$AADI
Aadi Bioscience, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019041774 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q4
Revenue $0.00 $0.00 $2.144K
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.540M $2.160M $3.620M
YoY Change -57.46% -34.15% 44.22%
% of Gross Profit
Research & Development $2.130M $2.845M $5.250M
YoY Change -59.43% -34.55% 38.89%
% of Gross Profit
Depreciation & Amortization $30.00K $20.00K $10.00K
YoY Change 200.0% 0.0% 0.0%
% of Gross Profit
Operating Expenses $4.657M $4.967M $8.868M
YoY Change -47.48% -34.85% 41.02%
Operating Profit -$4.657M -$4.967M -$8.866M
YoY Change -47.47% -144.35% 40.98%
Interest Expense $170.0K $239.4K $350.0K
YoY Change -51.43% -28.12% 600.0%
% of Operating Profit
Other Income/Expense, Net $211.1K $318.7K $347.6K
YoY Change -39.27% -6.11% 545.73%
Pretax Income -$4.450M -$4.650M -$8.520M
YoY Change -47.77% -140.29% 36.54%
Income Tax
% Of Pretax Income
Net Earnings -$4.450M -$4.648M -$8.520M
YoY Change -47.77% -140.29% 36.65%
Net Earnings / Revenue -397388.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.64 -$1.72 -$3.14
COMMON SHARES
Basic Shares Outstanding 40.59M 40.59M 40.59M
Diluted Shares Outstanding 40.59M 40.59M

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.50M $43.40M $62.60M
YoY Change -38.5% -36.92% 208.37%
Cash & Equivalents $38.52M $43.39M $62.61M
Short-Term Investments
Other Short-Term Assets $734.8K $876.5K $615.7K
YoY Change 19.35% -26.96% 91.07%
Inventory
Prepaid Expenses $311.2K $538.3K $754.4K
Receivables
Other Receivables
Total Short-Term Assets $39.57M $44.80M $63.98M
YoY Change -38.16% -35.99% 206.15%
LONG-TERM ASSETS
Property, Plant & Equipment $164.2K $281.7K $98.45K
YoY Change 66.77% 181.71% -8.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change
Total Long-Term Assets $366.3K $747.4K $139.4K
YoY Change 162.76% 273.71% 8.76%
TOTAL ASSETS
Total Short-Term Assets $39.57M $44.80M $63.98M
Total Long-Term Assets $366.3K $747.4K $139.4K
Total Assets $39.94M $45.55M $64.12M
YoY Change -37.72% -35.11% 204.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $439.8K $751.0K $595.7K
YoY Change -26.17% 4.74% -53.34%
Accrued Expenses $2.900M $2.900M $4.900M
YoY Change -40.82% 0.0% 113.04%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.334M $3.601M $5.457M
YoY Change -38.9% -1.19% 51.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K $200.0K
YoY Change
Total Long-Term Liabilities $100.0K $200.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.334M $3.601M $5.457M
Total Long-Term Liabilities $100.0K $200.0K $0.00
Total Liabilities $3.401M $3.837M $5.457M
YoY Change -37.67% 6.59% 51.58%
SHAREHOLDERS EQUITY
Retained Earnings -$142.2M -$137.8M -$119.0M
YoY Change 19.57% 24.76% 9.58%
Common Stock $178.8M $179.5M $177.6M
YoY Change 0.64% 1.44% 40.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$9.093M $41.71M $58.67M
YoY Change
Total Liabilities & Shareholders Equity $39.94M $45.55M $64.12M
YoY Change -37.72% -35.08% 204.95%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q4
OPERATING ACTIVITIES
Net Income -$4.450M -$4.648M -$8.520M
YoY Change -47.77% -140.29% 36.65%
Depreciation, Depletion And Amortization $30.00K $20.00K $10.00K
YoY Change 200.0% 0.0% 0.0%
Cash From Operating Activities -$4.860M -$4.770M -$6.190M
YoY Change -21.49% -23.31% 34.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $10.00K $10.00K
YoY Change -100.0% -50.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$10.00K -$10.00K
YoY Change -100.0% -50.0% -120.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.860M -4.770M -6.190M
Cash From Investing Activities 0.000 -10.00K -10.00K
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -4.860M -4.780M -6.200M
YoY Change -21.61% -16033.33% 35.96%
FREE CASH FLOW
Cash From Operating Activities -$4.860M -$4.770M -$6.190M
Capital Expenditures $0.00 $10.00K $10.00K
Free Cash Flow -$4.860M -$4.780M -$6.200M
YoY Change -21.61% -23.4% 34.49%

Facts In Submission

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317562
CY2019Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.00
CY2018Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.00
arpo Class Of Warrant Or Right Term
ClassOfWarrantOrRightTerm
P3Y
CY2019Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2018Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2019Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:12pt;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 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, revenue recognition and income taxes. </p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:6pt;">&nbsp;</p> <p style="Background-color:#FFFFFF;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;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>
CY2018 arpo Class Of Warrant Or Right Term
ClassOfWarrantOrRightTerm
P3Y
arpo Class Of Warrant Or Right Expiration Date
ClassOfWarrantOrRightExpirationDate
2020-03-15
CY2018 arpo Class Of Warrant Or Right Expiration Date
ClassOfWarrantOrRightExpirationDate
2020-03-15
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1247463
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6726097
us-gaap Intangible Assets Finite Lived Policy Costs Incurred To Renew Or Extend
IntangibleAssetsFiniteLivedPolicyCostsIncurredToRenewOrExtend
<p style="margin-top:12pt;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;">Patents </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;">Costs incurred in connection with the application for and issuances of patents are expensed as incurred. </p>
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4647930
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
11537478
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-18824371
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1878046
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
60721
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:2pt;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;">Concentrations of Credit Risk and Off-Balance Sheet Risk </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;">Cash and cash equivalents are the only financial instruments that potentially subject the Company to concentrations of credit risk. At September&#160;30, 2019 and December&#160;31, 2018,&nbsp;&nbsp;the Company maintains its cash and cash equivalents with high-quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. </p>
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
239781
CY2019Q3 arpo Lessee Operating Lease Liability Payments Due Year Three And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearThreeAndThereafter
191685
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
492187
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
58780
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5049655
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1676442
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.73
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.86
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.77
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.62
CY2017Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2017Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2017Q1 arpo Capital Stock Conversion Basis Ratio
CapitalStockConversionBasisRatio
2.3336572
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2018Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2019Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
750994
CY2018Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
595680
CY2019Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
139000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
221344
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
487923
CY2019Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
516186
CY2018Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1877455
CY2019Q3 arpo Accrued Retention Bonus Current
AccruedRetentionBonusCurrent
313417
CY2019Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
74763
CY2018Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
90663
CY2019Q3 arpo Accrued Project Costs Current
AccruedProjectCostsCurrent
1359150
CY2018Q4 arpo Accrued Project Costs Current
AccruedProjectCostsCurrent
2232014
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
29106
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
173182
us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5308760
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
645899
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
806411
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.11
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2019Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P0Y
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0232
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.6583
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000

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