Print Page  Close Window

SEC Filings

S-1
VITAE PHARMACEUTICALS, INC filed this Form S-1 on 08/12/2014
Entire Document
 

Table of Contents

increase was primarily due to an increase in milestone revenue of $2.0 million, partially offset by a decrease in upfront license fee amortization of $1.6 million. In both periods, all of our revenue was related to our BI strategic partnerships. Specifically, in 2013, we received $18.0 million in milestone payments related to the BACE Agreement, and in 2012, we earned $7.0 million in milestone revenue related to the 11b Agreement and $9.0 million related to the BACE Agreement.

        Research and Development.    Research and development expense for the year ended December 31, 2013 was $14.9 million compared to $15.9 million for the year ended December 31, 2012, a decrease of approximately $1.0 million. The decrease was primarily attributable to a $2.0 million decrease in pre-clinical trial expenses associated with our LXRb program and a $0.6 million decrease in outsourced professional scientific services, partially offset by a $1.1 million increase in preclinical trial expenses associated with the RORgt program and an increase in salaries and benefits costs of $0.9 million primarily due to successfully obtaining non-equity incentive plan targets for the year ended December 31, 2013. Non-equity incentive plan bonuses were not paid for the year ended December 31, 2012.

        Included in research and development expense were stock-based compensation charges of $19,000 and $115,000 for the years ended December 31, 2013 and 2012, respectively.

        General and Administrative.    General and administrative expense for the year ended December 31, 2013 was $5.4 million compared to $4.9 million for the year ended December 31, 2012, an increase of $0.5 million. The increase was primarily attributable to a $0.5 million increase in salaries and benefits expenses due to successfully obtaining non-equity incentive plan targets for the year ended December 31, 2013. Non-equity incentive plan bonuses were not paid for the year ended December 31, 2012.

        Included in general and administrative expense were stock-based compensation charges of $81,000 and $166,000 for the years ended December 31, 2013 and 2012, respectively.

        Other Income.    Other income for the year ended December 31, 2013 was $0.3 million compared to $0.2 million for the year ended December 31, 2012, an increase of $0.1 million. The increase was due to the sale of Pennsylvania tax credits of $0.1 million.

        Interest Income.    Interest income for the year ended December 31, 2013 was $70,000 compared to $101,000 for the year ended December 31, 2012. The decrease in interest income was primarily attributable to a decrease in the average interest rates of our investments of 0.3% in 2012 to 0.2% in 2013.

        Interest Expense.    Interest expense for the year ended December 31, 2013 was $1.4 million compared to $1.6 million for the year ended December 31, 2012, a decrease of $0.2 million. The decrease was entirely due to a reduction in our average loan balance in 2013 from monthly principal payments being applied against outstanding notes payable.

Liquidity and Capital Resources and Plan of Operations

        We have funded our operations principally through the private placement of equity securities, revenue from strategic partnerships, debt financing and interest income. As of June 30, 2014, we have received gross proceeds of $120.1 million from the issuance of convertible preferred stock, including $40.0 million of equity sales to our strategic partners. As of June 30, 2014, we had received an aggregate of $132.7 million in cash from non-equity capital in the form of license fees, milestone payments and research and development funding received from our strategic partners. In addition, we have received approximately $39.8 million in funding from our debt financings with various commercial lenders. As of June 30, 2014, we had an accumulated deficit of $120.9 million and working capital of $10.0 million which includes cash, cash equivalents and short-term investments of approximately $18.1 million. Currently, our funds are invested in money market funds, certificates of deposit, and U.S. Treasury notes.

68