$ALEC
Alector, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022023249 Filed on November 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $14.44M $14.85M $182.4M
YoY Change 3.19% -91.86% 2989.65%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.39M $14.25M $13.02M
YoY Change -9.14% 9.48% -17.76%
% of Gross Profit
Research & Development $54.49M $48.35M $43.07M
YoY Change 3.23% 12.26% -1.72%
% of Gross Profit
Depreciation & Amortization $1.394M $1.347M $1.605M
YoY Change -12.55% -16.07% 7.0%
% of Gross Profit
Operating Expenses $69.88M $62.60M $56.08M
YoY Change 0.22% 11.62% -5.98%
Operating Profit -$47.75M $126.3M
YoY Change -137.8% -335.04%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.731M $2.333M $268.0K
YoY Change 2983.47% 770.52% -74.35%
Pretax Income -$51.71M -$45.42M $126.6M
YoY Change -7.02% -135.87% -340.22%
Income Tax $0.00 $733.0K $0.00
% Of Pretax Income 0.0%
Net Earnings -$52.43M -$46.15M $126.6M
YoY Change -5.72% -136.45% -340.2%
Net Earnings / Revenue -363.07% -310.72% 69.4%
Basic Earnings Per Share -$0.56 $1.56
Diluted Earnings Per Share -$0.62 -$0.56 $1.49
COMMON SHARES
Basic Shares Outstanding 82.70M 82.56M 80.96M
Diluted Shares Outstanding 82.60M 85.23M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $712.9M $758.3M $777.9M
YoY Change -3.05% -2.51% 68.48%
Cash & Equivalents $154.3M $184.2M $516.5M
Short-Term Investments $558.5M $574.1M $261.3M
Other Short-Term Assets $11.00M $10.17M $8.585M
YoY Change 55.52% 18.42% 3.43%
Inventory
Prepaid Expenses
Receivables $2.587M $6.491M $1.584M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $726.4M $775.0M $788.0M
YoY Change -3.1% -1.66% 67.66%
LONG-TERM ASSETS
Property, Plant & Equipment $25.52M $26.29M $27.90M
YoY Change -6.62% -5.77% -51.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.409M $5.784M $5.716M
YoY Change 14.98% 1.19% 54.49%
Total Long-Term Assets $61.21M $62.08M $66.21M
YoY Change -5.75% -6.24% 7.48%
TOTAL ASSETS
Total Short-Term Assets $726.4M $775.0M $788.0M
Total Long-Term Assets $61.21M $62.08M $66.21M
Total Assets $787.6M $837.0M $854.2M
YoY Change -3.32% -2.01% 60.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.189M $4.546M $2.341M
YoY Change -11.79% 94.19% 67.21%
Accrued Expenses $27.77M $23.23M $20.59M
YoY Change 1.13% 12.82% -52.24%
Deferred Revenue $48.23M $119.7M $94.68M
YoY Change -46.88% 26.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $93.81M $160.9M $132.8M
YoY Change -32.78% 21.14% 86.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $759.0K $233.0K $158.0K
YoY Change 380.38% 47.47% -99.89%
Total Long-Term Liabilities $759.0K $233.0K $158.0K
YoY Change 380.38% 47.47% -99.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $93.81M $160.9M $132.8M
Total Long-Term Liabilities $759.0K $233.0K $158.0K
Total Liabilities $573.2M $583.9M $518.3M
YoY Change 11.53% 12.66% 134.12%
SHAREHOLDERS EQUITY
Retained Earnings -$579.7M -$527.3M -$390.8M
YoY Change 29.86% 34.93%
Common Stock $8.000K $8.000K $8.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $214.4M $253.1M $335.9M
YoY Change
Total Liabilities & Shareholders Equity $787.6M $837.0M $854.2M
YoY Change -3.32% -2.01% 60.69%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$52.43M -$46.15M $126.6M
YoY Change -5.72% -136.45% -340.2%
Depreciation, Depletion And Amortization $1.394M $1.347M $1.605M
YoY Change -12.55% -16.07% 7.0%
Cash From Operating Activities -$48.93M -$49.05M $445.1M
YoY Change -0.69% -111.02% -1190.81%
INVESTING ACTIVITIES
Capital Expenditures $766.0K -$1.915M -$915.0K
YoY Change -237.52% 109.29% 205.0%
Acquisitions
YoY Change
Other Investing Activities $19.15M $62.44M -$68.14M
YoY Change -113.1% -191.64% -304.01%
Cash From Investing Activities $18.38M $60.53M -$69.05M
YoY Change -112.53% -187.66% -309.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 636.0K 489.0K 14.82M
YoY Change -92.64% -96.7% 4840.33%
NET CHANGE
Cash From Operating Activities -48.93M -49.05M 445.1M
Cash From Investing Activities 18.38M 60.53M -69.05M
Cash From Financing Activities 636.0K 489.0K 14.82M
Net Change In Cash -29.91M 11.97M 390.8M
YoY Change -84.04% -96.94% -5310.92%
FREE CASH FLOW
Cash From Operating Activities -$48.93M -$49.05M $445.1M
Capital Expenditures $766.0K -$1.915M -$915.0K
Free Cash Flow -$49.69M -$47.14M $446.0M
YoY Change 2.02% -110.57% -1201.15%

