$ALEC
Alector, Inc.

2020 Q1 Form 10-K Financial Statement

#000156459020012520 Filed on March 24, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019 Q3
Revenue $7.171M $6.001M $2.696M
YoY Change 27.94% -34.38% -58.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.64M $12.58M $8.330M
YoY Change 154.17% 209.09% 184.3%
% of Gross Profit
Research & Development $34.61M $25.76M $28.52M
YoY Change 67.93% 6.89% 39.85%
% of Gross Profit
Depreciation & Amortization $1.400M $1.400M $1.300M
YoY Change 366.67% 366.67% 550.0%
% of Gross Profit
Operating Expenses $49.25M $38.34M $36.85M
YoY Change 86.79% 36.15% 58.01%
Operating Profit -$42.08M -$32.34M -$34.15M
YoY Change 102.68% 70.07% 103.09%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.059M $1.820M $2.411M
YoY Change -6.45% 10.98% 60.95%
Pretax Income -$40.02M -$30.53M -$31.74M
YoY Change 115.63% 75.76% 107.18%
Income Tax
% Of Pretax Income
Net Earnings -$40.02M -$30.53M -$31.74M
YoY Change 115.62% 75.72% 107.21%
Net Earnings / Revenue -558.07% -508.7% -1177.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$534.9K -$449.3K -$469.7K
COMMON SHARES
Basic Shares Outstanding 78.98M 68.92M 68.83M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $548.5M $353.1M $381.4M
YoY Change 25.63% 21.59% 23.55%
Cash & Equivalents $160.9M $89.64M $86.97M
Short-Term Investments $387.6M $263.4M $294.5M
Other Short-Term Assets $7.700M $4.400M $4.000M
YoY Change 40.0% 57.14% 2.56%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $556.2M $357.4M $385.5M
YoY Change 25.8% 21.92% 23.32%
LONG-TERM ASSETS
Property, Plant & Equipment $60.80M $33.85M $33.86M
YoY Change 179.76% 209.52% 840.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.900M $676.0K $149.0K
YoY Change 3066.67% -75.63% -94.04%
Total Long-Term Assets $62.70M $64.48M $64.25M
YoY Change 16.26% 324.66% 953.23%
TOTAL ASSETS
Total Short-Term Assets $556.2M $357.4M $385.5M
Total Long-Term Assets $62.70M $64.48M $64.25M
Total Assets $618.9M $421.9M $449.7M
YoY Change 24.77% 36.83% 41.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.000M $278.0K $258.0K
YoY Change 233.33% 120.63% -14.0%
Accrued Expenses $35.60M $18.26M $16.55M
YoY Change 345.0% 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 $71.80M $61.97M $58.72M
YoY Change 28.6% 29.24% 43.21%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $155.4M $493.0K $409.0K
YoY Change 161775.0% 413.54% -99.73%
Total Long-Term Liabilities $155.4M $493.0K $409.0K
YoY Change 161775.0% 413.54% -99.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $71.80M $61.97M $58.72M
Total Long-Term Liabilities $155.4M $493.0K $409.0K
Total Liabilities $227.2M $227.2M $231.1M
YoY Change -1.16% 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 $391.7M $194.7M $218.6M
YoY Change
Total Liabilities & Shareholders Equity $618.9M $421.9M $449.7M
YoY Change 24.77% 36.83% 41.11%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$40.02M -$30.53M -$31.74M
YoY Change 115.62% 75.72% 107.21%
Depreciation, Depletion And Amortization $1.400M $1.400M $1.300M
YoY Change 366.67% 366.67% 550.0%
Cash From Operating Activities -$32.31M -$28.80M -$28.90M
YoY Change 37.12% 63.64% 29.02%
INVESTING ACTIVITIES
Capital Expenditures $3.566M -$1.600M -$2.300M
YoY Change 75.67% 300.0% 1050.0%
Acquisitions
YoY Change
Other Investing Activities -$121.3M $31.60M $48.20M
YoY Change -18.7% -26.34% -202.99%
Cash From Investing Activities -$124.9M $30.00M $45.90M
YoY Change -17.45% -29.41% -197.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 228.5M 1.500M 700.0K
YoY Change 34.14% -215.38% -98.88%
NET CHANGE
Cash From Operating Activities -32.31M -28.80M -28.90M
Cash From Investing Activities -124.9M 30.00M 45.90M
Cash From Financing Activities 228.5M 1.500M 700.0K
Net Change In Cash 71.28M 2.700M 17.70M
YoY Change -1678.3% -88.56% -349.3%
FREE CASH FLOW
Cash From Operating Activities -$32.31M -$28.80M -$28.90M
Capital Expenditures $3.566M -$1.600M -$2.300M
Free Cash Flow -$35.88M -$27.20M -$26.60M
YoY Change 40.17% 58.14% 19.82%

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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;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:5.24%;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 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 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>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.24%;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:5.24%;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>
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CY2019 us-gaap Operating Lease Payments
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3200000
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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71672000
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23636000
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48036000
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
4694000
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7331000
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6530000
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CY2017 us-gaap Income Tax Reconciliation Tax Credits
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351000
CY2019 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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2044000
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708000
CY2017 us-gaap Unrecognized Tax Benefits Period Increase Decrease
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CY2019 us-gaap Income Tax Reconciliation Nondeductible Expense Share Based Compensation Cost
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124000
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58000
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13582000
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1073000
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2223000
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CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2018Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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CY2019Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
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CY2018Q4 us-gaap Deferred Tax Assets Other
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CY2018Q4 us-gaap Deferred Tax Assets Gross
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CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2018Q4 alec Deferred Tax Liabilities Depreciation And Amortization
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CY2019Q4 alec Deferred Tax Liabilities Right Of Use Assets
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CY2019Q4 us-gaap Deferred Income Tax Liabilities
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CY2018Q4 us-gaap Deferred Income Tax Liabilities
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CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
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CY2018 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2017 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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