$VYNE
VYNE Therapeutics Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018028098 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $0.00 $0.00 $909.0K
YoY Change -100.0% -100.0% 313.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.360M $3.040M $1.240M
YoY Change 96.49% 145.16% 45.88%
% of Gross Profit
Research & Development $15.08M $10.67M $8.008M
YoY Change 42.94% 33.2% 180.98%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change -100.0%
% of Gross Profit
Operating Expenses $18.44M $13.70M $9.244M
YoY Change 50.51% 48.23% 149.91%
Operating Profit -$13.70M -$8.335M
YoY Change 64.39%
Interest Expense $846.0K $855.0K $163.0K
YoY Change 323.0% 424.54% 111.69%
% of Operating Profit
Other Income/Expense, Net $855.0K $163.0K
YoY Change 424.54%
Pretax Income -$17.59M -$12.85M -$8.170M
YoY Change 89.55% 57.28% 140.29%
Income Tax
% Of Pretax Income
Net Earnings -$17.59M -$12.85M -$8.172M
YoY Change 89.65% 57.21% 140.49%
Net Earnings / Revenue -899.01%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.033M -$2.239M -$1.491M
COMMON SHARES
Basic Shares Outstanding 23.23M 22.98M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $136.3M $152.7M $73.50M
YoY Change 129.08% 107.76%
Cash & Equivalents $27.87M $70.20M $14.96M
Short-Term Investments $86.70M $82.50M $58.60M
Other Short-Term Assets $3.300M $1.800M $1.800M
YoY Change -8.33% 0.0%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $139.5M $154.5M $75.80M
YoY Change 118.44% 103.78%
LONG-TERM ASSETS
Property, Plant & Equipment $146.0K $136.0K $0.00
YoY Change 421.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $0.00
YoY Change -100.0%
Other Assets $300.0K $354.0K $0.00
YoY Change
Total Long-Term Assets $428.0K $490.0K $0.00
YoY Change -85.76%
TOTAL ASSETS
Total Short-Term Assets $139.5M $154.5M $75.80M
Total Long-Term Assets $428.0K $490.0K $0.00
Total Assets $139.9M $155.0M $75.80M
YoY Change 109.26% 104.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.290M $2.702M $3.500M
YoY Change 33.63% -22.8%
Accrued Expenses $6.254M $5.360M $1.600M
YoY Change 75.72% 235.0%
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 $9.544M $8.062M $7.200M
YoY Change 22.09% 11.97%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000K $12.00K $7.200M
YoY Change -68.18% -99.83%
Total Long-Term Liabilities $7.000K $12.00K $7.200M
YoY Change -68.18% -99.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.544M $8.062M $7.200M
Total Long-Term Liabilities $7.000K $12.00K $7.200M
Total Liabilities $9.551M $8.074M $14.40M
YoY Change -34.47% -43.93%
SHAREHOLDERS EQUITY
Retained Earnings -$110.6M -$93.04M
YoY Change 86.91%
Common Stock $241.1M $240.0M
YoY Change 10819.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.18M $146.9M $61.40M
YoY Change
Total Liabilities & Shareholders Equity $139.9M $155.0M $75.80M
YoY Change 109.26% 104.43%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$17.59M -$12.85M -$8.172M
YoY Change 89.65% 57.21% 140.49%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change -100.0%
Cash From Operating Activities -$16.61M -$12.18M -$12.50M
YoY Change 63.32% -2.56% -290.84%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K -$120.0K -$20.00K
YoY Change 100.0% 500.0%
Acquisitions
YoY Change
Other Investing Activities -$4.050M $8.410M -$36.30M
YoY Change -164.29% -123.17% 802.99%
Cash From Investing Activities -$4.070M $8.290M -$36.32M
YoY Change -164.71% -122.82% 801.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $75.40M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 490.0K 50.36M
YoY Change -100.0% -99.03%
NET CHANGE
Cash From Operating Activities -16.61M -12.18M -12.50M
Cash From Investing Activities -4.070M 8.290M -36.32M
Cash From Financing Activities 0.000 490.0K 50.36M
Net Change In Cash -20.68M -3.400M 1.540M
YoY Change 335.37% -320.78% -38.89%
FREE CASH FLOW
Cash From Operating Activities -$16.61M -$12.18M -$12.50M
Capital Expenditures -$20.00K -$120.0K -$20.00K
Free Cash Flow -$16.59M -$12.06M -$12.48M
YoY Change 63.29% -3.37% -290.53%

Facts In Submission

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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. (the &#8220;Company&#8221;) is a late&#8209;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. The Company believes that its product candidate, serlopitant, a highly selective once&#8209;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 pruritus. </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</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 (&#8220;IPO&#8221;) of shares of its common stock, pursuant to which the Company issued&#160;8,050,000&#160;shares of common stock, which includes&#160;1,050,000&#160;shares issued pursuant to the underwriter&#8217;s option to purchase additional shares, and received net proceeds of approximately&#160;$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&#160;9,629,405&#160;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 nine months ended September&#160;30, 2018, the Company incurred a net loss of $33.9 million and used<font style="font-size:10pt;">&#160;</font>$36.1<font style="font-size:10pt;">&#160;</font>million of cash in operations. As of September&#160;30, 2018, the Company had cash, cash equivalents and investments of $152.7 million and an accumulated deficit of<font style="font-size:10pt;">&#160;</font>$93.0 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&#8217;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 as of September&#160;30, 2018 will provide sufficient funds to enable it to meet its obligations for at least the next 12 months from the issuance of our financial statements as of and for the nine months ended September 30, 2018.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<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&#8209;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>
CY2018Q3 us-gaap Investments And Cash
InvestmentsAndCash
152700000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Revenues
Revenues
0
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12847000
CY2017Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8172000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-33852000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19800000
CY2018Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
23063757
CY2017Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5283282
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2564000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1217000
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
21269957
us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
5281144
CY2018Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
85964
CY2017Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
167117
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
105888
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
187726
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3189153
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11942557
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2018Q3 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
CY2017Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2018Q3 us-gaap Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
0
CY2018Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
150017000
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
101000
CY2018Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
149916000
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
61009000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
51000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
60958000
CY2018Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
149916000
CY2017Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
60958000
CY2016Q3 mnlo Number Of Milestones
NumberOfMilestones
2
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1805000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1108000
CY2018Q3 mnlo Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
3215000
CY2017Q4 mnlo Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
2250000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
340000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
201000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
100000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
168000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
674000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
173000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
1015000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
994000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
589000
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 Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
254186
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
804099
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3050067
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 Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.94
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.87
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.31
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
P8Y6M10D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
24033000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14880000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1786000

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