2017 Q4 Form 10-Q Financial Statement

#000162828017010727 Filed on November 02, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q3
Revenue $2.534M $6.892M $774.0K
YoY Change -1399.49% 790.44% -80.96%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.540M $3.660M $3.720M
YoY Change -25.16% -1.61% -51.75%
% of Gross Profit
Research & Development $17.82M $15.54M $15.74M
YoY Change 3.85% -1.28% -3.77%
% of Gross Profit
Depreciation & Amortization $620.0K $593.0K $291.0K
YoY Change 87.88% 103.78% 90.2%
% of Gross Profit
Operating Expenses $21.99M $19.79M $19.75M
YoY Change -1.04% 0.2% -68.25%
Operating Profit -$60.25M -$12.90M -$18.98M
YoY Change -76.6% -32.03% -67.36%
Interest Expense $210.0K $76.00K $0.00
YoY Change -136.21% -100.0%
% of Operating Profit
Other Income/Expense, Net $1.297M -$620.0K
YoY Change -309.19% -104.44%
Pretax Income -$60.25M -$11.60M -$19.60M
YoY Change -76.72% -40.8% -55.65%
Income Tax -$7.420M $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.93M -$11.60M -$19.60M
YoY Change -83.57% -40.8% -32.39%
Net Earnings / Revenue -1417.96% -168.31% -2531.65%
Basic Earnings Per Share
Diluted Earnings Per Share -$652.6K -$211.4K -$365.3K
COMMON SHARES
Basic Shares Outstanding 55.05M shares 55.03M shares 54.80M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.4M $88.20M $149.7M
YoY Change -3.22% -41.08% -23.66%
Cash & Equivalents $54.29M $15.23M $26.63M
Short-Term Investments $72.10M $73.00M $123.1M
Other Short-Term Assets $2.100M $1.500M $1.500M
YoY Change 61.54% 0.0% 25.0%
Inventory
Prepaid Expenses
Receivables $402.0K $846.0K $395.0K
Other Receivables $400.0K $100.0K $200.0K
Total Short-Term Assets $129.4M $90.81M $151.8M
YoY Change -2.41% -40.18% -24.09%
LONG-TERM ASSETS
Property, Plant & Equipment $12.18M $12.62M $4.086M
YoY Change 75.42% 208.91% 77.65%
Goodwill $24.36M $24.36M $162.5M
YoY Change 0.0% -85.01%
Intangibles $58.65M $99.45M $196.3M
YoY Change -41.03% -49.34%
Long-Term Investments $0.00 $0.00
YoY Change -100.0%
Other Assets $12.60M $12.60M
YoY Change 0.0%
Total Long-Term Assets $107.8M $149.0M $362.9M
YoY Change -24.81% -58.94% -30.56%
TOTAL ASSETS
Total Short-Term Assets $129.4M $90.81M $151.8M
Total Long-Term Assets $107.8M $149.0M $362.9M
Total Assets $237.2M $239.8M $514.7M
YoY Change -14.05% -53.4% -28.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.000M $2.300M $2.100M
YoY Change -37.5% 9.52% -27.59%
Accrued Expenses $8.600M $4.100M $4.800M
YoY Change 36.51% -14.58% 11.63%
Deferred Revenue $2.742M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.63M $8.235M $8.392M
YoY Change 38.19% -1.87% -39.19%
LONG-TERM LIABILITIES
Long-Term Debt $12.00M $12.00M $0.00
YoY Change 0.0%
Other Long-Term Liabilities $11.10M $11.00M $8.300M
YoY Change 21.98% 32.53% -38.97%
Total Long-Term Liabilities $23.10M $23.00M $8.300M
YoY Change 9.48% 177.11% -38.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.63M $8.235M $8.392M
Total Long-Term Liabilities $23.10M $23.00M $8.300M
Total Liabilities $54.69M $72.45M $98.11M
YoY Change -25.0% -26.15% -41.88%
SHAREHOLDERS EQUITY
Retained Earnings -$738.1M -$699.6M -$432.5M
YoY Change 13.07% 61.78%
Common Stock $876.1M $876.0M $864.4M
YoY Change 1.0% 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $182.5M $167.4M $416.6M
YoY Change
Total Liabilities & Shareholders Equity $237.2M $239.8M $514.7M
YoY Change -14.05% -53.4% -28.77%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income -$35.93M -$11.60M -$19.60M
YoY Change -83.57% -40.8% -32.39%
Depreciation, Depletion And Amortization $620.0K $593.0K $291.0K
YoY Change 87.88% 103.78% 90.2%
Cash From Operating Activities -$10.34M -$15.68M -$14.71M
YoY Change -30.28% 6.58% 482.19%
INVESTING ACTIVITIES
Capital Expenditures -$180.0K $538.0K $168.0K
YoY Change -93.08% 220.24% -71.48%
Acquisitions
YoY Change
Other Investing Activities $900.0K $5.840M -$710.0K
YoY Change -72.97% -922.54% -95.86%
Cash From Investing Activities $710.0K $5.305M -$880.0K
YoY Change -2.74% -702.84% -95.04%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.90M $61.00K $76.00K
YoY Change 307.5% -19.74% -34.48%
NET CHANGE
Cash From Operating Activities -10.34M -$15.68M -$14.71M
Cash From Investing Activities 710.0K $5.305M -$880.0K
Cash From Financing Activities 48.90M $61.00K $76.00K
Net Change In Cash 39.27M -$8.987M -$15.52M
YoY Change -1970.0% -42.08% -22.97%
FREE CASH FLOW
Cash From Operating Activities -$10.34M -$15.68M -$14.71M
Capital Expenditures -$180.0K $538.0K $168.0K
Free Cash Flow -$10.16M -$16.22M -$14.88M
YoY Change -16.93% 8.99% 377.54%

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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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