2020 Q4 Form 10-Q Financial Statement

#000143853320000031 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2020 Q2
Revenue $50.98M $51.14M $48.43M
YoY Change 9.2% 15.25% 8.33%
Cost Of Revenue $2.070M $1.189M $1.494M
YoY Change 19.65% -21.41% 52.6%
Gross Profit $48.91M $49.95M $46.94M
YoY Change 8.79% 16.54% 7.34%
Gross Profit Margin 95.93% 97.67% 96.92%
Selling, General & Admin $30.08M $31.95M $34.97M
YoY Change 32.45% 7.29% -10.26%
% of Gross Profit 61.5% 63.97% 74.51%
Research & Development $38.09M $32.35M $30.79M
YoY Change 5.6% -2.62% -18.83%
% of Gross Profit 77.88% 64.76% 65.6%
Depreciation & Amortization $6.630M $6.440M $5.850M
YoY Change 25.33% 19.7% 20.87%
% of Gross Profit 13.56% 12.89% 12.46%
Operating Expenses $74.12M $64.30M $65.76M
YoY Change 15.99% -18.41% -19.05%
Operating Profit -$118.6M -$19.44M -$23.11M
YoY Change 320.88% -43.56% -36.73%
Interest Expense -$380.0K -$4.767M -$4.634M
YoY Change -96.74% 4.84% -3.8%
% of Operating Profit
Other Income/Expense, Net -$3.543M -$3.091M -$2.892M
YoY Change 71.99% 19.99% 37.52%
Pretax Income -$122.1M -$22.53M -$26.00M
YoY Change 303.92% -39.14% -32.69%
Income Tax -$471.0K $23.00K $65.00K
% Of Pretax Income
Net Earnings -$121.6M -$22.55M -$26.07M
YoY Change 301.94% -38.2% -32.64%
Net Earnings / Revenue -238.55% -44.09% -53.83%
Basic Earnings Per Share -$0.44 -$0.58
Diluted Earnings Per Share -$2.371M -$0.44 -$0.58
COMMON SHARES
Basic Shares Outstanding 51.05M shares 50.93M shares 44.76M shares
Diluted Shares Outstanding 50.93M shares 44.76M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $356.6M $399.3M $370.3M
YoY Change 31.13% 34.84% 24.1%
Cash & Equivalents $84.77M $200.5M $237.2M
Short-Term Investments $271.8M $198.8M $133.1M
Other Short-Term Assets $8.100M $5.500M $7.700M
YoY Change 26.56% -48.11% -27.36%
Inventory $7.608M $7.259M $6.286M
Prepaid Expenses
Receivables $15.93M $15.00M $14.10M
Other Receivables $17.20M $13.60M $20.10M
Total Short-Term Assets $410.4M $497.7M $505.6M
YoY Change -4.35% 13.18% 10.62%
LONG-TERM ASSETS
Property, Plant & Equipment $9.418M $5.696M $2.930M
YoY Change 225.77% 95.74% -2.82%
Goodwill $900.0K $936.0K $936.0K
YoY Change -3.85% 0.0% 0.0%
Intangibles $154.1M
YoY Change -1.96%
Long-Term Investments
YoY Change
Other Assets $7.814M $33.69M $13.90M
YoY Change -46.88% 170.53% 9.39%
Total Long-Term Assets $197.0M $194.5M $173.1M
YoY Change 12.12% 11.74% -9.15%
TOTAL ASSETS
Total Short-Term Assets $410.4M $497.7M $505.6M
Total Long-Term Assets $197.0M $194.5M $173.1M
Total Assets $607.4M $692.2M $678.7M
YoY Change 0.44% 12.77% 4.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.13M $9.431M $10.20M
YoY Change -54.41% -31.82% -18.54%
Accrued Expenses $56.79M $50.32M $44.38M
YoY Change 9.76% 5.11% -12.22%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $92.66M $75.43M $69.93M
YoY Change -2.92% -14.31% -22.8%
LONG-TERM LIABILITIES
Long-Term Debt $215.3M $212.7M $210.0M
YoY Change 5.08% 5.09% 5.05%
Other Long-Term Liabilities $12.19M $40.33M $19.51M
YoY Change -41.65% 87.69% -11.74%
Total Long-Term Liabilities $12.19M $40.33M $19.51M
YoY Change -41.65% 87.69% -11.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $92.66M $75.43M $69.93M
Total Long-Term Liabilities $12.19M $40.33M $19.51M
Total Liabilities $396.2M $390.8M $360.0M
YoY Change 3.29% 6.24% -2.82%
SHAREHOLDERS EQUITY
Retained Earnings -$585.9M -$464.3M -$441.7M
YoY Change 40.69% 20.22% 26.31%
Common Stock $798.0M $765.3M $759.0M
YoY Change 25.29% 21.29% 21.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $211.2M $301.4M $318.6M
YoY Change
Total Liabilities & Shareholders Equity $607.4M $692.2M $678.7M
YoY Change 0.44% 12.77% 4.81%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$121.6M -$22.55M -$26.07M
YoY Change 301.94% -38.2% -32.64%
Depreciation, Depletion And Amortization $6.630M $6.440M $5.850M
YoY Change 25.33% 19.7% 20.87%
Cash From Operating Activities -$13.87M $6.740M -$6.450M
YoY Change 208.91% -147.73% -66.25%
INVESTING ACTIVITIES
Capital Expenditures -$8.600M -$6.920M -$4.440M
YoY Change 116.08% 63.98% 30.97%
Acquisitions
YoY Change
Other Investing Activities -$116.9M -$36.25M $72.23M
YoY Change -2202.7% -517.63% 152.38%
Cash From Investing Activities -$125.5M -$43.17M $67.80M
YoY Change -8043.67% -1067.94% 168.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $108.7M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.04M -350.0K 108.8M
YoY Change 27722.22% -52.7% -34096.87%
NET CHANGE
Cash From Operating Activities -13.87M 6.740M -6.450M
Cash From Investing Activities -125.5M -43.17M 67.80M
Cash From Financing Activities 25.04M -350.0K 108.8M
Net Change In Cash -114.3M -36.78M 170.1M
YoY Change 3954.61% 253.65% 2833.45%
FREE CASH FLOW
Cash From Operating Activities -$13.87M $6.740M -$6.450M
Capital Expenditures -$8.600M -$6.920M -$4.440M
Free Cash Flow -$5.270M $13.66M -$2.010M
YoY Change 933.33% -237.98% -87.21%

Facts In Submission

