$ADVM
Adverum Biotechnologies, Inc.

2016 Q1 Form 10-K Financial Statement

#000156459016014022 Filed on March 04, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 2014 Q4
Revenue $265.0K $2.319M $203.0K
YoY Change 30.54% 305.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.320M $22.11M $3.380M
YoY Change 100.97% 176.38% 184.03%
% of Gross Profit
Research & Development $7.460M $25.46M $7.230M
YoY Change 32.72% 49.99% 877.03%
% of Gross Profit
Depreciation & Amortization $320.0K $810.0K $80.00K
YoY Change 166.67% 400.0% 700.0%
% of Gross Profit
Operating Expenses $15.77M $50.14M $10.61M
YoY Change 61.54% 100.78% 449.82%
Operating Profit -$15.51M -$47.82M
YoY Change 62.2% 95.98%
Interest Expense $0.00 $0.00
YoY Change -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $116.0K $370.0K $10.00K
YoY Change 123.08% -136.93% -200.0%
Pretax Income -$15.39M -$47.45M -$10.39M
YoY Change 61.83% 86.79% 181.57%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$15.39M -$47.45M -$10.39M
YoY Change 61.87% 86.79% 181.37%
Net Earnings / Revenue -5808.3% -2046.27% -5118.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$567.9K -$1.862M -$457.3K
COMMON SHARES
Basic Shares Outstanding 26.86M 22.47M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q1 2015 2014 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.1M $259.1M $159.4M
YoY Change -14.82% 62.55% 26466.67%
Cash & Equivalents $247.1M $221.3M $159.4M
Short-Term Investments $0.00 $37.70M
Other Short-Term Assets $1.000M $1.500M $900.0K
YoY Change 0.0% 66.67% 200.0%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $249.2M $261.0M $160.3M
YoY Change -14.4% 62.82% 19398.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.600M $3.200M $1.085M
YoY Change 153.34% 190.91% 1472.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $543.0K
YoY Change -27.54% -80.0% 179.9%
Total Long-Term Assets $3.734M $3.300M $1.628M
YoY Change 139.51% 106.25% 519.01%
TOTAL ASSETS
Total Short-Term Assets $249.2M $261.0M $160.3M
Total Long-Term Assets $3.734M $3.300M $1.628M
Total Assets $252.9M $264.3M $161.9M
YoY Change -13.58% 63.25% 14822.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $486.0K $600.0K $951.0K
YoY Change -82.56% -40.0% 23.67%
Accrued Expenses $3.900M $4.000M $3.700M
YoY Change 56.0% 8.11% 825.0%
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 $5.600M $6.600M $5.471M
YoY Change -26.59% 20.0% 370.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $5.800M $5.200M $7.000M
YoY Change 7.41% -25.71% 6900.0%
Total Long-Term Liabilities $5.800M $5.200M $7.000M
YoY Change 7.41% -25.71% 3400.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.600M $6.600M $5.471M
Total Long-Term Liabilities $5.800M $5.200M $7.000M
Total Liabilities $11.37M $11.70M $12.42M
YoY Change -12.63% -5.65% 853.42%
SHAREHOLDERS EQUITY
Retained Earnings -$99.56M -$36.72M
YoY Change 115.39% 313.97%
Common Stock $341.1M $186.2M
YoY Change 4.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $241.6M $252.6M $149.5M
YoY Change
Total Liabilities & Shareholders Equity $252.9M $264.3M $161.9M
YoY Change -13.58% 63.25% 14822.21%

