2016 Q2 Form 10-Q Financial Statement

#000156459016022708 Filed on August 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q4 2015 Q2
Revenue $3.702M $9.121M $8.358M
YoY Change -55.71% -39.0% -19.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.09M $4.890M $5.020M
YoY Change 120.92% 12.93% 26.45%
% of Gross Profit
Research & Development $19.45M $19.91M $15.62M
YoY Change 24.56% 32.82% 16.03%
% of Gross Profit
Depreciation & Amortization $300.0K $300.0K $300.0K
YoY Change 0.0% 200.0% 50.0%
% of Gross Profit
Operating Expenses $30.54M $24.79M $20.64M
YoY Change 48.02% 27.67% 18.37%
Operating Profit
YoY Change
Interest Expense $240.0K $30.00K $150.0K
YoY Change 60.0% -80.0% 114.29%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.60M -$15.65M -$12.13M
YoY Change 119.29% 262.27% 73.78%
Income Tax -$20.00K -$1.640M $0.00
% Of Pretax Income
Net Earnings -$26.58M -$14.01M -$12.13M
YoY Change 119.16% 224.45% 73.7%
Net Earnings / Revenue -717.86% -153.63% -145.08%
Basic Earnings Per Share
Diluted Earnings Per Share -$377.1K -$199.7K -$174.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q4 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $172.3M $209.0M $214.2M
YoY Change -19.56% -7.61% 10.58%
Cash & Equivalents $13.00M $69.48M $10.77M
Short-Term Investments $159.3M $139.5M $203.5M
Other Short-Term Assets $1.300M $800.0K $1.200M
YoY Change 8.33% 337.16% 78.84%
Inventory
Prepaid Expenses $754.0K
Receivables $2.300M $2.521M $5.200M
Other Receivables $300.0K $300.0K $400.0K
Total Short-Term Assets $176.2M $212.6M $221.0M
YoY Change -20.29% 11.37% 8.88%
LONG-TERM ASSETS
Property, Plant & Equipment $3.025M $2.916M $3.200M
YoY Change -5.47% 97.16% 97.29%
Goodwill $1.585M $1.585M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments $3.900M
YoY Change -90.87%
Other Assets $146.0K $152.0K $200.0K
YoY Change -27.0% 9.35%
Total Long-Term Assets $4.756M $4.653M $8.900M
YoY Change -46.56% -91.11% -81.4%
TOTAL ASSETS
Total Short-Term Assets $176.2M $212.6M $221.0M
Total Long-Term Assets $4.756M $4.653M $8.900M
Total Assets $180.9M $217.2M $229.9M
YoY Change -21.31% -10.68% -8.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.000M $3.905M $9.500M
YoY Change -26.32% -29.32% 66.67%
Accrued Expenses $2.200M $3.100M $2.000M
YoY Change 10.0% -8.82% 0.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.46M $20.10M $21.06M
YoY Change -31.33% -3.76% 25.34%
LONG-TERM LIABILITIES
Long-Term Debt $200.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.200M $4.700M $8.900M
YoY Change -30.34% -68.46% -52.91%
Total Long-Term Liabilities $6.400M $4.700M $8.900M
YoY Change -28.09% -68.46% -52.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.46M $20.10M $21.06M
Total Long-Term Liabilities $6.400M $4.700M $8.900M
Total Liabilities $20.88M $24.80M $30.00M
YoY Change -30.39% -32.21% -17.76%
SHAREHOLDERS EQUITY
Retained Earnings -$412.3M -$369.3M
YoY Change 12.39%
Common Stock $572.3M $561.7M
YoY Change 4.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.0M $192.4M $199.9M
YoY Change
Total Liabilities & Shareholders Equity $180.9M $217.2M $229.9M
YoY Change -21.31% -10.68% -8.35%

Cashflow Statement

Concept 2016 Q2 2015 Q4 2015 Q2
OPERATING ACTIVITIES
Net Income -$26.58M -$14.01M -$12.13M
YoY Change 119.16% 224.45% 73.7%
Depreciation, Depletion And Amortization $300.0K $300.0K $300.0K
YoY Change 0.0% 200.0% 50.0%
Cash From Operating Activities -$16.10M -$9.100M -$8.000M
YoY Change 101.25% 237.04% -6.98%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K -$1.000M
YoY Change -90.0% 150.0%
Acquisitions
YoY Change
Other Investing Activities -$3.800M $45.40M -$7.200M
YoY Change -47.22% -22800.0% -64.71%
Cash From Investing Activities -$3.900M $45.30M -$8.100M
YoY Change -51.85% -11425.0% -61.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -1.000M 1.700M
YoY Change -100.0% -52.38% 0.0%
NET CHANGE
Cash From Operating Activities -16.10M -9.100M -8.000M
Cash From Investing Activities -3.900M 45.30M -8.100M
Cash From Financing Activities 0.000 -1.000M 1.700M
Net Change In Cash -20.00M 35.20M -14.40M
YoY Change 38.89% -776.92% -48.01%
FREE CASH FLOW
Cash From Operating Activities -$16.10M -$9.100M -$8.000M
Capital Expenditures -$100.0K -$100.0K -$1.000M
Free Cash Flow -$16.00M -$9.000M -$7.000M
YoY Change 128.57% 233.33% -14.63%

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<div> <p style="margin-bottom:0pt;margin-top:18pt;margin-left:2.26%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, clinical trial accruals, and stock-based compensation. Estimates are based on historical experience and on various other market specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. During the first quarter of 2016, we revised the estimated performance period of the upfront Biogen license through June 2019. This change increased net loss by $0.9 million and $1.8 million for the three and six months ended June 30, 2016, respectively. The change in the performance period also increased our basic net loss per share by $0.01 and $0.03 for the three and six months ended June 30, 2016, respectively.</p></div>
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