2018 Q3 Form 10-Q Financial Statement
#000156459018018481 Filed on August 01, 2018
Income Statement
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q2 |
|---|---|---|---|
| Revenue | $0.00 | $10.14M | $449.0K |
| YoY Change | -100.0% | 2159.02% | |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $3.040M | $3.090M | $1.210M |
| YoY Change | 145.16% | 155.37% | |
| % of Gross Profit | |||
| Research & Development | $10.67M | $16.23M | $5.460M |
| YoY Change | 33.2% | 197.18% | |
| % of Gross Profit | |||
| Depreciation & Amortization | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| % of Gross Profit | |||
| Operating Expenses | $13.70M | $19.32M | $6.674M |
| YoY Change | 48.23% | 189.42% | 83.55% |
| Operating Profit | -$13.70M | -$9.173M | |
| YoY Change | 64.39% | ||
| Interest Expense | $855.0K | $826.0K | $72.00K |
| YoY Change | 424.54% | 1047.22% | -2.7% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $855.0K | $826.0K | |
| YoY Change | 424.54% | ||
| Pretax Income | -$12.85M | -$8.350M | -$6.150M |
| YoY Change | 57.28% | 35.77% | |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$12.85M | -$8.347M | -$6.153M |
| YoY Change | 57.21% | 35.66% | 72.74% |
| Net Earnings / Revenue | -82.29% | -1370.38% | |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$2.239M | -$1.460M | -$1.122M |
| COMMON SHARES | |||
| Basic Shares Outstanding | 22.98M | 22.98M shares | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $152.7M | $153.8M | $31.30M |
| YoY Change | 107.76% | 391.37% | |
| Cash & Equivalents | $70.20M | $73.58M | $13.42M |
| Short-Term Investments | $82.50M | $80.20M | $17.80M |
| Other Short-Term Assets | $1.800M | $2.300M | $700.0K |
| YoY Change | 0.0% | 228.57% | |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $0.00 | $93.00K | |
| Other Receivables | $0.00 | $0.00 | |
| Total Short-Term Assets | $154.5M | $156.2M | $32.00M |
| YoY Change | 103.78% | 388.13% | |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $136.0K | $0.00 | $0.00 |
| YoY Change | |||
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | $0.00 | $10.40M | $4.500M |
| YoY Change | 131.11% | ||
| Other Assets | $354.0K | $306.0K | $0.00 |
| YoY Change | |||
| Total Long-Term Assets | $490.0K | $10.70M | $4.600M |
| YoY Change | 132.61% | ||
| TOTAL ASSETS | |||
| Total Short-Term Assets | $154.5M | $156.2M | $32.00M |
| Total Long-Term Assets | $490.0K | $10.70M | $4.600M |
| Total Assets | $155.0M | $166.9M | $36.60M |
| YoY Change | 104.43% | 356.01% | |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.702M | $5.100M | $2.000M |
| YoY Change | -22.8% | 155.0% | |
| Accrued Expenses | $5.360M | $3.300M | $1.500M |
| YoY Change | 235.0% | 120.0% | |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $8.062M | $8.600M | $10.30M |
| YoY Change | 11.97% | -16.5% | |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $12.00K | $100.0K | $7.700M |
| YoY Change | -99.83% | -98.7% | |
| Total Long-Term Liabilities | $12.00K | $100.0K | $7.700M |
| YoY Change | -99.83% | -98.7% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $8.062M | $8.600M | $10.30M |
| Total Long-Term Liabilities | $12.00K | $100.0K | $7.700M |
| Total Liabilities | $8.074M | $8.700M | $18.00M |
| YoY Change | -43.93% | -51.67% | |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$93.04M | ||
| YoY Change | |||
| Common Stock | $240.0M | ||
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $146.9M | $158.2M | $18.60M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $155.0M | $166.9M | $36.60M |
| YoY Change | 104.43% | 356.01% |
Cashflow Statement
| Concept | 2018 Q3 | 2018 Q2 | 2017 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$12.85M | -$8.347M | -$6.153M |
| YoY Change | 57.21% | 35.66% | 72.74% |
| Depreciation, Depletion And Amortization | $0.00 | $0.00 | $0.00 |
| YoY Change | -100.0% | ||
| Cash From Operating Activities | -$12.18M | -$12.65M | $30.00K |
| YoY Change | -2.56% | -42266.67% | -100.7% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$120.0K | $0.00 | |
| YoY Change | 500.0% | -100.0% | |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $8.410M | $7.680M | $7.350M |
| YoY Change | -123.17% | 4.49% | -121.24% |
| Cash From Investing Activities | $8.290M | $7.680M | $7.350M |
| YoY Change | -122.82% | 4.49% | -121.23% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $75.40M | $16.10M | |
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 490.0K | 30.00K | |
| YoY Change | -99.03% | ||
| NET CHANGE | |||
| Cash From Operating Activities | -12.18M | -12.65M | 30.00K |
| Cash From Investing Activities | 8.290M | 7.680M | 7.350M |
| Cash From Financing Activities | 490.0K | 30.00K | |
| Net Change In Cash | -3.400M | -4.940M | 7.380M |
| YoY Change | -320.78% | -166.94% | -118.97% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$12.18M | -$12.65M | $30.00K |
| Capital Expenditures | -$120.0K | $0.00 | |
| Free Cash Flow | -$12.06M | $30.00K | |
| YoY Change | -3.37% | -100.7% |