Cashflow Statement

Concept 2016 Q1 2015 2014 Q4
OPERATING ACTIVITIES
Net Income -$15.39M -$47.45M -$10.39M
YoY Change 61.87% 86.79% 181.37%
Depreciation, Depletion And Amortization $320.0K $810.0K $80.00K
YoY Change 166.67% 400.0% 700.0%
Cash From Operating Activities -$12.15M -$35.34M -$5.060M
YoY Change 56.98% 525.49% 593.15%
INVESTING ACTIVITIES
Capital Expenditures $122.0K $2.992M -$360.0K
YoY Change -70.32% 217.29% 3500.0%
Acquisitions
YoY Change
Other Investing Activities $37.74M -$38.58M
YoY Change -142.71%
Cash From Investing Activities $37.62M -$41.57M -$360.0K
YoY Change -142.37% 4322.34% 3500.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $139.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 260.0K 138.9M -510.0K
YoY Change -99.81% -16.07% -152.04%
NET CHANGE
Cash From Operating Activities -12.15M -35.34M -5.060M
Cash From Investing Activities 37.62M -41.57M -360.0K
Cash From Financing Activities 260.0K 138.9M -510.0K
Net Change In Cash 25.73M 61.95M -5.930M
YoY Change -39.4% -61.0% -2570.83%
FREE CASH FLOW
Cash From Operating Activities -$12.15M -$35.34M -$5.060M
Capital Expenditures $122.0K $2.992M -$360.0K
Free Cash Flow -$12.27M -$38.33M -$4.700M
YoY Change 50.56% 481.4% 552.78%

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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<font style="font-weight:normal;">&#8212;The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to clinical trial accruals, stock-based compensation, income taxes, fair value of common stock warrant and, prior to the IPO, fair value of embedded derivative liability, fair value of convertible preferred stock and fair values of common and convertible preferred stock warrants. The Company&#8217;s actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes from the Company&#8217;s original estimates in any periods presented.</font></p></div>
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Regeneron may terminate the agreement for convenience at any time on a target by target basis or in totality upon a 30-day notice. Each party can terminate the agreement if another party commits a material breach or material default in performance of its obligations and such breach or default is not cured within 60 days. The agreement is automatically terminated upon initiation of any bankruptcy proceedings, reorganization or dissolution of either party. The Company can terminate the agreement upon 30-day notice if Regeneron challenges the validity, scope or enforceability of any Company patent.
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UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
156000
CY2013 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
31000
CY2015Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2014Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2015 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2014 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2015 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6166000
CY2014 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4932000
CY2013 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7858000
CY2015Q1 us-gaap Revenues
Revenues
203000
CY2015Q2 us-gaap Revenues
Revenues
203000
CY2015Q3 us-gaap Revenues
Revenues
953000
CY2015Q4 us-gaap Revenues
Revenues
960000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
9764000
CY2015Q2 us-gaap Operating Expenses
OperatingExpenses
10085000
CY2015Q3 us-gaap Operating Expenses
OperatingExpenses
15154000
CY2015Q4 us-gaap Operating Expenses
OperatingExpenses
15139000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-9509000
CY2015Q2 us-gaap Net Income Loss
NetIncomeLoss
-9766000
CY2015Q3 us-gaap Net Income Loss
NetIncomeLoss
-14084000
CY2015Q4 us-gaap Net Income Loss
NetIncomeLoss
-14094000
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2015Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.38
CY2015Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
CY2015Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.55
CY2014Q1 us-gaap Revenues
Revenues
30000
CY2014Q2 us-gaap Revenues
Revenues
135000
CY2014Q3 us-gaap Revenues
Revenues
204000
CY2014Q4 us-gaap Revenues
Revenues
203000
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
1636000
CY2014Q2 us-gaap Operating Expenses
OperatingExpenses
4588000
CY2014Q3 us-gaap Operating Expenses
OperatingExpenses
8144000
CY2014Q4 us-gaap Operating Expenses
OperatingExpenses
10606000
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-1663000
CY2014Q2 us-gaap Net Income Loss
NetIncomeLoss
-5094000
CY2014Q3 us-gaap Net Income Loss
NetIncomeLoss
-8256000
CY2014Q4 us-gaap Net Income Loss
NetIncomeLoss
-10391000
CY2014Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
3230000
CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-1663000
CY2014Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8324000
CY2014Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8256000
CY2014Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-10391000
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
CY2014Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.27
CY2014Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2014Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.46

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