$AADI
Aadi Bioscience, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021028204 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $120.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $563.0K $2.290M
YoY Change -75.41% -29.75%
% of Gross Profit
Research & Development $3.644M $1.829M
YoY Change 99.23% -67.28%
% of Gross Profit
Depreciation & Amortization $2.000K $15.10K
YoY Change -86.76% 16.26%
% of Gross Profit
Operating Expenses $5.603M $4.115M
YoY Change 36.16% -53.46%
Operating Profit -$4.087M -$4.115M
YoY Change -0.68% -53.46%
Interest Expense $224.0K $116.4K
YoY Change 92.49% -65.07%
% of Operating Profit
Other Income/Expense, Net $1.161M $196.3K
YoY Change 491.6% -43.68%
Pretax Income -$5.476M -$3.920M
YoY Change 39.69% -53.83%
Income Tax
% Of Pretax Income
Net Earnings -$5.476M -$3.324M
YoY Change 64.74% -60.86%
Net Earnings / Revenue -4563.33%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.409M -$1.45
COMMON SHARES
Basic Shares Outstanding 47.31M 40.59M
Diluted Shares Outstanding 40.59M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.01M $34.60M
YoY Change 12.74% -35.21%
Cash & Equivalents $15.02M $34.58M
Short-Term Investments
Other Short-Term Assets $1.991M $800.0K
YoY Change 148.84% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.00M $35.40M
YoY Change 15.82% -34.81%
LONG-TERM ASSETS
Property, Plant & Equipment $142.1K $300.0K
YoY Change -52.63% -57.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $0.00
YoY Change
Total Long-Term Assets $162.1K $300.0K
YoY Change -45.96% -62.5%
TOTAL ASSETS
Total Short-Term Assets $41.00M $35.40M
Total Long-Term Assets $162.1K $300.0K
Total Assets $41.16M $35.70M
YoY Change 15.3% -35.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $458.7K $421.1K
YoY Change 8.91% -60.36%
Accrued Expenses $1.671M $2.200M
YoY Change -24.07% -24.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.129M $2.700M
YoY Change -21.14% -30.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.129M $2.700M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.129M $2.700M
YoY Change -21.14% -36.64%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$17.87M -$12.39M
YoY Change
Total Liabilities & Shareholders Equity $41.16M $35.70M
YoY Change 15.3% -35.21%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.476M -$3.324M
YoY Change 64.74% -60.86%
Depreciation, Depletion And Amortization $2.000K $15.10K
YoY Change -86.76% 16.26%
Cash From Operating Activities $10.56M -$3.940M
YoY Change -368.11% -56.6%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 70.28K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities 10.56M -3.940M
Cash From Investing Activities 0.000
Cash From Financing Activities 70.28K 0.000
Net Change In Cash 10.56M -3.940M
YoY Change -368.11% -57.14%
FREE CASH FLOW
Cash From Operating Activities $10.56M -$3.940M
Capital Expenditures $0.00
Free Cash Flow -$3.940M
YoY Change -57.14%

Facts In Submission

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<p style="margin-top:6pt;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>
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<p style="margin-top:6pt;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: prepaid and accrued research and development expense, stock-based compensation expense, 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 conditions, global health concerns, such as the COVID-19, and 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>
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0.6733
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-4441739
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3918663
CY2020Q2 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
15000000
CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
15000000
CY2021Q1 us-gaap Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
arpo:LicenseRevenueMember
CY2021Q1 arpo Maximum Amount Of Milestone Payments Eligible To Receive Under License Agreement
MaximumAmountOfMilestonePaymentsEligibleToReceiveUnderLicenseAgreement
40000000
CY2021Q1 arpo Maximum Amount Of Sales Milestone Payments Eligible To Receive Under License Agreement
MaximumAmountOfSalesMilestonePaymentsEligibleToReceiveUnderLicenseAgreement
50000000
CY2021Q1 arpo Percentage Of Payments Received By Licensee
PercentageOfPaymentsReceivedByLicensee
0.20

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