$SLRX
Salarius Pharmaceuticals, Inc.

2016 Q4 Form 10-Q Financial Statement

#000161521916000226 Filed on November 02, 2016

View on sec.gov

Income Statement

Concept 2016 Q4 2016 Q3 2015 Q3
Revenue $298.9K $599.1K $0.00
YoY Change
Cost Of Revenue $133.7K $221.1K $0.00
YoY Change
Gross Profit $165.2K $378.0K $0.00
YoY Change
Gross Profit Margin 55.27% 63.09%
Selling, General & Admin $3.920M $5.450M $4.720M
YoY Change -15.15% 15.47% 337.04%
% of Gross Profit 2372.91% 1441.86%
Research & Development $4.231M $5.665M $3.445M
YoY Change 27.86% 64.44% 278.96%
% of Gross Profit 2561.05% 1498.84%
Depreciation & Amortization $110.0K $80.00K $10.00K
YoY Change 450.0% 700.0% 0.0%
% of Gross Profit 66.59% 21.16%
Operating Expenses $8.283M $11.33M $8.167M
YoY Change 4.45% 38.77% 309.73%
Operating Profit -$7.984M -$10.74M -$8.167M
YoY Change 31.44%
Interest Expense $80.00K $100.0K $10.00K
YoY Change 100.0% 900.0% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.984M -$10.74M -$8.167M
YoY Change 0.68% 31.44% 309.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.900M -$10.64M -$8.153M
YoY Change 0.09% 30.48% 310.43%
Net Earnings / Revenue -2643.0% -1775.66%
Basic Earnings Per Share
Diluted Earnings Per Share -$11.97M -$16.37M -$13.36M
COMMON SHARES
Basic Shares Outstanding 17.97M shares 17.97M shares 17.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q4 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $61.10M $67.30M $99.20M
YoY Change -33.08% -32.16% 173.28%
Cash & Equivalents $22.54M $27.80M $89.20M
Short-Term Investments $38.70M $39.50M $10.00M
Other Short-Term Assets $900.0K $1.600M $1.100M
YoY Change 0.0% 45.45% 450.0%
Inventory $454.1K $230.8K
Prepaid Expenses
Receivables $12.18K $21.79K
Other Receivables $0.00 $0.00
Total Short-Term Assets $62.47M $69.14M $100.2M
YoY Change -32.28% -31.03% 174.64%
LONG-TERM ASSETS
Property, Plant & Equipment $556.3K $619.4K $255.7K
YoY Change 45.47% 142.24% 155.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $64.80K $64.80K $85.20K
YoY Change -23.94% -57.4%
Total Long-Term Assets $747.7K $810.8K $517.8K
YoY Change -73.51% 56.57% 158.91%
TOTAL ASSETS
Total Short-Term Assets $62.47M $69.14M $100.2M
Total Long-Term Assets $747.7K $810.8K $517.8K
Total Assets $63.21M $69.95M $100.8M
YoY Change -33.51% -30.58% 174.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.192M $1.257M $692.7K
YoY Change 36.15% 81.45% 73.17%
Accrued Expenses $2.600M $2.500M $1.500M
YoY Change 36.84% 66.67% 400.0%
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 $3.889M $3.913M $2.324M
YoY Change 36.59% 68.36% 232.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $415.4K
YoY Change -100.0% -100.0% 315.44%
Total Long-Term Liabilities $0.00 $0.00 $415.4K
YoY Change -100.0% -100.0% 315.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.889M $3.913M $2.324M
Total Long-Term Liabilities $0.00 $0.00 $415.4K
Total Liabilities $3.898M $3.924M $2.762M
YoY Change 35.45% 42.03% 245.31%
SHAREHOLDERS EQUITY
Retained Earnings -$76.65M -$68.75M -$29.26M
YoY Change 106.3% 134.95%
Common Stock $1.678K $1.652K $1.545K
YoY Change 6.61% 6.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.32M $66.03M $98.00M
YoY Change
Total Liabilities & Shareholders Equity $63.21M $69.95M $100.8M
YoY Change -33.51% -30.58% 174.56%

Cashflow Statement

Concept 2016 Q4 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$7.900M -$10.64M -$8.153M
YoY Change 0.09% 30.48% 310.43%
Depreciation, Depletion And Amortization $110.0K $80.00K $10.00K
YoY Change 450.0% 700.0% 0.0%
Cash From Operating Activities -$6.300M -$7.250M -$6.700M
YoY Change 15.81% 8.21% 250.79%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K -$220.0K -$140.0K
YoY Change 0.0% 57.14% 366.67%
Acquisitions
YoY Change
Other Investing Activities $940.0K -$3.660M -$10.00M
YoY Change -105.53% -63.4%
Cash From Investing Activities $890.0K -$3.880M -$10.15M
YoY Change -105.22% -61.77% 33733.33%
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 10.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -6.300M -7.250M -6.700M
Cash From Investing Activities 890.0K -3.880M -10.15M
Cash From Financing Activities 0.000 10.00K 0.000
Net Change In Cash -5.410M -11.12M -16.85M
YoY Change -75.93% -34.01% -176.59%
FREE CASH FLOW
Cash From Operating Activities -$6.300M -$7.250M -$6.700M
Capital Expenditures -$50.00K -$220.0K -$140.0K
Free Cash Flow -$6.250M -$7.030M -$6.560M
YoY Change 15.96% 7.16% 248.94%

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us-gaap Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
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us-gaap Payments To Acquire Property Plant And Equipment
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CY2016Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2015Q4 us-gaap Preferred Stock Shares Authorized
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CY2016Q3 us-gaap Preferred Stock Shares Authorized
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CY2015Q1 us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Share Based Compensation
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2015 us-gaap Shipping Handling And Transportation Costs
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ShippingHandlingAndTransportationCosts
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us-gaap Shipping Handling And Transportation Costs
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:Arial;font-size:10pt;font-style:italic;font-weight:bold;">Concentration of 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;">The Company outsources the manufacture of HOTSHOT to a single co-packer that produces bottled finished goods. The Company also sources certain raw materials from sole suppliers. A disruption in the supply of materials or the production of finished goods could significantly impact the Company's revenues in the future as alternative sources of raw materials and co-packing may not be available at commercially reasonable rates or within a reasonably short period of time. </font></div></div>
us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<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;">Discounts provided to customers are accounted for as a reduction of net product revenue. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;font-size:10pt;"><font style="font-family:Arial;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-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, estimates related to inventory realizability, 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>

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