2022 Q4 Form 10-Q Financial Statement

#000144702822000055 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $6.245M $5.952M $3.340M
YoY Change 94.79% 78.2% 119.3%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.249M $3.493M $4.146M
YoY Change -9.56% -15.75% 1.87%
% of Gross Profit
Research & Development $22.95M $20.06M $16.30M
YoY Change 12.29% 23.04% 35.09%
% of Gross Profit
Depreciation & Amortization $307.0K $343.0K $447.0K
YoY Change -28.1% -23.27% -8.78%
% of Gross Profit
Operating Expenses $28.81M $23.76M $21.75M
YoY Change 20.02% 9.27% 29.92%
Operating Profit -$17.81M -$18.41M
YoY Change -3.24% 20.97%
Interest Expense $630.0K $429.0K $762.0K
YoY Change -220.0% -43.7% -29.05%
% of Operating Profit
Other Income/Expense, Net $244.0K -$750.0K
YoY Change -132.53% -78.8%
Pretax Income -$21.93M -$17.57M -$19.16M
YoY Change 2.87% -8.3% 2.15%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$21.93M -$17.57M -$19.16M
YoY Change 2.87% -8.3% 2.15%
Net Earnings / Revenue -351.19% -295.14% -573.59%
Basic Earnings Per Share -$0.12 -$0.24
Diluted Earnings Per Share -$0.14 -$0.12 -$0.24
COMMON SHARES
Basic Shares Outstanding 156.5M shares 150.0M shares 101.3M shares
Diluted Shares Outstanding 151.0M shares 101.3M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $146.9M $134.7M $121.4M
YoY Change -5.41% 10.97% 2.63%
Cash & Equivalents $30.78M $24.00M $77.88M
Short-Term Investments $116.1M $110.7M $43.52M
Other Short-Term Assets $2.874M $4.583M $3.466M
YoY Change -35.34% 32.23% 82.42%
Inventory
Prepaid Expenses
Receivables $1.352M $1.835M $1.667M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $151.1M $141.1M $126.5M
YoY Change -5.93% 11.54% 4.37%
LONG-TERM ASSETS
Property, Plant & Equipment $5.070M $5.241M $6.352M
YoY Change -15.26% -17.49% -12.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00 $0.00
YoY Change
Other Assets $103.0K $167.0K $0.00
YoY Change 68.85% -100.0%
Total Long-Term Assets $44.28M $62.67M $39.06M
YoY Change 1.04% 60.43% 296.07%
TOTAL ASSETS
Total Short-Term Assets $151.1M $141.1M $126.5M
Total Long-Term Assets $44.28M $62.67M $39.06M
Total Assets $195.4M $203.8M $165.6M
YoY Change -4.43% 23.07% 26.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.520M $872.0K $1.042M
YoY Change 10.9% -16.31% 15.78%
Accrued Expenses $12.88M $11.76M $9.034M
YoY Change 60.59% 30.13% 41.16%
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 $32.86M $27.51M $10.11M
YoY Change 192.82% 171.99% 32.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.71M $30.78M $25.34M
YoY Change 7.91% 21.45% -3.27%
Total Long-Term Liabilities $25.71M $30.78M $25.34M
YoY Change 7.91% 21.45% -3.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.86M $27.51M $10.11M
Total Long-Term Liabilities $25.71M $30.78M $25.34M
Total Liabilities $58.57M $58.28M $35.46M
YoY Change 67.11% 64.38% 5.03%
SHAREHOLDERS EQUITY
Retained Earnings -$1.204B -$1.182B -$1.112B
YoY Change 6.12% 6.24% 8.45%
Common Stock $1.319B $1.308B $1.066B
YoY Change 2.49% 22.7% 10.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.9M $145.5M $130.1M
YoY Change
Total Liabilities & Shareholders Equity $195.4M $203.8M $165.6M
YoY Change -4.43% 23.07% 26.31%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$21.93M -$17.57M -$19.16M
YoY Change 2.87% -8.3% 2.15%
Depreciation, Depletion And Amortization $307.0K $343.0K $447.0K
YoY Change -28.1% -23.27% -8.78%
Cash From Operating Activities -$16.99M -$18.69M -$16.04M
YoY Change -13.34% 16.56% 31.66%
INVESTING ACTIVITIES
Capital Expenditures $134.0K -$91.00K -$20.00K
YoY Change -331.03% 355.0% 100.0%
Acquisitions
YoY Change
Other Investing Activities $12.82M -$13.65M $15.99M
YoY Change -258.95% -185.35% 13.4%
Cash From Investing Activities $12.68M -$13.74M $15.97M
YoY Change -256.16% -186.03% 13.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.08M 9.132M 46.95M
YoY Change -81.25% -80.55% -4.37%
NET CHANGE
Cash From Operating Activities -16.99M -18.69M -16.04M
Cash From Investing Activities 12.68M -13.74M 15.97M
Cash From Financing Activities 11.08M 9.132M 46.95M
Net Change In Cash 6.776M -23.30M 46.89M
YoY Change -78.42% -149.69% -8.1%
FREE CASH FLOW
Cash From Operating Activities -$16.99M -$18.69M -$16.04M
Capital Expenditures $134.0K -$91.00K -$20.00K
Free Cash Flow -$17.12M -$18.60M -$16.02M
YoY Change -12.4% 16.14% 31.6%

