231M
YoY Change -18.41%
Gross Profit $66.00K
YoY Change -91.14%
Gross Profit Margin 101.54%
Selling, General & Admin $2.533M $2.210M
YoY Change 14.62% 83.25%
% of Gross Profit 3348.48%
Research & Development $4.743M $3.787M
YoY Change 25.24% 186.89%
% of Gross Profit 5737.88%
Depreciation & Amortization $3.000K $323.0K
YoY Change -99.07% 4.87%
% of Gross Profit 489.39%
Operating Expenses $7.276M $5.997M
YoY Change 21.33% 137.41%
Operating Profit -$7.212M -$5.932M
YoY Change 21.58% 141.04%
Interest Expense $0.00 $1.000K
YoY Change -100.0% -102.27%
% of Operating Profit
Other Income/Expense, Net $28.00K $1.000K
YoY Change 2700.0% -99.95%
Pretax Income -$7.180M -$5.931M
YoY Change 21.06% 2113.06%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.184M -$6.384M
YoY Change 12.53% -1649.51%
Net Earnings / Revenue -11225.0% -9821.54%
Basic Earnings Per Share -$0.52 -$0.75
Diluted Earnings Per Share -$0.52 -$0.75
COMMON SHARES
Basic Shares Outstanding 13.91M shares 8.516M shares
Diluted Shares Outstanding 13.91M shares 8.516M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.00M $27.60M
YoY Change 37.68% 3842.86%
Cash & Equivalents $38.02M $27.62M
Short-Term Investments
Other Short-Term Assets $0.00 $420.0K
YoY Change -100.0% -40.0%
Inventory
Prepaid Expenses
Receivables $681.0K
Other Receivables $0.00
Total Short-Term Assets $39.92M $34.57M
YoY Change 15.49% 1402.96%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $429.0K $32.00K
YoY Change 1240.63% -99.41%
Total Long-Term Assets $760.0K $289.0K
YoY Change 162.98% -97.3%
TOTAL ASSETS
Total Short-Term Assets $39.92M $34.57M
Total Long-Term Assets $760.0K $289.0K
Total Assets $40.68M $34.86M
YoY Change 16.71% 168.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.380M $903.0K
YoY Change 52.82% -66.56%
Accrued Expenses $2.574M $3.060M
YoY Change -15.88% 91.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.041M $6.591M
YoY Change -23.52% -67.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $2.300M
YoY Change -73.91% -82.17%
Total Long-Term Liabilities $600.0K $2.300M
YoY Change -73.91% -82.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.041M $6.591M
Total Long-Term Liabilities $600.0K $2.300M
Total Liabilities $5.637M $7.419M
YoY Change -24.02% -77.79%
SHAREHOLDERS EQUITY
Retained Earnings -$157.3M -$123.9M
YoY Change 26.98%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.04M $27.44M
YoY Change
Total Liabilities & Shareholders Equity $40.68M $34.86M
YoY Change 16.71% 168.13%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$7.184M -$6.384M
YoY Change 12.53% -1649.51%
Depreciation, Depletion And Amortization $3.000K $323.0K
YoY Change -99.07% 4.87%
Cash From Operating Activities -$8.960M -$4.547M
YoY Change 97.05% -244.81%
INVESTING ACTIVITIES
Capital Expenditures $14.00K $171.0K
YoY Change -91.81% 131.08%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.00K -$171.0K
YoY Change -91.81% -75.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.000K $95.00K
YoY Change -94.74% -105.46%
NET CHANGE
Cash From Operating Activities -$8.960M -$4.547M
Cash From Investing Activities -$14.00K -$171.0K
Cash From Financing Activities $5.000K $95.00K
Net Change In Cash -$8.969M -$4.623M
YoY Change 94.01% -751.13%
FREE CASH FLOW
Cash From Operating Activities -$8.960M -$4.547M
Capital Expenditures $14.00K $171.0K
Free Cash Flow -$8.974M -$4.718M
YoY Change 90.21% -253.88%

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CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;padding-left:0px;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:normal;text-decoration:none;">Concentration of Credit Risk</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash on deposit with a bank, which exceeds the FDIC insurance limits, as well as accounts receivable. Ongoing credit evaluations of the bank and customers' financial condition and independent ratings are reviewed by the Company. Collateralization of deposits has not been required. </font></div></div>
CY2016Q1 us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;padding-left:0px;text-indent:30px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;font-style:italic;font-weight:normal;text-decoration:none;">Revenue Recognition and Deferred Revenue</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company has entered into collaboration arrangements in exchange for non-refundable upfront payments and consideration as services are performed. These arrangements include multiple elements, such as the sale of licenses and the provision of services. Under these arrangements, the Company also is entitled to receive development milestone payments and royalties in the form of a designated percentage of product sales. The Company classifies non-refundable upfront payments, milestone payments and royalties received under collaboration and licensing agreements as revenues within its statements of operations because the Company views such activities as being central to its business operations.