$VYNE
VYNE Therapeutics Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019027984 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue $0.00 $0.00 $10.14M
YoY Change -100.0% 2159.02%
Cost Of Revenue $23.20M $19.36M
YoY Change
Gross Profit -$23.20M -$19.36M
YoY Change
Gross Profit Margin
Selling, General & Admin $10.75M $6.803M $3.090M
YoY Change 253.52% 120.16% 155.37%
% of Gross Profit
Research & Development $12.45M $12.56M $16.23M
YoY Change 16.73% -22.62% 197.18%
% of Gross Profit
Depreciation & Amortization $100.0K $80.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $17.43M $17.22M $19.32M
YoY Change 27.18% -10.87% 189.42%
Operating Profit -$23.20M -$19.36M -$9.173M
YoY Change 69.31% 111.04%
Interest Expense $571.0K $739.0K $826.0K
YoY Change -33.22% -10.53% 1047.22%
% of Operating Profit
Other Income/Expense, Net $571.0K $739.0K $826.0K
YoY Change -33.22% -10.53%
Pretax Income -$23.16M -$18.99M -$8.350M
YoY Change 80.24% 127.46% 35.77%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$23.16M -$18.99M -$8.347M
YoY Change 80.28% 127.54% 35.66%
Net Earnings / Revenue -82.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$919.0K -$775.1K -$1.460M
COMMON SHARES
Basic Shares Outstanding 23.95M 22.98M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.40M $109.4M $153.8M
YoY Change -40.14% -28.87% 391.37%
Cash & Equivalents $40.53M $39.09M $73.58M
Short-Term Investments $57.10M $44.40M $80.20M
Other Short-Term Assets $2.100M $3.700M $2.300M
YoY Change 16.67% 60.87% 228.57%
Inventory
Prepaid Expenses
Receivables $93.00K
Other Receivables $0.00
Total Short-Term Assets $93.43M $113.1M $156.2M
YoY Change -39.52% -27.58% 388.13%
LONG-TERM ASSETS
Property, Plant & Equipment $113.0K $128.0K $0.00
YoY Change -16.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.000M $10.40M
YoY Change 131.11%
Other Assets $200.0K $100.0K $306.0K
YoY Change -43.5% -67.32%
Total Long-Term Assets $3.147M $1.257M $10.70M
YoY Change 542.24% -88.25% 132.61%
TOTAL ASSETS
Total Short-Term Assets $93.43M $113.1M $156.2M
Total Long-Term Assets $3.147M $1.257M $10.70M
Total Assets $96.58M $114.4M $166.9M
YoY Change -37.68% -31.47% 356.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.992M $4.704M $5.100M
YoY Change 10.73% -7.76% 155.0%
Accrued Expenses $5.719M $6.487M $3.300M
YoY Change 6.7% 96.58% 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 $9.452M $11.91M $8.600M
YoY Change 17.24% 38.44% -16.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $300.0K $100.0K
YoY Change 733.33% 200.0% -98.7%
Total Long-Term Liabilities $100.0K $300.0K $100.0K
YoY Change 733.33% 200.0% -98.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.452M $11.91M $8.600M
Total Long-Term Liabilities $100.0K $300.0K $100.0K
Total Liabilities $9.574M $12.21M $8.700M
YoY Change 18.58% 40.31% -51.67%
SHAREHOLDERS EQUITY
Retained Earnings -$162.8M -$146.0M
YoY Change 75.02%
Common Stock $249.8M $248.2M
YoY Change 4.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $53.53M $60.38M $158.2M
YoY Change
Total Liabilities & Shareholders Equity $96.58M $114.4M $166.9M
YoY Change -37.68% -31.47% 356.01%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$23.16M -$18.99M -$8.347M
YoY Change 80.28% 127.54% 35.66%
Depreciation, Depletion And Amortization $100.0K $80.00K $0.00
YoY Change
Cash From Operating Activities -$21.79M -$12.72M -$12.65M
YoY Change 78.9% 0.55% -42266.67%
INVESTING ACTIVITIES
Capital Expenditures -$410.0K -$310.0K
YoY Change 241.67%
Acquisitions
YoY Change
Other Investing Activities -$4.270M $33.09M $7.680M
YoY Change -150.77% 330.86% 4.49%
Cash From Investing Activities -$4.670M $32.77M $7.680M
YoY Change -156.33% 326.69% 4.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.10M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.93M 0.000 30.00K
YoY Change 5600.0% -100.0%
NET CHANGE
Cash From Operating Activities -21.79M -12.72M -12.65M
Cash From Investing Activities -4.670M 32.77M 7.680M
Cash From Financing Activities 27.93M 0.000 30.00K
Net Change In Cash 1.470M 20.05M -4.940M
YoY Change -143.24% -505.87% -166.94%
FREE CASH FLOW
Cash From Operating Activities -$21.79M -$12.72M -$12.65M
Capital Expenditures -$410.0K -$310.0K
Free Cash Flow -$21.38M -$12.41M
YoY Change 77.28%

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<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, or CPUO. The Company believes serlopitant, a highly selective small molecule inhibitor of the neurokinin 1 receptor, or <font style="color:#000000;">NK</font><font style="color:#000000;font-size:8pt;"><sub style="font-size:85%; vertical-align:bottom">1</sub></font><font style="color:#000000;">&#8209;R</font>, given as a once-daily, oral tablet, 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-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;color:#000000;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shelf Registration Statement and At-the-Market Offering</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;">&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On February 1, 2019, the Company filed a shelf registration statement on Form S-3, which permitted: (a)&#160;the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $150.0 million of its common stock, preferred stock, debt securities, warrants, purchase contracts and/or units; and (b)&#160;as part of the $150.0 million, the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $50.0 million of its common stock that may be issued and sold under a sales agreement with Cantor Fitzgerald&#160;&amp; Co in one or more at-the-market offerings</font>. Cantor Fitzgerald is entitled to compensation for its services equal to up to 3.0% of the gross proceeds of any shares of common stock sold through Cantor Fitzgerald under the Sales Agreement.&#160;&#160;</p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three and six months ended June 30, 2019,<font style="color:#000000;"> the Company issued 246,416 and 605,030 shares, respectively of its common stock pursuant to the Company&#8217;s at-the-market offering program for aggregate net proceeds of $1.9 million after $0.06 million of commission and before $0.01 million of offering costs and $4.7 million after $0.1 million of commission and before $0.2 million of offering costs, respectively. </font></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 classification 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&#160;30, 2019, the Company incurred a net loss of $35.4 million and used $32.3<font style="font-size:10pt;">&#160;</font>million of cash in operations. As of June&#160;30, 2019, the Company had cash, cash equivalents and investments of $109.4 million and an accumulated deficit of $146.0 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 the Company continues its development, seeks regulatory approval of, and, if approved, begins to commercialize serlopitant. 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 June&#160;30, 2019 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 three and six months ended June&#160;30, 2019.</p>
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<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. Generally Accepted Accounting Principles, 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 or 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>
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