2020 Q3 Form 10-Q Financial Statement
#000156459020051443 Filed on November 05, 2020
Income Statement
| Concept | 2020 Q3 | 2019 Q3 | 2019 Q2 |
|---|---|---|---|
| Revenue | $6.554M | $3.500M | $0.00 |
| YoY Change | 87.26% | ||
| Cost Of Revenue | $0.00 | ||
| YoY Change | -100.0% | ||
| Gross Profit | $3.500M | ||
| YoY Change | -158.33% | ||
| Gross Profit Margin | 100.0% | ||
| Selling, General & Admin | $3.210M | $2.700M | $2.310M |
| YoY Change | 18.89% | 39.18% | 5.96% |
| % of Gross Profit | 77.14% | ||
| Research & Development | $13.05M | $9.751M | $8.205M |
| YoY Change | 33.83% | 56.07% | 51.5% |
| % of Gross Profit | 278.6% | ||
| Depreciation & Amortization | $170.0K | $100.0K | $100.0K |
| YoY Change | 70.0% | -33.33% | -33.33% |
| % of Gross Profit | 2.86% | ||
| Operating Expenses | $16.25M | $9.751M | $10.51M |
| YoY Change | 66.65% | -31.22% | 38.43% |
| Operating Profit | -$6.251M | -$10.51M | |
| YoY Change | -55.91% | 38.43% | |
| Interest Expense | $640.0K | $363.0K | $365.0K |
| YoY Change | 76.31% | -46.46% | 82.5% |
| % of Operating Profit | |||
| Other Income/Expense, Net | |||
| YoY Change | |||
| Pretax Income | -$9.058M | -$8.866M | -$10.04M |
| YoY Change | 2.17% | -38.39% | 28.5% |
| Income Tax | -$203.0K | $5.000K | -$29.00K |
| % Of Pretax Income | |||
| Net Earnings | -$8.855M | -$8.871M | -$10.01M |
| YoY Change | -0.18% | -38.32% | 28.28% |
| Net Earnings / Revenue | -135.11% | -253.46% | |
| Basic Earnings Per Share | -$0.37 | ||
| Diluted Earnings Per Share | -$253.2K | -$343.9K | -$0.37 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 25.77M | ||
| Diluted Shares Outstanding | 25.78M |
Balance Sheet
| Concept | 2020 Q3 | 2019 Q3 | 2019 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $190.9M | $94.60M | $101.8M |
| YoY Change | 101.8% | -25.57% | 60.82% |
| Cash & Equivalents | $15.10M | $37.67M | $37.08M |
| Short-Term Investments | $175.8M | $56.90M | $64.70M |
| Other Short-Term Assets | $2.300M | $1.700M | $1.400M |
| YoY Change | 35.29% | -22.73% | 55.56% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | $1.600M | $209.0K | $171.0K |
| Other Receivables | $0.00 | $0.00 | $0.00 |
| Total Short-Term Assets | $194.8M | $96.48M | $103.3M |
| YoY Change | 101.91% | -25.5% | 60.44% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $3.800M | $1.212M | $1.316M |
| YoY Change | 213.53% | 21.2% | 19.64% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $500.0K | $200.0K | $100.0K |
| YoY Change | 150.0% | ||
| Total Long-Term Assets | $4.300M | $2.426M | $2.567M |
| YoY Change | 77.25% | 142.6% | 156.7% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $194.8M | $96.48M | $103.3M |
| Total Long-Term Assets | $4.300M | $2.426M | $2.567M |
| Total Assets | $199.1M | $98.90M | $105.9M |
| YoY Change | 101.31% | -24.21% | 61.91% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $2.200M | $1.400M | $1.500M |
| YoY Change | 57.14% | 40.0% | 66.67% |
| Accrued Expenses | $7.200M | $6.600M | $5.600M |
| YoY Change | 9.09% | 94.12% | 154.55% |
| Deferred Revenue | |||
| YoY Change | |||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | $0.00 | $3.616M | $2.067M |
| YoY Change | -100.0% | ||
| Total Short-Term Liabilities | $16.90M | $11.70M | $9.330M |
| YoY Change | 44.48% | 165.84% | 200.97% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $11.79M | $13.20M |
| YoY Change | -100.0% | -20.82% | 12.64% |
| Other Long-Term Liabilities | $200.0K | $900.0K | $600.0K |
| YoY Change | -77.78% | ||
| Total Long-Term Liabilities | $200.0K | $11.79M | $13.20M |
| YoY Change | -98.3% | -20.82% | 12.64% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $16.90M | $11.70M | $9.330M |
| Total Long-Term Liabilities | $200.0K | $11.79M | $13.20M |
| Total Liabilities | $17.10M | $24.34M | $23.11M |
| YoY Change | -29.75% | 26.11% | 56.11% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$266.2M | -$238.3M | -$229.4M |
| YoY Change | 11.7% | ||
| Common Stock | $306.1M | $305.5M | |
| YoY Change | |||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $182.0M | $74.56M | $82.79M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $199.1M | $98.90M | $105.9M |
