$SLRX
Salarius Pharmaceuticals, Inc.

2016 Q1 Form 10-K Financial Statement

#000161521916000118 Filed on March 08, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 2014 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $197.0K $0.00
YoY Change
Gross Profit -$197.0K $0.00
YoY Change
Gross Profit Margin
Selling, General & Admin $5.110M $16.46M $1.790M
YoY Change 58.7% 308.44%
% of Gross Profit
Research & Development $4.387M $12.75M $1.965M
YoY Change 56.41% 218.73%
% of Gross Profit
Depreciation & Amortization $30.81K $49.88K $0.00
YoY Change 229.23% 398.81%
% of Gross Profit
Operating Expenses $9.696M $29.21M $3.751M
YoY Change 61.03% 263.81%
Operating Profit -$9.696M -$29.21M
YoY Change 61.03%
Interest Expense $100.0K $70.00K $10.00K
YoY Change 250.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.696M -$29.21M -$3.751M
YoY Change 61.03% 264.71%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.592M -$29.14M -$3.742M
YoY Change 59.41% 263.82%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$15.22M -$52.04M -$4.506M
COMMON SHARES
Basic Shares Outstanding 17.95M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.40M $91.34M $33.90M
YoY Change -23.62% 169.84%
Cash & Equivalents $54.00M $66.69M $33.90M
Short-Term Investments $30.40M $24.65M
Other Short-Term Assets $2.000M $910.0K $400.0K
YoY Change 81.82% 145.95%
Inventory $112.6K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $86.48M $92.25M $34.22M
YoY Change -22.49% 169.58%
LONG-TERM ASSETS
Property, Plant & Equipment $578.5K $380.0K $85.14K
YoY Change 453.54% 322.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $2.310M
YoY Change
Other Assets $64.80K $130.0K $50.00K
YoY Change -23.94% -90.0%
Total Long-Term Assets $770.2K $2.820M $1.387M
YoY Change 110.05% 102.88%
TOTAL ASSETS
Total Short-Term Assets $86.48M $92.25M $34.22M
Total Long-Term Assets $770.2K $2.820M $1.387M
Total Assets $87.25M $95.07M $35.61M
YoY Change -22.06% 166.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.541M $880.0K $578.7K
YoY Change 171.41% 51.72%
Accrued Expenses $1.500M $1.940M $400.0K
YoY Change 114.29% 424.32%
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 $3.044M $2.850M $1.067M
YoY Change 114.76% 166.36%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.44K $30.00K $15.44K
YoY Change -96.28% -40.0%
Total Long-Term Liabilities $15.44K $30.00K $15.44K
YoY Change -96.28% -40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.044M $2.850M $1.067M
Total Long-Term Liabilities $15.44K $30.00K $15.44K
Total Liabilities $3.082M $2.880M $1.119M
YoY Change 65.47% 157.14%
SHAREHOLDERS EQUITY
Retained Earnings -$46.74M -$8.011M
YoY Change 233.22%
Common Stock $1.601K $221.00
YoY Change 7.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $84.17M $92.19M -$6.538M
YoY Change
Total Liabilities & Shareholders Equity $87.25M $95.07M $35.61M
YoY Change -22.06% 166.98%

Cashflow Statement

Concept 2016 Q1 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$9.592M -$29.14M -$3.742M
YoY Change 59.41% 263.82%
Depreciation, Depletion And Amortization $30.81K $49.88K $0.00
YoY Change 229.23% 398.81%
Cash From Operating Activities -$9.174M -$20.75M -$3.310M
YoY Change 121.55% 220.16%
INVESTING ACTIVITIES
Capital Expenditures $107.3K $265.6K -$20.00K
YoY Change 306.46% -432.02%
Acquisitions
YoY Change
Other Investing Activities -$3.410M -$27.00M
YoY Change
Cash From Investing Activities -$3.521M -$27.27M -$20.00K
YoY Change 13239.78% 33981.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $7.594K $80.84M 890.0K
YoY Change -99.99% 100.06%
NET CHANGE
Cash From Operating Activities -$9.174M -$20.75M -3.310M
Cash From Investing Activities -$3.521M -$27.27M -20.00K
Cash From Financing Activities $7.594K $80.84M 890.0K
Net Change In Cash -$12.69M $32.83M -2.440M
YoY Change -116.55% -3.01%
FREE CASH FLOW
Cash From Operating Activities -$9.174M -$20.75M -$3.310M
Capital Expenditures $107.3K $265.6K -$20.00K
Free Cash Flow -$9.281M -$21.01M -$3.290M
YoY Change 122.72% 228.31%

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CY2015 us-gaap Concentration Risk Credit Risk
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Concentrations of credit risk and off-balance sheet risk</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Cash, cash equivalents and marketable securities are financial instruments that potentially subject the Company to concentrations of credit risk. The Company's cash, cash equivalents and marketable securities are held in accounts at financial institutions that management believes are creditworthy. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no financial instruments with off-balance sheet risk of loss.</font></div></div>
CY2015 us-gaap Use Of Estimates
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, the Company's management evaluates its estimates, which include, but are not limited to, estimates related to clinical study accruals, stock-based compensation expense, and amounts of expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;">Prior to the Company's initial public offering ("IPO"), the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company utilized various valuation methodologies in accordance with the framework of the 2004 and 2013 American Institute of Certified Public Accountants Technical Practice Aids, </font><font style="font-family:Arial;font-size:10pt;font-style:italic;">Valuation of Privately-Held Company Equity Securities Issued as Compensation</font><font style="font-family:Arial;font-size:10pt;">, to estimate the fair value of its common stock. Each valuation methodology included estimates and assumptions that required the Company's judgment. These estimates and assumptions included a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company's common stock at the time and the likelihood of achieving a liquidity event, such as an initial public offering or a sale of the Company. Significant changes to the key assumptions used in the valuations could have resulted in different fair values of common stock at each valuation date and may have materially affected the financial statements.</font></div></div>

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