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-80882000
us-gaap Profit Loss
ProfitLoss
19279000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4320000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
4735000
us-gaap Share Based Compensation
ShareBasedCompensation
35183000
us-gaap Share Based Compensation
ShareBasedCompensation
28079000
alec Accretion Of Discount On Marketable Securities
AccretionOfDiscountOnMarketableSecurities
-269000
alec Accretion Of Discount On Marketable Securities
AccretionOfDiscountOnMarketableSecurities
-1586000
alec Amortization Right Of Use Asset
AmortizationRightOfUseAsset
2039000
alec Amortization Right Of Use Asset
AmortizationRightOfUseAsset
1434000
alec Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
-900000
alec Increase Decrease In Collaboration Receivable
IncreaseDecreaseInCollaborationReceivable
1584000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3095000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
382000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
210000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
3099000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-383000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-347000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
-7287000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
-5488000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
80823000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
306909000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
0
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-3156000
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-2992000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
75000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-314000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
28596000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
347816000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3351000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2690000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
394345000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
139716000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
220301000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
228800000
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
10696000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-177395000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
97090000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3013000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
20688000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
865000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
969000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3878000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21657000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-144921000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
466563000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
330624000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51441000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185703000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
518004000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
633000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
236000
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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">.</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:1.15;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
184231000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
516532000
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2021Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
185703000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
518004000
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
671300000
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
179800000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
179800000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
454800
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
307900
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10765000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10201000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
35183000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28079000
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.013
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.013
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-46148000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
126597000
us-gaap Net Income Loss
NetIncomeLoss
-80882000
us-gaap Net Income Loss
NetIncomeLoss
19279000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82602842
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80964701
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82367936
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
80048758
CY2022Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2021Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
4267989
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
2822496
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82602842
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
85232690
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82367936
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82871254
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
1.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.24
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
1.49
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.23
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14690231
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2156083
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14690231
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4951816

Files In Submission

Name View Source Status
alec-20220930_def.xml Edgar Link unprocessable
alec-20220930_pre.xml Edgar Link unprocessable
alec-20220930_cal.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0000950170-22-023249-index-headers.html Edgar Link pending
0000950170-22-023249-index.html Edgar Link pending
0000950170-22-023249.txt Edgar Link pending
0000950170-22-023249-xbrl.zip Edgar Link pending
alec-20220930.htm Edgar Link pending
alec-20220930.xsd Edgar Link pending
alec-ex31_1.htm Edgar Link pending
alec-ex31_2.htm Edgar Link pending
alec-ex32_1.htm Edgar Link pending
alec-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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report.css Edgar Link pending
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alec-20220930_htm.xml Edgar Link completed
alec-20220930_lab.xml Edgar Link unprocessable