$VXRT
Vaxart, Inc.

2017 Q2 Form 10-K Financial Statement

#000143774917015526 Filed on September 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 2016 Q2
Revenue $100.0K $8.900M $600.0K
YoY Change -83.33% -4.3% -85.37%
Cost Of Revenue $7.400M
YoY Change -69.29%
Gross Profit -$6.800M
YoY Change -66.0%
Gross Profit Margin -1133.33%
Selling, General & Admin $2.000M $3.500M $1.300M
YoY Change 53.85% -56.25% 8.33%
% of Gross Profit
Research & Development $3.900M $28.30M $5.800M
YoY Change -32.76% 7.6% -76.03%
% of Gross Profit
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $5.700M $28.30M $7.200M
YoY Change -20.83% 7.6% -70.12%
Operating Profit -$27.50M -$14.00M
YoY Change 9.13% -68.25%
Interest Expense $100.0K $400.0K $0.00
YoY Change -500.0%
% of Operating Profit
Other Income/Expense, Net -$400.0K -$1.600M -$300.0K
YoY Change 33.33% 700.0%
Pretax Income -$5.900M -$29.10M -$7.000M
YoY Change -15.71% 14.57% -65.0%
Income Tax $0.00 $300.0K $0.00
% Of Pretax Income
Net Earnings -$5.900M -$29.40M -$7.100M
YoY Change -16.9% 15.75% -64.32%
Net Earnings / Revenue -5900.0% -330.34% -1183.33%
Basic Earnings Per Share -$0.76 -$0.18
Diluted Earnings Per Share -$1.681M -$0.76 -$0.18
COMMON SHARES
Basic Shares Outstanding 38.64M
Diluted Shares Outstanding 38.64M

Balance Sheet

Concept 2017 Q2 2017 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.60M $3.000M $69.00M
YoY Change -44.06% -95.65% 19.79%
Cash & Equivalents $17.70M $1.600M $49.70M
Short-Term Investments $20.90M $1.400M $19.30M
Other Short-Term Assets $700.0K $100.0K $2.700M
YoY Change -74.07% -96.3% 350.0%
Inventory
Prepaid Expenses
Receivables $600.0K $600.0K $700.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.90M $3.800M $72.40M
YoY Change -44.89% -94.75% 2.26%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $700.0K $300.0K
YoY Change -33.33% 133.33% 50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $0.00
YoY Change -100.0%
Total Long-Term Assets $200.0K $700.0K $300.0K
YoY Change -33.33% 133.33% -96.51%
TOTAL ASSETS
Total Short-Term Assets $39.90M $3.800M $72.40M
Total Long-Term Assets $200.0K $700.0K $300.0K
Total Assets $40.10M $4.500M $72.70M
YoY Change -44.84% -93.81% -8.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.400M $1.400M $3.900M
YoY Change -64.1% -64.1% 105.26%
Accrued Expenses $2.900M $1.600M $3.600M
YoY Change -19.44% 14.29% -33.33%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $1.500M $400.0K
YoY Change -50.0% 275.0% 100.0%
Total Short-Term Liabilities $5.900M $4.500M $9.200M
YoY Change -35.87% -51.09% 2.22%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $38.70M $300.0K
YoY Change -66.67% 12800.0% -62.5%
Other Long-Term Liabilities $100.0K $200.0K
YoY Change -50.0% 100.0%
Total Long-Term Liabilities $100.0K $38.70M $200.0K
YoY Change -50.0% 123.7% 100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.900M $4.500M $9.200M
Total Long-Term Liabilities $100.0K $38.70M $200.0K
Total Liabilities $21.40M $43.20M $26.50M
YoY Change -19.25% 63.02% 167.68%
SHAREHOLDERS EQUITY
Retained Earnings -$163.8M -$134.3M
YoY Change 21.97% 23.32%
Common Stock $163.5M $161.5M
YoY Change 1.24% 1.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.70M -$38.70M $46.20M
YoY Change
Total Liabilities & Shareholders Equity $40.10M $4.500M $72.70M
YoY Change -44.84% -93.81% -8.44%

