$ADVM
Adverum Biotechnologies, Inc.

2015 Q4 Form 10-Q Financial Statement

#000156459015010182 Filed on November 09, 2015

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2014 Q3
Revenue $960.0K $953.0K $204.0K
YoY Change 372.91% 367.16% 580.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.370M $7.630M $2.400M
YoY Change 58.88% 217.92% 823.08%
% of Gross Profit
Research & Development $8.240M $7.523M $5.746M
YoY Change 13.97% 30.93% 944.73%
% of Gross Profit
Depreciation & Amortization $300.0K $240.0K $50.00K
YoY Change 275.0% 380.0% 400.0%
% of Gross Profit
Operating Expenses $15.14M $15.15M $8.144M
YoY Change 42.74% 86.08% 907.92%
Operating Profit -$14.20M -$7.940M
YoY Change 78.85% 920.57%
Interest Expense $0.00 $0.00 -$290.0K
YoY Change -100.0% -1135.71%
% of Operating Profit
Other Income/Expense, Net $90.00K $117.0K -$316.0K
YoY Change 800.0% -137.03% 802.86%
Pretax Income -$14.09M -$14.08M -$8.260M
YoY Change 35.61% 70.46% 919.75%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$14.09M -$14.08M -$8.256M
YoY Change 35.64% 70.59% 915.5%
Net Earnings / Revenue -1468.13% -1477.86% -4047.06%
Basic Earnings Per Share
Diluted Earnings Per Share -$546.5K -$548.1K -$504.0K
COMMON SHARES
Basic Shares Outstanding 25.76M 25.68M shares 22.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q4 2015 Q3 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $259.1M $268.9M $165.3M
YoY Change 62.55% 62.67%
Cash & Equivalents $221.3M $200.7M $165.3M
Short-Term Investments $37.70M $68.20M
Other Short-Term Assets $1.500M $1.500M $1.000M
YoY Change 66.67% 50.0%
Inventory
Prepaid Expenses
Receivables $8.000K
Other Receivables $0.00
Total Short-Term Assets $261.0M $270.4M $166.3M
YoY Change 62.84% 62.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.187M $3.330M $817.0K
YoY Change 193.73% 307.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $140.0K $138.0K $89.00K
YoY Change -74.22% 55.06%
Total Long-Term Assets $3.327M $3.468M $906.0K
YoY Change 104.36% 282.78%
TOTAL ASSETS
Total Short-Term Assets $261.0M $270.4M $166.3M
Total Long-Term Assets $3.327M $3.468M $906.0K
Total Assets $264.3M $273.8M $167.2M
YoY Change 63.25% 63.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $605.0K $1.141M $1.627M
YoY Change -36.38% -29.87%
Accrued Expenses $4.000M $3.700M $2.000M
YoY Change 8.11% 85.0%
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 $6.574M $6.496M $4.461M
YoY Change 20.16% 45.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.200M $5.000M $7.000M
YoY Change -25.71% -28.57%
Total Long-Term Liabilities $5.200M $5.000M $7.000M
YoY Change -25.71% -28.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.574M $6.496M $4.461M
Total Long-Term Liabilities $5.200M $5.000M $7.000M
Total Liabilities $11.73M $11.50M $11.50M
YoY Change -5.6% -0.04%
SHAREHOLDERS EQUITY
Retained Earnings -$84.17M -$70.07M -$26.32M
YoY Change 129.25% 166.2%
Common Stock $336.8M $332.4M $2.000K
YoY Change 80.88% 16620250.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.6M $262.3M $155.7M
YoY Change
Total Liabilities & Shareholders Equity $264.3M $273.8M $167.2M
YoY Change 63.25% 63.74%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2014 Q3
OPERATING ACTIVITIES
Net Income -$14.09M -$14.08M -$8.256M
YoY Change 35.64% 70.59% 915.5%
Depreciation, Depletion And Amortization $300.0K $240.0K $50.00K
YoY Change 275.0% 380.0% 400.0%
Cash From Operating Activities -$9.130M -$9.220M -$4.970M
YoY Change 80.43% 85.51% 742.37%
INVESTING ACTIVITIES
Capital Expenditures -$190.0K -$1.310M -$110.0K
YoY Change -47.22% 1090.91%
Acquisitions
YoY Change
Other Investing Activities $30.25M $10.64M
YoY Change
Cash From Investing Activities $30.06M $9.320M -$110.0K
YoY Change -8450.0% -8572.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -280.0K 50.00K 118.0M
YoY Change -45.1% -99.96% 16755.71%
NET CHANGE
Cash From Operating Activities -9.130M -9.220M -4.970M
Cash From Investing Activities 30.06M 9.320M -110.0K
Cash From Financing Activities -280.0K 50.00K 118.0M
Net Change In Cash 20.65M 150.0K 112.9M
YoY Change -448.23% -99.87% 102545.45%
FREE CASH FLOW
Cash From Operating Activities -$9.130M -$9.220M -$4.970M
Capital Expenditures -$190.0K -$1.310M -$110.0K
Free Cash Flow -$8.940M -$7.910M -$4.860M
YoY Change 90.21% 62.76% 723.73%

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CY2015Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
259234000
CY2014Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
40000000
CY2015Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4026000
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1275000
CY2015Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
696000
CY2014Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
190000
CY2015Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
241000
CY2014Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
49000
CY2015Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2414000
CY2014Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1509000
CY2015Q3 aavl Accrued Professional And Preclinical Studies Fees Current
AccruedProfessionalAndPreclinicalStudiesFeesCurrent
1109000
CY2014Q4 aavl Accrued Professional And Preclinical Studies Fees Current
AccruedProfessionalAndPreclinicalStudiesFeesCurrent
1236000
CY2015Q3 aavl Accrued Clinical And Development Process Costs
AccruedClinicalAndDevelopmentProcessCosts
110000
CY2014Q4 aavl Accrued Clinical And Development Process Costs
AccruedClinicalAndDevelopmentProcessCosts
942000
CY2015Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
101000
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20000
CY2015Q3 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
0
us-gaap Loss Contingency Damages Paid Value
LossContingencyDamagesPaidValue
0
us-gaap Loss Contingency Accrual Provision
LossContingencyAccrualProvision
0
CY2015Q3 us-gaap Loss Contingency New Claims Filed Number
LossContingencyNewClaimsFiledNumber
3
CY2014Q4 us-gaap Convertible Preferred Stock Nonredeemable Or Redeemable Issuer Option Value
ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue
0
CY2015Q3 us-gaap Convertible Preferred Stock Nonredeemable Or Redeemable Issuer Option Value
ConvertiblePreferredStockNonredeemableOrRedeemableIssuerOptionValue
0
aavl Share Based Compensation Arrangement By Share Based Payment Award Options Difference Between Options Exercise Price And Closing Price Of Common Stock Intrinsic Value Amount
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsDifferenceBetweenOptionsExercisePriceAndClosingPriceOfCommonStockIntrinsicValueAmount
8.24
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
6400000
CY2015Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5752000
CY2014Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3056000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7084000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4442000
CY2015Q3 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
2400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
23.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.21
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.75
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.77
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.79
CY2015Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2014Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2015Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.018
CY2014Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.019
CY2015Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
22100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2015Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
CY2014 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
25000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5800000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000

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