$ALEC
Alector, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019042920 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $6.001M $2.696M $6.503M
YoY Change -34.38% -58.54% 4235.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.58M $8.330M $2.930M
YoY Change 209.09% 184.3% 29.65%
% of Gross Profit
Research & Development $25.76M $28.52M $20.39M
YoY Change 6.89% 39.85% 155.54%
% of Gross Profit
Depreciation & Amortization $1.400M $1.300M $200.0K
YoY Change 366.67% 550.0% 0.0%
% of Gross Profit
Operating Expenses $38.34M $36.85M $23.32M
YoY Change 36.15% 58.01% 127.71%
Operating Profit -$32.34M -$34.15M -$16.82M
YoY Change 70.07% 103.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.820M $2.411M $1.498M
YoY Change 10.98% 60.95% 2396.67%
Pretax Income -$30.53M -$31.74M -$15.32M
YoY Change 75.76% 107.18% 52.74%
Income Tax
% Of Pretax Income
Net Earnings -$30.53M -$31.74M -$15.32M
YoY Change 75.72% 107.21% 52.71%
Net Earnings / Revenue -508.7% -1177.23% -235.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$449.3K -$469.7K -$224.1K
COMMON SHARES
Basic Shares Outstanding 68.92M 68.83M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $353.1M $381.4M $308.7M
YoY Change 21.59% 23.55%
Cash & Equivalents $89.64M $86.97M $41.94M
Short-Term Investments $263.4M $294.5M $266.8M
Other Short-Term Assets $4.400M $4.000M $3.900M
YoY Change 57.14% 2.56%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $357.4M $385.5M $312.6M
YoY Change 21.92% 23.32%
LONG-TERM ASSETS
Property, Plant & Equipment $33.85M $33.86M $3.600M
YoY Change 209.52% 840.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $676.0K $149.0K $2.500M
YoY Change -75.63% -94.04%
Total Long-Term Assets $64.48M $64.25M $6.100M
YoY Change 324.66% 953.23%
TOTAL ASSETS
Total Short-Term Assets $357.4M $385.5M $312.6M
Total Long-Term Assets $64.48M $64.25M $6.100M
Total Assets $421.9M $449.7M $318.7M
YoY Change 36.83% 41.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $278.0K $258.0K $300.0K
YoY Change 120.63% -14.0%
Accrued Expenses $18.26M $16.55M $6.700M
YoY Change 116.33% 146.96%
Deferred Revenue $30.17M $29.53M
YoY Change -13.58%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $61.97M $58.72M $41.00M
YoY Change 29.24% 43.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $493.0K $409.0K $150.3M
YoY Change 413.54% -99.73%
Total Long-Term Liabilities $493.0K $409.0K $150.3M
YoY Change 413.54% -99.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.97M $58.72M $41.00M
Total Long-Term Liabilities $493.0K $409.0K $150.3M
Total Liabilities $227.2M $231.1M $191.3M
YoY Change 16.36% 20.83%
SHAREHOLDERS EQUITY
Retained Earnings -$219.8M -$189.3M
YoY Change 92.09%
Common Stock $7.000K $7.000K
YoY Change 600.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.7M $218.6M -$82.78M
YoY Change
Total Liabilities & Shareholders Equity $421.9M $449.7M $318.7M
YoY Change 36.83% 41.11%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$30.53M -$31.74M -$15.32M
YoY Change 75.72% 107.21% 52.71%
Depreciation, Depletion And Amortization $1.400M $1.300M $200.0K
YoY Change 366.67% 550.0% 0.0%
Cash From Operating Activities -$28.80M -$28.90M -$22.40M
YoY Change 63.64% 29.02% 244.62%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$2.300M -$200.0K
YoY Change 300.0% 1050.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $31.60M $48.20M -$46.80M
YoY Change -26.34% -202.99%
Cash From Investing Activities $30.00M $45.90M -$47.00M
YoY Change -29.41% -197.66% 23400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.500M 700.0K 62.30M
YoY Change -215.38% -98.88%
NET CHANGE
Cash From Operating Activities -28.80M -28.90M -22.40M
Cash From Investing Activities 30.00M 45.90M -47.00M
Cash From Financing Activities 1.500M 700.0K 62.30M
Net Change In Cash 2.700M 17.70M -7.100M
YoY Change -88.56% -349.3% 5.97%
FREE CASH FLOW
Cash From Operating Activities -$28.80M -$28.90M -$22.40M
Capital Expenditures -$1.600M -$2.300M -$200.0K
Free Cash Flow -$27.20M -$26.60M -$22.20M
YoY Change 58.14% 19.82% 252.38%

Facts In Submission

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us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
181637000
alec Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-44000
alec Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-1000
alec Increase Decrease In Lease Liabilities And Other Long Term Liabilities
IncreaseDecreaseInLeaseLiabilitiesAndOtherLongTermLiabilities
2771000
alec Increase Decrease In Lease Liabilities And Other Long Term Liabilities
IncreaseDecreaseInLeaseLiabilitiesAndOtherLongTermLiabilities
35000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-70481000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
145118000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
13692000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1467000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
411239000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
395117000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
346000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
130000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-78931000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-266584000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
170128000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
-278000
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
132704000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
788000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
170916000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
132426000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32451000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
88446000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43411000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
3675000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
30000
alec Deferred Offering Costs For Initial Public Offering Included In Accounts Payable And Accrued Liabilities
DeferredOfferingCostsForInitialPublicOfferingIncludedInAccountsPayableAndAccruedLiabilities
729000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
8286000
us-gaap Payments For Tenant Improvements
PaymentsForTenantImprovements
401000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.51%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.51%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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<font style="font-style:italic;">.</font> </p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.51%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;margin-left:4.51%;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 a financial institution. Such deposits may, at times, exceed federally insured limits. </p>
CY2018Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
41939000
CY2018Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2019Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2019Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2019Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
349300000
CY2019Q3 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
31800000
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37896000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
12838000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4035000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1901000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50559762
CY2019Q3 alec Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
7431000
CY2018Q4 alec Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
3821000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4272000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2766000
CY2019Q3 alec Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
3675000
CY2018Q4 alec Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
293000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1046000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
588000
CY2018Q4 alec Accrued Offering Costs Current
AccruedOfferingCostsCurrent
792000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
122000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
179000
us-gaap Payments For Proceeds From Tenant Allowance
PaymentsForProceedsFromTenantAllowance
15700000
CY2019Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2019Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P10Y
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The lease is over a ten-year term with an option to renew for a period of ten years.
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1346000
us-gaap Operating Lease Cost
OperatingLeaseCost
4529000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
425000
us-gaap Variable Lease Cost
VariableLeaseCost
903000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
68000
CY2019Q3 alec Sublease Income And Reimbursement Of Variable Lease Cost
SubleaseIncomeAndReimbursementOfVariableLeaseCost
540000
alec Sublease Income And Reimbursement Of Variable Lease Cost
SubleaseIncomeAndReimbursementOfVariableLeaseCost
723000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1231000
us-gaap Lease Cost
LeaseCost
4777000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y6M
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.088
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1136000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
6882000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7122000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7146000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
7376000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
43146000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
72808000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24692000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
48116000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4104000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1980000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11043000
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7161541
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7161541
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
50559762

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