2018 Q3 Form 10-Q Financial Statement
#000156459018028660 Filed on November 08, 2018
Income Statement
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| Revenue | $3.375M | $15.00K |
| YoY Change | 22400.0% | -60.53% |
| Cost Of Revenue | ||
| YoY Change | ||
| Gross Profit | ||
| YoY Change | ||
| Gross Profit Margin | ||
| Selling, General & Admin | $2.160M | $2.570M |
| YoY Change | -15.95% | 7.08% |
| % of Gross Profit | ||
| Research & Development | $2.698M | $8.989M |
| YoY Change | -69.99% | -19.53% |
| % of Gross Profit | ||
| Depreciation & Amortization | $30.00K | $50.00K |
| YoY Change | -40.0% | -28.57% |
| % of Gross Profit | ||
| Operating Expenses | $4.856M | $11.56M |
| YoY Change | -57.98% | -14.84% |
| Operating Profit | -$1.481M | -$11.54M |
| YoY Change | -87.17% | -14.69% |
| Interest Expense | -$810.0K | -$810.0K |
| YoY Change | 0.0% | -4150.0% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $10.00K | $0.00 |
| YoY Change | -100.0% | |
| Pretax Income | -$1.960M | -$12.36M |
| YoY Change | -84.14% | -8.51% |
| Income Tax | $0.00 | $0.00 |
| % Of Pretax Income | ||
| Net Earnings | -$796.0K | -$3.650M |
| YoY Change | -78.19% | -8.59% |
| Net Earnings / Revenue | -23.59% | -24333.33% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$64.99K | -$376.7K |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $3.800M | $20.50M |
| YoY Change | -81.46% | -59.88% |
| Cash & Equivalents | $3.766M | $20.77M |
| Short-Term Investments | ||
| Other Short-Term Assets | $2.100M | $1.000M |
| YoY Change | 110.0% | -9.09% |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $0.00 | $0.00 |
| Other Receivables | $0.00 | |
| Total Short-Term Assets | $5.900M | $21.50M |
| YoY Change | -72.56% | -58.73% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $200.0K | $300.0K |
| YoY Change | -33.33% | -40.0% |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $2.500M | |
| YoY Change | ||
| Other Assets | $2.500M | $2.300M |
| YoY Change | 8.7% | 9.52% |
| Total Long-Term Assets | $5.200M | $2.600M |
| YoY Change | 100.0% | 0.0% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $5.900M | $21.50M |
| Total Long-Term Assets | $5.200M | $2.600M |
| Total Assets | $11.10M | $24.10M |
| YoY Change | -53.94% | -55.94% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $9.000M | $10.10M |
| YoY Change | -10.89% | -4.72% |
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | $6.747M | |
| YoY Change | ||
| Short-Term Debt | $431.0K | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | $9.600M | $2.100M |
| YoY Change | 357.14% | |
| Total Short-Term Liabilities | $25.31M | $12.20M |
| YoY Change | 107.45% | 15.09% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $8.600M | $17.20M |
| YoY Change | -50.0% | |
| Other Long-Term Liabilities | $1.200M | $300.0K |
| YoY Change | 300.0% | 50.0% |
| Total Long-Term Liabilities | $9.800M | $17.50M |
| YoY Change | -44.0% | 8650.0% |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $25.31M | $12.20M |
| Total Long-Term Liabilities | $9.800M | $17.50M |
| Total Liabilities | $55.10M | $160.4M |
| YoY Change | -65.65% | -3.37% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$189.0M | |
| YoY Change | ||
| Common Stock | $144.6M | |
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | -$43.98M | -$136.3M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $11.09M | $24.10M |
| YoY Change | -53.99% | -55.94% |
Cashflow Statement
| Concept | 2018 Q3 | 2017 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$796.0K | -$3.650M |
| YoY Change | -78.19% | -8.59% |
| Depreciation, Depletion And Amortization | $30.00K | $50.00K |
| YoY Change | -40.0% | -28.57% |
| Cash From Operating Activities | -$6.260M | -$11.78M |
| YoY Change | -46.86% | -7.39% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$10.00K | $0.00 |
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $0.00 | $30.00K |
| YoY Change | -100.0% | |
| 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 | 8.870M | 0.000 |
| YoY Change | -100.0% | |
| NET CHANGE | ||
| Cash From Operating Activities | -6.260M | -11.78M |
| Cash From Investing Activities | 0.000 | 30.00K |
| Cash From Financing Activities | 8.870M | 0.000 |
| Net Change In Cash | 2.610M | -11.75M |
| YoY Change | -122.21% | -8.06% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$6.260M | -$11.78M |
| Capital Expenditures | -$10.00K | $0.00 |
| Free Cash Flow | -$6.250M | -$11.78M |
| YoY Change | -46.94% | -7.39% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
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Net Cash Provided By Used In Financing Activities
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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Proceeds From Issuance Of Common Stock
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Repayments Of Notes Payable
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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Restricted Cash And Cash Equivalents At Carrying Value
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|
162000 | |
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Accounts Receivable Net Current
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|
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Prepaid Expense And Other Assets Current
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Deposits Assets Current
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Property Plant And Equipment Net
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Contract With Customer Liability Current
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Notes Payable Current
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Long Term Notes Payable
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Due To Related Parties Noncurrent
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Liabilities
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Additional Paid In Capital Common Stock
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Retained Earnings Accumulated Deficit
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Stockholders Equity
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Liabilities And Stockholders Equity
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Revenue From Contract With Customer Excluding Assessed Tax
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|
58000 | ||
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Research And Development Expense
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20235000 | ||
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Research And Development Expense
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General And Administrative Expense
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Investment Income Interest
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Revenue From Contract With Customer Excluding Assessed Tax
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Research And Development Expense
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General And Administrative Expense
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Operating Expenses
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Operating Expenses
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Entity Emerging Growth Company
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Cash And Cash Equivalents At Carrying Value
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Long Term Investments
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|
2480000 | |
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Long Term Investments
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Deposits Assets Noncurrent
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Deposits Assets Noncurrent
