$XOMA
XOMA Royalty Corp

2015 Q4 Form 10-Q Financial Statement

#000156459015009798 Filed on November 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q4
Revenue $48.18M $2.074M $4.347M
YoY Change 1008.42% -59.62% -65.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.710M $5.630M $4.100M
YoY Change 14.88% 5.23% -18.81%
% of Gross Profit
Research & Development $13.60M $17.56M $19.38M
YoY Change -29.82% -13.25% -15.56%
% of Gross Profit
Depreciation & Amortization $210.0K $420.0K $460.0K
YoY Change -54.35% -8.7% -19.3%
% of Gross Profit
Operating Expenses $18.31M $23.19M $23.48M
YoY Change -22.02% -9.37% -16.13%
Operating Profit $28.74M -$23.68M -$19.13M
YoY Change -250.25% 15.77%
Interest Expense -$610.0K -$1.030M -$1.010M
YoY Change -39.6% -2.83% -11.4%
% of Operating Profit -2.12%
Other Income/Expense, Net -$3.389M $23.20M $11.81M
YoY Change -128.7% 283.18% -133.19%
Pretax Income $25.35M -$480.0K -$7.320M
YoY Change -446.31% -96.67% -86.0%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $25.35M -$480.0K -$7.318M
YoY Change -446.42% -96.67% -86.01%
Net Earnings / Revenue 52.61% -23.14% -168.35%
Basic Earnings Per Share $4.27 -$0.08 -$0.07
Diluted Earnings Per Share $4.24 -$0.08 -$0.12
COMMON SHARES
Basic Shares Outstanding 118.8M 118.6M
Diluted Shares Outstanding 118.6M

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.27M $32.00M $78.45M
YoY Change -15.52% -45.85% -35.49%
Cash & Equivalents $65.77M $32.05M $78.45M
Short-Term Investments $500.0K $0.00
Other Short-Term Assets $1.900M $2.900M $1.900M
YoY Change 0.0% 26.09% 18.75%
Inventory
Prepaid Expenses
Receivables $3.718M $39.30M $2.993M
Other Receivables $351.0K $0.00 $316.0K
Total Short-Term Assets $72.22M $74.27M $83.61M
YoY Change -13.63% 14.61% -34.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.997M $4.097M $5.120M
YoY Change -61.0% -22.7% -20.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $664.0K $664.0K $669.0K
YoY Change -0.75% -17.0% -47.16%
Total Long-Term Assets $2.661M $4.761M $5.789M
YoY Change -54.03% -21.95% -24.82%
TOTAL ASSETS
Total Short-Term Assets $72.22M $74.27M $83.61M
Total Long-Term Assets $2.661M $4.761M $5.789M
Total Assets $74.88M $79.03M $89.40M
YoY Change -16.24% 11.46% -33.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.831M $5.665M $5.990M
YoY Change 14.04% -24.47% -37.6%
Accrued Expenses $7.400M $9.680M $9.892M
YoY Change -25.19% 25.71% -17.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.910M $4.123M $19.02M
YoY Change -68.92% -79.39% 225.93%
Total Short-Term Liabilities $23.30M $59.14M $36.25M
YoY Change -35.73% 62.46% 22.27%
LONG-TERM LIABILITIES
Long-Term Debt $42.76M $44.46M $16.29M
YoY Change 162.47% 167.84% -53.66%
Other Long-Term Liabilities $673.0K $549.0K $0.00
YoY Change -98.48% -100.0%
Total Long-Term Liabilities $43.43M $45.01M $16.29M
YoY Change 166.61% -14.59% -53.66%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.30M $59.14M $36.25M
Total Long-Term Liabilities $43.43M $45.01M $16.29M
Total Liabilities $77.19M $108.2M $86.30M
YoY Change -10.56% 21.46% -37.81%
SHAREHOLDERS EQUITY
Retained Earnings -$1.140B -$1.165B -$1.119B
YoY Change 1.84% 3.54%
Common Stock $1.138B $1.136B $1.123B
YoY Change 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.309M -$29.19M $3.099M
YoY Change
Total Liabilities & Shareholders Equity $74.88M $79.03M $89.40M
YoY Change -16.24% 11.46% -33.68%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q4
OPERATING ACTIVITIES
Net Income $25.35M -$480.0K -$7.318M
YoY Change -446.42% -96.67% -86.01%
Depreciation, Depletion And Amortization $210.0K $420.0K $460.0K
YoY Change -54.35% -8.7% -19.3%
Cash From Operating Activities $28.77M -$19.03M -$17.38M
YoY Change -265.54% 20.44% 137.43%
INVESTING ACTIVITIES
Capital Expenditures $40.00K -$60.00K -$100.0K
YoY Change -140.0% -60.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $4.860M $20.00K $5.000M
YoY Change -2.8% -99.6% -125.01%
Cash From Investing Activities $4.900M -$40.00K $4.910M
YoY Change -0.2% -100.82% -124.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 150.0K 36.88M
YoY Change -99.78% -120.55% -33.04%
NET CHANGE
Cash From Operating Activities 28.77M -19.03M -17.38M
Cash From Investing Activities 4.900M -40.00K 4.910M
Cash From Financing Activities 80.00K 150.0K 36.88M
Net Change In Cash 33.75M -18.92M 24.41M
YoY Change 38.26% 61.99% -11.78%
FREE CASH FLOW
Cash From Operating Activities $28.77M -$19.03M -$17.38M
Capital Expenditures $40.00K -$60.00K -$100.0K
Free Cash Flow $28.73M -$18.97M -$17.28M
YoY Change -266.26% 21.21% 139.34%