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Revenue is recognized when all of the following conditions are met: (i)&#160;persuasive evidence of an arrangement exists, (ii)&#160;delivery has occurred or services have been rendered, (iii)&#160;fees are fixed or determinable, and (iv)&#160;collection of fees is reasonably assured. </font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">When entering into an arrangement, the Company first determines whether the arrangement includes multiple deliverables and is subject to accounting guidance in ASC subtopic 605-25, </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;font-style:italic;">Multiple-Element Arrangements</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">. If the Company determines that an arrangement includes multiple elements, it determines whether the arrangement should be divided into separate units of accounting and how the arrangement consideration should be measured and allocated among the separate units of accounting. An element qualifies as a separate unit of accounting when the delivered element has standalone value to the customer. The Company&#8217;s arrangements do not include a general right of return relative to delivered elements. Any delivered elements that do not qualify as separate units of accounting are combined with other undelivered elements within the arrangement as a single unit of accounting. If the arrangement constitutes a single combined unit of accounting, the Company determines the revenue recognition method for the combined unit of accounting and recognizes the revenue over the period from inception through the date the last deliverable within the single unit of accounting is delivered.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Non-refundable upfront license fees are recorded as deferred revenue and recognized into revenue on a straight-line basis over the estimated period of the Company&#8217;s substantive performance obligations. If the Company does not have substantive performance obligations, the Company recognizes non-refundable upfront fees into revenue through the date the deliverable is satisfied. Analyzing the arrangement to identify deliverables requires the use of judgment and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. In arrangements that include license rights and other non-contingent deliverables, such as participation in a steering committee, these deliverables do not have standalone value because the non-contingent deliverables are dependent on the license rights. That is, the non-contingent deliverables would not have value without the license rights, and only the Company can perform the related services. Upfront license rights and non-contingent deliverables, such as participation in a steering committee, do not have standalone value as they are not sold separately and they cannot be resold. In addition, when non-contingent deliverables are sold with upfront license rights, the license rights do not represent the culmination of a separate earnings process. As such, the Company accounts for the license and the non-contingent deliverables as a single combined unit of accounting. In such instances, the license revenue in the form of non-refundable upfront payments is deferred and recognized over the applicable relationship period, which historically has been the estimated period of the Company&#8217;s substantive performance obligations or the period the rights granted are in effect. The Company recognizes contingent event-based payments under license agreements when the payments are received. The Company has not received any royalty payments to date.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company will recognize a milestone payment when earned if it is substantive and the Company has </font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">no</font><font style="font-family:Times New Roman;font-size:10pt;color:#000000;"> ongoing performance obligations related to the milestone. A milestone payment is considered substantive if it: 1)&#160;is commensurate with either the Company&#8217;s performance to achieve the milestone or the enhanced value of the delivered item as a result of a specific outcome from the Company&#8217;s performance to achieve the milestone; 2)&#160;relates solely to past performance;&#160;and 3)&#160;is reasonable relative to all of the deliverables and payment terms, including other potential milestone consideration, within the arrangement.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:16px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets.</font></div><div style="line-height:120%;padding-bottom:8px;padding-top:8px;text-align:left;padding-left:0px;text-indent:36px;font-size:10pt;"><font style="font-family:Times New Roman;font-size:10pt;color:#000000;">The Company&#8217;s deferred revenue includes non-refundable upfront payments received under certain licensing and collaboration arrangements that contain substantive performance obligations that the Company is providing over respective defined service or estimated relationship periods. Such non-refundable upfront payments are recognized over these defined service or estimated relationship periods.</font></div></div>

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