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Long Term Notes Payable
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Commitments And Contingencies
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Retained Earnings Accumulated Deficit
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Depreciation
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Amortization Of Debt Discount Premium
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Net Income Loss Attributable To Noncontrolling Interest
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Interest Expense
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Depreciation
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Net Cash Provided By Used In Operating Activities
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Net Cash Provided By Used In Operating Activities
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Proceeds From Sales Of Assets Investing Activities
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Proceeds From Sales Of Assets Investing Activities
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Payments To Acquire Property Plant And Equipment
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|
5000 | ||
| us-gaap |
Payments To Acquire Property Plant And Equipment
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39000 | ||
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Net Cash Provided By Used In Investing Activities
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Net Cash Provided By Used In Investing Activities
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Proceeds From Notes Payable
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|
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Proceeds From Notes Payable
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|
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| us-gaap |
Net Cash Provided By Used In Financing Activities
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12826000 | ||
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Issuance Of Letter Agreement And Warrants To Purchase Common Stock To Related Party
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Net Income Loss Attributable To Noncontrolling Interest
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|
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Net Income Loss
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-796000 | |
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Net Income Loss
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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|
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Increase Decrease In Prepaid Deferred Expense And Other Assets
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|
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| vtvt |
Increase Decrease In Long Term Deposits
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Increase Decrease In Accounts Payable And Accrued Liabilities
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|
-4936000 | ||
| us-gaap |
Increase Decrease In Contract With Customer Liability
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|
-5912000 | ||
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;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 accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On an ongoing basis, the Company evaluates its estimates, including those related to the grant date fair value of equity awards, the fair value of warrants to purchase shares of its Class A Common Stock, the fair value of the Class B Common Stock, the useful lives of property and equipment, the fair value of derivative liabilities, and the fair value of the Company’s debt, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</p></div> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions. The balances of these cash accounts frequently exceed insured limits.</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accounts receivable balance at December 31, 2017 related to an upfront payment received in the first quarter of 2018 pursuant to the Company’s license agreement with <font style="color:#000000;">Hangzhou Zhongmei Huadong Pharmaceutical Co., Ltd. (“Huadong”)</font>. </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Three customers represented 100% of the revenue earned during the three and nine months ended September 30, 2018. One customer represented 100% of the revenue earned during the three and nine months ended September 30, 2017. </p></div> | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | ||
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1960732 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
102750 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
280794 | ||
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1782688 | |
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1173468 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P7Y3M18D | ||
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
|
1742506 | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
|
P7Y8M12D | ||
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
8.50 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
3.25 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
6.17 | ||
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
8.57 | |
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
10.20 | |
| CY2018Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
|
8.64 | |
| CY2018Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
579000 | |
| CY2017Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
959000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2345000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2657000 | ||
| CY2018Q3 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
17396000 | |
| CY2017Q4 | us-gaap |
Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
|
20000000 | |
| CY2018Q3 | us-gaap |
Short Term Borrowings
ShortTermBorrowings
|
431000 | |
| CY2018Q3 | vtvt |
Accreted Final Payment And Debt Instrument Unamortized Debt Discount
AccretedFinalPaymentAndDebtInstrumentUnamortizedDebtDiscount
|
-381000 | |
| CY2017Q4 | vtvt |
Accreted Final Payment And Debt Instrument Unamortized Debt Discount
AccretedFinalPaymentAndDebtInstrumentUnamortizedDebtDiscount
|
413000 | |
| CY2018Q3 | us-gaap |
Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
|
5000000 | |
| CY2018Q3 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
7342000 | |
| CY2017Q4 | us-gaap |
Contract With Customer Liability
ContractWithCustomerLiability
|
13254000 | |
| vtvt |
Increase Decrease In Contract With Customer Liability Current
IncreaseDecreaseInContractWithCustomerLiabilityCurrent
|
-2010000 | ||
| vtvt |
Increase Decrease In Contract With Customer Liability Non Current
IncreaseDecreaseInContractWithCustomerLiabilityNonCurrent
|
-3902000 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
|
P3Y | ||
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
|
P10Y | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0.0000 | ||
| CY2018Q3 | us-gaap |
Notes Payable
NotesPayable
|
18208000 | |
| CY2017Q4 | us-gaap |
Notes Payable
NotesPayable
|
19587000 | |
| CY2018Q3 | vtvt |
Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
|
19900000 | |
| CY2017Q4 | vtvt |
Redeemable Noncontrolling Interest Temporary Equity Redemption Value
RedeemableNoncontrollingInterestTemporaryEquityRedemptionValue
|
131400000 | |
| CY2017Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.21 | ||
| CY2017 | us-gaap |
Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
|
0.35 | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
29567148 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
25297231 |