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<div> <p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Description of Business </p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">XOMA Corporation (&#8220;XOMA&#8221; or the &#8220;Company&#8221;), a Delaware corporation, combines a portfolio of clinical programs and research activities to develop innovative therapeutic antibodies that it intends to commercialize. XOMA focuses its scientific research on allosteric modulation, which offers opportunities for new classes of therapeutic antibodies to treat a wide range of human diseases. XOMA&#8217;s scientific research has produced six product candidates to treat diseases within the endocrine therapeutic area.&nbsp;&nbsp;These include candidates from the XMet platform, which consists of several Selective Insulin Receptor Modulator antibodies that could offer new approaches in the treatment of metabolic diseases. The lead compound from the XMet platform, XOMA 358, is a fully human monoclonal allosteric modulating antibody that binds to insulin receptors and attenuates insulin action.&nbsp;&nbsp;XOMA intends to investigate this compound as a novel treatment for non-drug-induced, endogenous hyperinsulinemic hypoglycemia (low blood glucose caused by excessive insulin produced by the body).<font style="font-size:12pt;"> </font>In October 2015, the Company initiated a Phase 2 proof-of-concept study for XOMA 358 in patients with congenital hyperinsulinemia.&nbsp;&nbsp;XOMA&#8217;s endocrine portfolio also includes a Phase 2 ready product candidate targeting the prolactin receptor as well as other preclinical or research stage programs.&nbsp;&nbsp;XOMA is also engaged in Phase 3 development for gevokizumab, an interleukin-1&#946; (&#8220;IL-1&#946;&#8221;) modulating antibody, in pyoderma gangrenosum (&#8220;PG&#8221;), a rare ulcerative skin disease.&nbsp;&nbsp;The Company&#8217;s products are presently in various stages of development and are subject to regulatory approval before they can be commercially launched.</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;">&nbsp;</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On July 22, 2015, the Company announced the Phase 3 EYEGUARD-B study of gevokizumab in patients with Beh&#231;et&#8217;s disease uveitis, run by Les Laboratoires Servier and Institut de Recherches Servier (&#8220;Servier&#8221;), its partner for gevokizumab, did not meet the primary endpoint of time to first acute ocular exacerbation. In August 2015, XOMA announced its intention to end the EYEGUARD global Phase 3 program.&nbsp;&nbsp;In September 2015, Servier notified XOMA of its intention to terminate the Amended and Restated Collaboration and License Agreement dated February 14, 2012, as later amended on November 4, 2014 and January 9, 2015 (the &#8220;Collaboration Agreement&#8221;), and return the gevokizumab rights to XOMA. Termination of the Collaboration Agreement will be effective on March 25, 2016. Servier and XOMA are in the process of closing down the EYEGUARD clinical sites in an orderly manner such that if any of the data is positive it may be useful in the future.&nbsp;&nbsp;</p> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Management Plans </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has incurred operating losses since its inception and had an accumulated deficit of $1.2 billion at September 30, 2015.&#160;Management expects operating losses and negative cash flows to continue for the foreseeable future.&#160;As of September 30, 2015, the Company had $32.0 million in cash and cash equivalents, which is available to fund future operations. On September 30, 2015, the Company entered into a license agreement with Novartis International Pharmaceutical Ltd. (&#8220;Novartis&#8221;) under which XOMA will receive a $37.0 million upfront license fee, which was reported as accounts receivable in the condensed consolidated balance sheet as of September 30, 2015 (see Note 4).&nbsp;&nbsp;In addition, Novartis Vaccines and Diagnostics, Inc. (&#8220;NVDI&#8221;) amended the secured note agreement and extended the maturity date of the Company&#8217;s outstanding debt of $13.5 million, previously due on September 30, 2015, to September 30, 2020 (see Note 7). Taking into account the receipt of the $37.0 million license fee in October 2015, the deferral of $13.5 million in debt, and certain cost cutting measures enacted by the Company in the second half of 2015, the Company expects it has adequate funds to maintain operations for a period of at least 12 months following the end of the third quarter of 2015.&nbsp;&nbsp;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:8pt;">&nbsp;</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;margin-left:0.02%;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP in the United States requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures. On an on-going basis, management evaluates its estimates including, but not limited to, those related to contingent warrant liabilities, revenue recognition, debt amendments, research and development expense, long-lived assets, restructuring liabilities, legal contingencies, derivative instruments and stock-based compensation. The Company bases its estimates on historical experience and on various other market-specific and other relevant assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ significantly from these estimates, such as the Company&#8217;s billing under government contracts and the Company&#8217;s accrual for clinical trial expenses. Under the Company&#8217;s contracts with the National Institute of Allergy and Infectious Diseases (&#8220;NIAID&#8221;), a part of the National Institutes of Health (&#8220;NIH&#8221;), the Company bills using NIH provisional rates and thus is subject to future audits at the discretion of NIAID&#8217;s contracting office. These audits can result in an adjustment to revenue previously reported which potentially could be significant. The Company&#8217;s accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions.