$VIRX
Viracta Therapeutics, Inc.

2017 Q1 Form 10-Q Financial Statement

#000156459017009369 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $669.0K $640.0K
YoY Change 4.53% -25.06%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.940M $4.300M
YoY Change -8.37% -15.85%
% of Gross Profit
Research & Development $6.160M $6.209M
YoY Change -0.79% 37.61%
% of Gross Profit
Depreciation & Amortization $0.00 $3.000K
YoY Change -100.0% -72.73%
% of Gross Profit
Operating Expenses $10.10M $10.50M
YoY Change -3.85% 9.16%
Operating Profit -$9.864M
YoY Change 12.49%
Interest Expense -$480.0K $298.0K
YoY Change -261.07% 24.69%
% of Operating Profit
Other Income/Expense, Net $90.00K $76.00K
YoY Change 18.42% -163.33%
Pretax Income -$9.830M -$10.09M
YoY Change -2.58% 10.51%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$9.830M -$10.09M
YoY Change -2.54% 10.5%
Net Earnings / Revenue -1469.36% -1575.94%
Basic Earnings Per Share -$0.47 -$0.70
Diluted Earnings Per Share -$0.47 -$0.70
COMMON SHARES
Basic Shares Outstanding 21.03M 14.44M
Diluted Shares Outstanding 21.03M 14.44M

