$VIRX
Viracta Therapeutics, Inc.

2014 Q3 Form 10-Q Financial Statement

#000156459014005430 Filed on November 10, 2014

View on sec.gov

Income Statement

Concept 2014 Q3 2013 Q4 2013 Q3
Revenue $854.0K $1.989M $1.989M
YoY Change -57.06% 0.0% 650.57%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.230M $2.700M $2.810M
YoY Change 157.3% 9.31% 20.6%
% of Gross Profit
Research & Development $6.939M $6.880M $6.957M
YoY Change -0.26% -9.35% 1.15%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0%
% of Gross Profit
Operating Expenses $14.17M $9.580M $9.764M
YoY Change 45.07% -4.77% 6.03%
Operating Profit -$13.31M -$7.775M
YoY Change 71.2% -13.07%
Interest Expense $391.0K -$620.0K $695.0K
YoY Change -43.74% -26.19% 80.52%
% of Operating Profit
Other Income/Expense, Net -$1.623M $1.040M $863.0K
YoY Change -288.06% -78.6% -110.7%
Pretax Income -$15.33M -$7.180M -$7.610M
YoY Change 101.45% 77.28% -56.26%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.33M -$7.180M -$7.607M
YoY Change 101.46% 77.28% -56.27%
Net Earnings / Revenue -1794.5% -360.99% -382.45%
Basic Earnings Per Share -$0.25 -$0.13 -$0.15
Diluted Earnings Per Share -$0.25 -$0.15 -$0.16
COMMON SHARES
Basic Shares Outstanding 60.55M 54.06M shares 51.70M
Diluted Shares Outstanding 60.55M 55.57M shares 53.27M

Balance Sheet

Concept 2014 Q3 2013 Q4 2013 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.70M $39.30M $45.50M
YoY Change -1.76% -44.8% -40.6%
Cash & Equivalents $20.81M $15.12M $21.73M
Short-Term Investments $23.90M $24.20M $23.80M
Other Short-Term Assets $1.300M $1.200M $1.000M
YoY Change 30.0% -29.41% -41.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $46.00M $40.49M $46.51M
YoY Change -1.11% -44.48% -40.52%
LONG-TERM ASSETS
Property, Plant & Equipment $53.00K $23.00K $27.00K
YoY Change 96.3% -46.51% -73.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $10.00K $16.00K
YoY Change -100.0% -76.19% -84.0%
Total Long-Term Assets $53.00K $33.00K $43.00K
YoY Change 23.26% -61.18% -78.5%
TOTAL ASSETS
Total Short-Term Assets $46.00M $40.49M $46.51M
Total Long-Term Assets $53.00K $33.00K $43.00K
Total Assets $46.05M $40.53M $46.56M
YoY Change -1.08% -44.5% -40.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $772.0K $953.0K $1.459M
YoY Change -47.09% 1121.79% 21.58%
Accrued Expenses $9.600M $8.100M $8.100M
YoY Change 18.52% -10.0% 10.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.900M $9.000M $8.800M
YoY Change 12.5% 36.36% 100.0%
Total Short-Term Liabilities $37.31M $33.97M $35.33M
YoY Change 5.58% 7.03% 0.66%
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $9.000M $11.30M
YoY Change -84.96% -49.15% -42.35%
Other Long-Term Liabilities $3.400M $3.700M $5.700M
YoY Change -40.35% -68.38% -58.39%
Total Long-Term Liabilities $5.100M $12.70M $17.00M
YoY Change -70.0% -56.8% -48.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.31M $33.97M $35.33M
Total Long-Term Liabilities $5.100M $12.70M $17.00M
Total Liabilities $42.40M $46.70M $52.30M
YoY Change -18.93% -23.57% -23.54%
SHAREHOLDERS EQUITY
Retained Earnings -$521.4M -$479.7M -$472.5M
YoY Change 10.34% 7.77%
Common Stock $525.0M $473.5M $466.7M
YoY Change 12.48% 3.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.615M -$6.184M -$5.777M
YoY Change
Total Liabilities & Shareholders Equity $46.05M $40.53M $46.56M
YoY Change -1.08% -44.5% -40.62%

