$XENE
Xenon Pharmaceuticals Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020037862 Filed on August 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $13.38M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.310M $2.310M $2.620M
YoY Change 43.29% 5.96% 16.96%
% of Gross Profit
Research & Development $10.72M $8.205M $9.140M
YoY Change 30.65% 51.5% 64.15%
% of Gross Profit
Depreciation & Amortization $170.0K $100.0K $80.00K
YoY Change 70.0% -33.33% -46.67%
% of Gross Profit
Operating Expenses $14.03M $10.51M $11.76M
YoY Change 33.47% 38.43% 111.21%
Operating Profit -$10.51M
YoY Change 38.43%
Interest Expense $1.420M $365.0K $358.0K
YoY Change 289.04% 82.5% 125.16%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$210.0K -$10.04M -$11.30M
YoY Change -97.91% 28.5% 202.0%
Income Tax -$40.00K -$29.00K $37.00K
% Of Pretax Income
Net Earnings -$175.0K -$10.01M -$11.34M
YoY Change -98.25% 28.28% 202.02%
Net Earnings / Revenue -1.31%
Basic Earnings Per Share $0.00 -$0.37
Diluted Earnings Per Share $0.00 -$0.37 -$440.4K
COMMON SHARES
Basic Shares Outstanding 34.98M 25.77M
Diluted Shares Outstanding 34.98M 25.78M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.8M $101.8M $110.4M
YoY Change 99.21% 60.82% 214.53%
Cash & Equivalents $44.20M $37.08M $52.20M
Short-Term Investments $158.6M $64.70M $58.20M
Other Short-Term Assets $2.500M $1.400M $1.500M
YoY Change 78.57% 55.56% 25.0%
Inventory
Prepaid Expenses
Receivables $1.800M $171.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $207.0M $103.3M $112.0M
YoY Change 100.34% 60.44% 205.18%
LONG-TERM ASSETS
Property, Plant & Equipment $3.400M $1.316M $2.400M
YoY Change 158.36% 19.64% 118.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $100.0K $100.0K
YoY Change 200.0%
Total Long-Term Assets $3.700M $2.567M $2.600M
YoY Change 44.14% 156.7% 136.36%
TOTAL ASSETS
Total Short-Term Assets $207.0M $103.3M $112.0M
Total Long-Term Assets $3.700M $2.567M $2.600M
Total Assets $210.7M $105.9M $114.6M
YoY Change 98.98% 61.91% 203.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.500M $1.100M
YoY Change 6.67% 66.67% 120.0%
Accrued Expenses $6.700M $5.600M $5.200M
YoY Change 19.64% 154.55% 173.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.067M
YoY Change -100.0%
Total Short-Term Liabilities $21.10M $9.330M $6.400M
YoY Change 126.15% 200.97% 68.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $13.20M $15.14M
YoY Change -100.0% 12.64% 175.25%
Other Long-Term Liabilities $300.0K $600.0K $700.0K
YoY Change -50.0%
Total Long-Term Liabilities $300.0K $13.20M $15.14M
YoY Change -97.73% 12.64% 175.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.10M $9.330M $6.400M
Total Long-Term Liabilities $300.0K $13.20M $15.14M
Total Liabilities $21.40M $23.11M $22.20M
YoY Change -7.38% 56.11% 138.71%
SHAREHOLDERS EQUITY
Retained Earnings -$257.3M -$229.4M -$219.4M
YoY Change 12.16%
Common Stock $305.5M $305.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $189.3M $82.79M $92.31M
YoY Change
Total Liabilities & Shareholders Equity $210.7M $105.9M $114.6M
YoY Change 98.98% 61.91% 203.04%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$175.0K -$10.01M -$11.34M
YoY Change -98.25% 28.28% 202.02%
Depreciation, Depletion And Amortization $170.0K $100.0K $80.00K
YoY Change 70.0% -33.33% -46.67%
Cash From Operating Activities -$10.79M -$8.600M -$8.667M
YoY Change 25.47% 55.23% 5.45%
INVESTING ACTIVITIES
Capital Expenditures -$370.0K -$260.0K $335.0K
YoY Change 42.31% 85.71% 85.08%
Acquisitions
YoY Change
Other Investing Activities $11.30M -$6.500M -$6.670M
YoY Change -273.85% -412.5% -229.26%
Cash From Investing Activities $10.94M -$6.770M -$7.032M
YoY Change -261.6% -448.97% -241.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -16.72M 10.00K 60.00K
YoY Change -167300.0% -99.97% -50.0%
NET CHANGE
Cash From Operating Activities -10.79M -8.600M -8.667M
Cash From Investing Activities 10.94M -6.770M -7.032M
Cash From Financing Activities -16.72M 10.00K 60.00K
Net Change In Cash -16.57M -15.36M -15.70M
YoY Change 7.88% -150.51% 384.24%
FREE CASH FLOW
Cash From Operating Activities -$10.79M -$8.600M -$8.667M
Capital Expenditures -$370.0K -$260.0K $335.0K
Free Cash Flow -$10.42M -$8.340M -$9.002M
YoY Change 24.94% 54.44% 7.17%

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us-gaap Basis Of Accounting
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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:4.54%;white-space:nowrap" valign="top"> <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;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">2.</span></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 30, 2020, 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. <span style="color:#000000;">Certain information has been reclassified to conform with the financial statement presentation adopted for the current year.</span></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 (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”) 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 31, 2019 and included in the Company’s 2019 Annual Report on Form 10-K filed with the SEC and with the securities commissions in British Columbia, Alberta and Ontario on March 9, 2020.</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 30, 2020 and 2019 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’s 2019 Annual Report on Form 10-K for the year ended December 31, 2019, with the exception of the policies described in notes 3 and 4 below. </p>
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2019Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.37
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.22
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-170000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9627000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-7437000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-20538000
CY2019Q2 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
-5000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-170000
CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9632000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7437000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20538000
CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34979282
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25773879
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34084508
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
25763858
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1680
CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34979282
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25775559
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34084508
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
25763858
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.00
CY2019Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.22
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2020Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.00
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
151000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
312000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
46000
CY2020Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
7769000
CY2019Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8818000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4527992
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
127300
CY2020Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
54716
CY2019Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3461
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
5144
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
200
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4595432
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2114647
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1913129
xene Stock Options Exercised For Number Of Common Shares For Cash
StockOptionsExercisedForNumberOfCommonSharesForCash
10715
xene Stock Options Exercised For Number Of Common Shares For Cash
StockOptionsExercisedForNumberOfCommonSharesForCash
23472
xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
85660
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0077
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.68
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.68
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.76
xene Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
863
xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
142327
xene Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
2391
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0048
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.27
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.34
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0

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