$XENE
Xenon Pharmaceuticals Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019029418 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2017 Q4
Revenue $0.00 $0.00 $16.00K
YoY Change -100.0% -95.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.310M $2.180M $1.670M
YoY Change 5.96% 21.11% 15.97%
% of Gross Profit
Research & Development $8.205M $5.416M $6.400M
YoY Change 51.5% -11.36% 45.45%
% of Gross Profit
Depreciation & Amortization $100.0K $150.0K $150.0K
YoY Change -33.33% -6.25% -6.25%
% of Gross Profit
Operating Expenses $10.51M $7.594M $8.070M
YoY Change 38.43% -3.99% 38.18%
Operating Profit -$10.51M -$7.594M -$8.051M
YoY Change 38.43% -3.79% 47.4%
Interest Expense $365.0K $200.0K -$10.00K
YoY Change 82.5% -60.78% -98.15%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$10.04M -$7.810M -$8.070M
YoY Change 28.5% 5.83% 34.5%
Income Tax -$29.00K -$8.000K
% Of Pretax Income
Net Earnings -$10.01M -$7.801M -$8.065M
YoY Change 28.28% 5.7% 34.33%
Net Earnings / Revenue -50406.25%
Basic Earnings Per Share -$0.37 -$0.45
Diluted Earnings Per Share -$0.37 -$342.0K -$0.45
COMMON SHARES
Basic Shares Outstanding 25.77M 14.31M 18.00M
Diluted Shares Outstanding 25.78M 14.31M

Balance Sheet

Concept 2019 Q2 2018 Q2 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $101.8M $63.30M $43.70M
YoY Change 60.82% 22.44% -31.83%
Cash & Equivalents $37.08M $47.44M $20.49M
Short-Term Investments $64.70M $15.80M $23.20M
Other Short-Term Assets $1.400M $900.0K $700.0K
YoY Change 55.56% 28.57% -46.15%
Inventory
Prepaid Expenses
Receivables $171.0K $200.0K $438.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $103.3M $64.40M $44.82M
YoY Change 60.44% 22.43% -31.78%
LONG-TERM ASSETS
Property, Plant & Equipment $1.316M $1.100M $1.070M
YoY Change 19.64% -15.38% -23.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $0.00 $200.0K
YoY Change -100.0% -50.0%
Total Long-Term Assets $2.567M $1.000M $1.300M
YoY Change 156.7% -37.5% -27.78%
TOTAL ASSETS
Total Short-Term Assets $103.3M $64.40M $44.82M
Total Long-Term Assets $2.567M $1.000M $1.300M
Total Assets $105.9M $65.40M $46.12M
YoY Change 61.91% 20.66% -31.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.500M $900.0K $3.400M
YoY Change 66.67% -76.32% -5.56%
Accrued Expenses $5.600M $2.200M
YoY Change 154.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.067M $0.00 $700.0K
YoY Change
Total Short-Term Liabilities $9.330M $3.100M $4.083M
YoY Change 200.97% -18.42% 13.42%
LONG-TERM LIABILITIES
Long-Term Debt $13.20M $11.72M $6.104M
YoY Change 12.64%
Other Long-Term Liabilities $600.0K
YoY Change
Total Long-Term Liabilities $13.20M $11.72M $6.104M
YoY Change 12.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.330M $3.100M $4.083M
Total Long-Term Liabilities $13.20M $11.72M $6.104M
Total Liabilities $23.11M $14.80M $10.19M
YoY Change 56.11% 289.47% 184.08%
SHAREHOLDERS EQUITY
Retained Earnings -$229.4M -$173.4M
YoY Change 21.52%
Common Stock $305.5M $210.3M
YoY Change 1.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $82.79M $50.62M $35.93M
YoY Change
Total Liabilities & Shareholders Equity $105.9M $65.40M $46.12M
YoY Change 61.91% 20.66% -31.66%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2017 Q4
OPERATING ACTIVITIES
Net Income -$10.01M -$7.801M -$8.065M
YoY Change 28.28% 5.7% 34.33%
Depreciation, Depletion And Amortization $100.0K $150.0K $150.0K
YoY Change -33.33% -6.25% -6.25%
Cash From Operating Activities -$8.600M -$5.540M -$6.840M
YoY Change 55.23% -18.53% 46.47%
INVESTING ACTIVITIES
Capital Expenditures -$260.0K -$140.0K -$70.00K
YoY Change 85.71% 40.0% 133.33%
Acquisitions
YoY Change
Other Investing Activities -$6.500M $2.080M $5.870M
YoY Change -412.5% -77.97% -118.24%
Cash From Investing Activities -$6.770M $1.940M $5.800M
YoY Change -448.97% -79.21% -118.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 34.01M 6.890M
YoY Change -99.97% 340000.0% 17125.0%
NET CHANGE
Cash From Operating Activities -8.600M -5.540M -6.840M
Cash From Investing Activities -6.770M 1.940M 5.800M
Cash From Financing Activities 10.00K 34.01M 6.890M
Net Change In Cash -15.36M 30.41M 5.850M
YoY Change -150.51% 1097.24% -115.88%
FREE CASH FLOW
Cash From Operating Activities -$8.600M -$5.540M -$6.840M
Capital Expenditures -$260.0K -$140.0K -$70.00K
Free Cash Flow -$8.340M -$5.400M -$6.770M
YoY Change 54.44% -19.4% 45.91%

Facts In Submission

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CashAndCashEquivalentsPeriodIncreaseDecrease
-30679000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
26949000
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20486000
us-gaap Interest Paid Net
InterestPaidNet
468000
us-gaap Interest Paid Net
InterestPaidNet
164000
us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
1269000
us-gaap Interest Income Deposits With Financial Institutions
InterestIncomeDepositsWithFinancialInstitutions
289000
us-gaap Operating Lease Payments
OperatingLeasePayments
314000
us-gaap Operating Lease Payments
OperatingLeasePayments
304000
xene Fair Value Of Stock Options Exercised On Cashless Basis
FairValueOfStockOptionsExercisedOnCashlessBasis
9000
xene Fair Value Of Stock Options Exercised On Cashless Basis
FairValueOfStockOptionsExercisedOnCashlessBasis
212000
us-gaap Stock Issued1
StockIssued1
21825000
us-gaap Basis Of Accounting
BasisOfAccounting
<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 June&#160;30, 2019, 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. Certain prior year amounts have been reclassified to conform to the current year presentation.</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, 2018 and included in the Company&#8217;s 2018 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on March 6, 2019.</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 six month periods ended June&#160;30, 2019 and 2018 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 2018 Annual Report on Form 10-K for the year ended December&#160;31, 2018, with the exception of the policy described in note 3 below. </p>
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
109000
us-gaap Operating Lease Cost
OperatingLeaseCost
218000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
134000
us-gaap Variable Lease Cost
VariableLeaseCost
268000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
621000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
587000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
140000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1658000
CY2019Q2 xene Future Lease Incentives Reasonably Certain Of Use
FutureLeaseIncentivesReasonablyCertainOfUse
432000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1160000
CY2018Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
665000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1728000
CY2018Q4 xene Accrued Consulting And Contracted Research Current
AccruedConsultingAndContractedResearchCurrent
1404000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
237000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
85000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5167000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
6200000
CY2019Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4133000
CY2019Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15500000
CY2018Q1 us-gaap Gain Loss On Contract Termination
GainLossOnContractTermination
4398000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2667449
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P7Y7M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M7D
CY2018Q2 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
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.54
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0

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