$ALEC
Alector Inc

2023 Q3 Form 10-Q Financial Statement

#000095017023038023 Filed on August 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $9.109M $56.21M
YoY Change -38.67% -29.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.40M $13.63M
YoY Change -5.98% -13.99%
% of Gross Profit
Research & Development $46.33M $46.18M
YoY Change -4.18% -15.32%
% of Gross Profit
Depreciation & Amortization $1.500M $1.464M
YoY Change 11.36% 5.78%
% of Gross Profit
Operating Expenses $59.69M $59.80M
YoY Change -4.65% -15.02%
Operating Profit -$50.58M -$3.589M
YoY Change 5.94% -137.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.360M $6.357M
YoY Change 215.47% 338.41%
Pretax Income -$43.22M $2.768M
YoY Change -4.83% -74.66%
Income Tax $1.252M $0.00
% Of Pretax Income 0.0%
Net Earnings -$44.48M $1.375M
YoY Change -3.63% -86.09%
Net Earnings / Revenue -488.25% 2.45%
Basic Earnings Per Share -$0.53 $0.02
Diluted Earnings Per Share -$0.53 $0.03
COMMON SHARES
Basic Shares Outstanding 83.83M 83.35M
Diluted Shares Outstanding 83.93M 83.57M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $588.9M $630.0M
YoY Change -22.34% -22.11%
Cash & Equivalents $102.0M $131.5M
Short-Term Investments $486.9M $498.5M
Other Short-Term Assets $13.80M $10.12M
YoY Change 35.75% 8.22%
Inventory
Prepaid Expenses
Receivables $10.50M $7.825M
Other Receivables $0.00 $0.00
Total Short-Term Assets $613.1M $648.0M
YoY Change -20.88% -21.65%
LONG-TERM ASSETS
Property, Plant & Equipment $23.12M $50.59M
YoY Change -12.07% 94.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.548M $10.15M
YoY Change 47.79% 71.55%
Total Long-Term Assets $59.25M $60.75M
YoY Change -4.55% -3.04%
TOTAL ASSETS
Total Short-Term Assets $613.1M $648.0M
Total Long-Term Assets $59.25M $60.75M
Total Assets $672.4M $708.7M
YoY Change -19.67% -20.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.679M $4.667M
YoY Change 2.93% 0.45%
Accrued Expenses $30.42M $37.65M
YoY Change 30.99% 58.84%
Deferred Revenue $80.56M $68.55M
YoY Change -32.69% -35.93%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $155.4M $132.3M
YoY Change -3.41% -11.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $898.0K $380.2M
YoY Change 285.41% 163059.23%
Total Long-Term Liabilities $898.0K $380.2M
YoY Change 285.41% 163059.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $155.4M $132.3M
Total Long-Term Liabilities $898.0K $380.2M
Total Liabilities $509.8M $512.4M
YoY Change -12.69% -14.76%
SHAREHOLDERS EQUITY
Retained Earnings -$668.6M -$624.2M
YoY Change 26.82% 29.73%
Common Stock $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 $162.6M $196.3M
YoY Change
Total Liabilities & Shareholders Equity $672.4M $708.7M
YoY Change -19.67% -20.34%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$44.48M $1.375M
YoY Change -3.63% -86.09%
Depreciation, Depletion And Amortization $1.500M $1.464M
YoY Change 11.36% 5.78%
Cash From Operating Activities -$46.50M -$43.00M
YoY Change -5.2% -25.13%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K $1.217M
YoY Change -94.78% -263.58%
Acquisitions
YoY Change
Other Investing Activities $16.90M -$20.60M
YoY Change -72.94% -90.85%
Cash From Investing Activities $16.90M -$21.81M
YoY Change -72.08% -90.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 881.0K
YoY Change -100.0% -2.76%
NET CHANGE
Cash From Operating Activities -46.50M -43.00M
Cash From Investing Activities 16.90M -21.81M
Cash From Financing Activities 0.000 881.0K
Net Change In Cash -29.60M -63.94M
YoY Change -347.37% -77.36%
FREE CASH FLOW
Cash From Operating Activities -$46.50M -$43.00M
Capital Expenditures -$100.0K $1.217M
Free Cash Flow -$46.40M -$44.22M
YoY Change -1.57% -22.01%

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-91552000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77649000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2242000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1436000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
268506000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
321290000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
337634000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
84801000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
66886000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-237925000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1079000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2524000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
881000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
865000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1960000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3389000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22706000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-156887000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
155795000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
330624000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
133089000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173737000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
753000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
945000
CY2023Q2 alec Available For Sale Securities Debt Maturities Over One Year Through Two Years Fairvalue
AvailableForSaleSecuritiesDebtMaturitiesOverOneYearThroughTwoYearsFairvalue
17900000
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>
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>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
131540000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
172265000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1549000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
133089000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173737000
us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
0
CY2023Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
563300000
CY2023Q2 alec Indemnification Agreement Liability
IndemnificationAgreementLiability
0
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
267200000
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
444900000
CY2023Q2 alec Collaborative Arrangement Additional Milestone Payments Receivable Per Program
CollaborativeArrangementAdditionalMilestonePaymentsReceivablePerProgram
5700000
CY2023Q2 alec Collaborative Arrangement Milestone Payments For Enrollment Of Additional Patients
CollaborativeArrangementMilestonePaymentsForEnrollmentOfAdditionalPatients
12500000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10222000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12478000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21197000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24417000
CY2023Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.503
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.054
CY2022Q2 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
0.012
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
1375000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
9883000
us-gaap Net Income Loss
NetIncomeLoss
-44482000
us-gaap Net Income Loss
NetIncomeLoss
-34734000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83497125
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82394784
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
83186052
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82248880
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
69168
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
193584
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83566293
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82588368
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
83186052
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82248880
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.53
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.53
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15448517
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14084153
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15479274
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15202999
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
2000000
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
200000
CY2023Q2 us-gaap Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
100000

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