2018 Q1 Form 10-Q Financial Statement

#000156459018011901 Filed on May 08, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $0.00 $16.00K
YoY Change -100.0% -97.34%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.240M $2.100M
YoY Change 6.67% 10.53%
% of Gross Profit
Research & Development $5.568M $5.903M
YoY Change -5.68% 35.39%
% of Gross Profit
Depreciation & Amortization $150.0K $170.0K
YoY Change -11.76% -39.29%
% of Gross Profit
Operating Expenses $5.568M $8.003M
YoY Change -30.43% 27.84%
Operating Profit -$7.818M -$7.987M
YoY Change -2.12% 41.16%
Interest Expense $159.0K $470.0K
YoY Change -66.17% -80.42%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.743M -$7.520M
YoY Change -50.23% 130.67%
Income Tax $12.00K
% Of Pretax Income
Net Earnings -$3.755M -$7.517M
YoY Change -50.05% 130.37%
Net Earnings / Revenue -46981.25%
Basic Earnings Per Share -$0.21 -$0.42
Diluted Earnings Per Share -$0.21 -$0.43
COMMON SHARES
Basic Shares Outstanding 17.80M 17.95M
Diluted Shares Outstanding 17.80M 17.97M

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.10M $58.00M
YoY Change -39.48% 3.39%
Cash & Equivalents $17.20M $20.16M
Short-Term Investments $17.90M $37.90M
Other Short-Term Assets $1.200M $900.0K
YoY Change 33.33% -50.0%
Inventory
Prepaid Expenses
Receivables $400.0K $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $36.70M $59.10M
YoY Change -37.9% 1.43%
LONG-TERM ASSETS
Property, Plant & Equipment $1.100M $1.400M
YoY Change -21.43% -22.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $300.0K
YoY Change -100.0% -72.73%
Total Long-Term Assets $1.100M $1.700M
YoY Change -35.29% -42.02%
TOTAL ASSETS
Total Short-Term Assets $36.70M $59.10M
Total Long-Term Assets $1.100M $1.700M
Total Assets $37.80M $60.80M
YoY Change -37.83% -0.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $500.0K $1.200M
YoY Change -58.33% 20.0%
Accrued Expenses $1.900M $2.300M
YoY Change -17.39% 27.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.400M
YoY Change
Total Short-Term Liabilities $3.800M $3.600M
YoY Change 5.56% 25.35%
LONG-TERM LIABILITIES
Long-Term Debt $5.500M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $5.500M $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.800M $3.600M
Total Long-Term Liabilities $5.500M $0.00
Total Liabilities $9.300M $3.600M
YoY Change 158.33% 20.44%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.50M $57.20M
YoY Change
Total Liabilities & Shareholders Equity $37.80M $60.80M
YoY Change -37.83% -0.58%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$3.755M -$7.517M
YoY Change -50.05% 130.37%
Depreciation, Depletion And Amortization $150.0K $170.0K
YoY Change -11.76% -39.29%
Cash From Operating Activities -$8.219M -$6.460M
YoY Change 27.23% 30.77%
INVESTING ACTIVITIES
Capital Expenditures $181.0K $137.0K
YoY Change 32.12% 65.06%
Acquisitions
YoY Change
Other Investing Activities $5.160M $9.380M
YoY Change -44.99%
Cash From Investing Activities $4.977M $9.250M
YoY Change -46.19% -11662.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 120.0K 170.0K
YoY Change -29.41% 325.0%
NET CHANGE
Cash From Operating Activities -8.219M -6.460M
Cash From Investing Activities 4.977M 9.250M
Cash From Financing Activities 120.0K 170.0K
Net Change In Cash -3.242M 2.960M
YoY Change -209.53% -159.44%
FREE CASH FLOW
Cash From Operating Activities -$8.219M -$6.460M
Capital Expenditures $181.0K $137.0K
Free Cash Flow -$8.400M -$6.597M
YoY Change 27.33% 31.34%

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CY2018Q1 us-gaap Basis Of Accounting
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.</font></p></td> <td valign="top"> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Basis of presentation:</p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These consolidated financial statements are presented in U.S. dollars.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has one wholly-owned subsidiary as at March&#160;31, 2018, Xenon Pharmaceuticals USA Inc., which was incorporated in Delaware on December 2, 2016.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated on consolidation.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (&#8220;U.S. GAAP&#8221;) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (&#8220;SEC&#8221;) for interim financial information. Accordingly, these consolidated financial statements do not include all of the information and footnotes required for complete consolidated financial statements and should be read in conjunction with the audited consolidated financial statements and notes for the year ended December&#160;31, 2017 and included in the Company&#8217;s 2017 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on March 7, 2018.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These unaudited interim consolidated financial statements reflect all adjustments, consisting of normal recurring adjustments, which, in the opinion of management, are necessary for a fair presentation of results for the interim periods presented. The results of operations for the three months ended March&#160;31, 2018 and 2017 are not necessarily indicative of results that can be expected for a full year. These unaudited interim consolidated financial statements follow the same significant accounting policies as those described in the notes to the audited consolidated financial statements of the Company included in the Company&#8217;s 2017 Annual Report on Form 10-K for the year ended December&#160;31, 2017, with the exception of the policy described in note 3 below. </p></div>
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<div> <div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">4.</font></p></td> <td valign="top"> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Future changes in accounting policies: </p></td></tr></table></div> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2016-02, Leases (Topic 842): Recognition and Measurement of Financial Assets and Financial Liabilities. The update requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. The new guidance retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. These amendments will be effective for public entities for fiscal years and interim periods within those years, beginning after December 15, 2018. The Company is currently evaluating the new guidance to determine the impact it will have on the Company&#8217;s consolidated financial statements.</p></div>
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