$ALEC
Alector Inc

2021 Q4 Form 10-Q Financial Statement

#000095017021003082 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $13.99M $182.4M $5.904M
YoY Change 188.54% 2989.65% 118.99%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $16.93M $13.02M $15.83M
YoY Change 27.99% -17.76% 90.04%
% of Gross Profit
Research & Development $52.79M $43.07M $43.82M
YoY Change 18.95% -1.72% 53.65%
% of Gross Profit
Depreciation & Amortization $1.594M $1.605M $1.500M
YoY Change 6.27% 7.0% 15.38%
% of Gross Profit
Operating Expenses $69.72M $56.08M $59.65M
YoY Change 21.03% -5.98% 61.9%
Operating Profit $126.3M -$53.75M
YoY Change -335.04% 57.4%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $121.0K $268.0K $1.045M
YoY Change -79.14% -74.35% -56.66%
Pretax Income -$55.61M $126.6M -$52.70M
YoY Change 6.57% -340.22% 66.04%
Income Tax $0.00
% Of Pretax Income 0.0%
Net Earnings -$55.61M $126.6M -$52.70M
YoY Change 6.57% -340.2% 66.06%
Net Earnings / Revenue -397.37% 69.4% -892.68%
Basic Earnings Per Share $1.56 -$0.67
Diluted Earnings Per Share -$682.1K $1.49 -$0.67
COMMON SHARES
Basic Shares Outstanding 81.28M 80.96M 78.77M
Diluted Shares Outstanding 85.23M 78.77M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $735.3M $777.9M $461.7M
YoY Change 77.9% 68.48% 21.05%
Cash & Equivalents $329.2M $516.5M $84.98M
Short-Term Investments $406.1M $261.3M $376.7M
Other Short-Term Assets $7.071M $8.585M $8.300M
YoY Change -13.77% 3.43% 107.5%
Inventory
Prepaid Expenses
Receivables $7.391M $1.584M
Other Receivables $0.00 $0.00
Total Short-Term Assets $749.7M $788.0M $470.0M
YoY Change 77.86% 67.66% 21.92%
LONG-TERM ASSETS
Property, Plant & Equipment $27.33M $27.90M $57.90M
YoY Change -9.45% -51.82% 70.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.574M $5.716M $3.700M
YoY Change 112.99% 54.49% 2383.22%
Total Long-Term Assets $64.95M $66.21M $61.60M
YoY Change -2.69% 7.48% -4.12%
TOTAL ASSETS
Total Short-Term Assets $749.7M $788.0M $470.0M
Total Long-Term Assets $64.95M $66.21M $61.60M
Total Assets $814.7M $854.2M $531.6M
YoY Change 66.85% 60.69% 18.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.749M $2.341M $1.400M
YoY Change 58.09% 67.21% 442.64%
Accrued Expenses $27.46M $20.59M $43.10M
YoY Change 21.84% -52.24% 160.49%
Deferred Revenue $90.80M $94.68M
YoY Change 280.15%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $139.6M $132.8M $71.10M
YoY Change 104.96% 86.8% 21.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $158.0K $158.0K $150.3M
YoY Change -66.53% -99.89% 36648.17%
Total Long-Term Liabilities $158.0K $158.0K $150.3M
YoY Change -66.53% -99.89% 36648.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $139.6M $132.8M $71.10M
Total Long-Term Liabilities $158.0K $158.0K $150.3M
Total Liabilities $513.9M $518.3M $221.4M
YoY Change 132.84% 134.12% -4.22%
SHAREHOLDERS EQUITY
Retained Earnings -$446.4M -$390.8M
YoY Change 8.86%
Common Stock $8.000K $8.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $300.7M $335.9M $310.2M
YoY Change
Total Liabilities & Shareholders Equity $814.7M $854.2M $531.6M
YoY Change 66.85% 60.69% 18.2%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$55.61M $126.6M -$52.70M
YoY Change 6.57% -340.2% 66.06%
Depreciation, Depletion And Amortization $1.594M $1.605M $1.500M
YoY Change 6.27% 7.0% 15.38%
Cash From Operating Activities -$49.26M $445.1M -$40.80M
YoY Change 3.5% -1190.81% 41.18%
INVESTING ACTIVITIES
Capital Expenditures -$557.0K -$915.0K -$300.0K
YoY Change -30.37% 205.0% -86.96%
Acquisitions
YoY Change
Other Investing Activities -$146.2M -$68.14M $33.40M
YoY Change -1279.0% -304.01% -30.71%
Cash From Investing Activities -$146.8M -$69.05M $33.00M
YoY Change -1376.11% -309.25% -28.1%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.638M 14.82M 300.0K
YoY Change 685.27% 4840.33% -57.14%
NET CHANGE
Cash From Operating Activities -49.26M 445.1M -40.80M
Cash From Investing Activities -146.8M -69.05M 33.00M
Cash From Financing Activities 8.638M 14.82M 300.0K
Net Change In Cash -187.4M 390.8M -7.500M
YoY Change 435.37% -5310.92% -142.37%
FREE CASH FLOW
Cash From Operating Activities -$49.26M $445.1M -$40.80M
Capital Expenditures -$557.0K -$915.0K -$300.0K
Free Cash Flow -$48.71M $446.0M -$40.50M
YoY Change 4.08% -1201.15% 52.26%

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alec Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
1584000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
382000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3934000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3099000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
2098000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-347000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1087000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
-5488000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
15027000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
306909000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-16245000
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-2992000
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-2043000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-314000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
347816000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-119076000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2690000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4244000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
139716000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
414949000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10696000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
228800000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
302590000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
97090000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-116603000
alec Proceeds From Issuance Of Common Stock Upon Follow On Public Offering Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockUponFollowOnPublicOfferingNetOfIssuanceCosts
224603000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
20688000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5699000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
969000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
715000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21657000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
231017000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
466563000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-4662000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51441000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91113000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
518004000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86451000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
236000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
337000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, manufacturing accruals, clinical accruals, fair value of assets and liabilities, income taxes uncertainties, stock-based compensation, and related assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">.</span>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term marketable securities. Cash and cash equivalents are deposited in checking and sweep accounts at a financial institution. Such deposits may, at times, exceed federally insured limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
516532000
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
84979000
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2020Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
518004000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
86451000
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
332400000
CY2021Q3 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
148500000
CY2021Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10700000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10700000
CY2020Q3 us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
0
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
320200000
CY2021Q3 alec Increase In Expected Cost Percentage
IncreaseInExpectedCostPercentage
0.01
CY2021Q3 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
1000000.0
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10201000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8030000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28079000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21620000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
66700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2021Q3 alec Future Milestone Payments Owed
FutureMilestonePaymentsOwed
3500000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
126597000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-52704000
us-gaap Net Income Loss
NetIncomeLoss
19279000
us-gaap Net Income Loss
NetIncomeLoss
-138049000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80964701
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
78771930
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80048758
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77340896
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4267989
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2822496
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85232690
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
78771930
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82871254
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77340896
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.67
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.78
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.49
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.67
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.78
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2156083
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10474613
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4951816
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10474613

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