2017 Q3 Form 10-Q Financial Statement

#000162828017008044 Filed on August 03, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $6.892M $1.039M $309.0K
YoY Change 790.44% 236.25% -91.02%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.660M $4.600M $23.77M
YoY Change -1.61% -80.65% 210.31%
% of Gross Profit
Research & Development $15.54M $15.45M $15.22M
YoY Change -1.28% 1.51% 57.02%
% of Gross Profit
Depreciation & Amortization $593.0K $480.0K $252.0K
YoY Change 103.78% 90.48% 71.43%
% of Gross Profit
Operating Expenses $19.79M $20.52M $195.6M
YoY Change 0.2% -89.5% 994.94%
Operating Profit -$12.90M -$19.49M -$195.2M
YoY Change -32.03% -90.02% 1254.01%
Interest Expense $76.00K $68.00K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $1.297M $1.230M $384.0K
YoY Change -309.19% 220.31% -182.4%
Pretax Income -$11.60M -$18.26M -$194.9M
YoY Change -40.8% -90.63% 1209.04%
Income Tax $0.00 $0.00 -$64.86M
% Of Pretax Income
Net Earnings -$11.60M -$18.26M -$130.0M
YoY Change -40.8% -85.96% 773.3%
Net Earnings / Revenue -168.31% -1756.98% -42071.2%
Basic Earnings Per Share -$0.33
Diluted Earnings Per Share -$211.4K -$0.33 -$2.466M
COMMON SHARES
Basic Shares Outstanding 55.03M shares 54.65M shares 54.63M shares
Diluted Shares Outstanding 54.65M shares

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.20M $103.0M $165.3M
YoY Change -41.08% -37.69% -20.22%
Cash & Equivalents $15.23M $24.21M $42.97M
Short-Term Investments $73.00M $78.80M $122.3M
Other Short-Term Assets $1.500M $1.600M $2.000M
YoY Change 0.0% -20.0% 11.11%
Inventory
Prepaid Expenses
Receivables $846.0K $1.042M $456.0K
Other Receivables $100.0K $100.0K $100.0K
Total Short-Term Assets $90.81M $105.9M $168.1M
YoY Change -40.18% -36.98% -22.08%
LONG-TERM ASSETS
Property, Plant & Equipment $12.62M $12.74M $3.944M
YoY Change 208.91% 223.1% 93.71%
Goodwill $24.36M $24.36M $162.5M
YoY Change -85.01% -85.01% 4.14%
Intangibles $99.45M $99.45M $196.3M
YoY Change -49.34% -49.34% -49.66%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $12.60M $12.60M
YoY Change
Total Long-Term Assets $149.0M $149.2M $362.8M
YoY Change -58.94% -58.89% -35.0%
TOTAL ASSETS
Total Short-Term Assets $90.81M $105.9M $168.1M
Total Long-Term Assets $149.0M $149.2M $362.8M
Total Assets $239.8M $255.1M $530.9M
YoY Change -53.4% -51.95% -31.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.300M $3.400M $1.700M
YoY Change 9.52% 100.0% -39.29%
Accrued Expenses $4.100M $4.100M $5.700M
YoY Change -14.58% -28.07% 50.0%
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 $8.235M $11.88M $10.08M
YoY Change -1.87% 17.82% -37.49%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M $12.00M $0.00
YoY Change
Other Long-Term Liabilities $11.00M $14.10M $8.000M
YoY Change 32.53% 76.25% -39.39%
Total Long-Term Liabilities $23.00M $26.10M $8.000M
YoY Change 177.11% 226.25% -39.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.235M $11.88M $10.08M
Total Long-Term Liabilities $23.00M $26.10M $8.000M
Total Liabilities $72.45M $79.29M $99.54M
YoY Change -26.15% -20.34% -46.29%
SHAREHOLDERS EQUITY
Retained Earnings -$699.6M -$688.0M -$412.9M
YoY Change 61.78% 66.65% 77.39%
Common Stock $876.0M $873.8M $861.1M
YoY Change 1.35% 1.47% 4.81%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.4M $175.8M $431.3M
YoY Change
Total Liabilities & Shareholders Equity $239.8M $255.1M $530.9M
YoY Change -53.4% -51.95% -31.4%

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$11.60M -$18.26M -$130.0M
YoY Change -40.8% -85.96% 773.3%
Depreciation, Depletion And Amortization $593.0K $480.0K $252.0K
YoY Change 103.78% 90.48% 71.43%
Cash From Operating Activities -$15.68M -$5.078M -$16.80M
YoY Change 6.58% -69.78% 0.8%
INVESTING ACTIVITIES
Capital Expenditures $538.0K $3.121M $954.0K
YoY Change 220.24% 227.15% 149.09%
Acquisitions
YoY Change
Other Investing Activities $5.840M $1.730M -$84.44M
YoY Change -922.54% -102.05% 748.64%
Cash From Investing Activities $5.305M -$1.390M -$85.39M
YoY Change -702.84% -98.37% 726.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $61.00K $4.000K $446.0K
YoY Change -19.74% -99.1% -53.54%
NET CHANGE
Cash From Operating Activities -$15.68M -$5.078M -$16.80M
Cash From Investing Activities $5.305M -$1.390M -$85.39M
Cash From Financing Activities $61.00K $4.000K $446.0K
Net Change In Cash -$8.987M -$6.464M -$101.8M
YoY Change -42.08% -93.65% 290.78%
FREE CASH FLOW
Cash From Operating Activities -$15.68M -$5.078M -$16.80M
Capital Expenditures $538.0K $3.121M $954.0K
Free Cash Flow -$16.22M -$8.199M -$17.76M
YoY Change 8.99% -53.83% 4.13%

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of business and future operations</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Arbutus Biopharma Corporation (the &#8220;Company&#8221; or &#8220;Arbutus&#8221;) is a biopharmaceutical business dedicated to discovering, developing, and commercializing a cure for patients suffering from chronic hepatitis B infection, a disease of the liver caused by the hepatitis B virus (&#8220;HBV&#8221;). The Company's portfolio of assets includes a broad pipeline of drug candidates to develop a cure for HBV and leverages the Company&#8217;s expertise in Lipid Nanoparticle ("LNP") technology.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The success of the Company is dependent on obtaining the necessary regulatory approvals to bring its products to market and achieve profitable operations. The continuation of the research and development activities and the commercialization of its products are dependent on the Company&#8217;s 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 future research and development programs or the Company&#8217;s ability to continue to fund these programs in the future.</font></div></div>

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