$VKTX
Viking Therapeutics, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018021125 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q4 2017 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.700M $1.390M $1.270M
YoY Change 33.86% 27.52% 4.96%
% of Gross Profit
Research & Development $5.221M $3.030M $3.716M
YoY Change 40.5% 14.34% 56.79%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.925M $4.430M $4.983M
YoY Change 38.97% 18.45% 39.27%
Operating Profit -$6.925M -$4.983M
YoY Change 38.97% 39.27%
Interest Expense $392.0K -$290.0K -$1.000K
YoY Change -39300.0% -45.28% -44.84%
% of Operating Profit
Other Income/Expense, Net $253.0K $630.0K -$189.0K
YoY Change -233.86% 1.61% 64.72%
Pretax Income -$6.670M -$4.080M -$5.170M
YoY Change 29.01% 12.09% 40.11%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.672M -$4.080M -$5.172M
YoY Change 29.0% 12.09% 40.06%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$126.4K -$136.4K -$214.3K
COMMON SHARES
Basic Shares Outstanding 52.77M 24.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q4 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.2M $20.58M $12.10M
YoY Change 1075.21% 55.87% -29.65%
Cash & Equivalents $34.61M $8.988M $3.394M
Short-Term Investments $107.6M $11.59M $8.700M
Other Short-Term Assets $2.100M $1.300M $2.200M
YoY Change -4.55% 62.5% 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $144.3M $21.85M $14.30M
YoY Change 908.8% 56.36% -21.86%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $300.0K $100.0K
YoY Change 100.0% -50.0% -50.0%
Total Long-Term Assets $210.0K $270.0K $0.00
YoY Change -51.86% -100.0%
TOTAL ASSETS
Total Short-Term Assets $144.3M $21.85M $14.30M
Total Long-Term Assets $210.0K $270.0K $0.00
Total Assets $144.5M $22.12M $14.30M
YoY Change 910.27% 52.18% -22.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.493M $1.529M $1.300M
YoY Change 14.85% 27.01% 8.33%
Accrued Expenses $2.600M $2.300M $2.500M
YoY Change 4.0% 76.92% 177.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.500M $3.100M
YoY Change -100.0% 6.06% 29.17%
Total Short-Term Liabilities $4.105M $8.657M $7.700M
YoY Change -46.69% 33.67% 35.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $6.054K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.105M $8.657M $7.700M
Total Long-Term Liabilities $0.00 $0.00 $6.054K
Total Liabilities $4.105M $8.657M $7.733M
YoY Change -46.92% 33.33% 33.33%
SHAREHOLDERS EQUITY
Retained Earnings -$91.08M -$80.86M -$70.67M
YoY Change 28.88% 34.14%
Common Stock $231.6M $94.34M $77.26M
YoY Change 199.73% 38.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $140.4M $13.46M $6.588M
YoY Change
Total Liabilities & Shareholders Equity $144.5M $22.12M $14.32M
YoY Change 908.79% 52.18% -22.59%

Cashflow Statement

Concept 2018 Q2 2017 Q4 2017 Q2
OPERATING ACTIVITIES
Net Income -$6.672M -$4.080M -$5.172M
YoY Change 29.0% 12.09% 40.06%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.270M -$3.950M -$4.200M
YoY Change 25.48% 60.57% 30.43%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$66.62M -$4.400M -$770.0K
YoY Change 8551.95% -403.45% -84.06%
Cash From Investing Activities -$66.62M -$4.400M -$770.0K
YoY Change 8551.95% -403.45% -84.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.15M 14.76M 4.010M
YoY Change 1649.38% 1319.23% -56.7%
NET CHANGE
Cash From Operating Activities -5.270M -3.950M -4.200M
Cash From Investing Activities -66.62M -4.400M -770.0K
Cash From Financing Activities 70.15M 14.76M 4.010M
Net Change In Cash -1.740M 6.410M -960.0K
YoY Change 81.25% 21266.67% -179.34%
FREE CASH FLOW
Cash From Operating Activities -$5.270M -$3.950M -$4.200M
Capital Expenditures
Free Cash Flow
YoY Change

