$ZVRA
ZEVRA THERAPEUTICS, INC.

2016 Q3 Form 10-Q Financial Statement

#000143774916041751 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q3
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.010M $2.150M
YoY Change 133.02% 97.25%
% of Gross Profit
Research & Development $4.287M $4.328M
YoY Change -0.95% 33.05%
% of Gross Profit
Depreciation & Amortization $40.00K $20.00K
YoY Change 100.0% 0.0%
% of Gross Profit
Operating Expenses $10.40M $6.480M
YoY Change 60.51% 49.34%
Operating Profit -$10.40M -$6.480M
YoY Change 60.51% 49.34%
Interest Expense $1.441M $687.0K
YoY Change 109.75% 297.11%
% of Operating Profit
Other Income/Expense, Net -$3.032M -$3.244M
YoY Change -6.54% 14.39%
Pretax Income -$13.43M -$9.724M
YoY Change 38.14% 35.53%
Income Tax -$19.00K $20.00K
% Of Pretax Income
Net Earnings -$13.41M -$9.744M
YoY Change 37.66% 36.53%
Net Earnings / Revenue
Basic Earnings Per Share -$0.92 -$0.68
Diluted Earnings Per Share -$0.92 -$0.68
COMMON SHARES
Basic Shares Outstanding 14.65M 14.23M
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.50M $59.00M
YoY Change 7.63% 210.53%
Cash & Equivalents $20.85M $59.01M
Short-Term Investments $42.70M
Other Short-Term Assets $1.700M $600.0K
YoY Change 183.33% 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $65.26M $59.60M
YoY Change 9.5% 212.04%
LONG-TERM ASSETS
Property, Plant & Equipment $1.456M $400.0K
YoY Change 264.0% 33.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $27.40M
YoY Change
Other Assets $472.0K $1.400M
YoY Change -66.29% -33.33%
Total Long-Term Assets $29.28M $1.800M
YoY Change 1526.83% -25.0%
TOTAL ASSETS
Total Short-Term Assets $65.26M $59.60M
Total Long-Term Assets $29.28M $1.800M
Total Assets $94.54M $61.40M
YoY Change 53.98% 185.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.600M $4.000M
YoY Change 40.0% 14.29%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $2.800M
YoY Change -96.43%
Total Short-Term Liabilities $5.704M $6.792M
YoY Change -16.02% 88.67%
LONG-TERM LIABILITIES
Long-Term Debt $90.80M $19.30M
YoY Change 370.47% 9.04%
Other Long-Term Liabilities $521.0K $41.10M
YoY Change -98.73% 223.62%
Total Long-Term Liabilities $521.0K $60.40M
YoY Change -99.14% 98.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.704M $6.792M
Total Long-Term Liabilities $521.0K $60.40M
Total Liabilities $104.3M $67.16M
YoY Change 55.36% 97.54%
SHAREHOLDERS EQUITY
Retained Earnings -$111.4M -$95.62M
YoY Change 16.5%
Common Stock $101.6M $89.88M
YoY Change 13.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.802M -$5.746M
YoY Change
Total Liabilities & Shareholders Equity $94.54M $61.42M
YoY Change 53.94% 185.66%

Cashflow Statement

Concept 2016 Q3 2015 Q3
OPERATING ACTIVITIES
Net Income -$13.41M -$9.744M
YoY Change 37.66% 36.53%
Depreciation, Depletion And Amortization $40.00K $20.00K
YoY Change 100.0% 0.0%
Cash From Operating Activities -$8.270M -$4.620M
YoY Change 79.0% 18.77%
INVESTING ACTIVITIES
Capital Expenditures -$330.0K -$60.00K
YoY Change 450.0% 500.0%
Acquisitions
YoY Change
Other Investing Activities $3.950M $0.00
YoY Change -100.0%
Cash From Investing Activities $3.610M -$60.00K
YoY Change -6116.67%
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 -550.0K
YoY Change 263.64% 1275.0%
NET CHANGE
Cash From Operating Activities -8.270M -4.620M
Cash From Investing Activities 3.610M -60.00K
Cash From Financing Activities -2.000M -550.0K
Net Change In Cash -6.660M -5.230M
YoY Change 27.34% 33.08%
FREE CASH FLOW
Cash From Operating Activities -$8.270M -$4.620M
Capital Expenditures -$330.0K -$60.00K
Free Cash Flow -$7.940M -$4.560M
YoY Change 74.12% 17.53%

Facts In Submission

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CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2016Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14646982
CY2015Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14490954
CY2016Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14646982
CY2015Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14490954
CY2016Q3 us-gaap Common Stock Value
CommonStockValue
1000
CY2015Q4 us-gaap Common Stock Value
CommonStockValue
1000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
28209000
CY2016Q3 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
90779000
CY2015Q4 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
7412000
CY2016Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
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=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><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;">&nbsp;</div><div style=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;">During the first quarter of 2016,<div style="display: inline; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;the Company adopted Accounting Standards 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 was $1.1 million at December 31, 2015. This reclassification had no effect on reported net loss or cash flows.</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
23807000
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
88000
CY2016Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1456000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
403000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
2220000
us-gaap Repayments Of Convertible Debt
RepaymentsOfConvertibleDebt
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
50000
us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
24000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
18621000
us-gaap Repayments Of Related Party Debt
RepaymentsOfRelatedPartyDebt
CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4287000
CY2015Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4328000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12509000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9215000
CY2016Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
1100000
CY2015Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
CY2016Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
3
CY2016Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-111404000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-104824000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Sales Revenue Net
SalesRevenueNet
us-gaap Sales Revenue Net
SalesRevenueNet
CY2016Q3 us-gaap Severance Costs1
SeveranceCosts1
3010000
CY2015Q3 us-gaap Severance Costs1
SeveranceCosts1
us-gaap Severance Costs1
SeveranceCosts1
3010000
us-gaap Severance Costs1
SeveranceCosts1
us-gaap Share Based Compensation
ShareBasedCompensation
5558000
us-gaap Share Based Compensation
ShareBasedCompensation
1456000
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
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
14933
CY2016Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2015Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
666
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
666
CY2016Q3 us-gaap Stockholders Equity
StockholdersEquity
-9802000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
-10121000
CY2015Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
7.5
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=" margin: 0pt; text-align: justify; font-family: Times New Roman, Times, serif; font-size: 10pt;"><div style="display: inline; font-style: italic;"><div style="display: inline; font-weight: bold;">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 generally accepted in the United States of America (&quot;GAAP&quot;)&nbsp;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 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 basis, 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>
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14646982
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14232133
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14580289
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9643231

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