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S-1
VITAE PHARMACEUTICALS, INC filed this Form S-1 on 08/12/2014
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Table of Contents

Comparison of Years Ended December 31, 2013 and 2012

        The following table summarizes our cash flows for the year ended December 31, 2013 and 2012:

 
  Year Ended
December 31,
 
 
  2013   2012  
 
  (in thousands)
 

Net cash provided by (used in):

             

Operating activities

  $ 12,135   $ (9,837 )

Investing activities

    5,672     (3,519 )

Financing activities

    (4,281 )   33  
           

Net increase (decrease) in cash and cash equivalents

  $ 13,526   $ (13,323 )
           
           

Net cash provided by (used in) operating activities

        During the year ended December 31, 2013, our operating activities provided cash of $12.1 million. The cash provided by operating activities primarily resulted from our net income of $1.2 million and cash inflows from net changes in operating assets and liabilities of $10.7 million, which included a reduction in accounts receivable of $8.7 million and an increase in deferred revenue of $1.1 million, due primarily from an amendment to BACE Agreement to expand the core BACE indication to include diabetes and metabolic disease which is being recognized through June 30, 2014.

        During the year ended December 31, 2012, our operating activities used cash of $9.8 million. The cash used in operations primarily resulted from our net income of $0.2 million adjusted for noncash increases of $0.7 million and cash outflows from net changes in operating assets and liabilities of $10.8 million. Non-cash increases were primarily attributable to depreciation and amortization of $0.5 million. Changes in operating assets and liabilities included an increase in accounts receivable of $8.7 million due to a milestone earned in December 2012 and a decrease in deferred revenue of $2.2 million primarily related to the amortization of upfront license fees from BI.

Net cash provided by (used in) investing activities

        During the year ended December 31, 2013, our investing activities provided cash of $5.7 million. The cash provided by investing activities for the year ended 2013 was due primarily from the sales and maturities of marketable securities exceeding the purchases of similar marketable securities. Purchases of property and equipment for the year ended December 31, 2013 was $0.2 million.

        During the year ended December 31, 2012, our investing activities used cash of $3.5 million. The cash used by investing activities for the year ended 2012 was due primarily from the net result of purchases of marketable securities exceeding the sale and maturity of similar marketable securities. Purchases of property and equipment for the year ended December 31, 2012 was $0.1 million.

Net cash provided by (used in) financing activities

        During the year ended December 31, 2013, our financing used cash of $4.3 million. The cash used in financing activities in 2013 was a result of the beginning of principal payments on notes payable of $4.6 million partially offset by the reduction of restricted cash of $0.3 million.

        During the year ended December 31, 2012, our financing activities provided cash of $33,000. The cash provided in 2012 was primarily due to cash received from the reduction of restricted cash of $50,000, offset partially by the payment of loan financing fees in the amount of $31,000.

    Credit Facility

        On December 22, 2011, we entered into a $15.0 million senior secured credit facility with Oxford Finance LLC and Silicon Valley Bank and drew all funds at that time. Pursuant to the terms of the loan

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