$ACET
Adicet Bio, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019032151 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q2
Revenue -$7.050M $6.070M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.850M $1.380M $2.270M
YoY Change -18.5% -39.21% 254.69%
% of Gross Profit
Research & Development $6.331M $16.55M $11.85M
YoY Change -6.42% 39.75% 246.35%
% of Gross Profit
Depreciation & Amortization $30.00K $30.00K $20.00K
YoY Change 25.0% 50.0%
% of Gross Profit
Operating Expenses $8.178M $19.17M $14.11M
YoY Change -9.46% 35.83% 247.61%
Operating Profit -$15.23M -$19.17M -$14.11M
YoY Change 68.57% 35.83% 247.87%
Interest Expense $280.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $171.0K $847.0K $522.0K
YoY Change -72.64% 62.26%
Pretax Income -$14.78M -$18.32M -$13.59M
YoY Change 75.78% 34.81% 234.75%
Income Tax $12.00K $10.00K $0.00
% Of Pretax Income
Net Earnings -$14.78M -$2.651M -$13.59M
YoY Change 75.78% -80.49% 235.0%
Net Earnings / Revenue -43.67%
Basic Earnings Per Share
Diluted Earnings Per Share -$6.874M $26.81M -$3.389M
COMMON SHARES
Basic Shares Outstanding 36.22M 28.05M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $117.3M $132.8M $125.9M
YoY Change 1.65% 5.48%
Cash & Equivalents $23.00M $21.37M $51.35M
Short-Term Investments $93.60M $111.4M $74.60M
Other Short-Term Assets $21.00K $22.00K $2.500M
YoY Change -12.5% -99.12%
Inventory
Prepaid Expenses $3.998M $3.270M
Receivables
Other Receivables
Total Short-Term Assets $121.3M $136.1M $128.4M
YoY Change 3.64% 5.99%
LONG-TERM ASSETS
Property, Plant & Equipment $437.0K $325.0K $300.0K
YoY Change 36.99% 8.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $200.0K $100.0K
YoY Change 100.0% 100.0%
Total Long-Term Assets $682.0K $570.0K $400.0K
YoY Change 69.23% 42.5%
TOTAL ASSETS
Total Short-Term Assets $121.3M $136.1M $128.4M
Total Long-Term Assets $682.0K $570.0K $400.0K
Total Assets $122.0M $136.7M $128.8M
YoY Change 3.86% 6.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.973M $8.242M $4.500M
YoY Change 137.4% 83.16%
Accrued Expenses $2.220M $1.464M $6.600M
YoY Change -33.99% -77.82%
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 $12.19M $9.706M $11.60M
YoY Change 51.2% -16.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000K $11.00K $25.00K
YoY Change -72.73% -56.0%
Total Long-Term Liabilities $6.000K $11.00K $25.00K
YoY Change -72.73% -56.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.19M $9.706M $11.60M
Total Long-Term Liabilities $6.000K $11.00K $25.00K
Total Liabilities $12.20M $9.717M $11.60M
YoY Change 50.87% -16.23%
SHAREHOLDERS EQUITY
Retained Earnings -$125.2M -$100.8M
YoY Change 90.81%
Common Stock $234.9M $227.6M
YoY Change 7829800.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$54.13M -$39.75M $117.2M
YoY Change
Total Liabilities & Shareholders Equity $122.0M $136.7M $128.8M
YoY Change 3.86% 6.12%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$14.78M -$2.651M -$13.59M
YoY Change 75.78% -80.49% 235.0%
Depreciation, Depletion And Amortization $30.00K $30.00K $20.00K
YoY Change 25.0% 50.0%
Cash From Operating Activities -$21.65M -$14.34M -$9.790M
YoY Change 101.96% 46.48% 429.19%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$30.00K -$20.00K
YoY Change 533.33% 50.0% -60.0%
Acquisitions
YoY Change
Other Investing Activities $18.00M $25.00M -$74.54M
YoY Change -201.41% -133.54%
Cash From Investing Activities $17.81M $24.98M -$74.57M
YoY Change -200.17% -133.5% 149040.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.090M 3.550M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -21.65M -14.34M -9.790M
Cash From Investing Activities 17.81M 24.98M -74.57M
Cash From Financing Activities 6.090M 3.550M 0.000
Net Change In Cash 2.250M 14.19M -84.36M
YoY Change -107.89% -116.82% -2648.64%
FREE CASH FLOW
Cash From Operating Activities -$21.65M -$14.34M -$9.790M
Capital Expenditures -$190.0K -$30.00K -$20.00K
Free Cash Flow -$21.46M -$14.31M -$9.770M
YoY Change 100.75% 46.47% 442.78%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;font-style:normal;"> </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:7.94%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of any expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accrued liabilities, income taxes, and stock-based compensation expense. Management bases its estimates on historical experience, and on various other market-specific relevant assumptions that management believes to be reasonable, under the circumstances. Actual results may differ from those estimates or assumptions. </p>
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CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
140000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
85000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
28000
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
22000
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1021000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1189000
CY2019Q2 torc Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
299000
CY2018Q4 torc Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1028000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
144000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
510000
CY2019Q2 torc Amount Received For Qualifying Expenses Incurred Recorded As Reduction Of Research And Development Expense
AmountReceivedForQualifyingExpensesIncurredRecordedAsReductionOfResearchAndDevelopmentExpense
500000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4162746
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2773249
CY2019Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0
CY2019Q2 us-gaap Operating Leases Rent Expense Minimum Rentals
OperatingLeasesRentExpenseMinimumRentals
600000
CY2019Q2 torc Lessee Operating Lease Percentage Increase In Base Rent
LesseeOperatingLeasePercentageIncreaseInBaseRent
0.02
CY2019Q2 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
200000
CY2019Q2 us-gaap Litigation Reserve
LitigationReserve
0
CY2018Q4 us-gaap Litigation Reserve
LitigationReserve
0
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
380000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
594000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
606000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
618000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
630000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1686000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4514000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2087272
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
667590

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