$ZVRA
ZEVRA THERAPEUTICS, INC.

2016 Q3 Form 10-Q Financial Statement

#000143774916037200 Filed on August 11, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2016 Q2 2015 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.010M $4.290M $3.190M
YoY Change 133.02% 34.48% 139.85%
% of Gross Profit
Research & Development $4.287M $4.988M $2.768M
YoY Change -0.95% 80.2% 61.4%
% of Gross Profit
Depreciation & Amortization $40.00K $30.00K $20.00K
YoY Change 100.0% 50.0% 0.0%
% of Gross Profit
Operating Expenses $10.40M $9.275M $5.956M
YoY Change 60.51% 55.73% 95.6%
Operating Profit -$10.40M -$9.275M -$5.956M
YoY Change 60.51% 55.73% 95.6%
Interest Expense $1.441M $1.475M $654.0K
YoY Change 109.75% 125.54% -7.1%
% of Operating Profit
Other Income/Expense, Net -$3.032M $19.04M -$23.79M
YoY Change -6.54% -180.04% 4362.85%
Pretax Income -$13.43M $9.764M -$29.74M
YoY Change 38.14% -132.83% 731.27%
Income Tax -$19.00K -$4.000K
% Of Pretax Income -0.04%
Net Earnings -$13.41M $9.768M -$29.74M
YoY Change 37.66% -132.84% 732.67%
Net Earnings / Revenue
Basic Earnings Per Share -$0.92 $0.59 -$2.45
Diluted Earnings Per Share -$0.92 -$0.58 -$2.45
COMMON SHARES
Basic Shares Outstanding 14.65M 14.60M 12.16M
Diluted Shares Outstanding 15.44M 12.16M

Balance Sheet

Concept 2016 Q3 2016 Q2 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.50M $82.60M $64.20M
YoY Change 7.63% 28.66%
Cash & Equivalents $20.85M $27.51M $64.22M
Short-Term Investments $42.70M $55.10M
Other Short-Term Assets $1.700M $1.900M $600.0K
YoY Change 183.33% 216.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $65.26M $84.57M $64.83M
YoY Change 9.5% 30.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.456M $1.105M $352.0K
YoY Change 264.0% 213.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.40M $18.90M
YoY Change
Other Assets $472.0K $111.0K $56.00K
YoY Change -66.29% 98.21%
Total Long-Term Assets $29.28M $20.07M $1.709M
YoY Change 1526.83% 1074.14%
TOTAL ASSETS
Total Short-Term Assets $65.26M $84.57M $64.83M
Total Long-Term Assets $29.28M $20.07M $1.709M
Total Assets $94.54M $104.6M $66.54M
YoY Change 53.98% 57.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.600M $5.400M $4.900M
YoY Change 40.0% 10.2%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $2.000M $0.00
YoY Change -96.43%
Total Short-Term Liabilities $5.704M $7.391M $4.910M
YoY Change -16.02% 50.53%
LONG-TERM LIABILITIES
Long-Term Debt $90.80M $90.40M $18.90M
YoY Change 370.47% 378.31%
Other Long-Term Liabilities $521.0K $478.0K $39.30M
YoY Change -98.73% -98.78%
Total Long-Term Liabilities $521.0K $478.0K $58.20M
YoY Change -99.14% -99.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.704M $7.391M $4.910M
Total Long-Term Liabilities $521.0K $478.0K $58.20M
Total Liabilities $104.3M $104.3M $63.08M
YoY Change 55.36% 65.36%
SHAREHOLDERS EQUITY
Retained Earnings -$111.4M -$97.99M -$85.88M
YoY Change 16.5% 14.11%
Common Stock $101.6M $98.32M $89.34M
YoY Change 13.05% 10.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.802M $333.0K $3.463M
YoY Change
Total Liabilities & Shareholders Equity $94.54M $104.6M $66.54M
YoY Change 53.94% 57.25%