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DESCRIPTION OF BUSINESS<div style="margin-bottom:6pt;margin-top:12pt"><span style="color:#006ebf;font-family:'Arial',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Organization and Description of Business</span></div><div style="margin-bottom:6pt;margin-top:3pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Retrophin, Inc. (“we”, “our”, “us”, “Retrophin” and the “Company”) refers to Retrophin, Inc., a Delaware corporation, as well as our direct and indirect subsidiaries. Retrophin is a fully integrated biopharmaceutical company headquartered in San Diego, California, focused on identifying, developing and delivering life-changing therapies to people living with rare diseases. We regularly evaluate and, where appropriate, act on opportunities to expand our product pipeline through licenses and acquisitions of products in areas that will serve patients with serious or rare diseases and that we believe offer attractive growth characteristics.</span></div><div style="margin-bottom:6pt;margin-top:3pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The ongoing novel coronavirus (COVID-19) pandemic has resulted in travel restrictions, quarantines, “stay-at-home” and “shelter-in-place” orders and extended shutdown of certain businesses around the world. While the impact of the COVID-19 pandemic did not have a material adverse effect on our financial position or results of operations for the three and nine months ended September 30, 2020, these governmental actions and the widespread economic disruption arising from the pandemic have the potential to materially impact our business and influence our business decisions. The extent and duration of the pandemic is unknown, and the future effects on our business are uncertain and difficult to predict. The Company is continuing to monitor the events and circumstances surrounding the COVID-19 pandemic, which may require adjustments to the Company’s estimates and assumptions in the future.</span></div><div style="margin-bottom:6pt;margin-top:9pt"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Clinical Programs:</span></div><div style="margin-bottom:6pt;margin-top:3pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Sparsentan</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-style:italic;font-weight:400;line-height:120%">,</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> also known as RE-021, is an investigational product candidate with a dual mechanism of action, selective endothelin receptor antagonist (“ERA”), with in vitro selectivity toward endothelin receptor type A, and a potent angiotensin receptor blocker (“ARB”). Sparsentan is currently being evaluated in two pivotal Phase 3 clinical studies in the following indications:</span></div><div style="margin-bottom:3pt;margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#4c4c4c;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:15.42pt">Focal segmental glomerulosclerosis ("FSGS")</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> is a rare kidney disease characterized by proteinuria where the glomeruli become progressively scarred. FSGS is a leading cause of end-stage renal disease.</span></div><div style="margin-bottom:3pt;margin-top:9pt;padding-left:36pt;text-indent:-18pt"><span style="color:#4c4c4c;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:700;line-height:120%;padding-left:15.42pt">Immunoglobulin A nephropathy ("IgAN")</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%"> is an immune-complex-mediated glomerulonephritis characterized by hematuria, proteinuria, and variable rates of progressive renal failure. IgAN is the most common primary glomerular disease.</span></div><div style="margin-bottom:6pt;margin-top:3pt"><span><br/></span></div><div style="margin-bottom:6pt;margin-top:3pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">Chenodal® has been recognized as the standard of care for cerebrotendinous xanthomatosis (“CTX”) patients for more than three decades but is not currently labeled for this indication. In January 2020, we randomized the first patients in a Phase 3 clinical trial to evaluate the effects of Chenodal in adult and pediatric patients with CTX. The pivotal study, known as the RESTORE study, is intended to support a new drug application (“NDA”) submission for marketing authorization of Chenodal for CTX in the United States.</span></div><div style="margin-bottom:6pt;margin-top:9pt"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Cooperative Research and Development Agreements ("CRADAs"):</span></div><div style="margin-bottom:6pt;margin-top:3pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">The Company is a participant in two CRADAs, which form a multi-stakeholder approach to pool resources with leading experts, and incorporates the patient perspective early in the identification and development process. Retrophin has partnered with the National Institutes of Health’s National Center for Advancing Translational Sciences ("NCATS") and leading patient advocacy organizations, NGLY1.org and Alagille Syndrome Alliance ("ALGSA"), aimed at the identification of potential small molecule therapeutics for NGLY1 deficiency and Alagille syndrome, respectively. There are no treatment options currently approved for these diseases.