$AADI
Aadi Bioscience, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023028562 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $5.959M $6.202M $3.437M
YoY Change 40.38% 80.45%
Cost Of Revenue $697.0K $656.0K $341.0K
YoY Change 17.54% 92.38%
Gross Profit $5.262M $5.546M $3.096M
YoY Change 44.09% 79.13%
Gross Profit Margin 88.3% 89.42% 90.08%
Selling, General & Admin $11.22M $11.78M $10.01M
YoY Change 13.17% 17.69% 1105.54%
% of Gross Profit 213.25% 212.33% 323.19%
Research & Development $11.89M $13.32M $7.726M
YoY Change 35.53% 72.34% 153.73%
% of Gross Profit 225.96% 240.08% 249.55%
Depreciation & Amortization $50.00K $43.00K $27.00K
YoY Change 316.67% 59.26% 131.36%
% of Gross Profit 0.95% 0.78% 0.87%
Operating Expenses $23.11M $25.09M $17.73M
YoY Change 23.67% 41.5% 357.6%
Operating Profit -$17.85M -$19.55M -$18.36M
YoY Change 18.71% 6.45% 373.81%
Interest Expense $58.00K $58.00K $58.00K
YoY Change 0.0% 0.0% -74.45%
% of Operating Profit
Other Income/Expense, Net $1.547M $1.574M $100.0K
YoY Change 175.27% 1474.0% -95.73%
Pretax Income -$16.30M -$17.97M -$18.26M
YoY Change 12.63% -1.58% 1090.35%
Income Tax $0.00 $0.00 $9.000K
% Of Pretax Income
Net Earnings -$16.30M -$18.00M -$18.30M
YoY Change 12.41% -1.64% 1091.41%
Net Earnings / Revenue -273.54% -290.23% -532.44%
Basic Earnings Per Share -$0.60 -$0.67 -$0.87
Diluted Earnings Per Share -$0.60 -$0.67 -$0.87
COMMON SHARES
Basic Shares Outstanding 24.52M shares 24.44M shares 20.97M shares
Diluted Shares Outstanding 26.95M shares 26.88M shares 20.97M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.3M $134.9M $118.7M
YoY Change -34.81% 13.6% 222.51%
Cash & Equivalents $68.80M $68.16M $118.7M
Short-Term Investments $50.50M $66.73M
Other Short-Term Assets $4.200M $2.901M $2.808M
YoY Change 8.78% 3.31% 385.43%
Inventory $3.615M $3.457M $727.0K
Prepaid Expenses
Receivables $5.717M $3.676M $2.063M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $132.9M $144.9M $124.3M
YoY Change -30.01% 16.56% 232.49%
LONG-TERM ASSETS
Property, Plant & Equipment $3.601M $3.005M $357.0K
YoY Change 687.96% 741.74% 3677.78%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.914M $1.951M $2.291M
YoY Change -13.39% -14.84% 11355.0%
Total Long-Term Assets $6.775M $6.305M $4.301M
YoY Change 59.79% 46.59% 14503.42%
TOTAL ASSETS
Total Short-Term Assets $132.9M $144.9M $124.3M
Total Long-Term Assets $6.775M $6.305M $4.301M
Total Assets $139.7M $151.2M $128.6M
YoY Change -28.05% 17.56% 243.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.605M $2.898M $3.619M
YoY Change -33.55% -19.92% 384.55%
Accrued Expenses $11.73M $9.685M $8.653M
YoY Change -13.72% 11.93% 492.18%
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 $20.52M $13.00M $12.60M
YoY Change 14.68% 3.18% 470.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $900.0K $6.813M $109.0K
YoY Change -87.33% 6150.46%
Total Long-Term Liabilities $900.0K $6.813M $109.0K
YoY Change -87.33% 6150.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.52M $13.00M $12.60M
Total Long-Term Liabilities $900.0K $6.813M $109.0K
Total Liabilities $21.46M $19.81M $19.91M
YoY Change -14.13% -0.49% 801.5%
SHAREHOLDERS EQUITY
Retained Earnings -$252.7M -$236.4M -$174.8M
YoY Change 33.49% 35.24%
Common Stock $370.9M $367.9M $283.5M
YoY Change 3.46% 29.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $118.2M $131.4M $108.7M
YoY Change
Total Liabilities & Shareholders Equity $139.7M $151.2M $128.6M
YoY Change -28.05% 17.56% 243.73%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$16.30M -$18.00M -$18.30M
YoY Change 12.41% -1.64% 1091.41%
Depreciation, Depletion And Amortization $50.00K $43.00K $27.00K
YoY Change 316.67% 59.26% 131.36%
Cash From Operating Activities -$11.95M -$16.76M -$10.72M
YoY Change 45.82% 56.32% 381.39%
INVESTING ACTIVITIES
Capital Expenditures $1.100M $689.0K -$241.0K
YoY Change -1178.43% -385.89%
Acquisitions
YoY Change
Other Investing Activities $13.76M $51.25M
YoY Change -128.58%
Cash From Investing Activities $12.67M $50.56M -$241.0K
YoY Change -126.26% -21079.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -70.00K 313.0K -87.00K
YoY Change -100.1% -459.77% -352.25%
NET CHANGE
Cash From Operating Activities -11.95M -16.76M -10.72M
Cash From Investing Activities 12.67M 50.56M -241.0K
Cash From Financing Activities -70.00K 313.0K -87.00K
Net Change In Cash 650.0K 34.12M -11.05M
YoY Change -95.96% -408.8% 403.92%
FREE CASH FLOW
Cash From Operating Activities -$11.95M -$16.76M -$10.72M
Capital Expenditures $1.100M $689.0K -$241.0K
Free Cash Flow -$13.05M -$17.45M -$10.48M
YoY Change 61.25% 66.49% 370.57%

Facts In Submission

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us-gaap Share Based Compensation
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us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates The preparation of financial statements in conformity with GAAP 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 consolidated financial statements and accompanying notes. In the opinion of management, all adjustments that are considered necessary for fair presentation have been included. The most significant estimates in the Company’s condensed consolidated financial statements relate to gross-to-net accruals, share-based compensation expense and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may materially differ from these estimates and assumptions.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-bottom:6pt;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:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash and cash equivalents and investments in money market funds, United States government treasury bills, commercial paper, corporate bonds, and government agency debt securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. While the Company has not experienced any losses in such deposits, the recent failure of Silicon Valley Bank, at which the Company holds cash and cash equivalents in multiple accounts, exposed the Company to credit risk prior to the resolution by the Federal Deposit Insurance Corporation in a manner that fully protected all depositors. The Company has not experienced any losses on deposits since inception.</span></div><div style="margin-bottom:6pt;margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s accounts receivable is derived from customers located in the United States. The Company performs ongoing credit evaluations of its customers and maintains allowances for potential credit losses on customers’ accounts when deemed necessary. The Company does not typically require collateral from its customers. Credit losses historically have not been material. The Company continuously monitors customer payments and maintains an allowance for credit losses based on its assessment of various factors including historical experience, age of the receivable balances, and other current economic conditions or other factors that may affect customers’ ability to pay.</span></div>
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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200000 usd
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500000 usd

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