$VXRT
Vaxart, Inc.

2017 Q4 Form 10-Q Financial Statement

#000143774918001749 Filed on February 06, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q2 2016 Q4
Revenue $2.700M $100.0K $3.800M
YoY Change -28.95% -83.33% 123.53%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin -$2.600M $2.000M $2.000M
YoY Change -230.0% 53.85% -4.76%
% of Gross Profit
Research & Development $2.500M $3.900M $10.20M
YoY Change -75.49% -32.76% 61.9%
% of Gross Profit
Depreciation & Amortization $380.0K $100.0K $100.0K
YoY Change 280.0% 0.0%
% of Gross Profit
Operating Expenses $2.500M $5.700M $10.20M
YoY Change -75.49% -20.83% 61.9%
Operating Profit -$2.900M -$8.600M
YoY Change -66.28% 32.31%
Interest Expense $100.0K $100.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$400.0K -$400.0K -$400.0K
YoY Change 0.0% 33.33%
Pretax Income -$3.300M -$5.900M -$9.000M
YoY Change -63.33% -15.71% 38.46%
Income Tax $100.0K $0.00 $100.0K
% Of Pretax Income
Net Earnings -$3.400M -$5.900M -$9.100M
YoY Change -62.64% -16.9% 40.0%
Net Earnings / Revenue -125.93% -5900.0% -239.47%
Basic Earnings Per Share -$0.09 -$0.24
Diluted Earnings Per Share -$0.09 -$1.681M -$0.24
COMMON SHARES
Basic Shares Outstanding 38.65M 38.64M
Diluted Shares Outstanding 38.65M 38.64M

Balance Sheet

Concept 2017 Q4 2017 Q2 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.000M $38.60M $49.20M
YoY Change -93.9% -44.06% -5.38%
Cash & Equivalents $29.40M $17.70M $38.10M
Short-Term Investments $1.400M $20.90M $11.10M
Other Short-Term Assets $100.0K $700.0K $2.800M
YoY Change -96.43% -74.07% 86.67%
Inventory
Prepaid Expenses
Receivables $2.500M $600.0K $4.200M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $32.40M $39.90M $56.20M
YoY Change -42.35% -44.89% -4.1%
LONG-TERM ASSETS
Property, Plant & Equipment $200.0K $200.0K $300.0K
YoY Change -33.33% -33.33% -25.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $200.0K $200.0K $300.0K
YoY Change -33.33% -33.33% -94.64%
TOTAL ASSETS
Total Short-Term Assets $32.40M $39.90M $56.20M
Total Long-Term Assets $200.0K $200.0K $300.0K
Total Assets $32.60M $40.10M $56.50M
YoY Change -42.3% -44.84% -11.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $1.400M $3.400M
YoY Change -50.0% -64.1% 161.54%
Accrued Expenses $2.500M $2.900M $5.600M
YoY Change -55.36% -19.44% 30.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.500M $200.0K $300.0K
YoY Change 400.0% -50.0% -25.0%
Total Short-Term Liabilities $5.700M $5.900M $10.50M
YoY Change -45.71% -35.87% 75.0%
LONG-TERM LIABILITIES
Long-Term Debt $38.70M $100.0K $200.0K
YoY Change 19250.0% -66.67% -60.0%
Other Long-Term Liabilities $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 0.0%
Total Long-Term Liabilities $100.0K $100.0K $200.0K
YoY Change -50.0% -50.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.700M $5.900M $10.50M
Total Long-Term Liabilities $100.0K $100.0K $200.0K
Total Liabilities $21.80M $21.40M $28.50M
YoY Change -23.51% -19.25% 325.37%
SHAREHOLDERS EQUITY
Retained Earnings -$172.5M -$163.8M -$153.4M
YoY Change 12.45% 21.97% 25.63%
Common Stock $164.3M $163.5M $162.4M
YoY Change 1.17% 1.24% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$38.72M $18.70M $28.00M
YoY Change
Total Liabilities & Shareholders Equity $32.60M $40.10M $56.50M
YoY Change -42.3% -44.84% -11.99%