</p></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications of prior period amounts have been made to the financial statements and accompanying notes to conform to the current period presentation. These reclassifications had no impact on the Company&#8217;s previously reported net loss or cash flows. The Company early adopted Accounting Standards Update (&#8220;ASU&#8221;) 2015-03, <font style="font-style:italic;">Interest&#8212;Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs </font>(&#8220;ASU 2015-03&#8221;), effective January 1, 2015<font style="font-style:italic;">. </font>As a result, debt issuance costs of $0.2 million as of December 31, 2014, have been reclassified from prepaid expenses and other current assets to interest bearing obligations &#8211; current in the accompanying condensed consolidated balance sheet as of December 31, 2014. The Company had no long-term debt issuance costs as of December 31, 2014. </p></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Risk </p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Cash equivalents and receivables are financial instruments, which potentially subject the Company to concentrations of credit risk, as well as liquidity risk for certain cash equivalents, such as money market funds. The Company has not encountered any such liquidity issues during 2015.</p> <p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has not experienced any significant credit losses and does not generally require collateral on receivables. For the three and nine months ended September 30, 2015, two customers represented 57% and 20%, and 59% and 22% of total revenue, respectively. For the three and nine months ended September 30, 2014, three customers represented 19%, 21% and 41%, and 10%, 27% and 50% of total revenue, respectively. As of September 30, 2015 and December 31, 2014, one customer represented 94% and three customers represented 44%, 34% and 12% of the trade and other receivables balance, respectively.&nbsp;&nbsp;&nbsp;&nbsp;</p></div>
CY2014 us-gaap Debt Issuance Costs
DebtIssuanceCosts
0
CY2015Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29138000
CY2014Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9947000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
27789000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8511000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-480000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14399000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-45958000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-30983000
CY2014Q3 xoma Amount Of Dilutive Securities For Revaluation Of Contingent Warrant Liabilities
AmountOfDilutiveSecuritiesForRevaluationOfContingentWarrantLiabilities
-5360000
xoma Amount Of Dilutive Securities For Revaluation Of Contingent Warrant Liabilities
AmountOfDilutiveSecuritiesForRevaluationOfContingentWarrantLiabilities
-32510000
CY2015Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-480000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-19759000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-45958000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-63493000
CY2014Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
7115000
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
8108000
CY2015Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2965000
CY2014Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
3061000
CY2015Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2663000
CY2014Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
4295000
CY2015Q3 xoma Accrued Restructuring Costs Current
AccruedRestructuringCostsCurrent
1742000
CY2015Q3 xoma Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
576000
CY2014Q4 xoma Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
1424000
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1734000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1112000
CY2015Q3 xoma Stock Issued During Period Shares Warrants Exercised
StockIssuedDuringPeriodSharesWarrantsExercised
1410474
CY2015Q3 us-gaap Restructuring Costs
RestructuringCosts
2900000
CY2015Q3 xoma Future Payments For Restructuring
FuturePaymentsForRestructuring
2700000
us-gaap Payments For Restructuring
PaymentsForRestructuring
819000
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
475000
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9149000
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
14852000
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
18117000
CY2015Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
15394000
CY2015Q3 xoma Long Term Debt Future Principal And Final Fee Payments
LongTermDebtFuturePrincipalAndFinalFeePayments
57987000
CY2015Q3 xoma Long Term Debt Interest Final Payment Discount And Issuance Cost
LongTermDebtInterestFinalPaymentDiscountAndIssuanceCost
9402000
CY2015Q3 us-gaap Long Term Debt
LongTermDebt
48585000
CY2015Q3 xoma Long Term Debt Including Final Fee Current Maturities
LongTermDebtIncludingFinalFeeCurrentMaturities
4123000
CY2015Q3 xoma Long Term Debt Including Final Fee Excluding Current Maturities
LongTermDebtIncludingFinalFeeExcludingCurrentMaturities
44462000
xoma Royalties Paid Percentage Minimum
RoyaltiesPaidPercentageMinimum
0.005
xoma Royalties Paid Percentage Maximum
RoyaltiesPaidPercentageMaximum
0.05
xoma Royalties Paid Sublicense Fee Percentage Maximum
RoyaltiesPaidSublicenseFeePercentageMaximum
0.40
CY2015Q3 xoma Contractual Obligation Estimated Milestone Payments
ContractualObligationEstimatedMilestonePayments
76500000
CY2015Q3 us-gaap Loss Contingency Damages Sought Value
LossContingencyDamagesSoughtValue
465000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1964000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3537000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8318000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9885000

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