$XENE
Xenon Pharmaceuticals Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018027475 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $0.00 $0.00 $264.0K
YoY Change -100.0% -100.0% -36.08%
Cost Of Revenue $0.00 $6.000M
YoY Change
Gross Profit $0.00 -$6.000M
YoY Change
Gross Profit Margin
Selling, General & Admin $2.050M $1.940M $1.740M
YoY Change 22.75% 11.49% -2.25%
% of Gross Profit
Research & Development $6.400M $6.248M $7.164M
YoY Change 0.0% -12.79% 20.1%
% of Gross Profit
Depreciation & Amortization $140.0K $150.0K $170.0K
YoY Change -6.67% -11.76% 0.0%
% of Gross Profit
Operating Expenses $8.450M $14.18M $8.908M
YoY Change 4.71% 59.16% 15.03%
Operating Profit -$8.450M -$14.18M -$8.644M
YoY Change 4.96% 64.02% 17.91%
Interest Expense -$120.0K $678.0K $900.0K
YoY Change 1100.0% -24.67% -336.84%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$8.580M -$14.39M -$7.740M
YoY Change 6.32% 85.93% 0.39%
Income Tax -$20.00K -$8.000K
% Of Pretax Income
Net Earnings -$8.560M -$14.38M -$7.742M
YoY Change 6.14% 85.78% 0.36%
Net Earnings / Revenue -2932.58%
Basic Earnings Per Share -$0.63 -$0.43
Diluted Earnings Per Share -$338.5K -$0.63 -$0.43
COMMON SHARES
Basic Shares Outstanding 25.24M 20.31M 18.00M
Diluted Shares Outstanding 20.31M 18.01M

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.3M $127.1M $43.80M
YoY Change 173.0% 190.18% -36.98%
Cash & Equivalents $67.75M $87.96M $14.69M
Short-Term Investments $51.60M $39.20M $29.10M
Other Short-Term Assets $1.900M $2.200M $1.100M
YoY Change 171.43% 100.0% -15.38%
Inventory
Prepaid Expenses
Receivables $151.0K $200.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $121.3M $129.5M $45.00M
YoY Change 170.7% 187.78% -36.97%
LONG-TERM ASSETS
Property, Plant & Equipment $991.0K $1.000M $1.200M
YoY Change -7.38% -16.67% -20.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $200.0K
YoY Change -50.0% -60.0%
Total Long-Term Assets $1.096M $1.000M $1.400M
YoY Change -15.69% -28.57% -30.0%
TOTAL ASSETS
Total Short-Term Assets $121.3M $129.5M $45.00M
Total Long-Term Assets $1.096M $1.000M $1.400M
Total Assets $122.4M $130.5M $46.40M
YoY Change 165.45% 181.25% -36.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $700.0K $1.000M $3.100M
YoY Change -79.41% -67.74% 520.0%
Accrued Expenses $3.400M $3.400M
YoY Change
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 $4.119M $4.400M $3.100M
YoY Change 0.88% 41.94% -22.5%
LONG-TERM LIABILITIES
Long-Term Debt $15.01M $14.89M $0.00
YoY Change 145.97%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $15.01M $14.89M $0.00
YoY Change 145.97% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.119M $4.400M $3.100M
Total Long-Term Liabilities $15.01M $14.89M $0.00
Total Liabilities $19.13M $19.30M $3.058M
YoY Change 87.82% 531.13% -25.41%
SHAREHOLDERS EQUITY
Retained Earnings -$207.9M -$165.3M
YoY Change 19.9%
Common Stock $304.4M $209.6M
YoY Change 44.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $103.3M $111.2M $43.30M
YoY Change
Total Liabilities & Shareholders Equity $122.4M $130.5M $46.36M
YoY Change 165.45% 181.5% -36.84%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$8.560M -$14.38M -$7.742M
YoY Change 6.14% 85.78% 0.36%
Depreciation, Depletion And Amortization $140.0K $150.0K $170.0K
YoY Change -6.67% -11.76% 0.0%
Cash From Operating Activities -$7.240M -$13.72M -$8.630M
YoY Change 5.85% 58.98% 90.51%
INVESTING ACTIVITIES
Capital Expenditures -$170.0K -$20.00K -$10.00K
YoY Change 142.86% 100.0% -75.0%
Acquisitions
YoY Change
Other Investing Activities -$12.39M -$23.33M -$80.00K
YoY Change -311.07% 29062.5% 14.29%
Cash From Investing Activities -$12.56M -$23.35M -$90.00K
YoY Change -316.55% 25844.44% -18.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 77.43M 0.000
YoY Change -99.56% -100.0%
NET CHANGE
Cash From Operating Activities -7.240M -13.72M -8.630M
Cash From Investing Activities -12.56M -23.35M -90.00K
Cash From Financing Activities 30.00K 77.43M 0.000
Net Change In Cash -19.77M 40.36M -8.720M
YoY Change -437.95% -562.84% -145.42%
FREE CASH FLOW
Cash From Operating Activities -$7.240M -$13.72M -$8.630M
Capital Expenditures -$170.0K -$20.00K -$10.00K
Free Cash Flow -$7.070M -$13.70M -$8.620M
YoY Change 4.43% 58.93% 91.98%

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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 of September&#160;30, 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 and nine month periods ended September&#160;30, 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>
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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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;Background-color:#FFFFFF;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.<font style="color:#000000;font-size:11pt;font-family:Garamond;"> </font><font style="color:#000000;">The Company plans to adopt the standard on January 1, 2019 and can elect to record a cumulative-effect adjustment as of the beginning of the year of adoption or apply a modified retrospective transition approach. The Company has identified one operating lease for its premises which will be subject to the new guidance and will be recognized as an operating lease liability and right-of-use asset upon adoption. </font></p></div>
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1017000
CY2018Q3 xene Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
1797000
CY2017Q4 xene Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
817000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
415000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
252000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
62000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
44000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
5167000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6200000
CY2018Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
4133000
CY2018Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15500000
CY2017Q4 xene Class Of Warrants Or Rights Period Increase Decrease
ClassOfWarrantsOrRightsPeriodIncreaseDecrease
36008
CY2018Q1 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
4398000
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
12000
CY2018Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
119129
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
42593
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2682263
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1471329
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2276897
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1050
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
70567
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2207380
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1417660
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2339905
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
698450
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
237848
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
118244
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1910823
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
447550
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
71006
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
79987
xene Stock Options Exercised For Number Of Common Shares For Cash
StockOptionsExercisedForNumberOfCommonSharesForCash
41507
xene Stock Options Exercised For Number Of Common Shares For Cash
StockOptionsExercisedForNumberOfCommonSharesForCash
63425
xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
103189
xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
4405
xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
196341
xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
7581
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0281
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0199
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0279
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0241
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.76
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.81
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.81
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M7D
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y4M20D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y5M23D
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.75
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.70
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.10

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