$VXRT
Vaxart, Inc.

2016 Q1 Form 10-Q Financial Statement

#000143774916031390 Filed on May 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $5.300M $5.900M
YoY Change -10.17% -80.0%
Cost Of Revenue $10.50M $4.800M
YoY Change 118.75% -81.75%
Gross Profit -$5.200M $1.100M
YoY Change -572.73% -65.63%
Gross Profit Margin -98.11% 18.64%
Selling, General & Admin $2.300M $3.200M
YoY Change -28.13% 28.0%
% of Gross Profit 290.91%
Research & Development $8.500M $4.800M
YoY Change 77.08% 17.07%
% of Gross Profit 436.36%
Depreciation & Amortization $0.00 $300.0K
YoY Change -100.0% -25.0%
% of Gross Profit 27.27%
Operating Expenses $8.500M $4.800M
YoY Change 77.08% 17.07%
Operating Profit -$5.200M $1.100M
YoY Change -572.73% -65.63%
Interest Expense $100.0K
YoY Change -125.0%
% of Operating Profit 9.09%
Other Income/Expense, Net $100.0K
YoY Change
Pretax Income -$5.200M $1.200M
YoY Change -533.33% -62.5%
Income Tax
% Of Pretax Income
Net Earnings -$5.200M $1.200M
YoY Change -533.33% -62.5%
Net Earnings / Revenue -98.11% 20.34%
Basic Earnings Per Share -$0.14 $0.02
Diluted Earnings Per Share -$0.14 $0.02
COMMON SHARES
Basic Shares Outstanding 38.64M 35.11M
Diluted Shares Outstanding 38.64M 35.14M

