$VRDN
Viridian Therapeutics, Inc.\DE

2016 Q3 Form 10-Q Financial Statement

#000117184316012638 Filed on October 26, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue $936.0K $1.335M
YoY Change -29.89% -28.69%
Cost Of Revenue $599.0K $577.0K
YoY Change 3.81% -35.89%
Gross Profit $337.0K $758.0K
YoY Change -55.54% -22.02%
Gross Profit Margin 36.0% 56.78%
Selling, General & Admin $2.426M $2.799M
YoY Change -13.33% 45.1%
% of Gross Profit 719.88% 369.26%
Research & Development $2.965M $253.0K
YoY Change 1071.94% 140.95%
% of Gross Profit 879.82% 33.38%
Depreciation & Amortization $100.0K $50.00K
YoY Change 100.0% 25.0%
% of Gross Profit 29.67% 6.6%
Operating Expenses $5.018M $3.629M
YoY Change 38.28% 23.69%
Operating Profit -$4.082M -$3.128M
YoY Change 30.5% 91.55%
Interest Expense $23.00K $24.00K
YoY Change -4.17% 500.0%
% of Operating Profit
Other Income/Expense, Net $7.000K
YoY Change
Pretax Income -$4.150M -$3.150M
YoY Change 31.75% 92.07%
Income Tax
% Of Pretax Income
Net Earnings -$4.153M -$3.152M
YoY Change 31.76% 92.55%
Net Earnings / Revenue -443.7% -236.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$103.8M -$78.75M
COMMON SHARES
Basic Shares Outstanding 7.868M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.400M $12.10M
YoY Change -55.37% 89.06%
Cash & Equivalents $24.60M $12.12M
Short-Term Investments
Other Short-Term Assets $400.0K $600.0K
YoY Change -33.33% 20.0%
Inventory $62.00K $364.0K
Prepaid Expenses
Receivables $733.0K $547.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.512M $13.61M
YoY Change -52.14% 56.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.014M $1.177M
YoY Change -13.85% 47.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $1.029M $1.192M
YoY Change -13.67% 49.0%
TOTAL ASSETS
Total Short-Term Assets $6.512M $13.61M
Total Long-Term Assets $1.029M $1.192M
Total Assets $7.541M $14.80M
YoY Change -49.04% 55.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $51.00K $195.0K
YoY Change -73.85% -2.5%
Accrued Expenses $1.649M $713.0K
YoY Change 131.28% 256.5%
Deferred Revenue
YoY Change
Short-Term Debt $1.100M $1.100M
YoY Change 0.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $2.853M $2.114M
YoY Change 34.96% 5.7%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.000K $50.00K
YoY Change -96.0%
Total Long-Term Liabilities $2.000K $50.00K
YoY Change -96.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.853M $2.114M
Total Long-Term Liabilities $2.000K $50.00K
Total Liabilities $2.855M $2.164M
YoY Change 31.93% 8.2%
SHAREHOLDERS EQUITY
Retained Earnings -$25.07M -$14.99M
YoY Change 67.28%
Common Stock $108.0K $106.0K
YoY Change 1.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.686M $12.63M
YoY Change
Total Liabilities & Shareholders Equity $7.541M $14.80M
YoY Change -49.04% 55.76%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$4.153M -$3.152M
YoY Change 31.76% 92.55%
Depreciation, Depletion And Amortization $100.0K $50.00K
YoY Change 100.0% 25.0%
Cash From Operating Activities -$1.120M -$2.300M
YoY Change -51.3% 177.11%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$30.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $30.00K
YoY Change -100.0% -400.0%
Cash From Investing Activities $0.00 $0.00
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 -20.00K 3.990M
YoY Change -100.5% -948.94%
NET CHANGE
Cash From Operating Activities -1.120M -2.300M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -20.00K 3.990M
Net Change In Cash -1.140M 1.690M
YoY Change -167.46% -229.01%
FREE CASH FLOW
Cash From Operating Activities -$1.120M -$2.300M
Capital Expenditures $0.00 -$30.00K
Free Cash Flow -$1.120M -$2.270M
YoY Change -50.66% 173.49%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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="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 nine months ended September 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 September 30, 2016 and 2015 accounted for 21% and 35%, respectively, and 22% and 64% during the nine months ended September 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 September 30, 2016 and 2015 accounted for 29% and 3%, and 9% and 16%, respectively, and 27% and 1%, and 11% and 11% during the nine months ended September 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 the Company&#x2019;s three major customers as a percentage of total accounts receivable as of September 30, 2016 and December 31, 2015 were 12% and 19%, respectively. UAMS accounted for 9% and 19% of total accounts receivable as of September 30, 2016 and December 31, 2015, respectively. The Company has minimal accounts receivable from the other two major customers 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></div></div></div></div></div>
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ProvisionForDoubtfulAccounts
32000
us-gaap Repayments Of Debt And Capital Lease Obligations
RepaymentsOfDebtAndCapitalLeaseObligations
56000
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
226000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
253000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
867000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
546000
us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
154968
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
-61000
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-25072000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-17968000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
889000
CY2015Q4 us-gaap Security Deposit
SecurityDeposit
15000
CY2016Q3 us-gaap Security Deposit
SecurityDeposit
15000
CY2016Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
373000
CY2015Q3 us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
796000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1438000
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
1804000
us-gaap Share Based Compensation
ShareBasedCompensation
1441000
us-gaap Share Based Compensation
ShareBasedCompensation
2258000
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
709248
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
262194
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
137426
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
86800
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
580941
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
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.93
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
580941
CY2016Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
1.93
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.64
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.51
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
P8Y292D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y292D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y292D
CY2015Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3214285
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
10410000
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
4686000
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="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></div></div></div></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10787837
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8125133
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10754359
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
7234628

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