2021 Q1 Form 10-Q Financial Statement

#000144702821000027 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $2.113M $1.491M
YoY Change 41.72% 119.59%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.850M $3.550M
YoY Change 8.45% -19.5%
% of Gross Profit
Research & Development $13.78M $10.42M
YoY Change 32.32% -29.2%
% of Gross Profit
Depreciation & Amortization $443.0K $500.0K
YoY Change -11.4% -1.77%
% of Gross Profit
Operating Expenses $17.79M $14.64M
YoY Change 21.53% -26.35%
Operating Profit -$15.68M -$13.15M
YoY Change 19.24% -31.51%
Interest Expense $772.0K $1.041M
YoY Change -25.84% 8575.0%
% of Operating Profit
Other Income/Expense, Net -$705.0K -$714.0K
YoY Change -1.26% -82.39%
Pretax Income -$16.38M -$13.86M
YoY Change 18.18% -40.39%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$16.38M -$13.86M
YoY Change 18.18% -40.39%
Net Earnings / Revenue -775.25% -929.64%
Basic Earnings Per Share -$0.21 -$0.25
Diluted Earnings Per Share -$0.21 -$0.25
COMMON SHARES
Basic Shares Outstanding 93.43M shares 67.68M shares
Diluted Shares Outstanding 93.43M shares 67.68M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $132.0M $84.90M
YoY Change 55.43% -23.24%
Cash & Equivalents $79.42M $26.42M
Short-Term Investments $52.54M $58.50M
Other Short-Term Assets $4.100M $2.400M
YoY Change 70.83% 242.86%
Inventory
Prepaid Expenses
Receivables $1.265M $1.072M
Other Receivables $0.00 $0.00
Total Short-Term Assets $137.3M $88.33M
YoY Change 55.48% -21.47%
LONG-TERM ASSETS
Property, Plant & Equipment $6.584M $8.176M
YoY Change -19.47% -15.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $3.200M
YoY Change -100.0% -81.9%
Other Assets $0.00 $233.0K
YoY Change -100.0%
Total Long-Term Assets $8.899M $14.28M
YoY Change -37.69% -85.24%
TOTAL ASSETS
Total Short-Term Assets $137.3M $88.33M
Total Long-Term Assets $8.899M $14.28M
Total Assets $146.2M $102.6M
YoY Change 42.51% -50.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $400.0K $3.600M
YoY Change -88.89% 56.52%
Accrued Expenses $6.100M $400.0K
YoY Change 1425.0% -93.44%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.693M $4.031M
YoY Change 66.04% -54.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.40M $25.30M
YoY Change 0.4% 289.23%
Total Long-Term Liabilities $25.40M $25.30M
YoY Change 0.4% 289.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.693M $4.031M
Total Long-Term Liabilities $25.40M $25.30M
Total Liabilities $32.09M $29.36M
YoY Change 9.31% 4.82%
SHAREHOLDERS EQUITY
Retained Earnings -$1.066B -$986.9M
YoY Change 7.97% 18.74%
Common Stock $1.013B $911.1M
YoY Change 11.2% 3.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.1M $73.26M
YoY Change
Total Liabilities & Shareholders Equity $146.2M $102.6M
YoY Change 42.51% -50.95%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$16.38M -$13.86M
YoY Change 18.18% -40.39%
Depreciation, Depletion And Amortization $443.0K $500.0K
YoY Change -11.4% -1.77%
Cash From Operating Activities -$17.88M -$15.45M
YoY Change 15.71% -6.8%
INVESTING ACTIVITIES
Capital Expenditures $99.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $18.32M -$2.400M
YoY Change -863.33% -103.93%
Cash From Investing Activities $18.22M -$2.401M
YoY Change -858.89% -103.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $26.42M $12.32M
YoY Change 114.53% 447.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $26.87M $12.48M
YoY Change 115.32% 392.15%
NET CHANGE
Cash From Operating Activities -$17.88M -$15.45M
Cash From Investing Activities $18.22M -$2.401M
Cash From Financing Activities $26.87M $12.48M
Net Change In Cash $27.17M -$5.383M
YoY Change -604.74% -111.45%
FREE CASH FLOW
Cash From Operating Activities -$17.88M -$15.45M
Capital Expenditures $99.00K $0.00
Free Cash Flow -$17.98M -$15.45M
YoY Change 16.35% -6.97%