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.00M $73.50M
YoY Change -33.33% -8.24%
Cash & Equivalents $30.60M $61.50M
Short-Term Investments $18.40M $12.00M
Other Short-Term Assets $1.400M $900.0K
YoY Change 55.56% 0.0%
Inventory
Prepaid Expenses
Receivables $10.10M $10.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.50M $87.40M
YoY Change -30.78% -25.62%
LONG-TERM ASSETS
Property, Plant & Equipment $400.0K $300.0K
YoY Change 33.33% -89.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.000M $900.0K
YoY Change 11.11%
Other Assets $0.00 $200.0K
YoY Change -100.0%
Total Long-Term Assets $1.400M $1.400M
YoY Change 0.0% -53.33%
TOTAL ASSETS
Total Short-Term Assets $60.50M $87.40M
Total Long-Term Assets $1.400M $1.400M
Total Assets $61.90M $88.80M
YoY Change -30.29% -26.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.700M $1.000M
YoY Change 270.0% -86.3%
Accrued Expenses $4.500M $4.500M
YoY Change 0.0% -73.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $500.0K
YoY Change
Total Short-Term Liabilities $8.700M $7.200M
YoY Change 20.83% -70.37%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $0.00
YoY Change
Other Long-Term Liabilities $200.0K $100.0K
YoY Change 100.0% -50.0%
Total Long-Term Liabilities $200.0K $100.0K
YoY Change 100.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.700M $7.200M
Total Long-Term Liabilities $200.0K $100.0K
Total Liabilities $9.200M $7.300M
YoY Change 26.03% -70.2%
SHAREHOLDERS EQUITY
Retained Earnings -$127.3M -$89.00M
YoY Change 43.03%
Common Stock $161.1M $151.5M
YoY Change 6.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.70M $81.50M
YoY Change
Total Liabilities & Shareholders Equity $61.90M $88.80M
YoY Change -30.29% -26.31%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$5.200M $1.200M
YoY Change -533.33% -62.5%
Depreciation, Depletion And Amortization $0.00 $300.0K
YoY Change -100.0% -25.0%
Cash From Operating Activities -$7.000M $800.0K
YoY Change -975.0% 14.29%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$100.0K
YoY Change 0.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$1.200M $400.0K
YoY Change -400.0%
Cash From Investing Activities -$1.300M $300.0K
YoY Change -533.33% -400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -100.0K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -7.000M 800.0K
Cash From Investing Activities -1.300M 300.0K
Cash From Financing Activities -100.0K 0.000
Net Change In Cash -8.400M 1.100M
YoY Change -863.64% -95.99%
FREE CASH FLOW
Cash From Operating Activities -$7.000M $800.0K
Capital Expenditures -$100.0K -$100.0K
Free Cash Flow -$6.900M $900.0K
YoY Change -866.67% 12.5%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px; width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 4.7%; VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-weight: bold;">(1)</div></div></td> <td style="WIDTH: 95.3%; VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">Company Overview</div></div></div></div></td> </tr> </table> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (&#x201c;Aviragen&#x201d;, or the &#x201c;Company&#x201d;) is a biopharmaceutical company focused on the discovery and development of direct-acting antivirals to treat infections that have limited therapeutic options and affect a significant number of patients globally. The Company has three product candidates in active clinical development: These include vapendavir, an oral treatment for human rhinovirus (&#x201c;HRV&#x201d;) upper respiratory infections in moderate-to-severe asthmatics currently being evaluated in the Phase 2b SPIRITUS trial; BTA585, an oral fusion protein inhibitor that has received Fast Track designation by the U.S. Food and Drug Administration (&#x201c;FDA&#x201d;), in Phase 2 development for the treatment and prevention of respiratory syncytial virus (&#x201c;RSV&#x201d;) infections; and BTA074, a topical antiviral treatment in Phase 2 development for condyloma caused by human papillomavirus types 6 &amp; 11. The Company was incorporated in the state of Delaware in 1969 and its corporate headquarters are located in Alpharetta, Georgia.</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Although several of the Company&#x2019;s influenza product candidates have been successfully developed and commercialized to-date by other larger pharmaceutical companies under collaboration, license or commercialization agreements with the Company, it has not independently developed or received regulatory approval for any product candidate, and the Company does not currently have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company may not successfully derive any significant product revenues from any product candidates that it is developing now, or may develop in the future. The Company expects to incur losses for the foreseeable future as it intends to support the clinical and preclinical development of its product candidates. </div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The Company plans to continue to finance its operations with (i) existing cash, cash equivalents and investments, (ii) proceeds from existing or potential future royalty-bearing licenses or collaborative research and development arrangements, (iii) future equity and/or asset or debt financings, or (iv) other financing arrangements. The Company&#x2019;s ability to continue to support its operations is dependent, in the near-term, upon managing its cash resources, continuing to receive royalty revenue under existing licenses, entering into future collaboration, license or commercialization agreements, the successful development of its product candidates, executing future financings and ultimately, upon the approval of its products for sale and achieving positive cash flows from operations on a consistent basis. There can be no assurance that additional capital or funds will be available on terms acceptable to the Company, if at all, that the Company will be able to enter into collaboration, license or commercialization agreements in the future, or that the Company will ever generate significant product revenue and become operationally profitable on a consistent basis.</div></div></div>
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us-gaap Proceeds From Maturities Prepayments And Calls Of Longterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfLongtermInvestments
us-gaap Proceeds From Maturities Prepayments And Calls Of Longterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfLongtermInvestments
6900000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
14900000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
400000
CY2016Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
400000
CY2015Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
200000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
200000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
CY2016Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8500000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4800000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20400000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14500000
CY2016Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-127300000
CY2015Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-108900000
CY2016Q1 us-gaap Revenues
Revenues
5300000
CY2015Q1 us-gaap Revenues
Revenues
5900000
us-gaap Revenues
Revenues
8800000
us-gaap Revenues
Revenues
20500000
CY2016Q1 us-gaap Royalty Revenue
RoyaltyRevenue
5300000
CY2015Q1 us-gaap Royalty Revenue
RoyaltyRevenue
5500000
us-gaap Royalty Revenue
RoyaltyRevenue
8800000
us-gaap Royalty Revenue
RoyaltyRevenue
12000000
CY2016Q1 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
CY2015Q1 us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
400000
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
us-gaap Sales Revenue Services Gross
SalesRevenueServicesGross
8400000
CY2016Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
CY2015Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
400000
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
8500000
us-gaap Share Based Compensation
ShareBasedCompensation
1600000
us-gaap Share Based Compensation
ShareBasedCompensation
1600000
CY2016Q1 us-gaap Short Term Investments
ShortTermInvestments
18400000
CY2015Q2 us-gaap Short Term Investments
ShortTermInvestments
12900000
CY2016Q1 us-gaap Stockholders Equity
StockholdersEquity
52700000
CY2015Q2 us-gaap Stockholders Equity
StockholdersEquity
69500000
CY2016Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
CY2015Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-100000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38640254
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35143178
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38633786
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35127013
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38640254
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35105978
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38633786
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35102609

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