Cashflow Statement

Concept 2014 Q3 2013 Q4 2013 Q3
OPERATING ACTIVITIES
Net Income -$15.33M -$7.180M -$7.607M
YoY Change 101.46% 77.28% -56.27%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0%
Cash From Operating Activities -$12.54M -$9.700M -$8.690M
YoY Change 44.3% 4.75% -163.2%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $7.860M -$450.0K $19.41M
YoY Change -59.51% -97.88% -212.33%
Cash From Investing Activities $7.850M -$450.0K $19.41M
YoY Change -59.56% -97.88% -212.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.250M 3.540M 4.410M
YoY Change -128.34% -5.85% -86.8%
NET CHANGE
Cash From Operating Activities -12.54M -9.700M -8.690M
Cash From Investing Activities 7.850M -450.0K 19.41M
Cash From Financing Activities -1.250M 3.540M 4.410M
Net Change In Cash -5.940M -6.610M 15.13M
YoY Change -139.26% -75.23% -49.38%
FREE CASH FLOW
Cash From Operating Activities -$12.54M -$9.700M -$8.690M
Capital Expenditures -$30.00K $0.00
Free Cash Flow -$12.51M -$9.700M
YoY Change 4.75%

Facts In Submission

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snss Proceeds From Issuance Of Common Stock Through Equity Facilities Net
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Significant Estimates and Judgments </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the Company&#8217;s condensed consolidated financial statements and accompanying notes thereto. Actual results could differ materially from these estimates. Estimates, assumptions and judgments made by management include those related to the valuation of equity and related instruments, revenue recognition, stock-based compensation and clinical trial accounting. </p></div>
dei Entity Incorporation Date Of Incorporation
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IncrementalCommonSharesAttributableToCallOptionsAndWarrants
1573000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28299000
CY2014Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2014Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9000
CY2014Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
35319000
CY2014Q3 snss Cash Equivalents Amortized Cost
CashEquivalentsAmortizedCost
11407000
CY2014Q3 snss Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
23921000
CY2014Q3 snss Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
9000
CY2014Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
11407000
CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000
CY2013Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2013Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
30755000
CY2013Q4 snss Cash Equivalents Amortized Cost
CashEquivalentsAmortizedCost
6583000
CY2013Q4 snss Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
24175000
CY2013Q4 snss Marketable Securities Gross Unrealized Gains
MarketableSecuritiesGrossUnrealizedGains
3000
CY2013Q4 snss Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
6000
CY2013Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
6583000
CY2014Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
9000
CY2014Q3 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
18806000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2014Q3 snss Common Stock Fair Value
CommonStockFairValue
7.14
CY2013Q4 snss Common Stock Fair Value
CommonStockFairValue
4.74
CY2014Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.52
CY2013Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
2.52
us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P1Y
CY2013 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P1Y9M18D
us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.639
CY2013 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.608
us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.001
CY2013 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.003
us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.000
CY2013 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.000
CY2014Q3 snss Warrants Estimated Fair Value Per Warrant Share
WarrantsEstimatedFairValuePerWarrantShare
4.68
CY2013Q4 snss Warrants Estimated Fair Value Per Warrant Share
WarrantsEstimatedFairValuePerWarrantShare
2.56
CY2014Q3 snss Shares Underlying Outstanding Warrants
SharesUnderlyingOutstandingWarrants
2920000
CY2013Q4 snss Shares Underlying Outstanding Warrants
SharesUnderlyingOutstandingWarrants
3099000
CY2014Q3 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
900000
CY2014Q2 us-gaap Deferred Revenue Revenue Recognized
DeferredRevenueRevenueRecognized
2000000
CY2014Q3 snss Revenue Participation Right Payment Rate
RevenueParticipationRightPaymentRate
0.0675
snss Revenue Participation Right Payment Term
RevenueParticipationRightPaymentTerm
10 years from the date of first commercial sale
snss Maximum Term Of Revenue Participation Right Payments
MaximumTermOfRevenueParticipationRightPayments
P10Y
CY2011Q4 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
25000000
snss Number Of Tranches For Maximum Borrowing
NumberOfTranchesForMaximumBorrowing
2
snss Line Of Credit Facility Final Payment
LineOfCreditFacilityFinalPayment
937500
snss Line Of Credit Facility Number Of Installments
LineOfCreditFacilityNumberOfInstallments
32
CY2014Q3 us-gaap Notes Payable
NotesPayable
11572000
CY2014Q1 snss Proceeds From Issuance Of Common Shares And Warrants In Offering Gross
ProceedsFromIssuanceOfCommonSharesAndWarrantsInOfferingGross
43000000
CY2014Q1 snss Proceeds From Issuance Of Common Shares And Warrants In Offering Net
ProceedsFromIssuanceOfCommonSharesAndWarrantsInOfferingNet
40000000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1635000
CY2013Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1033000

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