PhaseBio Pharmaceuticals Inc

2022 Q3 Form 10-Q Financial Statement

#000116924522000093 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.804M $18.69M
YoY Change -87.89% -75.73%
Cash & Equivalents $7.800M $18.70M
Short-Term Investments
Other Short-Term Assets $3.760M $8.881M
YoY Change -33.38% -20.71%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.56M $27.57M
YoY Change -86.93% -68.73%
LONG-TERM ASSETS
Property, Plant & Equipment $9.322M $9.697M
YoY Change -10.18% -10.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $58.00K $57.00K
YoY Change 1.75% 0.0%
Total Long-Term Assets $10.60M $11.10M
YoY Change -12.65% -12.39%
TOTAL ASSETS
Total Short-Term Assets $11.56M $27.57M
Total Long-Term Assets $10.60M $11.10M
Total Assets $22.17M $38.66M
YoY Change -77.97% -61.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.320M $6.778M
YoY Change 113.66% 14.92%
Accrued Expenses $12.89M $7.891M
YoY Change 101.09% 46.13%
Deferred Revenue $1.400M $1.594M
YoY Change -1.69%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.073M $5.425M
YoY Change -24.35% 1.02%
Total Short-Term Liabilities $24.68M $21.69M
YoY Change 52.58% 30.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.68M $21.69M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $139.6M $141.1M
YoY Change 16.49% 52.64%
SHAREHOLDERS EQUITY
Retained Earnings -$419.6M -$402.9M
YoY Change 32.45% 39.85%
Common Stock $50.00K $49.00K
YoY Change 4.17% 2.08%
Preferred Stock
YoY Change
Treasury Stock (at cost) $24.00K
YoY Change 0.0%
Treasury Stock Shares 29.97K shares
Shareholders Equity -$117.4M -$102.4M
YoY Change
Total Liabilities & Shareholders Equity $22.17M $38.66M
YoY Change -77.97% -61.65%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1920000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
60351000 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 usd
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
40000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
223000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
213000 usd
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
202000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2727000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2727000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-594000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58009000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-33996000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
36334000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41800000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28122000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7804000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64456000 usd
us-gaap Interest Paid Net
InterestPaidNet
187000 usd
us-gaap Interest Paid Net
InterestPaidNet
366000 usd
phas Capital Expenditures Incurred But Not Yet Paid Incurring Development Derivative Liability
CapitalExpendituresIncurredButNotYetPaidIncurringDevelopmentDerivativeLiability
0 usd
phas Capital Expenditures Incurred But Not Yet Paid Incurring Development Derivative Liability
CapitalExpendituresIncurredButNotYetPaidIncurringDevelopmentDerivativeLiability
4160000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
205000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
44000 usd
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-419600000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7800000 usd
CY2022Q2 phas Working Capital
WorkingCapital
-13100000 usd
CY2022Q2 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrants
200000000 usd
CY2020Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
200000000 usd
CY2022Q2 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants Remaining
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrantsRemaining
130600000 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="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>
CY2021Q4 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8353000 usd
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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9627802 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6958183 shares
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14446000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
14150000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5124000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3920000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
9322000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
10230000 usd
CY2022Q2 us-gaap Depreciation
Depreciation
600000 usd
CY2021Q2 us-gaap Depreciation
Depreciation
600000 usd
us-gaap Depreciation
Depreciation
1200000 usd
us-gaap Depreciation
Depreciation
1100000 usd
CY2022Q2 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
8093000 usd
CY2021Q4 phas Accrued Clinical And Related Costs Current
AccruedClinicalAndRelatedCostsCurrent
3985000 usd
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1256000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2850000 usd
CY2022Q2 phas Accrued Final Payment Liability
AccruedFinalPaymentLiability
859000 usd
CY2021Q4 phas Accrued Final Payment Liability
AccruedFinalPaymentLiability
0 usd
CY2022Q2 us-gaap Interest Payable Current
InterestPayableCurrent
22000 usd
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
38000 usd
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
430000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
475000 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2226000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1005000 usd
CY2022Q2 phas Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
12886000 usd
CY2010Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M6D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
266000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
416000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
278000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
283000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
215000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1458000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
160000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1298000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
200000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
200000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
400000 usd
CY2021Q1 phas Purchase Obligation To Be Paid Year Five Through Eleven
PurchaseObligationToBePaidYearFiveThroughEleven
48000000 usd
CY2020Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
200000000 usd
CY2020Q1 us-gaap Preferred Units Offering Costs
PreferredUnitsOfferingCosts
200000000 usd
CY2022Q2 phas Aggregate Offering Price Of Common Stock Preferred Stock Debt Securities And Warrants Remaining
AggregateOfferingPriceOfCommonStockPreferredStockDebtSecuritiesAndWarrantsRemaining
130600000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
715000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
729000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1312000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1398000 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

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