$TPST
Tempest Therapeutics, Inc.

2013 Q1 Form 10-K Financial Statement

#000104746913001570 Filed on February 25, 2013

View on sec.gov

Income Statement

Concept 2013 Q1 2011 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.500M $670.0K
YoY Change 23.76%
% of Gross Profit
Research & Development $2.680M $770.0K
YoY Change 183.3%
% of Gross Profit
Depreciation & Amortization $47.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $5.175M $1.440M
YoY Change 74.48%
Operating Profit -$5.175M
YoY Change 74.48%
Interest Expense $20.00K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.160M -$1.440M
YoY Change 73.74%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.157M -$1.440M
YoY Change 73.87%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$86.00 -$144.00
COMMON SHARES
Basic Shares Outstanding 14.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q1 2011 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.70M $4.500M
YoY Change 55.87%
Cash & Equivalents $43.19M $4.541M
Short-Term Investments $16.50M $0.00
Other Short-Term Assets $500.0K $0.00
YoY Change 400.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $60.18M $4.585M
YoY Change 56.73%
LONG-TERM ASSETS
Property, Plant & Equipment $895.0K $0.00
YoY Change 123.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $88.00K $0.00
YoY Change
Total Long-Term Assets $983.0K $0.00
YoY Change 145.75%
TOTAL ASSETS
Total Short-Term Assets $60.18M $4.585M
Total Long-Term Assets $983.0K $0.00
Total Assets $61.17M $4.585M
YoY Change 57.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $948.0K $276.0K
YoY Change -36.8%
Accrued Expenses $1.146M $399.0K
YoY Change 4.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.094M $675.0K
YoY Change -19.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.00K $87.00K
YoY Change -89.0%
Total Long-Term Liabilities $11.00K $87.00K
YoY Change -89.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.094M $675.0K
Total Long-Term Liabilities $11.00K $87.00K
Total Liabilities $2.105M $762.0K
YoY Change -22.04%
SHAREHOLDERS EQUITY
Retained Earnings -$21.29M -$2.624M
YoY Change
Common Stock $18.00K $2.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.06M -$2.377M
YoY Change
Total Liabilities & Shareholders Equity $61.17M $4.585M
YoY Change 57.65%

Cashflow Statement

Concept 2013 Q1 2011 Q4
OPERATING ACTIVITIES
Net Income -$5.157M -$1.440M
YoY Change 73.87%
Depreciation, Depletion And Amortization $47.00K $0.00
YoY Change
Cash From Operating Activities -$4.060M -$1.050M
YoY Change 395.12%
INVESTING ACTIVITIES
Capital Expenditures $184.0K $0.00
YoY Change -57.31%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities -$180.0K $0.00
YoY Change -58.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $32.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.65M 0.000
YoY Change -6.69%
NET CHANGE
Cash From Operating Activities -4.060M -1.050M
Cash From Investing Activities -180.0K 0.000
Cash From Financing Activities 32.65M 0.000
Net Change In Cash 28.41M -1.050M
YoY Change -15.8%
FREE CASH FLOW
Cash From Operating Activities -$4.060M -$1.050M
Capital Expenditures $184.0K $0.00
Free Cash Flow -$4.244M -$1.050M
YoY Change 239.25%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<div style='font-size:10.0pt;FONT-FAMILY: Times New Roman;'> <p style="FONT-FAMILY: times"><font size="2"><b>Use of estimates</b></font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of the Company's financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from such estimates.</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the board of directors contemporaneously at the date such grants were made, with input from management. The fair value of common stock at certain of the grant dates was adjusted in connection with the Company's retrospective fair value assessment for financial reporting purposes. The board of directors has determined the estimated fair value of the Company's common stock based on 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 and common 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 sale of the Company.</font></p> <p style="FONT-FAMILY: times"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Company utilized various valuation methodologies in accordance with the framework of the 2004 American Institute of Certified Public Accountants Technical Practice Aid,</font> <font size="2"><i>Valuation of Privately-Held Company Equity Securities Issued as Compensation</i></font><font size="2">, to estimate the fair value of its common stock. The methodologies included a probability analysis including both a potential public trading scenario and potential sale scenario. For the sale scenario, the Company used the reverse backsolve method and in the public trading scenario the Company assumed that all of its shares of convertible preferred stock would convert into common stock. Valuation methodologies include estimates and assumptions that require the Company's judgment. These estimates include assumptions regarding future performance, including the successful completion of the Company's AUGMENT marketing study in humans and the time to complete a public trading scenario or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</font></p></div>
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CashAndMoneyMarketFundsFairValue
14776000 USD
CY2012Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
31397000 USD
CY2012Q4 us-gaap Availableforsale Securities Gross Unrealized Gain
AvailableforsaleSecuritiesGrossUnrealizedGain
5000 USD
CY2012Q4 us-gaap Available For Sale Securities Gross Unrealized Losses1
AvailableForSaleSecuritiesGrossUnrealizedLosses1
11000 USD
CY2012Q4 us-gaap Available For Sale Securities Fair Value Disclosure
AvailableForSaleSecuritiesFairValueDisclosure
31391000 USD
CY2012Q4 ovas Cash Cash Equivalents And Marketable Securities Amortized Cost
CashCashEquivalentsAndMarketableSecuritiesAmortizedCost
31397000 USD
CY2012Q4 ovas Cash Cash Equivalents And Marketable Securities Fair Value
CashCashEquivalentsAndMarketableSecuritiesFairValue
31391000 USD
CY2012Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
14776000 USD
CY2012Q4 ovas Common Stock Shares Reserved For Potential Conversion Of Restricted Stock Units
CommonStockSharesReservedForPotentialConversionOfRestrictedStockUnits
192308 shares
CY2012Q4 us-gaap Short Term Investments
ShortTermInvestments
16615000 USD
CY2012Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-6000 USD
CY2012Q4 us-gaap Common Stock Value
CommonStockValue
14000 USD
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
77000 USD
CY2012 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16698000 USD
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16698000 USD
CY2012 ovas Common Shares Value Attributable To Conversion Of Preferred Stock Series A
CommonSharesValueAttributableToConversionOfPreferredStockSeriesA
6200000 USD
CY2012 ovas Common Shares Value Attributable To Conversion Of Preferred Stock Series B
CommonSharesValueAttributableToConversionOfPreferredStockSeriesB
34992000 USD
CY2011Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Value
PreferredStockValue
USD
CY2012Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2012Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2011Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
217000 USD
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
52000 USD
CY2012Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2011Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2012Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2011Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2012 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000 USD

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