PhaseBio Pharmaceuticals Inc

2022 Q1 Form 10-Q Financial Statement

#000116924522000049 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.69M $41.80M $77.00M
YoY Change -75.73% 48.75% 29.63%
Cash & Equivalents $18.70M $41.80M $77.00M
Short-Term Investments
Other Short-Term Assets $8.881M $6.984M $11.20M
YoY Change -20.71% -41.8% -8.2%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.57M $48.78M $88.16M
YoY Change -68.73% 21.51% 21.53%
LONG-TERM ASSETS
Property, Plant & Equipment $9.697M $10.23M $10.79M
YoY Change -10.15% 24.39% 309.25%
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 $11.10M $11.76M $12.66M
YoY Change -12.39% 15.16% 193.35%
TOTAL ASSETS
Total Short-Term Assets $27.57M $48.78M $88.16M
Total Long-Term Assets $11.10M $11.76M $12.66M
Total Assets $38.66M $60.54M $100.8M
YoY Change -61.65% 20.22% 31.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.778M $12.57M $5.898M
YoY Change 14.92% 242.13% 207.51%
Accrued Expenses $7.891M $8.353M $5.400M
YoY Change 46.13% 40.84% 184.21%
Deferred Revenue $1.594M $1.547M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.425M $5.413M $5.370M
YoY Change 1.02% 1.08% 45.69%
Total Short-Term Liabilities $21.69M $27.88M $16.67M
YoY Change 30.12% 86.38% 122.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.359M $5.425M
YoY Change -100.0% -79.94% -50.94%
Other Long-Term Liabilities $0.00 $794.0K $629.0K
YoY Change -100.0% 42.04% 113.22%
Total Long-Term Liabilities $0.00 $2.153M $6.054M
YoY Change -100.0% -70.64% -46.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.69M $27.88M $16.67M
Total Long-Term Liabilities $0.00 $2.153M $6.054M
Total Liabilities $141.1M $153.6M $92.41M
YoY Change 52.64% 103.25% 295.39%
SHAREHOLDERS EQUITY
Retained Earnings -$402.9M -$391.8M -$288.1M
YoY Change 39.85% 50.27% 62.71%
Common Stock $49.00K $48.00K $48.00K
YoY Change 2.08% 65.52% 65.52%
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 -$102.4M -$93.03M $8.411M
YoY Change
Total Liabilities & Shareholders Equity $38.66M $60.54M $100.8M
YoY Change -61.65% 20.22% 31.18%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1

Facts In Submission

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<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="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:112%">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 exclusive sublicense agreement (the “Alfasigma Sublicense”) entered into with Alfasigma S.p.A. (“Alfasigma”) 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>
CY2022Q1 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 deposits 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>
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8560838 shares
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7081956 shares
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y8M12D
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14218000 USD
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14150000 USD
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4521000 USD
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3920000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9697000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10230000 USD
CY2022Q1 us-gaap Depreciation
Depreciation
600000 USD
CY2021Q1 us-gaap Depreciation
Depreciation
500000 USD
CY2022Q1 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
3260000 USD
CY2021Q4 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
3985000 USD
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1348000 USD
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2850000 USD
CY2022Q1 phas Accrued Final Payment Liability
AccruedFinalPaymentLiability
830000 USD
CY2021Q4 phas Accrued Final Payment Liability
AccruedFinalPaymentLiability
0 USD
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
31000 USD
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
38000 USD
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
450000 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
475000 USD
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1972000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1005000 USD
CY2022Q1 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
7891000 USD
CY2021Q4 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8353000 USD
CY2010Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
412000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
419000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
279000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
283000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
215000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1608000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
181000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1427000 USD
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 USD
CY2020Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
200000000 USD
CY2020Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
200000000 USD
CY2022Q1 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants Remaining
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrantsRemaining
131400000 USD
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
597000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
670000 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
CY2021Q1 phas Purchase Obligation To Be Paid Year Five Through Eleven
PurchaseObligationToBePaidYearFiveThroughEleven
48000000 USD

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