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<div> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;">Formation and Business of the Company</font></p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Menlo Therapeutics Inc., or the “Company”, is a late‑stage biopharmaceutical company focused on the development and commercialization of serlopitant for the treatment of pruritus, or itch, associated with various conditions such as prurigo nodularis, psoriasis and chronic pruritus of unknown origin, as well as for the treatment of refractory chronic cough, a cough that persists for at least eight weeks despite treatment of any identified underlying cause. The Company believes that its product candidate, serlopitant, a highly selective once‑daily, oral small molecule inhibitor of the neurokinin 1, or NK<sub style="font-size:85%; vertical-align:bottom">1 </sub>receptor, has the potential to significantly alleviate itch and cough symptoms. </p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was incorporated in Delaware in October 2011. Since commencing operations, the Company has devoted substantially all of its resources to developing its product candidate, serlopitant, including conducting clinical trials and providing general and administrative support for these operations.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Initial Public Offering<font style="margin-left:157pt;"></font></p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2018, the Company completed its initial public offering (“IPO”) of shares of its common stock, pursuant to which the Company issued 8,050,000 shares of common stock, which includes 1,050,000 shares issued pursuant to the underwriter’s option to purchase additional shares, and received net proceeds of approximately $125.4 million, after deducting underwriting discounts, commissions and offering expenses. In connection with the completion of the Company's IPO, all shares of convertible preferred stock converted into 9,629,405 shares of common stock.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and reclassification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred losses and negative cash flows from operations. For the six months ended June 30, 2018, the Company incurred a net loss of $21.0 million and used<font style="font-size:10pt;"> </font>$23.9<font style="font-size:10pt;"> </font>million of cash in operations. As of June 30, 2018, the Company had cash, cash equivalents and investments of $164.2 million and an accumulated deficit of $80.2<font style="font-size:10pt;"> </font>million.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. Management plans to finance operations through equity or debt financings or other capital sources, including potential collaborations or other strategic transactions. There can be no assurances that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its existing cash, cash equivalents and investments <font style="font-size:10pt;"> </font>will provide sufficient funds to enable it to meet its obligations for at least the next 12 months.</p></div> | ||
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<div> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparation of financial statements in conformity with U.S. GAAP, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, stock‑based compensation expense, the resolution of uncertain tax positions and valuation allowance and accruals for research and development costs. Management bases its estimates on historical experience on various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.</p></div> | ||
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5599343 | ||
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
7833864 | ||
| us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | ||
| CY2018Q2 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | ||
| CY2017Q2 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2018Q2 | us-gaap |
Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
|
0 | |
| CY2018Q2 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
160990000 | |
| CY2016Q3 | mnlo |
Number Of Milestones
NumberOfMilestones
|
2 | |
| CY2018Q2 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1093000 | |
| CY2017Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1108000 | |
| CY2018Q2 | mnlo |
Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
|
2254000 | |
| CY2017Q4 | mnlo |
Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
|
2250000 | |
| CY2018Q2 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
213000 | |
| CY2017Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
201000 | |
| CY2018Q2 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
200000 | |
| us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
500000 | ||
| CY2017Q2 | us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
100000 | |
| us-gaap |
Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
|
100000 | ||
| CY2018Q2 | us-gaap |
Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
|
330000 | |
| CY2018Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
|
675000 | |
| CY2018Q2 | us-gaap |
Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
|
173000 | |
| CY2018Q2 | us-gaap |
Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
|
1178000 | |
| CY2018Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
746000 | |
| CY2017Q2 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
312000 | |
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1569000 | ||
| us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
628000 | ||
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2506926 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
6772 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
778074 | ||
| CY2018Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3278228 | |
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
3.50 | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
7.01 | ||
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
9.94 | ||
| CY2018Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.03 | |
| CY2017 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y9M14D | |
| us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y7M20D | ||
| CY2017Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
24033000 | |
| CY2018Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
10138000 |