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.20M $40.00M
YoY Change -12.0% 0.5%
Cash & Equivalents $11.47M $23.86M
Short-Term Investments $23.70M $16.20M
Other Short-Term Assets $700.0K $700.0K
YoY Change 0.0% -53.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.90M $40.70M
YoY Change -11.79% -1.45%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $35.90M $40.70M
Total Long-Term Assets $0.00 $0.00
Total Assets $35.90M $40.70M
YoY Change -11.79% -1.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.600M $2.600M
YoY Change 0.0% 22.58%
Accrued Expenses $4.200M $4.800M
YoY Change -12.5% -20.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.600M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $11.40M $9.775M
YoY Change 16.62% -38.6%
LONG-TERM LIABILITIES
Long-Term Debt $9.900M $11.70M
YoY Change -15.38% 69.57%
Other Long-Term Liabilities $200.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $10.10M $11.70M
YoY Change -13.68% 36.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.40M $9.775M
Total Long-Term Liabilities $10.10M $11.70M
Total Liabilities $21.60M $21.50M
YoY Change 0.47% -12.24%
SHAREHOLDERS EQUITY
Retained Earnings -$569.5M
YoY Change 7.08%
Common Stock $572.3M
YoY Change 4.31%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.30M $19.27M
YoY Change
Total Liabilities & Shareholders Equity $35.89M $40.73M
YoY Change -11.88% -1.39%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$9.830M -$10.09M
YoY Change -2.54% 10.5%
Depreciation, Depletion And Amortization $0.00 $3.000K
YoY Change -100.0% -72.73%
Cash From Operating Activities -$9.660M -$10.72M
YoY Change -9.89% -7.59%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $10.83M $3.400M
YoY Change 218.53% -1719.05%
Cash From Investing Activities $10.83M $3.400M
YoY Change 218.53% -1719.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.240M 4.290M
YoY Change -47.79% -48.99%
NET CHANGE
Cash From Operating Activities -9.660M -10.72M
Cash From Investing Activities 10.83M 3.400M
Cash From Financing Activities 2.240M 4.290M
Net Change In Cash 3.410M -3.030M
YoY Change -212.54% -10.88%
FREE CASH FLOW
Cash From Operating Activities -$9.660M -$10.72M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2017Q1 us-gaap Notes Payable Current
NotesPayableCurrent
4583000
CY2017Q1 us-gaap Long Term Notes Payable
LongTermNotesPayable
9930000
CY2017Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
602755000
CY2016Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
599632000
CY2016Q4 us-gaap Other Accrued Liabilities Noncurrent
OtherAccruedLiabilitiesNoncurrent
169000
CY2017Q1 snss Proceeds From Issuance Of Common Stock Through Equity Facilities Net
ProceedsFromIssuanceOfCommonStockThroughEquityFacilitiesNet
2241000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2241000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
4288000
CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
3414000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3028000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26886000
CY2016Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
23858000
CY2016Q1 us-gaap Other Significant Noncash Transaction Value Of Consideration Given1
OtherSignificantNoncashTransactionValueOfConsiderationGiven1
537000
CY2017Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
35891000
CY2017Q1 us-gaap Share Based Compensation
ShareBasedCompensation
887000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1453000
CY2016Q1 snss Write Off Of Debt Discount Upon Note Repayment
WriteOffOfDebtDiscountUponNoteRepayment
27000
CY2016Q1 snss Payoff Of Notes Payable And Final Payment
PayoffOfNotesPayableAndFinalPayment
7153000
CY2016Q1 us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
229000
CY2017Q1 us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
143000
CY2017Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-610000
CY2017Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-9657000
CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
10830000
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
3399000
CY2016Q1 us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
12500000
CY2016Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
830000
CY2017Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
71000
CY2017Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
776000
CY2017Q1 snss Increase Decrease In Accrued Clinical Expense
IncreaseDecreaseInAccruedClinicalExpense
-83000
CY2017Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-945000
CY2016Q1 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
43514000
CY2017Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
10830000
CY2016Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
46913000
CY2017Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2017Q1 snss Investments Denominated In Euros Owned At Fair Value
InvestmentsDenominatedInEurosOwnedAtFairValue
700000
CY2016Q4 snss Investments Denominated In Euros Owned At Fair Value
InvestmentsDenominatedInEurosOwnedAtFairValue
700000
CY2017Q1 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;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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 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, debt instruments, revenue recognition, stock-based compensation and clinical trial accounting. </p></div>
CY2017Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
35200000
CY2017Q1 snss Securities Policy Maturity Limit Period
SecuritiesPolicyMaturityLimitPeriod
P24M
CY2017Q1 snss Securities Policy Dollar Weighted Average Maturity Limit Period
SecuritiesPolicyDollarWeightedAverageMaturityLimitPeriod
P12M
CY2016Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1667
CY2017Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
Reverse Split, every six shares of common stock were combined into one share of capital stock. The Reverse Split affected the shares of Company's common stock: (a) outstanding immediately prior to the effective time of the Reverse Split, (b) available for issuance under the Company's equity incentive plans, (c) issuable upon the exercise of outstanding stock options and warrants and (d) issuable upon conversion of the outstanding Series B Preferred Stock. All share and per-share data in our condensed consolidated financial statements and notes thereto give retroactive effect to the Reverse Split for all periods presented.
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7196000
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5838000
CY2017Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
31370000
CY2017Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
18000
CY2017Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
31352000
CY2017Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
7646000
CY2017Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
7646000
CY2017Q1 snss Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
23724000
CY2017Q1 snss Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
18000
CY2016Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
38305000
CY2016Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
22000
CY2016Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
38283000
CY2016Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
3751000
CY2016Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
3751000
CY2016Q4 snss Marketable Securities Amortized Cost
MarketableSecuritiesAmortizedCost
34554000
CY2016Q4 snss Marketable Securities Gross Unrealized Losses
MarketableSecuritiesGrossUnrealizedLosses
22000
CY2017Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
18000
CY2017Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
22047000
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
22000
CY2016Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
30145000
CY2017Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2017Q1 snss Revenue Participation Right Payment Rate
RevenueParticipationRightPaymentRate
0.0675
CY2017Q1 snss Revenue Participation Right Payment Term
RevenueParticipationRightPaymentTerm
10 years from the date of first commercial sale
CY2017Q1 snss Maximum Term Of Revenue Participation Right Payments
MaximumTermOfRevenueParticipationRightPayments
P10Y
CY2017Q1 us-gaap Notes Payable
NotesPayable
15000000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
887000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1453000

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