Cashflow Statement

Concept 2016 Q3 2016 Q2 2015 Q2
OPERATING ACTIVITIES
Net Income -$13.41M $9.768M -$29.74M
YoY Change 37.66% -132.84% 732.67%
Depreciation, Depletion And Amortization $40.00K $30.00K $20.00K
YoY Change 100.0% 50.0% 0.0%
Cash From Operating Activities -$8.270M -$8.270M -$5.250M
YoY Change 79.0% 57.52% 79.18%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$150.0K -$20.00K
YoY Change 450.0% 650.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $3.950M -$40.31M
YoY Change
Cash From Investing Activities $3.610M -$40.47M -$20.00K
YoY Change -6116.67% 202250.0% 100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000M 20.00K 59.23M
YoY Change 263.64% -99.97% 138.45%
NET CHANGE
Cash From Operating Activities -8.270M -8.270M -5.250M
Cash From Investing Activities 3.610M -40.47M -20.00K
Cash From Financing Activities -2.000M 20.00K 59.23M
Net Change In Cash -6.660M -48.72M 53.96M
YoY Change 27.34% -190.29% 146.39%
FREE CASH FLOW
Cash From Operating Activities -$8.270M -$8.270M -$5.250M
Capital Expenditures -$330.0K -$150.0K -$20.00K
Free Cash Flow -$7.940M -$8.120M -$5.230M
YoY Change 74.12% 55.26% 79.11%

Facts In Submission

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CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-29743000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
8631000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
6036000
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9001000
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21167000
CY2016Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
19039000
CY2015Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-23787000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
23087000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-26657000
CY2016Q2 us-gaap Operating Expenses
OperatingExpenses
9275000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
5956000
us-gaap Operating Expenses
OperatingExpenses
16245000
us-gaap Operating Expenses
OperatingExpenses
9052000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9275000
CY2015Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-5956000
us-gaap Operating Income Loss
OperatingIncomeLoss
-16245000
us-gaap Operating Income Loss
OperatingIncomeLoss
-9052000
CY2016Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
111000
CY2015Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
109000
CY2016Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
478000
CY2015Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2016Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
1137000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasic
798000
CY2016Q2 us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
18769000
us-gaap Participating Securities Distributed And Undistributed Earnings Loss Diluted
ParticipatingSecuritiesDistributedAndUndistributedEarningsLossDiluted
28001000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
673000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
668000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
219000
CY2016Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
65627000
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
40000
CY2016Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2015Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2016Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q2 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
824000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2758000
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);"><div style="display: inline; font-style: italic;">Reclassifications</div></div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">&nbsp;</div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt; background-color: rgb(255, 255, 255);">During the first quarter of 2016&nbsp;the Company adopted Accounting St<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">andards Update (&#x201c;ASU&#x201d;) 2015-03, <div style="display: inline; font-style: italic;">Interest &#x2013; Imputation of Interest (Subtopic 835-30)</div> (&#x201c;ASU 2015-03&#x201d;), which requires the debt issuance costs related to a recognized debt liability be presented in the balance sheet as direct deduction from the carrying amount of that debt liability, consistent with the presentation of debt discounts. The adoption of ASU 2015-03 reduced the Company&#x2019;s assets and liabilities by the amount of the debt issuance costs, which were $4.0 million and $1.1 million at June 30, 2016 and December 31, 2015, respectively. This reclassification had no effect on reported net income (loss). </div></div></div></div></div></div></div></div></div></div></div>
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
59892000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
82800000
us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
10645000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
141000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
51000
CY2016Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1105000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
403000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
15000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
15000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
18621000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4988000
CY2015Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2768000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8222000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4887000
CY2016Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1100000
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
CY2016Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-97990000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-104824000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Share Based Compensation
ShareBasedCompensation
2279000
us-gaap Share Based Compensation
ShareBasedCompensation
964000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
13333
CY2015Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
134665
CY2016Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14933
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14933
CY2015Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2016Q2 us-gaap Stockholders Equity
StockholdersEquity
333000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
-10121000
CY2015Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
7.5
CY2016Q2 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
4000000
CY2015Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
1100000
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">The preparation of financial statements in conformity with accounting principles gen<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">erally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.</div></div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">On an ongoing ba<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">sis, the Company evaluates its estimates, including those related to the useful lives of property and equipment, and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities.</div></div></div></div></div></div></div>
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15435322
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15583390
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12157514
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7272326
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14597449
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14546576
CY2015Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12157514
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7272326

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