$ADVM
Adverum Biotechnologies, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019030765 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $0.00 $493.0K
YoY Change -100.0% 6.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.130M $9.180M
YoY Change -22.33% 126.11%
% of Gross Profit
Research & Development $8.970M $11.22M
YoY Change -20.05% 32.16%
% of Gross Profit
Depreciation & Amortization $420.0K $640.0K
YoY Change -34.38% 18.52%
% of Gross Profit
Operating Expenses $16.10M $20.40M
YoY Change -21.05% 62.44%
Operating Profit -$16.10M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.148M $1.090M
YoY Change 5.32% 64.4%
Pretax Income -$14.95M -$18.81M
YoY Change -20.52% 64.57%
Income Tax
% Of Pretax Income
Net Earnings -$14.95M -$18.81M
YoY Change -20.5% 64.57%
Net Earnings / Revenue -3815.42%
Basic Earnings Per Share
Diluted Earnings Per Share -$234.5K -$301.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $177.6M $234.9M
YoY Change -24.39% 19.0%
Cash & Equivalents $97.81M $156.4M
Short-Term Investments $79.80M $79.40M
Other Short-Term Assets $2.900M $3.000M
YoY Change -3.33% 36.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $180.6M $237.9M
YoY Change -24.1% 19.19%
LONG-TERM ASSETS
Property, Plant & Equipment $6.097M $2.500M
YoY Change 143.88% -34.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $174.0K $1.100M
YoY Change -84.18% 1000.0%
Total Long-Term Assets $29.32M $8.700M
YoY Change 237.05% -3.33%
TOTAL ASSETS
Total Short-Term Assets $180.6M $237.9M
Total Long-Term Assets $29.32M $8.700M
Total Assets $209.9M $246.6M
YoY Change -14.89% 18.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $740.0K $2.100M
YoY Change -64.76% 90.91%
Accrued Expenses $9.400M $8.400M
YoY Change 11.9% 61.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.15M $11.40M
YoY Change -10.97% 37.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $191.0K $368.0K
YoY Change -48.1% -94.59%
Total Long-Term Liabilities $191.0K $368.0K
YoY Change -48.1% -94.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.15M $11.40M
Total Long-Term Liabilities $191.0K $368.0K
Total Liabilities $32.14M $13.10M
YoY Change 145.37% -20.12%
SHAREHOLDERS EQUITY
Retained Earnings -$350.0M
YoY Change
Common Stock $528.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $177.7M $233.4M
YoY Change
Total Liabilities & Shareholders Equity $209.9M $246.6M
YoY Change -14.89% 18.23%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$14.95M -$18.81M
YoY Change -20.5% 64.57%
Depreciation, Depletion And Amortization $420.0K $640.0K
YoY Change -34.38% 18.52%
Cash From Operating Activities -$11.59M -$11.35M
YoY Change 2.11% -0.61%
INVESTING ACTIVITIES
Capital Expenditures -$2.490M -$160.0K
YoY Change 1456.25% -65.96%
Acquisitions
YoY Change
Other Investing Activities -$34.09M $15.06M
YoY Change -326.36% -174.55%
Cash From Investing Activities -$36.60M $14.90M
YoY Change -345.64% -172.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.880M 190.0K
YoY Change 889.47% 26.67%
NET CHANGE
Cash From Operating Activities -11.59M -11.35M
Cash From Investing Activities -36.60M 14.90M
Cash From Financing Activities 1.880M 190.0K
Net Change In Cash -46.31M 3.740M
YoY Change -1338.24% -111.71%
FREE CASH FLOW
Cash From Operating Activities -$11.59M -$11.35M
Capital Expenditures -$2.490M -$160.0K
Free Cash Flow -$9.100M -$11.19M
YoY Change -18.68% 2.19%

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<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</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. GAAP. The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities and the reported amounts of expenses in the condensed consolidated financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to clinical trial accruals, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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50145000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
21000
CY2018Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
50130000
CY2019Q2 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
CY2018Q2 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
CY2019Q2 advm Other Than Temporary Impaired Investments Available For Sale Securities
OtherThanTemporaryImpairedInvestmentsAvailableForSaleSecurities
0
CY2019Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
1700000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16743000
CY2019Q2 advm Lessee Operating Lease Liability Tenant Improvement Allowance
LesseeOperatingLeaseLiabilityTenantImprovementAllowance
7119000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
25746000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13364000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10008000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4683000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7267000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6422000
CY2019Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
CY2018Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
500000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2160000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2291000
CY2019Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1688000
CY2019Q2 advm Accrued Preclinical Clinical And Development Process Costs
AccruedPreclinicalClinicalAndDevelopmentProcessCosts
1169000
CY2018Q4 advm Accrued Preclinical Clinical And Development Process Costs
AccruedPreclinicalClinicalAndDevelopmentProcessCosts
1850000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
450000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1699000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6447000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3084000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
942000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
701000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7888000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3531000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.83
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.67
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.63
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.50
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.96
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.47
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2626000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5826000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4388000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9255000
CY2019Q2 advm Additional Stock Based Compensation Expense Related To Accelerate Vesting
AdditionalStockBasedCompensationExpenseRelatedToAccelerateVesting
900000
advm Additional Stock Based Compensation Expense Related To Accelerate Vesting
AdditionalStockBasedCompensationExpenseRelatedToAccelerateVesting
900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9000000

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