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;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 accompanying financial statements. Significant estimates made in preparing these financial statements relate to determining the fair value of the debt conversion feature liability, through May 21, 2018, and accounting for certain commitments. Actual results could differ from those estimates.</p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in federally insured depository institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.</p></div>
CY2017Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
24387148
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
48955952
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-09-24
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
CY2018Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
206260
CY2017Q2 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
268261
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
225571
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
287571
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
52767111
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24118887
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48730381
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
23240782
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10086061
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17973848
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017 us-gaap Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
0
CY2018Q2 vktx Available For Sale Securities In Unrealized Gain Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableForSaleSecuritiesInUnrealizedGainPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
0
CY2018Q2 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
117
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
11606000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Accumulated Loss
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLoss
19000
CY2017Q4 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
29
CY2018Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
143645000
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
19192000
CY2017Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
1398000
CY2017Q4 vktx Convertible Notes Payoff Value Current
ConvertibleNotesPayoffValueCurrent
1938000
CY2016 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.05
CY2016Q1 us-gaap Debt Instrument Interest Rate During Period
DebtInstrumentInterestRateDuringPeriod
0.025
CY2016 vktx Debt Instrument Current Maturities Due Date
DebtInstrumentCurrentMaturitiesDueDate
2016
CY2016Q1 vktx Debt Instrument Current Maturities Due Date
DebtInstrumentCurrentMaturitiesDueDate
2017
CY2017Q2 vktx Debt Instrument Current Maturity Date
DebtInstrumentCurrentMaturityDate
2018-05-21
CY2014Q1 us-gaap Deferred Compensation Arrangement With Individual Common Stock Reserved For Future Issuance
DeferredCompensationArrangementWithIndividualCommonStockReservedForFutureIssuance
1000000
CY2014Q1 us-gaap Deferred Compensation Arrangement With Individual Exercise Price
DeferredCompensationArrangementWithIndividualExercisePrice
0.01
CY2014Q1 vktx Number Of Tranches
NumberOfTranches
2
CY2014Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
168000
CY2015Q2 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
633810
CY2015Q2 vktx Shares Repurchase Price Per Share
SharesRepurchasePricePerShare
0.00001
CY2015Q2 us-gaap Stock Repurchase Program Remaining Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramRemainingNumberOfSharesAuthorizedToBeRepurchased
366190
CY2015Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
62000
CY2017Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
5900000
CY2018Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
72597
CY2017Q2 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
19887
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
630000
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
341000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1575864
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
517500
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
150463
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
18750
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1924151
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
762913
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.68
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.80
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.59
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.91
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.35
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y9M
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
239000
CY2018Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
10.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1077000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11833000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
4173000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.38
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8125
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y21D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0250
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
vktx Description Of Warrant
DescriptionOfWarrant
The warrant is exercisable for cash or on a cashless basis at a per share exercise price equal to $10.00 commencing on April 28, 2016, one year following the date of the prospectus filed with the SEC relating to the IPO, and expiring on April 28, 2020. The warrant also provides for registration rights upon request, under certain circumstances. The piggyback registration right provided in connection with the warrant will terminate on April 28, 2022.
vktx Warrant Expiration Date
WarrantExpirationDate
2022-04-28
vktx Initial Public Offering Expiration Date
InitialPublicOfferingExpirationDate
2020-04-28
CY2016Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
7500000
CY2016Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
7500000
CY2016Q2 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.25
CY2016Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.50
vktx Class Of Warrants Or Rights Expiry Date
ClassOfWarrantsOrRightsExpiryDate
2021-04-13
CY2016Q2 us-gaap Share Price
SharePrice
0.01
CY2018Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
5802295
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
889148
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
2370404
vktx Operating Lease Option To Extend Term
OperatingLeaseOptionToExtendTerm
P3Y
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
27000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
270000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
333000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
343000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
29000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1002000

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