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SEC Filings

S-1
VITAE PHARMACEUTICALS, INC filed this Form S-1 on 08/12/2014
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        Collaborative Revenues.    Revenue for the six months ended June 30, 2014 was $2.3 million compared to $2.0 million for the six months ended June 30, 2013, an increase of approximately $0.3 million. The increase was primarily due to an increase of collaborative research payments of $0.4 million, partially offset by a decrease of upfront license fee amortization of $0.1 million.

        Research and Development.    Research and development expense for the six months ended June 30, 2014 was $9.4 million compared to $7.6 million for the six months ended June 30, 2013, an increase of approximately $1.8 million. The increase was attributable to a $1.5 million increase in preclinical trial expenses associated with our RORgt program and new discovery program in immuno-oncology; and a $0.3 million increase in outsourced professional scientific services.

        Included in research and development expense were stock-based compensation charges of $7,000 and $9,000 for the six months ended June 30, 2014 and 2013, respectively.

        General and Administrative.    General and administrative expense for the six months ended June 30, 2014 was $2.6 million compared to $2.7 million for the six months ended June 30, 2013, a decrease of $0.1 million. The decrease was primarily a result of $0.4 million decrease in outside patent costs partially offset by a $0.3 million increase in recruiting expenses.

        Included in general and administrative expense were stock-based compensation charges of $105,000 and $48,000 for the six months ended June 30, 2014 and 2013, respectively.

        Other Income.    Other income for the six months ended June 30, 2014 was $0.2 million compared to $0.3 million for the six months ended June 30, 2013. The decrease was primarily attributable to the revaluation of the fair value of our warrant liability.

        Interest Income.    Interest income for the six months ended June 30, 2014 was $28,815 compared to $43,106 for the six months ended June 30, 2013. The decrease in interest income was attributable to a decrease in our average cash balance and the average interest rates of our investments for the six months ended June 30, 2014 compared to June 30, 2013.

        Interest Expense.    Interest expense for the six months ended June 30, 2014 was $0.6 million compared to $0.8 million for the six months ended June 30, 2013, a decrease of $0.2 million. The decrease was entirely due to a reduction in our average loan balance in 2014 from monthly principal payments being applied against our notes payable.

Comparison of Years Ended December 31, 2013 and 2012

 
  Year Ended
December 31,
   
 
 
  Increase/
(decrease)
 
 
  2013   2012  
 
  (in thousands)
   
 

Collaborative revenues

  $ 22,513   $ 22,348   $ 165  

Operating expenses:

                   

Research and development

    14,917     15,927     (1,010 )

General and administrative

    5,406     4,915     491  
               

Total operating expenses

    20,323     20,842     (519 )
               

Operating income

    2,190     1,506     684  

Other income

    327     243     84  

Interest income

    70     101     (31 )

Interest expense

    (1,425 )   (1,627 )   202  
               

Net income

  $ 1,162   $ 223   $ 939  
               
               

        Collaborative Revenues.    Revenue for the year ended December 31, 2013 was $22.5 million compared to $22.3 million for the year ended December 31, 2012, an increase of approximately $0.2 million. The

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