$AADI
Aadi Bioscience, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018021632 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.333M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.140M $2.410M
YoY Change 30.29% 63.95%
% of Gross Profit
Research & Development $4.229M $3.169M
YoY Change 33.44% 9.15%
% of Gross Profit
Depreciation & Amortization $10.00K $20.00K
YoY Change -50.0% 0.0%
% of Gross Profit
Operating Expenses $7.370M $5.584M
YoY Change 31.98% 27.56%
Operating Profit -$6.036M -$5.584M
YoY Change 8.11% 27.56%
Interest Expense $46.46K $52.32K
YoY Change -11.19% -158.93%
% of Operating Profit
Other Income/Expense, Net $46.46K $63.56K
YoY Change -26.89% -911.79%
Pretax Income -$5.990M -$5.520M
YoY Change 8.51% 25.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.990M -$5.520M
YoY Change 8.51% 25.88%
Net Earnings / Revenue -449.25%
Basic Earnings Per Share
Diluted Earnings Per Share -$3.29 -$3.06
COMMON SHARES
Basic Shares Outstanding 27.34M 27.08M
Diluted Shares Outstanding 27.34M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.80M $28.90M
YoY Change 138.06%
Cash & Equivalents $68.78M $28.85M
Short-Term Investments $100.0K
Other Short-Term Assets $213.5K $431.2K
YoY Change -50.49%
Inventory
Prepaid Expenses $428.8K $311.1K
Receivables $4.264K
Other Receivables $0.00
Total Short-Term Assets $69.43M $29.64M
YoY Change 134.19%
LONG-TERM ASSETS
Property, Plant & Equipment $92.06K $129.0K
YoY Change -28.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change
Total Long-Term Assets $113.0K $150.0K
YoY Change -24.65%
TOTAL ASSETS
Total Short-Term Assets $69.43M $29.64M
Total Long-Term Assets $113.0K $150.0K
Total Assets $69.54M $29.79M
YoY Change 133.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.074M $782.2K
YoY Change 37.25%
Accrued Expenses $1.900M $1.100M
YoY Change 72.73%
Deferred Revenue $18.67M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.63M $1.857M
YoY Change 1065.01%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $21.63M $1.857M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $21.60M $1.900M
YoY Change 1036.84%
SHAREHOLDERS EQUITY
Retained Earnings -$122.0M -$97.68M
YoY Change 24.88%
Common Stock $169.9M $125.6M
YoY Change 35.24%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.91M $27.94M
YoY Change
Total Liabilities & Shareholders Equity $69.54M $29.79M
YoY Change 133.39%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$5.990M -$5.520M
YoY Change 8.51% 25.88%
Depreciation, Depletion And Amortization $10.00K $20.00K
YoY Change -50.0% 0.0%
Cash From Operating Activities $13.11M -$6.320M
YoY Change -307.44% 58.79%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$10.00K
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 41.91M 40.00K
YoY Change 104675.0% -99.1%
NET CHANGE
Cash From Operating Activities 13.11M -6.320M
Cash From Investing Activities 0.000 -10.00K
Cash From Financing Activities 41.91M 40.00K
Net Change In Cash 55.02M -6.290M
YoY Change -974.72% -1529.55%
FREE CASH FLOW
Cash From Operating Activities $13.11M -$6.320M
Capital Expenditures $0.00 $10.00K
Free Cash Flow $13.11M -$6.330M
YoY Change -307.11% 59.05%

Facts In Submission

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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassification</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain prior year balances within the condensed consolidated statement of cash flows were reclassified to conform with current period presentation.&#160; As a result of the current year reclassification, there were no changes in any subtotals or totals of the condensed consolidated statement of cash flows.</p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: grant date fair value of the Company&#8217;s stock-based awards, accrued expenses, and income taxes. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s results can also be affected by economic, political, legislative, regulatory, and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies, and changes in the prices of research studies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims, or proceedings. </p></div>
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OperatingLeasesFutureMinimumPaymentsDueInThreeYearsAndThereafter
187466
CY2018Q2 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
20000000
arpo Revenue Performance Obligation Expected Timing Of Satisfaction Period
RevenuePerformanceObligationExpectedTimingOfSatisfactionPeriod
P90D
CY2018Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
428845
CY2017Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
313140
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1957478
CY2017Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2018Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1073561
CY2017Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1276537
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
277217
CY2017Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
833650
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.70
CY2018Q2 us-gaap Share Based Compensation
ShareBasedCompensation
877557
CY2017Q2 us-gaap Share Based Compensation
ShareBasedCompensation
111524
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.49
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27340914
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26895164
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
36101
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2017Q4 us-gaap Other Assets Current
OtherAssetsCurrent
322221
CY2018Q2 us-gaap Assets Current
AssetsCurrent
69425516
CY2017Q4 us-gaap Assets Current
AssetsCurrent
20899470
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
92056
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
107223
CY2018Q2 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
20960
CY2017Q4 us-gaap Deposits Assets Noncurrent
DepositsAssetsNoncurrent
20960
CY2018Q2 us-gaap Assets
Assets
69538532
CY2017Q4 us-gaap Assets
Assets
21027653
CY2018Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
2965457
CY2017Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
3592164
CY2018Q2 us-gaap Liabilities Current
LiabilitiesCurrent
21632124
CY2018Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2018Q2 us-gaap Common Stock Value
CommonStockValue
3884
CY2018Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
169880703
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-121978179
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
47906408
CY2018Q2 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
69538532
CY2018Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2018Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2018Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
38833507
CY2018Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38833507
CY2018Q2 us-gaap Other Assets Current
OtherAssetsCurrent
213461

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