$ALEC
Alector Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024055682 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $15.08M $15.89M
YoY Change -73.17% -3.96%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.38M $14.43M
YoY Change 5.5% -2.32%
% of Gross Profit
Research & Development $46.31M $45.17M
YoY Change 0.3% -12.95%
% of Gross Profit
Depreciation & Amortization $1.404M $1.443M
YoY Change -4.1% 6.1%
% of Gross Profit
Operating Expenses $60.69M $59.60M
YoY Change 1.48% -10.59%
Operating Profit -$45.61M -$43.71M
YoY Change 1170.72% -12.78%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $7.003M $7.636M
YoY Change 10.16% 48.01%
Pretax Income -$38.60M -$36.07M
YoY Change -1494.62% -19.76%
Income Tax $73.00K $7.000K
% Of Pretax Income
Net Earnings -$38.68M -$36.08M
YoY Change -2912.8% -21.32%
Net Earnings / Revenue -256.42% -227.01%
Basic Earnings Per Share -$0.40 -$0.38
Diluted Earnings Per Share -$0.40 -$0.38
COMMON SHARES
Basic Shares Outstanding 96.38M 95.75M
Diluted Shares Outstanding 96.67M 93.81M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $503.3M $562.1M
YoY Change -20.11% -16.02%
Cash & Equivalents $47.55M $72.55M
Short-Term Investments $455.8M $489.5M
Other Short-Term Assets $16.37M $19.31M
YoY Change 61.75% 61.24%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $519.7M $581.4M
YoY Change -19.8% -15.25%
LONG-TERM ASSETS
Property, Plant & Equipment $19.95M $20.84M
YoY Change -60.57% -16.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.115M $7.402M
YoY Change -39.78% -15.92%
Total Long-Term Assets $51.03M $54.10M
YoY Change -16.0% -13.21%
TOTAL ASSETS
Total Short-Term Assets $519.7M $581.4M
Total Long-Term Assets $51.03M $54.10M
Total Assets $570.7M $635.5M
YoY Change -19.47% -15.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.375M $4.586M
YoY Change -6.26% 46.71%
Accrued Expenses $23.08M $19.39M
YoY Change -38.7% 4.33%
Deferred Revenue $63.96M $73.35M
YoY Change -6.69% 18.74%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $147.7M $164.9M
YoY Change 11.65% 66.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.234M $1.373M
YoY Change -99.68% 52.9%
Total Long-Term Liabilities $1.234M $1.373M
YoY Change -99.68% 52.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $147.7M $164.9M
Total Long-Term Liabilities $1.234M $1.373M
Total Liabilities $420.2M $456.6M
YoY Change -18.01% -19.23%
SHAREHOLDERS EQUITY
Retained Earnings -$784.8M -$746.2M
YoY Change 25.74% 19.28%
Common Stock $9.000K $9.000K
YoY Change 12.5% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.6M $178.9M
YoY Change
Total Liabilities & Shareholders Equity $570.7M $635.5M
YoY Change -19.47% -15.08%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$38.68M -$36.08M
YoY Change -2912.8% -21.32%
Depreciation, Depletion And Amortization $1.404M $1.443M
YoY Change -4.1% 6.1%
Cash From Operating Activities -$62.80M -$61.35M
YoY Change 46.03% 26.36%
INVESTING ACTIVITIES
Capital Expenditures $337.0K $533.0K
YoY Change -72.31% -48.0%
Acquisitions
YoY Change
Other Investing Activities $37.48M -$11.23M
YoY Change -281.97% -112.52%
Cash From Investing Activities $37.15M -$11.77M
YoY Change -270.28% -113.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 644.0K 71.11M
YoY Change -26.9% 6490.18%
NET CHANGE
Cash From Operating Activities -62.80M -61.35M
Cash From Investing Activities 37.15M -11.77M
Cash From Financing Activities 644.0K 71.11M
Net Change In Cash -25.01M -2.003M
YoY Change -60.89% -104.86%
FREE CASH FLOW
Cash From Operating Activities -$62.80M -$61.35M
Capital Expenditures $337.0K $533.0K
Free Cash Flow -$63.13M -$61.88M
YoY Change 42.77% 24.82%

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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197027000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
31000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
305000
CY2024Q1 alec Indemnification Agreement Liability
IndemnificationAgreementLiability
0
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
72552000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
195555000
CY2024Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1546000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
74098000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
197027000
CY2024Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
0
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
476600000
CY2024Q1 alec Available For Sale Securities Debt Maturities Over One Year Through Two Years Fairvalue
AvailableForSaleSecuritiesDebtMaturitiesOverOneYearThroughTwoYearsFairvalue
88300000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10307000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10975000
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.0002
CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.022
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17466336
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15952575
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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