PhaseBio Pharmaceuticals Inc

2021 Q4 Form 10-Q Financial Statement

#000116924521000118 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.80M $56.36M $39.40M
YoY Change 48.75% 43.04% -51.83%
Cash & Equivalents $41.80M $56.40M $39.40M
Short-Term Investments
Other Short-Term Assets $6.984M $8.884M $10.60M
YoY Change -41.8% -16.19% 960.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables $0.00
Total Short-Term Assets $48.78M $65.24M $49.95M
YoY Change 21.51% 30.62% -40.09%
LONG-TERM ASSETS
Property, Plant & Equipment $10.23M $10.84M $6.164M
YoY Change 24.39% 75.88% 503.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $57.00K $57.00K $57.00K
YoY Change 0.0% 0.0% 78.13%
Total Long-Term Assets $11.76M $12.48M $8.259M
YoY Change 15.16% 51.16% 191.43%
TOTAL ASSETS
Total Short-Term Assets $48.78M $65.24M $49.95M
Total Long-Term Assets $11.76M $12.48M $8.259M
Total Assets $60.54M $77.73M $58.21M
YoY Change 20.22% 33.53% -32.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.57M $8.521M $2.124M
YoY Change 242.13% 301.18% 28.03%
Accrued Expenses $8.353M $6.123M $3.900M
YoY Change 40.84% 57.0% 69.57%
Deferred Revenue $1.547M $1.414M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.413M $5.399M $5.341M
YoY Change 1.08% 1.09% 168.39%
Total Short-Term Liabilities $27.88M $21.46M $11.37M
YoY Change 86.38% 88.72% 90.71%
LONG-TERM LIABILITIES
Long-Term Debt $1.359M $2.718M $8.117M
YoY Change -79.94% -66.51% 4.87%
Other Long-Term Liabilities $794.0K $747.0K $477.0K
YoY Change 42.04% 56.6% 297.5%
Total Long-Term Liabilities $2.153M $3.465M $8.594M
YoY Change -70.64% -59.68% 9.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.88M $21.46M $11.37M
Total Long-Term Liabilities $2.153M $3.465M $8.594M
Total Liabilities $153.6M $128.1M $53.86M
YoY Change 103.25% 137.78% 249.73%
SHAREHOLDERS EQUITY
Retained Earnings -$391.8M -$348.7M -$230.3M
YoY Change 50.27% 51.41% 52.69%
Common Stock $48.00K $48.00K $29.00K
YoY Change 65.52% 65.52% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.00K $24.00K $24.00K
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares 29.97K shares 29.97K shares 29.97K shares
Shareholders Equity -$93.03M -$50.33M $4.352M
YoY Change
Total Liabilities & Shareholders Equity $60.54M $77.73M $58.21M
YoY Change 20.22% 33.53% -32.48%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3

Facts In Submission

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-48612000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1023000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1257000 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
100000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1023000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1357000 USD
us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
0 USD
us-gaap Payments For Proceeds From Derivative Instrument Financing Activities
PaymentsForProceedsFromDerivativeInstrumentFinancingActivities
-13861000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
60336000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2942000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
40000 USD
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
184000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
273000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
42000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
202000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
4091000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
1364000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
56680000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
15297000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
28235000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34672000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28122000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74025000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56357000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
39353000 USD
us-gaap Interest Paid Net
InterestPaidNet
517000 USD
us-gaap Interest Paid Net
InterestPaidNet
737000 USD
phas Issuanceof Stockand Warrantsfor Derivative Instruments
IssuanceofStockandWarrantsforDerivativeInstruments
0 USD
phas Issuanceof Stockand Warrantsfor Derivative Instruments
IssuanceofStockandWarrantsforDerivativeInstruments
7925000 USD
phas Initial Recognition Of Operating Lease Right Of Use Assets And Operating Lease Liabilities
InitialRecognitionOfOperatingLeaseRightOfUseAssetsAndOperatingLeaseLiabilities
0 USD
phas Initial Recognition Of Operating Lease Right Of Use Assets And Operating Lease Liabilities
InitialRecognitionOfOperatingLeaseRightOfUseAssetsAndOperatingLeaseLiabilities
576000 USD
phas Capital Expenditures Incurred But Not Yet Paid Incurring Development Derivative Liability
CapitalExpendituresIncurredButNotYetPaidIncurringDevelopmentDerivativeLiability
4160000 USD
phas Capital Expenditures Incurred But Not Yet Paid Incurring Development Derivative Liability
CapitalExpendituresIncurredButNotYetPaidIncurringDevelopmentDerivativeLiability
3105000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
867000 USD
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-348700000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
56400000 USD
CY2021Q3 phas Working Capital
WorkingCapital
43800000 USD
CY2021Q3 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrants
200000000 USD
CY2021Q1 phas Proceeds From Issuance Of Common Stock Excluding Underwriting Discounts Commissions And Other Offering Costs
ProceedsFromIssuanceOfCommonStockExcludingUnderwritingDiscountsCommissionsAndOtherOfferingCosts
60200000 USD
CY2021Q3 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants Remaining
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrantsRemaining
132600000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:6pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:54pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s condensed financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to the valuation of the development derivative liability, the deferral and recognition of revenue under the Alfasigma Sublicense and the clinical trial accruals. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.</span></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:18pt;text-align:justify"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-top:6pt;text-align:justify;text-indent:54pt"><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains certain deposit accounts and money market funds in federally insured financial institutions in excess of federally insured limits. The Company could experience losses on the money market funds in the future.</span></div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7027661 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6408931 shares
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14154000 USD
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1841000 USD
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2260000 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10350000 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3313000 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2126000 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10841000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
8224000 USD
CY2021Q3 us-gaap Depreciation
Depreciation
100000 USD
CY2020Q3 us-gaap Depreciation
Depreciation
100000 USD
us-gaap Depreciation
Depreciation
1200000 USD
us-gaap Depreciation
Depreciation
200000 USD
CY2021Q3 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
3272000 USD
CY2020Q4 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
2753000 USD
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
69000 USD
CY2021Q3 us-gaap Interest Payable Current
InterestPayableCurrent
44000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
485000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
459000 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
481000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
390000 USD
CY2021Q3 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
6123000 USD
CY2020Q4 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
5931000 USD
CY2010Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
143000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
555000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
419000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
279000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
283000 USD
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 USD
CY2021Q3 phas Lessee Operating Lease Liability To Be Paid Due After Year Four
LesseeOperatingLeaseLiabilityToBePaidDueAfterYearFour
215000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1894000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
227000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1667000 USD
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
500000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
400000 USD
CY2019Q4 phas Sale Of Stock Stock Debt And Warrants Amount Authorized
SaleOfStockStockDebtAndWarrantsAmountAuthorized
200000000 USD
CY2021Q3 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants Remaining
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrantsRemaining
132600000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Second And Third Year
PurchaseObligationDueInSecondAndThirdYear
14000000 USD
CY2021Q1 us-gaap Purchase Obligation Due In Fourth Year
PurchaseObligationDueInFourthYear
37000000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
720000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
609000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2118000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1655000 USD
CY2021Q1 phas Purchase Obligation To Be Paid Year Five Through Eleven
PurchaseObligationToBePaidYearFiveThroughEleven
48000000 USD

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