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CY2020Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
18221000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2401000 USD
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
26419000 USD
CY2020Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12315000 USD
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
208000 USD
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
166000 USD
CY2021Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
247000 USD
CY2020Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
0 USD
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
26874000 USD
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12481000 USD
CY2021Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-44000 USD
CY2020Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-10000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
27170000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5383000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52251000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31799000 USD
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
79421000 USD
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26416000 USD
CY2021Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
3212000 USD
CY2020Q1 us-gaap Dividends Preferred Stock Cash
DividendsPreferredStockCash
2978000 USD
CY2021Q1 us-gaap Nature Of Operations
NatureOfOperations
Nature of business and future operations<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">Description of the Business</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">Arbutus Biopharma Corporation (the “Company” or “Arbutus”) is a clinical-stage, biopharmaceutical company primarily focused on developing a cure for people with chronic hepatitis B virus (“HBV”) infection. The Company is advancing multiple product candidates with distinct mechanisms of action that it believes have the potential to provide a new curative regimen for chronic HBV infection. The Company has also initiated a drug discovery and development effort for treating coronaviruses, including COVID-19.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">The Company’s two lead product candidates are AB-729, the Company’s proprietary subcutaneously-delivered RNA interference (“RNAi”) product candidate that suppresses HBsAg expression, and AB-836, the Company’s proprietary next-generation oral capsid inhibitor that suppresses HBV DNA replication. AB-729 is currently in an ongoing Phase 1a/1b clinical trial and a Phase 2 clinical trial in collaboration with Assembly Biosciences, Inc. (“Assembly”). The Company initiated a Phase 1a/1b clinical trial for AB-836 in the first quarter of 2021 with initial data expected in the second half of 2021.</span></div><div style="text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">At March 31, 2021, the Company had an aggregate of $132.0 million in cash, cash equivalents and investments in marketable securities. The Company believes that these cash resources will be sufficient to fund its operations through the third quarter of 2022. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The success of the Company is dependent on obtaining the necessary regulatory approvals to bring its products to market and achieve profitable operations. The Company’s research and development activities and the commercialization of its products are dependent on its ability to successfully complete these activities and to obtain adequate financing through a combination of financing activities and operations. It is not possible to predict either the outcome of the Company’s existing or future research and development programs or the Company’s ability to continue to fund these programs in the future.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:115%">COVID-19 Impact </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) was identified in Wuhan, China. This virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to nearly every country in the world. The impact of this pandemic has been, and will likely continue to be, extensive in many aspects of society. The pandemic has resulted in and will likely continue to result in significant disruptions to businesses. A number of countries and other jurisdictions around the world have implemented extreme measures to try and slow the spread of the virus. These measures include the closing of businesses and requiring people to stay in their homes, the latter of which raises uncertainty regarding the ability to travel to hospitals in order to participate in clinical trials. Additional measures that have had, and will likely continue to have, a major impact on clinical development, at least in the near-term, include shortages and delays in the supply chain, as well as prohibitions in certain countries on enrolling subjects in new clinical trials. Future disruptions related to the COVID-19 pandemic could negatively impact the Company’s plans and timelines for the remainder of 2021 and beyond, including enrolling and monitoring subjects in its clinical trials.</span></div>
CY2021Q1 abus Number Of Products
NumberOfProducts
2 product
CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
132000000.0 USD
CY2021Q1 abus Wholly Owned Subsidiaries Includedin Financial Statements
WhollyOwnedSubsidiariesIncludedinFinancialStatements
1 subsidiary
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35000000.0 shares
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30400000 shares
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3600000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
100000 USD
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3426000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
129000 USD
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3555000 USD
CY2019Q4 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
2953000 USD
CY2020Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
112000 USD
CY2020Q1 us-gaap Business Combination Contingent Consideration Liability Noncurrent
BusinessCombinationContingentConsiderationLiabilityNoncurrent
3065000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
52523000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
17000 USD
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0 USD
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
52540000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
71003000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
15000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
71017000 USD
CY2021Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
52500000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
71000000.0 USD
CY2021Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0 USD
CY2020Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0 USD
CY2021Q1 us-gaap Equity Method Investments
EquityMethodInvestments
0 USD
CY2021Q1 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
355000 USD
CY2020Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
2994000 USD
CY2021Q1 abus Accrued Research And Development
AccruedResearchAndDevelopment
4112000 USD
CY2020Q4 abus Accrued Research And Development
AccruedResearchAndDevelopment
1653000 USD
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
690000 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
679000 USD
CY2021Q1 abus Accrued Payroll Current
AccruedPayrollCurrent
896000 USD
CY2020Q4 abus Accrued Payroll Current
AccruedPayrollCurrent
3566000 USD
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
10000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
9000 USD
CY2021Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6063000 USD
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
8901000 USD
CY2020Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
19554000 USD
CY2019Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
18992000 USD
CY2021Q1 abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
959000 USD
CY2020Q1 abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
656000 USD
CY2021Q1 abus Liability From Sale Of Future Royalties Non Cash Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashExpense
771000 USD
CY2020Q1 abus Liability From Sale Of Future Royalties Non Cash Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashExpense
1039000 USD
CY2021Q1 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
19366000 USD
CY2020Q1 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
19375000 USD
CY2021Q1 abus Royalty Entitlements
RoyaltyEntitlements
2 product
CY2021Q1 us-gaap Revenues
Revenues
2113000 USD
CY2020Q1 us-gaap Revenues
Revenues
1491000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.33
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.35
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1635000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1445000 USD

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