$TARA
Protara Therapeutics, Inc.

2015 Q4 Form 10-K Financial Statement

#000117184316008541 Filed on March 14, 2016

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.610M $2.000M $1.890M
YoY Change 86.43% 92.31% 107.69%
% of Gross Profit
Research & Development $3.580M $3.078M $3.090M
YoY Change 91.44% 73.6% 93.61%
% of Gross Profit
Depreciation & Amortization $30.00K $10.00K $10.00K
YoY Change 200.0% 0.0%
% of Gross Profit
Operating Expenses $6.187M $5.082M $4.981M
YoY Change 89.03% 80.6% 98.6%
Operating Profit -$5.082M -$4.981M
YoY Change -3892.54% 98.6%
Interest Expense $30.00K
YoY Change 200.0%
% of Operating Profit
Other Income/Expense, Net -$190.0K -$301.0K -$91.00K
YoY Change -101.81% -94.34% 65.45%
Pretax Income -$6.340M -$5.380M -$5.070M
YoY Change -187.69% 3.86% 98.05%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.340M -$5.383M -$5.072M
YoY Change -187.65% 3.9% 97.89%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$15.46M -$13.12M -$12.37M
COMMON SHARES
Basic Shares Outstanding 16.46M
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $65.30M $70.50M $74.70M
YoY Change -21.89% 224.88% 192.94%
Cash & Equivalents $40.03M $35.98M $16.82M
Short-Term Investments $25.20M $34.60M $57.90M
Other Short-Term Assets $1.300M $800.0K $1.100M
YoY Change 30.0% 300.0% 175.0%
Inventory
Prepaid Expenses $829.0K $1.052M
Receivables
Other Receivables
Total Short-Term Assets $66.61M $71.38M $75.79M
YoY Change -21.27% 225.92% 192.62%
LONG-TERM ASSETS
Property, Plant & Equipment $224.0K $221.0K $102.0K
YoY Change 169.88% 121.0% 2.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $706.0K $686.0K $685.0K
YoY Change 519.3% -68.82% -42.92%
Total Long-Term Assets $930.0K $907.0K $787.0K
YoY Change 372.08% -60.57% -34.42%
TOTAL ASSETS
Total Short-Term Assets $66.61M $71.38M $75.79M
Total Long-Term Assets $930.0K $907.0K $787.0K
Total Assets $67.54M $72.28M $76.58M
YoY Change -20.35% 198.69% 182.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.020M $591.0K $502.0K
YoY Change 11.23% -40.9% -49.8%
Accrued Expenses $2.576M $2.235M $2.202M
YoY Change 81.28% 39.69% 10.1%
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 $4.133M $3.168M $2.765M
YoY Change 76.78% 17.33% -53.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $84.00K $51.00K
YoY Change -99.29% -99.23%
Total Long-Term Liabilities $0.00 $84.00K $51.00K
YoY Change -99.29% -99.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.133M $3.168M $2.765M
Total Long-Term Liabilities $0.00 $84.00K $51.00K
Total Liabilities $4.133M $3.252M $2.816M
YoY Change 76.78% -77.73% -77.47%
SHAREHOLDERS EQUITY
Retained Earnings -$131.3M -$124.9M -$119.5M
YoY Change 19.46%
Common Stock $16.00K $16.00K $16.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.41M $69.03M $73.76M
YoY Change
Total Liabilities & Shareholders Equity $67.54M $72.28M $76.58M
YoY Change -20.35% 198.69% 182.56%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income -$6.340M -$5.383M -$5.072M
YoY Change -187.65% 3.9% 97.89%
Depreciation, Depletion And Amortization $30.00K $10.00K $10.00K
YoY Change 200.0% 0.0%
Cash From Operating Activities -$5.190M -$3.910M -$4.600M
YoY Change 153.17% 5.39% 72.28%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$130.0K -$30.00K
YoY Change 1200.0% -25.0%
Acquisitions
YoY Change
Other Investing Activities $9.250M $23.19M $11.61M
YoY Change 150.68% -1480.36% -169.11%
Cash From Investing Activities $9.220M $23.06M $11.57M
YoY Change 150.54% -1472.62% -168.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.00K 40.00K 60.00K
YoY Change -99.91% -500.0% -99.76%
NET CHANGE
Cash From Operating Activities -5.190M -3.910M -4.600M
Cash From Investing Activities 9.220M 23.06M 11.57M
Cash From Financing Activities 60.00K 40.00K 60.00K
Net Change In Cash 4.090M 19.19M 7.030M
YoY Change -93.77% -455.37% 39.21%
FREE CASH FLOW
Cash From Operating Activities -$5.190M -$3.910M -$4.600M
Capital Expenditures -$30.00K -$130.0K -$30.00K
Free Cash Flow -$5.160M -$3.780M -$4.570M