</span></div><div style="margin-bottom:6pt;margin-top:9pt;text-align:justify"><span style="color:#666666;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Approved products:</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:15.42pt">Chenodal (chenodiol tablets) is approved in the United States for the treatment of patients suffering from gallstones in whom surgery poses an unacceptable health risk due to disease or advanced age. Chenodal has been the standard of care for CTX patients for more than three decades.</span></div><div style="margin-bottom:6pt;margin-top:3pt;padding-left:36pt;text-align:justify;text-indent:-18pt"><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%">•</span><span style="color:#000000;font-family:'Arial Narrow',sans-serif;font-size:9pt;font-weight:400;line-height:120%;padding-left:15.42pt">Cholbam® (cholic acid capsules) is approved in the United States for the treatment of bile acid synthesis disorders due to single enzyme defects and is further indicated for adjunctive treatment of patients with peroxisomal disorders.</span></div>•Thiola® and Thiola EC® (tiopronin tablets) are approved in the United States for the prevention of cystine (kidney) stone formation in patients with severe homozygous cystinuria.
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7509000 USD
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2000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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us-gaap Operating Lease Expense
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5100000 USD
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7400000 USD
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5800000 USD
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16482000 USD
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1300000 shares
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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16218443000 shares
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5400000 shares
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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19.34
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5398000 USD
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17262000 USD
us-gaap Allocated Share Based Compensation Expense
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16608000 USD
us-gaap Income Tax Expense Benefit
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500000 USD
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25000000.0 USD
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1000000.0 USD
CY2019Q1 us-gaap Impairment Of Intangible Assets Finitelived
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25500000 USD
CY2020Q3 us-gaap Inventory Raw Materials Net Of Reserves
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2858000 USD
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
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2713000 USD
CY2020Q3 us-gaap Inventory Finished Goods Net Of Reserves
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4401000 USD
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
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3369000 USD
CY2020Q3 us-gaap Inventory Net
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7259000 USD
CY2019Q4 us-gaap Inventory Net
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6082000 USD
CY2020Q3 us-gaap Inventory Valuation Reserves
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3800000 USD
CY2019Q4 us-gaap Inventory Valuation Reserves
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3100000 USD
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15000000.0 USD
CY2019Q1 rtrx Write Off Of Contingent Consideration
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18000000.0 USD
CY2019Q1 us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
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CY2020Q2 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
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7500000 shares
CY2020Q2 us-gaap Sale Of Stock Price Per Share
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15.50
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
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108700000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
100000000.0 USD

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