Cashflow Statement

Concept 2017 Q2 2017 2016 Q2
OPERATING ACTIVITIES
Net Income -$5.900M -$29.40M -$7.100M
YoY Change -16.9% 15.75% -64.32%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities $1.200M -$10.04M $1.100M
YoY Change 9.09% -28.79% 450.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$100.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $4.900M $3.300M $100.0K
YoY Change 4800.0% 120.0% -100.6%
Cash From Investing Activities $4.900M $3.180M $0.00
YoY Change 144.62% -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 -200.0K 20.00K 18.00M
YoY Change -101.11% -99.89% -18100.0%
NET CHANGE
Cash From Operating Activities 1.200M -10.04M 1.100M
Cash From Investing Activities 4.900M 3.180M 0.000
Cash From Financing Activities -200.0K 20.00K 18.00M
Net Change In Cash 5.900M -6.840M 19.10M
YoY Change -69.11% -236.8% -215.06%
FREE CASH FLOW
Cash From Operating Activities $1.200M -$10.04M $1.100M
Capital Expenditures $0.00 -$100.0K
Free Cash Flow $1.200M -$10.04M $1.200M
YoY Change 0.0% -29.79% 500.0%

Facts In Submission

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CY2017 us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">(<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Company Overview </div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Aviragen Therapeutics, Inc., together with its wholly owned subsidiaries (&#x201c;<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> clinical stage compounds: <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">BTA074,</div> an antiviral treatment for condyloma caused by human papillomavirus types <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">6</div> &amp; <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">11;</div> vapendavir, a capsid inhibitor for the prevention or treatment of rhinovirus (RV) upper respiratory infections; and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">BTA585</div> (enzaplatovir), a fusion protein inhibitor in development for the treatment of respiratory syncytial virus infections. The Company also has a preclinical RSV non-fusion inhibitor program. The Company is incorporated in the state of Delaware and its corporate headquarters are located in Alpharetta, Georgia.</div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">Although several of the Company<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&#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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> independently developed or received regulatory approval for any product candidate, and the Company does <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> currently have any sales, marketing or commercial capabilities. Therefore, it is possible that the Company <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> successfully derive any significant product revenues from any product candidates that it is developing now, or <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>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=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2017, </div>the Company <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">engaged Stifel, Nicolaus and Company, Incorporated (&#x201c;Stifel&#x201d;) as its advisor to assist with the exploration of strategic alternatives (the &#x201c;Strategic Review&#x201d;). Stifel is providing a range of advisory services aimed to enhance stockholder value. </div>The alternatives to be considered <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include, but are <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> limited to, the potential for a business combinati<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">on or strategic merger, </div>in-licensing clinical stage programs, an acquisition or other strategic transactions. <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company has and expects to continue to devote </div>substantial time and resources to exploring strategic alternatives; however, there can be <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> ass<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">urance that such activities will result in </div>any agreements or transactions that will enhance stockholder value. In addition, potential strategic transactions that require<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;"> stockholder approval <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> be approved by the Company&#x2019;s stockholders. Further, any strategic transaction that is completed ultimately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">not</div> deliver the anticipated benefits or enhance stockholder value. </div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The Company plans to continue to finance its operations with (i) existing cash, cash equivalents and investments, (ii) proceeds from <div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">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 <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> 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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<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=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Non-Cash Interest Expense on Liability Related to Sale of Future Royalties </div></div></div> <div style=" margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">In <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April 2016, </div>the Company sold certain royalty rights related to the approve<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">d product Inavir&reg;, sold by Daiichi Sankyo in the Japanese market, for <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$20</div> million to HealthCare Royalty Partners III, L.P. (&#x201c;HCRP&#x201d;). Under the relevant accounting guidance, due to a limit on the amount of royalties that HCRP can earn under the arrangement, this transaction was accounted for as a liability that will be amortized using the interest method over the life of the arrangement. The Company has <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> obligation to pay any amounts to HCRP other than to pass through to HCRP its share of royalties as they are received from Daiichi Sankyo. In order to record the amortization of the liability, the Company is required to estimate the total amount of future royalty payments to be received under the License Agreement and the payments that will be passed through to HCRP over the life of the agreement. The sum of the pass through amounts less the net proceeds received will be recorded as non-cash interest expense over the life of the liability. Consequently, the Company imputes interest on the unamortized portion of the liability and records non-cash interest expense using an estimated effective interest rate. The Company will periodically assess the expected royalty payments, and to the extent such payments are greater or less than the initial estimate, it will adjust the amortization of the liability and interest rate</div><div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">.</div></div></div></div></div></div>
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CY2017 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=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div> <div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The preparat<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">ion of the consolidated financial statements requires management of the Company to make a number of estimates and assumptions relating to the reported amount of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant items subject to such estimates and assumptions include accruals, liabilities and obligations, tangible assets and deferred income taxes. Actual results could differ from those estimates.</div></div></div></div></div></div>
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38644395
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38635452
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38644395
CY2016 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38635452
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38644395
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38635452

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