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us-gaap Nature Of Operations
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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 (“Arbutus” or the “Company”) is a clinical-stage biopharmaceutical company leveraging its extensive virology expertise to develop novel therapeutics that target specific viral diseases. The Company’s current focus areas include Hepatitis B virus (“HBV”), SARS-CoV-2, and coronaviruses. In HBV, the Company is developing an RNA interference (“RNAi”) therapeutic, an oral PD-L1 inhibitor, and an oral RNA destabilizer to potentially identify a combination regimen with the aim of providing a functional cure for patients with chronic HBV infection (“cHBV”) by suppressing viral replication, reducing surface antigen and reawakening the immune system. The Company believes its lead compound, AB-729, is the only RNAi therapeutic with evidence of immune re-awakening, and is currently being evaluated in multiple phase 2 clinical trials. The Company has an ongoing drug discovery and development program directed to identifying novel, orally active agents for treating coronaviruses, including SARS-CoV-2. The Company is also exploring oncology applications for its internal PD-L1 portfolio.</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:115%">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 September 30, 2022, the Company had an aggregate of $190.2 million in cash, cash equivalents and investments in marketable securities. The Company had no outstanding debt as of September 30, 2022. The Company believes it has sufficient cash resources to fund its operations for at least the next 12 months. </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>The COVID-19 pandemic has resulted in and will likely continue to result in significant disruptions to businesses. Measures implemented around the world in attempts to slow the spread of COVID-19 have had, and will likely continue to have, a major impact on clinical development, at least in the near-term, including shortages and delays in the supply chain and prohibitions in certain countries on enrolling patients in new clinical trials. While the Company has been able to progress with its clinical and pre-clinical activities to date, it is not possible to predict if the COVID-19 pandemic will materially impact the Company’s plans and timelines in the future.
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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CY2021Q4 us-gaap Long Term Investments
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CY2021Q4 us-gaap Accounts Payable Trade Current
AccountsPayableTradeCurrent
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CY2022Q3 abus Accrued Research And Development
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8251000 usd
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CY2021Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
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CY2020Q4 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
19554000 usd
abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
5393000 usd
abus Liability From Sale Of Future Royalties Non Cash Royalty Income
LiabilityFromSaleOfFutureRoyaltiesNonCashRoyaltyIncome
3963000 usd
abus Liability From Sale Of Future Royalties Non Cash Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashExpense
1413000 usd
abus Liability From Sale Of Future Royalties Non Cash Expense
LiabilityFromSaleOfFutureRoyaltiesNonCashExpense
2292000 usd
CY2022Q3 abus Liability Related To Sale Of Future Royalties Noncurrent
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12316000 usd
CY2021Q3 abus Liability Related To Sale Of Future Royalties Noncurrent
LiabilityRelatedToSaleOfFutureRoyaltiesNoncurrent
17883000 usd
us-gaap Premiums Earned Net
PremiumsEarnedNet
4100000 usd
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
25463000 usd
CY2022Q3 abus Royalty Entitlements
RoyaltyEntitlements
2 product
CY2022Q3 us-gaap Revenues
Revenues
5952000 usd
CY2021Q3 us-gaap Revenues
Revenues
3340000 usd
us-gaap Revenues
Revenues
32774000 usd
us-gaap Revenues
Revenues
7782000 usd
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1164000 shares
CY2022Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.37
CY2021Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.70
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.19
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1714000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1615000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5515000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4993000 usd
CY2021Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
22833922 shares

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