$VRDN
Viridian Therapeutics, Inc.\DE

2016 Q2 Form 10-Q Financial Statement

#000117184316011777 Filed on August 15, 2016

View on sec.gov

Income Statement

Concept 2016 Q2 2015 Q2
Revenue $2.109M $1.457M
YoY Change 44.75% -10.12%
Cost Of Revenue $628.0K $678.0K
YoY Change -7.37% -28.93%
Gross Profit $1.481M $779.0K
YoY Change 90.12% 16.79%
Gross Profit Margin 70.22% 53.47%
Selling, General & Admin $1.765M $2.352M
YoY Change -24.96% -21.68%
% of Gross Profit 119.18% 301.93%
Research & Development $3.355M $194.0K
YoY Change 1629.38% 51.56%
% of Gross Profit 226.54% 24.9%
Depreciation & Amortization $100.0K $40.00K
YoY Change 150.0% 33.33%
% of Gross Profit 6.75% 5.13%
Operating Expenses $4.565M $3.224M
YoY Change 41.59% -21.08%
Operating Profit -$3.450M -$2.490M
YoY Change 38.55% -11.42%
Interest Expense $23.00K $72.00K
YoY Change -68.06% -84.94%
% of Operating Profit
Other Income/Expense, Net $9.000K
YoY Change
Pretax Income -$3.520M -$2.560M
YoY Change 37.5% -22.19%
Income Tax
% Of Pretax Income
Net Earnings -$3.524M -$2.562M
YoY Change 37.55% -22.1%
Net Earnings / Revenue -167.09% -175.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$88.00M -$85.33M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.500M $10.40M
YoY Change -37.5% 35.06%
Cash & Equivalents $8.377M $10.45M
Short-Term Investments
Other Short-Term Assets $600.0K $300.0K
YoY Change 100.0% -50.0%
Inventory $213.0K $536.0K
Prepaid Expenses
Receivables $658.0K $581.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $7.966M $11.86M
YoY Change -32.83% 21.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.061M $1.192M
YoY Change -10.99% 32.44%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $1.076M $1.235M
YoY Change -12.87% 37.22%
TOTAL ASSETS
Total Short-Term Assets $7.966M $11.86M
Total Long-Term Assets $1.076M $1.235M
Total Assets $9.042M $13.09M
YoY Change -30.95% 22.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $94.00K $332.0K
YoY Change -71.69% 66.0%
Accrued Expenses $1.331M $477.0K
YoY Change 179.04%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M
YoY Change 0.0%
Long-Term Debt Due $100.0K
YoY Change -75.0%
Total Short-Term Liabilities $2.597M $2.075M
YoY Change 25.16% -1.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $8.000K $76.00K
YoY Change -89.47%
Total Long-Term Liabilities $8.000K $76.00K
YoY Change -89.47% -24.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.597M $2.075M
Total Long-Term Liabilities $8.000K $76.00K
Total Liabilities $2.605M $2.151M
YoY Change 21.11% -2.23%
SHAREHOLDERS EQUITY
Retained Earnings -$23.23M -$11.84M
YoY Change 96.29%
Common Stock $108.0K $78.00K
YoY Change 38.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.437M $10.94M
YoY Change
Total Liabilities & Shareholders Equity $9.042M $13.09M
YoY Change -30.95% 22.37%

Cashflow Statement

Concept 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$3.524M -$2.562M
YoY Change 37.55% -22.1%
Depreciation, Depletion And Amortization $100.0K $40.00K
YoY Change 150.0% 33.33%
Cash From Operating Activities -$2.010M -$2.190M
YoY Change -8.22% 356.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$30.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -50.00K -610.0K
YoY Change -91.8% -107.56%
NET CHANGE
Cash From Operating Activities -2.010M -2.190M
Cash From Investing Activities 0.000 -30.00K
Cash From Financing Activities -50.00K -610.0K
Net Change In Cash -2.060M -2.830M
YoY Change -27.21% -137.29%
FREE CASH FLOW
Cash From Operating Activities -$2.010M -$2.190M
Capital Expenditures $0.00 -$30.00K
Free Cash Flow -$2.010M -$2.160M
YoY Change -6.94% 350.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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ContractualAllowance
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sgnl Contractual Allowances
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sgnl Contractual Allowances
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CY2015Q4 sgnl Capital Lease Obligation Unamortized Discount
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us-gaap Concentration Risk Credit Risk
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Concentration of Credit Risk, Major Customers and Suppliers</div></div></div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. Cash is maintained at two financial institutions and, at times, balances may exceed federally insured limits. The Company has not experienced any losses related to these balances. The Company invests excess cash in money market funds under the custodianship of a major financial institution. This diversification of risk is consistent with the Company's policy to ensure safety of principal and maintain liquidity.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">During the three and six months ended June 30, 2016, the Company had three major customers, including UAMS. Revenue sourced either from or through UAMS as a percentage of net revenue during the three months ended June 30, 2016 and 2015 accounted for 18% and 72%, respectively, and 22% and 75% during the six months ended June 30, 2016 and 2015, respectively. Revenue sourced either from or through the other two major customers as a percentage of net revenue during the three months ended June 30, 2016 and 2015 accounted for 27% and 0%, and 12% and 5%, respectively, and 26% and 0%, and 12% and 5% during the six months ended June 30, 2016 and 2015, respectively.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Accounts receivable from UAMS as a percentage of total accounts receivable as of June 30, 2016 and December 31, 2015 were 9% and 19%, respectively. The Company has no accounts receivable from the other two major customers as of June 30, 2016 or December 31, 2015 since revenue sourced through them is billed to various third-party payors, depending on a patient&#x2019;s medical insurance policy.</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Inventory used in the Company&#x2019;s testing process is procured from one supplier. Any supply interruption or an increase in demand beyond such supplier&#x2019;s capabilities could have an adverse impact on the Company&#x2019;s business. Management believes it could identify alternative suppliers, if necessary, but it is possible such suppliers may not be identified in a timely manner to avoid an adverse impact on the Company&#x2019;s business.</div></div></div></div></div></div></div></div>
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Revenues
4159000
us-gaap Revenues
Revenues
2754000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
874000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
734000
us-gaap Sales Revenue Net
SalesRevenueNet
1692000
us-gaap Sales Revenue Net
SalesRevenueNet
1378000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
148798
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
95530
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
86800
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
622837
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
631567
CY2015Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.28
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.94
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
622837
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.94
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.92
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.51
CY2016Q2 us-gaap Security Deposit
SecurityDeposit
15000
CY2015Q4 us-gaap Security Deposit
SecurityDeposit
15000
CY2016Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
555000
CY2015Q2 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
574000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1065000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1008000
us-gaap Share Based Compensation
ShareBasedCompensation
1348000
us-gaap Share Based Compensation
ShareBasedCompensation
1420000
CY2016Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
637708
CY2015Q1 us-gaap Share Price
SharePrice
2.80
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y328D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y36D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y36D
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3214285
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10410000
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
6437000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">&nbsp;</div><div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (&#x201c;GAAP&#x201d;). The preparation of financial statements in conformity with GAAP requires management to make judgments, assumptions and estimates that affect the amounts reported in the Company&#x2019;s financial statements and accompanying notes. Significant estimates in the financial statements have been made for revenue, accounts receivable and allowance for doubtful accounts, accounting for income taxes, depreciation of property and equipment and stock-based compensation. Actual results could differ materially from those estimates.</div></div></div></div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10734709
CY2015Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7785670
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10737620
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6789376

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