Cashflow Statement

Concept 2017 Q4 2017 Q2 2016 Q4
OPERATING ACTIVITIES
Net Income -$3.400M -$5.900M -$9.100M
YoY Change -62.64% -16.9% 40.0%
Depreciation, Depletion And Amortization $380.0K $100.0K $100.0K
YoY Change 280.0% 0.0%
Cash From Operating Activities -$5.540M $1.200M -$9.000M
YoY Change -38.44% 9.09% -1.1%
INVESTING ACTIVITIES
Capital Expenditures -$120.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$3.100M $4.900M $1.300M
YoY Change -338.46% 4800.0% -53.57%
Cash From Investing Activities -$3.220M $4.900M $1.300M
YoY Change -347.69% -53.57%
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 -200.0K -100.0K
YoY Change -120.0% -101.11%
NET CHANGE
Cash From Operating Activities -5.540M 1.200M -9.000M
Cash From Investing Activities -3.220M 4.900M 1.300M
Cash From Financing Activities 20.00K -200.0K -100.0K
Net Change In Cash -8.740M 5.900M -7.800M
YoY Change 12.05% -69.11% 23.81%
FREE CASH FLOW
Cash From Operating Activities -$5.540M $1.200M -$9.000M
Capital Expenditures -$120.0K $0.00
Free Cash Flow -$5.420M $1.200M
YoY Change 0.0%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q2 us-gaap Commitments And Contingencies
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us-gaap Cash And Cash Equivalents Period Increase Decrease
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us-gaap Nature Of Operations
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 27pt;"> <div style=" margin: 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display: inline; 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>) </div></div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-size: 10pt; font-family: &quot;Times New Roman&quot;, Times, serif;"><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"><div style="display: inline; font-weight: bold;">Company Overview</div></div></div> </td> </tr> </table> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 <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><div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;"> (teslexivir), 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 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 (RSV) 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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 30, 2017, </div>the Company announced that it had entered into a definitive Agreement and Plan of Merger and Reorganization dated as of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> October 27, 2017, </div>among the Company, Agora Merger Sub, Inc. and Vaxart, Inc. (the &#x201c;Merger Agreement&#x201d;) pursuant to which Vaxart, a privately-held clinical-stage company focused on developing oral recombinant vaccines from its proprietary delivery platform, would become a wholly-owned subsidiary of the Company (the &#x201c;Merger&#x201d;). This transaction marks the culmination of the Company<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">&#x2019;s Strategic Review process which was initiated in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> April. </div>The Merger will result in a clinical-stage pharmaceutical company focused on developing Vaxart&#x2019;s oral recombinant vaccines and Aviragen&#x2019;s direct-acting antivirals to treat infections that have limited therapeutic options.</div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The exchange ratio in the merger agreement was determined by Vaxart assigning <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$60,000,000</div> in value to Aviragen for its financial and clinical assets, and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">$90,000,000</div> in value for its own assets. <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">On a pro forma basis after giving effect to the number of shares of Aviragen common stock that will be issued to Vaxart security holders in the Merger and assuming <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">no</div> adjustments for cash balances as provided for in the Merger Agreement, current Vaxart security holders will own approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%</div> of the combined company and current Aviragen security holders will own approximately <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">40%</div> of the combined company. The transaction has been approved by the boards of directors of both companies. The Merger is expected to close in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> February 2018, </div>subject to the approval of the stockholders of each company as well as other customary conditions. </div></div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Upon closing of the Merger, the name of the combined company will become Vaxart, Inc. and shares of the combined <div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">company are expected to continue trading on the NASDAQ Capital Market under the proposed ticker symbol VXRT. Wouter Latour, M.D., Chief Executive Officer of Vaxart, will serve as Chief Executive Officer of the combined company. </div></div> <div style=" font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Prior to the completion of the proposed merger, t<div style="display: inline; font-family:Times New Roman, Times, serif;font-size:10pt;">he Company plans to continue to finance its operations with existing cash, cash equivalents and investments. </div></div></div>
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