$ALEC
Alector Inc

2022 Q1 Form 10-Q Financial Statement

#000095017022007846 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $24.47M $4.110M
YoY Change 495.47% -42.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.55M $11.01M
YoY Change 41.27% -24.8%
% of Gross Profit
Research & Development $53.04M $45.73M
YoY Change 15.98% 32.16%
% of Gross Profit
Depreciation & Amortization $1.589M $1.500M
YoY Change 5.93% 7.14%
% of Gross Profit
Operating Expenses $68.60M $56.75M
YoY Change 20.89% 15.22%
Operating Profit -$44.12M -$52.64M
YoY Change -16.17% 25.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $264.0K $464.0K
YoY Change -43.1% -77.46%
Pretax Income -$43.86M -$52.17M
YoY Change -15.93% 30.36%
Income Tax $758.0K $0.00
% Of Pretax Income
Net Earnings -$44.62M -$52.17M
YoY Change -14.48% 30.37%
Net Earnings / Revenue -182.3% -1269.37%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$543.4K -$657.1K
COMMON SHARES
Basic Shares Outstanding 82.04M
Diluted Shares Outstanding 82.10M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $868.6M $362.7M
YoY Change 139.47% -33.87%
Cash & Equivalents $454.6M $110.7M
Short-Term Investments $414.0M $252.0M
Other Short-Term Assets $9.536M $12.00M
YoY Change -20.53% 55.84%
Inventory
Prepaid Expenses
Receivables $12.82M
Other Receivables $0.00
Total Short-Term Assets $890.9M $374.7M
YoY Change 137.75% -32.63%
LONG-TERM ASSETS
Property, Plant & Equipment $26.23M $29.47M
YoY Change -11.0% -51.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.932M $4.100M
YoY Change 44.68% 115.79%
Total Long-Term Assets $63.53M $65.66M
YoY Change -3.25% 4.73%
TOTAL ASSETS
Total Short-Term Assets $890.9M $374.7M
Total Long-Term Assets $63.53M $65.66M
Total Assets $954.5M $440.4M
YoY Change 116.73% -28.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.752M $5.300M
YoY Change 27.4% 32.5%
Accrued Expenses $20.04M $36.10M
YoY Change -44.48% 1.4%
Deferred Revenue $95.61M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $142.9M $64.10M
YoY Change 122.9% -10.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $158.0K $148.5M
YoY Change -99.89% -4.44%
Total Long-Term Liabilities $158.0K $148.5M
YoY Change -99.89% -4.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $142.9M $64.10M
Total Long-Term Liabilities $158.0K $148.5M
Total Liabilities $686.9M $212.5M
YoY Change 223.26% -6.47%
SHAREHOLDERS EQUITY
Retained Earnings -$491.0M -$462.2M
YoY Change 6.23%
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 $267.5M $227.8M
YoY Change
Total Liabilities & Shareholders Equity $954.5M $440.4M
YoY Change 116.74% -28.85%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$44.62M -$52.17M
YoY Change -14.48% 30.37%
Depreciation, Depletion And Amortization $1.589M $1.500M
YoY Change 5.93% 7.14%
Cash From Operating Activities $135.1M -$52.69M
YoY Change -356.37% 63.07%
INVESTING ACTIVITIES
Capital Expenditures $692.0K $947.0K
YoY Change -26.93% -73.44%
Acquisitions
YoY Change
Other Investing Activities -$11.41M $110.5M
YoY Change -110.33% -191.1%
Cash From Investing Activities -$12.11M $109.6M
YoY Change -111.05% -187.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.483M 3.874M
YoY Change -35.91% -98.3%
NET CHANGE
Cash From Operating Activities 135.1M -52.69M
Cash From Investing Activities -12.11M 109.6M
Cash From Financing Activities 2.483M 3.874M
Net Change In Cash 125.5M 60.73M
YoY Change 106.59% -14.79%
FREE CASH FLOW
Cash From Operating Activities $135.1M -$52.69M
Capital Expenditures $692.0K $947.0K
Free Cash Flow $134.4M -$53.64M
YoY Change -350.56% 49.5%

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CY2022Q1 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:1.15;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;">.</span>
CY2022Q1 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:1.15;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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;min-width:fit-content;">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 financial institutions. 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;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
454620000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110703000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
456092000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112175000
CY2022Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
649500000
CY2022Q1 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
124200000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
486700000
CY2022Q1 alec Increase In Expected Cost Percentage
IncreaseInExpectedCostPercentage
0.02
CY2022Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
1800000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11939000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13930583
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12821991

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