Print Page  Close Window

SEC Filings

S-1/A
VITAE PHARMACEUTICALS, INC filed this Form S-1/A on 08/28/2014
Entire Document
 

Table of Contents

    our ability to establish and maintain strategic partnerships, licensing or other arrangements and the financial terms of such agreements;
    the costs involved in preparing, filing, prosecuting, maintaining, defending and enforcing patent claims, including litigation costs and the outcome of such litigation; and
    the timing, receipt and amount of sales of, or milestone payments related to or royalties on, our current or future product candidates, if any.

Please see "Risk Factors" for additional risks associated with our substantial capital requirements.

Contractual Obligations and Commitments

        The following table summarizes our contractual obligations at December 31, 2013:

 
  Total   Less than
1 Year
  1 to 3
Years
  4 to 5
Years
  More than
5 Years
 
 
  (in thousands)
 

Short and long-term debt obligation (including interest)

  $ 11,603     $6,165     $5,438     $  —     $—  

Operating lease obligations(1)

    3,263     778     1,595     890      
                       

Total contractual cash obligations

  $ 14,866     $6,943     $7,033     $890     $—  
                       
                       

(1)
Our operating lease obligations are primarily related to leases for our office and lab facilities.

        The table above detailing contractual commitments and obligations does not include severance pay obligations to certain of our executive officers in the event of a not-for-cause termination under existing employment contracts. The cash amount for which we might be liable upon any such termination, based on current executive pay and bonus levels, could range between $0.1 million to $1.3 million.

        As of June 30, 2014, there has been no material change in the contractual obligations set forth above since December 31, 2013 other than scheduled payments through such date.

Purchase Commitments

        We have no material non-cancelable purchase commitments with contract manufacturers or service providers as we have generally contracted on a cancelable basis.

Off-Balance Sheet Arrangements

        During the years ended December 31, 2013 and 2012, and the six months ended June 30, 2014, we did not have any off-balance sheet arrangements, as defined under SEC rules.

Tax Loss Carryforwards

        As of December 31, 2013, we have net operating loss, or NOL, carryforwards of approximately $66.4 million to offset future federal income taxes and approximately $61.6 million to offset future state income taxes. The federal and state net operating loss carryforwards begin to expire in 2024. Pennsylvania limits the amount of NOL carryforwards which can be used to offset Pennsylvania taxable income. For tax years beginning after 2013, the limitations on using NOLs generated in prior years is the greater of $4.0 million or 25% of Pennsylvania taxable income before the NOL deduction. For taxable years beginning after 2014, the limitation will increase to the greater of $5.0 million or 30% of Pennsylvania taxable income before the NOL deduction. We also have research and development and investment tax credit carryforwards of approximately $5.1 million to offset future federal income taxes, and approximately $0.2 million to offset future Pennsylvania state income taxes. The federal tax credits begin to expire in 2021. In addition, the occurrence of certain events, including significant changes in ownership interests, may limit the amount of the net operating loss carryforwards and tax credit carryforwards available to be used in future years.

74