YoY Change 151.71% 2.16% 73.76%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentrations of Credit Risk and Off-Balance Sheet Risk</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 0.25in; margin: 0">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and short-term investments. The Company's cash and cash equivalents are held in accounts with financial institutions that management believes are creditworthy. The Company's investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. These amounts at times may exceed federally insured limits. 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.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="; font-size: 10pt; width: 700px;" cellpadding="0" cellspacing="0"> <tr style="vertical-align: top"> <td style="width: 20px; text-align: justify"><div style="display: inline; font-weight: bold;">1.</div></td> <td style="width: 7px">&nbsp;</td> <td style="text-align: justify"><div style="display: inline; font-weight: bold;">Organization and Operations</div></td> </tr> </table> <div style=" font-size: 10pt; text-align: justify; margin: 0.2pt 0 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;">&nbsp;</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">The Company</div></div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0.2pt 0 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">Proteon Therapeutics, Inc. (the &#x201c;Company&#x201d;) is a late-stage biopharmaceutical company focused on the development of novel, first-in-class pharmaceuticals to address the medical needs of patients with kidney and vascular disease. The Company was formed in June 2001 and incorporated on March 24, 2006. During 2013, the Company formed a wholly-owned subsidiary, organized in the United Kingdom, Proteon Therapeutics Limited. As of December 31, 2015, there has been no activity in this subsidiary other than its formation. During 2014, the Company formed a wholly-owned Massachusetts Securities Corporation subsidiary as a holding company for its available-for-sale investments, Proteon Securities Corp. The Company completed its initial public offering of its common stock, $0.001 par value per share (&#x201c;Common Stock&#x201d;) on October 27, 2014 (the &#x201c;IPO&#x201d;). Since inception, the Company has been primarily involved in research and development activities.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0; text-indent: 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other development stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals.</div> <div style=" font-size: 10pt; text-align: justify; margin: 0; text-indent: 0.5in">&nbsp;</div> <div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">As of December 31, 2015, the Company had cash, cash equivalents and available-for-sale investments of $65.3 million. The Company believes that its existing cash, cash equivalents and available-for-sale investments will be sufficient to fund operations and capital expenditures into the fourth quarter of 2017. The Company had an accumulated deficit of $131.3 million as of December 31, 2015.&nbsp;</div></div>
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CY2014 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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CY2015 us-gaap Use Of Estimates
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-align: justify; margin: 0.2pt 0 0; text-indent: 0.5in"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">&nbsp;</div></div></div><div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">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&#x2019;s management evaluates its estimates, which include, but are not limited to, estimates related to convertible notes, stock-based compensation expense, clinical trial accruals and reported amounts of revenues and 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.</div><div style=" font-size: 10pt; text-align: justify; margin: 0.05pt 0 0; text-indent: 0.5in">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">The Company historically 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, <div style="display: inline; font-style: italic;">Valuation of Privately-Held Company Equity Securities Issued as Compensation</div>, to estimate the fair value of its Common Stock prior to its IPO. Each valuation methodology included estimates and assumptions that required the Company&#x2019;s judgment.</div><div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">&nbsp;</div><div style=" font-size: 10pt; text-align: justify; text-indent: 16.65pt; margin: 0">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&#x2019;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 materially affected the financial statements.</div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div></div>
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