$ADVM
Adverum Biotechnologies, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041787 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q3 2018 Q2
Revenue $250.0K $833.0K $493.0K
YoY Change -69.99% 79.91% 6.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.390M $4.830M $9.180M
YoY Change 53.0% 1.47% 126.11%
% of Gross Profit
Research & Development $9.944M $14.48M $11.22M
YoY Change -31.33% 40.99% 32.16%
% of Gross Profit
Depreciation & Amortization $370.0K $260.0K $640.0K
YoY Change 42.31% -50.94% 18.52%
% of Gross Profit
Operating Expenses $17.33M $24.31M $20.40M
YoY Change -28.69% 61.67% 62.44%
Operating Profit -$17.08M
YoY Change
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $965.0K $1.270M $1.090M
YoY Change -24.02% 71.16% 64.4%
Pretax Income -$16.12M -$22.21M -$18.81M
YoY Change -27.42% 60.59% 64.57%
Income Tax $0.00 -$1.300M
% Of Pretax Income
Net Earnings -$16.12M -$20.96M -$18.81M
YoY Change -23.09% 51.55% 64.57%
Net Earnings / Revenue -6447.2% -2515.97% -3815.42%
Basic Earnings Per Share
Diluted Earnings Per Share -$250.0K -$335.6K -$301.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.0M $217.9M $234.9M
YoY Change -25.65% 16.77% 19.0%
Cash & Equivalents $73.17M $159.7M $156.4M
Short-Term Investments $88.80M $58.20M $79.40M
Other Short-Term Assets $5.600M $4.300M $3.000M
YoY Change 30.23% 48.28% 36.36%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $167.6M $222.2M $237.9M
YoY Change -24.57% 17.26% 19.19%
LONG-TERM ASSETS
Property, Plant & Equipment $15.25M $2.600M $2.500M
YoY Change 486.5% -21.21% -34.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $164.0K $1.100M $1.100M
YoY Change -85.09% 266.67% 1000.0%
Total Long-Term Assets $37.92M $3.700M $8.700M
YoY Change 924.95% -57.47% -3.33%
TOTAL ASSETS
Total Short-Term Assets $167.6M $222.2M $237.9M
Total Long-Term Assets $37.92M $3.700M $8.700M
Total Assets $205.5M $225.9M $246.6M
YoY Change -9.02% 13.98% 18.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.382M $1.700M $2.100M
YoY Change 98.94% 6.25% 90.91%
Accrued Expenses $14.40M $7.800M $8.400M
YoY Change 84.62% 27.87% 61.54%
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 $17.75M $10.10M $11.40M
YoY Change 75.7% 5.21% 37.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $185.0K $300.0K $368.0K
YoY Change -38.33% -95.31% -94.59%
Total Long-Term Liabilities $185.0K $300.0K $368.0K
YoY Change -38.33% -95.31% -94.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.75M $10.10M $11.40M
Total Long-Term Liabilities $185.0K $300.0K $368.0K
Total Liabilities $41.31M $10.40M $13.10M
YoY Change 297.22% -39.53% -20.12%
SHAREHOLDERS EQUITY
Retained Earnings -$366.1M
YoY Change
Common Stock $531.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $164.2M $215.6M $233.4M
YoY Change
Total Liabilities & Shareholders Equity $205.5M $225.9M $246.6M
YoY Change -9.02% 13.98% 18.23%

Cashflow Statement

Concept 2019 Q3 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$16.12M -$20.96M -$18.81M
YoY Change -23.09% 51.55% 64.57%
Depreciation, Depletion And Amortization $370.0K $260.0K $640.0K
YoY Change 42.31% -50.94% 18.52%
Cash From Operating Activities -$9.530M -$16.90M -$11.35M
YoY Change -43.61% 69.34% -0.61%
INVESTING ACTIVITIES
Capital Expenditures -$6.190M -$270.0K -$160.0K
YoY Change 2192.59% 42.11% -65.96%
Acquisitions
YoY Change
Other Investing Activities -$8.830M $21.41M $15.06M
YoY Change -141.24% 661.92% -174.55%
Cash From Investing Activities -$15.01M $21.14M $14.90M
YoY Change -171.0% 706.87% -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 -90.00K -20.00K 190.0K
YoY Change 350.0% -91.67% 26.67%
NET CHANGE
Cash From Operating Activities -9.530M -16.90M -11.35M
Cash From Investing Activities -15.01M 21.14M 14.90M
Cash From Financing Activities -90.00K -20.00K 190.0K
Net Change In Cash -24.63M 4.220M 3.740M
YoY Change -683.65% -155.53% -111.71%
FREE CASH FLOW
Cash From Operating Activities -$9.530M -$16.90M -$11.35M
Capital Expenditures -$6.190M -$270.0K -$160.0K
Free Cash Flow -$3.340M -$16.63M -$11.19M
YoY Change -79.92% 69.87% 2.19%

Facts In Submission

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us-gaap Use Of Estimates
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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>
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2019Q3 advm Other Than Temporary Impaired Investments Available For Sale Securities
OtherThanTemporaryImpairedInvestmentsAvailableForSaleSecurities
0
CY2019Q3 advm Cash And Cash Equivalent Amortized Cost
CashAndCashEquivalentAmortizedCost
70023000
CY2019Q3 advm Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
1000
CY2019Q3 advm Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
4000
CY2019Q3 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
70020000
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
88799000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
88814000
CY2018Q4 advm Cash And Cash Equivalent Amortized Cost
CashAndCashEquivalentAmortizedCost
152577000
CY2018Q4 advm Cash And Cash Equivalent Gross Unrealized Gain
CashAndCashEquivalentGrossUnrealizedGain
0
CY2018Q4 advm Cash And Cash Equivalent Gross Unrealized Loss
CashAndCashEquivalentGrossUnrealizedLoss
0
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
152577000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
50145000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
21000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
50130000
CY2019Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.59
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2018Q3 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityTransfersNet
0
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2661000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2996000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
1700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7049000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12250000
CY2018Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
4800000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1800000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3563000
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
7.13
advm Additional Stock Based Compensation Expense Related To Accelerate Vesting
AdditionalStockBasedCompensationExpenseRelatedToAccelerateVesting
900000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
400000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.31
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
3.77
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.15
CY2018Q3 us-gaap Variable Lease Cost
VariableLeaseCost
200000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2291000
CY2019Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3037000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2944000
CY2019Q3 advm Accrued Preclinical Clinical And Development Process Costs
AccruedPreclinicalClinicalAndDevelopmentProcessCosts
1248000
CY2018Q4 advm Accrued Preclinical Clinical And Development Process Costs
AccruedPreclinicalClinicalAndDevelopmentProcessCosts
1850000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1412000
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
4265000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1133000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
924000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8655000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10000000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9100000
us-gaap Variable Lease Cost
VariableLeaseCost
900000
us-gaap Variable Lease Cost
VariableLeaseCost
700000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1142000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4221000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4683000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4846000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5016000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
28837000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
48745000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16046000
CY2019Q3 advm Lessee Operating Lease Liability Tenant Improvement Allowance
LesseeOperatingLeaseLiabilityTenantImprovementAllowance
5275000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
27424000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22882000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10008000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7633000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6422000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
CY2018Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4623000

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