$ACET
Adicet Bio, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019040353 Filed on November 05, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $0.00 -$7.050M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.330M $1.850M $2.270M
YoY Change 65.67% -18.5% 272.13%
% of Gross Profit
Research & Development $26.11M $6.331M $6.765M
YoY Change 500.23% -6.42% 102.97%
% of Gross Profit
Depreciation & Amortization $40.00K $30.00K $24.00K
YoY Change 100.0% 25.0% 700.0%
% of Gross Profit
Operating Expenses $29.44M $8.178M $9.032M
YoY Change 362.89% -9.46% 170.99%
Operating Profit -$29.44M -$15.23M -$9.032M
YoY Change 362.83% 68.57% 128.95%
Interest Expense $2.820M $280.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.270M $171.0K $625.0K
YoY Change -460.32% -72.64% -1.57%
Pretax Income -$28.89M -$14.78M -$8.407M
YoY Change 404.19% 75.78% 153.99%
Income Tax $10.00K $12.00K $0.00
% Of Pretax Income
Net Earnings -$28.89M -$14.78M -$8.407M
YoY Change 401.82% 75.78% 153.99%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$6.641M -$6.874M -$2.097M
COMMON SHARES
Basic Shares Outstanding 36.44M 36.22M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.40M $117.3M $115.4M
YoY Change -42.22% 1.65% 2785.0%
Cash & Equivalents $10.61M $23.00M $22.86M
Short-Term Investments $51.79M $93.60M $92.50M
Other Short-Term Assets $179.0K $21.00K $24.00K
YoY Change 1093.33% -12.5% -88.0%
Inventory
Prepaid Expenses $615.0K $3.998M $1.621M
Receivables
Other Receivables
Total Short-Term Assets $93.25M $121.3M $117.0M
YoY Change -14.86% 3.64% 2686.26%
LONG-TERM ASSETS
Property, Plant & Equipment $2.121M $437.0K $319.0K
YoY Change 560.75% 36.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $10.60M
YoY Change
Other Assets $410.0K $200.0K $100.0K
YoY Change 310.0% 100.0%
Total Long-Term Assets -$11.67M $682.0K $403.0K
YoY Change -2980.49% 69.23%
TOTAL ASSETS
Total Short-Term Assets $93.25M $121.3M $117.0M
Total Long-Term Assets -$11.67M $682.0K $403.0K
Total Assets $81.59M $122.0M $117.4M
YoY Change -25.79% 3.86% 2695.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.052M $9.973M $4.201M
YoY Change -64.8% 137.4% 281.91%
Accrued Expenses $5.483M $2.220M $3.363M
YoY Change 101.06% -33.99% 236.3%
Deferred Revenue $10.99M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.87M $12.19M $8.064M
YoY Change 160.06% 51.2% 130.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $15.00K $6.000K $22.00K
YoY Change -21.05% -72.73%
Total Long-Term Liabilities $15.00K $6.000K $22.00K
YoY Change -21.05% -72.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.87M $12.19M $8.064M
Total Long-Term Liabilities $15.00K $6.000K $22.00K
Total Liabilities $27.87M $12.20M $8.086M
YoY Change 385.96% 50.87% 131.03%
SHAREHOLDERS EQUITY
Retained Earnings -$69.65M -$125.2M -$65.64M
YoY Change -2.45% 90.81%
Common Stock $9.262M $234.9M $3.000K
YoY Change -94.73% 7829800.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$60.37M -$54.13M $109.3M
YoY Change
Total Liabilities & Shareholders Equity $81.59M $122.0M $117.4M
YoY Change -25.79% 3.86% 2695.86%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$28.89M -$14.78M -$8.407M
YoY Change 401.82% 75.78% 153.99%
Depreciation, Depletion And Amortization $40.00K $30.00K $24.00K
YoY Change 100.0% 25.0% 700.0%
Cash From Operating Activities -$25.64M -$21.65M -$10.72M
YoY Change 232.12% 101.96% 177.72%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$190.0K -$30.00K
YoY Change 0.0% 533.33% -400.0%
Acquisitions
YoY Change
Other Investing Activities $36.00M $18.00M -$17.75M
YoY Change -546.65% -201.41%
Cash From Investing Activities $35.97M $17.81M -$17.78M
YoY Change -544.62% -200.17% -177900.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 6.090M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -25.64M -21.65M -10.72M
Cash From Investing Activities 35.97M 17.81M -17.78M
Cash From Financing Activities -10.00K 6.090M 0.000
Net Change In Cash 10.32M 2.250M -28.50M
YoY Change -165.28% -107.89% -4484.62%
FREE CASH FLOW
Cash From Operating Activities -$25.64M -$21.65M -$10.72M
Capital Expenditures -$30.00K -$190.0K -$30.00K
Free Cash Flow -$25.61M -$21.46M -$10.69M
YoY Change 233.03% 100.75% 176.23%

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us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
41000
CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
93532000
CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
93641000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
100986000
CY2018Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
101027000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-07-05
CY2019Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
117300000
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2018Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
579000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
406000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
142000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
85000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
34000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
24000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1533000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1189000
CY2019Q3 torc Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
514000
CY2018Q4 torc Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
1028000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
173000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
510000
CY2019Q3 torc Amount Received For Qualifying Expenses Incurred Recorded As Reduction Of Research And Development Expense
AmountReceivedForQualifyingExpensesIncurredRecordedAsReductionOfResearchAndDevelopmentExpense
500000
CY2019Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2019Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2019Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2019Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4161186
CY2018Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2773249
us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
0
CY2019Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P7Y
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
CY2019Q3 us-gaap Litigation Reserve
LitigationReserve
0
CY2018Q4 us-gaap Litigation Reserve
LitigationReserve
0
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
147000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
594000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
606000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
618000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
630000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1686000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
4281000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2302482

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