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

Cash Flows

Comparison of Six Months Ended June 30, 2014 and 2013

        The following table summarizes our cash flows for the six months ended June 30, 2014 and 2013:

 
  Six Months Ended
June 30,
 
 
  2014   2013  
 
  (in thousands)
 

Net cash (used in) provided by:

             

Operating activities

  $ (11,441 ) $ 3,710  

Investing activities

    1,752     (1,593 )

Financing activities

    (2,748 )   (1,759 )
           

Net (decrease) increase in cash and cash equivalents

  $ (12,437 ) $ 358  
           
           

Net cash provided by (used in) operating activities

        During the six months ended June 30, 2014, our operating activities used cash of $11.4 million. The cash used in operating activities primarily resulted from our net loss of $10.0 million and cash outflow from net changes in operating assets and liabilities of $1.6 million. Changes in operating assets and liabilities included a decrease in deferred revenue of $2.0 million, due primarily to the amortization of upfront license and FTE payments from BI, partially offset by a $0.2 million increase in accounts payable and accrued expenses and a $0.2 million decrease in prepaid expenses and other current assets.

        During the six months ended June 30, 2013, our operating activities provided cash of $3.7 million. The cash provided by operations primarily resulted from our net loss of $8.7 million and cash inflow from net changes in operating assets and liabilities of $12.4 million, which included a reduction in accounts receivable of $8.7 million and an increase in deferred revenue of $3.1 million, due primarily from an amendment to BACE Agreement to expand the core BACE indication to include diabetes and metabolic disease, which was received in the first quarter of 2013 and was recognized through June 30, 2014.

Net cash used in investing activities

        During the six months ended June 30, 2014 our investing activities provided cash of $1.8 million. The cash provided by investing activities was primarily a result of the sale and maturity of marketable securities exceeding the purchase price of similar marketable securities. Purchases of property and equipment for the six months ended June 30, 2014 were $127,000.

        During the six months ended June 30, 2013, our investing activities used cash of $1.6 million. The cash used in investing activities was primarily a result of purchases of marketable securities exceeding the sale and maturity of similar marketable securities. Purchases of property and equipment for the six months ended June 30, 2013 was $141,000.

Net cash used in financing activities

        During the six months ended June 30, 2014 and 2013, our financing activities used cash of $2.7 million and $1.8 million, respectively. The cash used in financing activities in 2014 was a result of principal payments on notes payable of $2.7 million and payment of offering costs of $0.1 million. The cash used in 2013 was primarily a result of principal payments on notes payable of $2.0 million, partially offset by the reduction of restricted cash of $0.2 million.

69