$ALEC
Alector Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023017874 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $56.21M $16.55M $24.47M
YoY Change -29.6% -32.38% 495.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.63M $14.78M $15.55M
YoY Change -13.99% -5.0% 41.27%
% of Gross Profit
Research & Development $46.18M $51.89M $53.04M
YoY Change -15.32% -2.18% 15.98%
% of Gross Profit
Depreciation & Amortization $1.464M $1.360M $1.589M
YoY Change 5.78% -14.41% 5.93%
% of Gross Profit
Operating Expenses $59.80M $66.66M $68.60M
YoY Change -15.02% -2.82% 20.89%
Operating Profit -$3.589M -$50.12M -$44.12M
YoY Change -137.88% 13.58% -16.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $6.357M $5.159M $264.0K
YoY Change 338.41% 1854.17% -43.1%
Pretax Income $2.768M -$44.96M -$43.86M
YoY Change -74.66% 2.5% -15.93%
Income Tax $0.00 $901.0K $758.0K
% Of Pretax Income 0.0%
Net Earnings $1.375M -$45.86M -$44.62M
YoY Change -86.09% 2.78% -14.48%
Net Earnings / Revenue 2.45% -277.1% -182.3%
Basic Earnings Per Share $0.02 -$0.55 -$0.54
Diluted Earnings Per Share $0.03 -$0.55 -$543.4K
COMMON SHARES
Basic Shares Outstanding 83.35M 83.03M 82.04M
Diluted Shares Outstanding 83.57M 83.10M 82.10M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $630.0M $669.3M $868.6M
YoY Change -22.11% -22.94% 139.47%
Cash & Equivalents $131.5M $195.6M $454.6M
Short-Term Investments $498.5M $473.8M $414.0M
Other Short-Term Assets $10.12M $11.97M $9.536M
YoY Change 8.22% 25.57% -20.53%
Inventory
Prepaid Expenses
Receivables $7.825M $4.699M $12.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $648.0M $686.0M $890.9M
YoY Change -21.65% -23.0% 137.75%
LONG-TERM ASSETS
Property, Plant & Equipment $50.59M $25.00M $26.23M
YoY Change 94.33% -4.69% -11.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.15M $8.804M $5.932M
YoY Change 71.55% 48.42% 44.68%
Total Long-Term Assets $60.75M $62.34M $63.53M
YoY Change -3.04% -1.87% -3.25%
TOTAL ASSETS
Total Short-Term Assets $648.0M $686.0M $890.9M
Total Long-Term Assets $60.75M $62.34M $63.53M
Total Assets $708.7M $748.3M $954.5M
YoY Change -20.34% -21.6% 116.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.667M $3.126M $6.752M
YoY Change 0.45% -53.7% 27.4%
Accrued Expenses $37.65M $18.58M $20.04M
YoY Change 58.84% -7.29% -44.48%
Deferred Revenue $68.55M $61.77M $95.61M
YoY Change -35.93% -35.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $132.3M $99.30M $142.9M
YoY Change -11.47% -30.5% 122.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $380.2M $898.0K $158.0K
YoY Change 163059.23% 468.35% -99.89%
Total Long-Term Liabilities $380.2M $898.0K $158.0K
YoY Change 163059.23% 468.35% -99.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $132.3M $99.30M $142.9M
Total Long-Term Liabilities $380.2M $898.0K $158.0K
Total Liabilities $512.4M $565.3M $686.9M
YoY Change -14.76% -17.7% 223.26%
SHAREHOLDERS EQUITY
Retained Earnings -$624.2M -$625.5M -$491.0M
YoY Change 29.73% 27.4% 6.23%
Common Stock $8.000K $8.000K $8.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $196.3M $183.0M $267.5M
YoY Change
Total Liabilities & Shareholders Equity $708.7M $748.3M $954.5M
YoY Change -20.34% -21.6% 116.74%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income $1.375M -$45.86M -$44.62M
YoY Change -86.09% 2.78% -14.48%
Depreciation, Depletion And Amortization $1.464M $1.360M $1.589M
YoY Change 5.78% -14.41% 5.93%
Cash From Operating Activities -$43.00M -$48.55M $135.1M
YoY Change -25.13% -135.94% -356.37%
INVESTING ACTIVITIES
Capital Expenditures $1.217M $1.025M $692.0K
YoY Change -263.58% 48.12% -26.93%
Acquisitions
YoY Change
Other Investing Activities -$20.60M $89.73M -$11.41M
YoY Change -90.85% -886.1% -110.33%
Cash From Investing Activities -$21.81M $88.70M -$12.11M
YoY Change -90.34% -832.7% -111.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 881.0K 1.079M 2.483M
YoY Change -2.76% -56.54% -35.91%
NET CHANGE
Cash From Operating Activities -43.00M -48.55M 135.1M
Cash From Investing Activities -21.81M 88.70M -12.11M
Cash From Financing Activities 881.0K 1.079M 2.483M
Net Change In Cash -63.94M 41.23M 125.5M
YoY Change -77.36% -67.14% 106.59%
FREE CASH FLOW
Cash From Operating Activities -$43.00M -$48.55M $135.1M
Capital Expenditures $1.217M $1.025M $692.0K
Free Cash Flow -$44.22M -$49.57M $134.4M
YoY Change -22.01% -136.88% -350.56%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155795000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
330624000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197027000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
456092000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
305000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
499000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;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>
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
195555000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
454620000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2022Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197027000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
456092000
CY2022Q1 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
24200000
CY2023Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
433600000
CY2022Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
444900000
CY2023Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
0
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
565100000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10975000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11939000
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.022
CY2022Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.011
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15952575
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13930583
CY2023Q1 alec Percentage Of Reduction In Workforce
PercentageOfReductionInWorkforce
0.11
CY2023Q1 alec Number Of Reduction In Workforce
NumberOfReductionInWorkforce
30
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
2100000
CY2023Q1 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
400000

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