| YoY Change | 101.31% | -24.21% | 61.91% |
Cashflow Statement
| Concept | 2020 Q3 | 2019 Q3 | 2019 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$8.855M | -$8.871M | -$10.01M |
| YoY Change | -0.18% | -38.32% | 28.28% |
| Depreciation, Depletion And Amortization | $170.0K | $100.0K | $100.0K |
| YoY Change | 70.0% | -33.33% | -33.33% |
| Cash From Operating Activities | -$11.15M | -$7.200M | -$8.600M |
| YoY Change | 54.86% | -47.52% | 55.23% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | -$790.0K | -$50.00K | -$260.0K |
| YoY Change | 1480.0% | 150.0% | 85.71% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | -$17.23M | $7.920M | -$6.500M |
| YoY Change | -317.55% | -133.95% | -412.5% |
| Cash From Investing Activities | -$18.03M | $7.880M | -$6.770M |
| YoY Change | -328.81% | -133.75% | -448.97% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 0.000 | 20.00K | 10.00K |
| YoY Change | -100.0% | -99.97% | -99.97% |
| NET CHANGE | |||
| Cash From Operating Activities | -11.15M | -7.200M | -8.600M |
| Cash From Investing Activities | -18.03M | 7.880M | -6.770M |
| Cash From Financing Activities | 0.000 | 20.00K | 10.00K |
| Net Change In Cash | -29.18M | 700.0K | -15.36M |
| YoY Change | -4268.57% | -98.27% | -150.51% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$11.15M | -$7.200M | -$8.600M |
| Capital Expenditures | -$790.0K | -$50.00K | -$260.0K |
| Free Cash Flow | -$10.36M | -$7.150M | -$8.340M |
| YoY Change | 44.9% | -47.81% | 54.44% |
Facts In Submission
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BasisOfAccounting
|
<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 September 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 nine month periods ended September 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> | ||
| CY2020Q3 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
151000 | |
| CY2020Q3 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
137000 | |
| CY2020Q3 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0375 | |
| CY2020Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
599000 | |
| CY2020Q3 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
804000 | |
| CY2020Q3 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
20000 | |
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
153417 | ||
| us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
174811 | ||
| CY2020Q3 | us-gaap |
Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
|
8875000 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
2671906 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1440050 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1202075 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
34775 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
47251 | ||
| CY2020Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
4786094 | |
| CY2020Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2324090 | |
| CY2019Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
1846826 | |
| xene |
Stock Options Exercised For Number Of Common Shares For Cash
StockOptionsExercisedForNumberOfCommonSharesForCash
|
10715 | ||
| xene |
Common Stock Issued For Cashless Exercise
CommonStockIssuedForCashlessExercise
|
85816 | ||
| xene |
Cashless Exercise Of Stock Options
CashlessExerciseOfStockOptions
|
142702 | ||
| CY2019Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0176 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0072 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
|
0.0177 | ||
| CY2020Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.68 | |
| CY2019Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
|
0.69 | |
| 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
|
0.69 | ||
| CY2020Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
|
0 | |
| CY2019Q3 | 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 | ||
| CY2020Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
7.03 | |
| CY2019Q3 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
6.24 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
7.46 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
6.22 |
