$ALEC
Alector, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021024062 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $4.110M $7.171M
YoY Change -42.69% 27.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.01M $14.64M
YoY Change -24.8% 154.17%
% of Gross Profit
Research & Development $45.73M $34.61M
YoY Change 32.16% 67.93%
% of Gross Profit
Depreciation & Amortization $1.500M $1.400M
YoY Change 7.14% 366.67%
% of Gross Profit
Operating Expenses $56.75M $49.25M
YoY Change 15.22% 86.79%
Operating Profit -$52.64M -$42.08M
YoY Change 25.09% 102.68%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $464.0K $2.059M
YoY Change -77.46% -6.45%
Pretax Income -$52.17M -$40.02M
YoY Change 30.36% 115.63%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$52.17M -$40.02M
YoY Change 30.37% 115.62%
Net Earnings / Revenue -1269.37% -558.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$657.1K -$534.9K
COMMON SHARES
Basic Shares Outstanding 78.98M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $362.7M $548.5M
YoY Change -33.87% 25.63%
Cash & Equivalents $110.7M $160.9M
Short-Term Investments $252.0M $387.6M
Other Short-Term Assets $12.00M $7.700M
YoY Change 55.84% 40.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $374.7M $556.2M
YoY Change -32.63% 25.8%
LONG-TERM ASSETS
Property, Plant & Equipment $29.47M $60.80M
YoY Change -51.53% 179.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.100M $1.900M
YoY Change 115.79% 3066.67%
Total Long-Term Assets $65.66M $62.70M
YoY Change 4.73% 16.26%
TOTAL ASSETS
Total Short-Term Assets $374.7M $556.2M
Total Long-Term Assets $65.66M $62.70M
Total Assets $440.4M $618.9M
YoY Change -28.84% 24.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.300M $4.000M
YoY Change 32.5% 233.33%
Accrued Expenses $36.10M $35.60M
YoY Change 1.4% 345.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $64.10M $71.80M
YoY Change -10.72% 28.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $148.5M $155.4M
YoY Change -4.44% 161775.0%
Total Long-Term Liabilities $148.5M $155.4M
YoY Change -4.44% 161775.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $64.10M $71.80M
Total Long-Term Liabilities $148.5M $155.4M
Total Liabilities $212.5M $227.2M
YoY Change -6.47% -1.16%
SHAREHOLDERS EQUITY
Retained Earnings -$462.2M
YoY Change
Common Stock $8.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $227.8M $391.7M
YoY Change
Total Liabilities & Shareholders Equity $440.4M $618.9M
YoY Change -28.85% 24.77%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$52.17M -$40.02M
YoY Change 30.37% 115.62%
Depreciation, Depletion And Amortization $1.500M $1.400M
YoY Change 7.14% 366.67%
Cash From Operating Activities -$52.69M -$32.31M
YoY Change 63.07% 37.12%
INVESTING ACTIVITIES
Capital Expenditures $947.0K $3.566M
YoY Change -73.44% 75.67%
Acquisitions
YoY Change
Other Investing Activities $110.5M -$121.3M
YoY Change -191.1% -18.7%
Cash From Investing Activities $109.6M -$124.9M
YoY Change -187.73% -17.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.874M 228.5M
YoY Change -98.3% 34.14%
NET CHANGE
Cash From Operating Activities -52.69M -32.31M
Cash From Investing Activities 109.6M -124.9M
Cash From Financing Activities 3.874M 228.5M
Net Change In Cash 60.73M 71.28M
YoY Change -14.79% -1678.3%
FREE CASH FLOW
Cash From Operating Activities -$52.69M -$32.31M
Capital Expenditures $947.0K $3.566M
Free Cash Flow -$53.64M -$35.88M
YoY Change 49.5% 40.17%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2021Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021Q1 dei Security12b Title
Security12bTitle
Common Stock
CY2021Q1 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-462219000
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 dei Entity Shell Company
EntityShellCompany
false
CY2021Q2 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
79767212
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110703000
CY2021Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
252041000
CY2021Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11993000
CY2021Q1 us-gaap Assets Current
AssetsCurrent
374737000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
29469000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
32094000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
7698000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42822000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
79731647
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
79731647
CY2021Q1 us-gaap Common Stock Value
CommonStockValue
8000
CY2021Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
689630000
CY2021Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
410000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
227829000
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
440364000
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
45733000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
11012000
CY2021Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
4110000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
56745000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-52635000
CY2021Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
464000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-52171000
CY2021Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Before Reclassification Adjustments Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentBeforeReclassificationAdjustmentsNetOfTax
-204000
CY2021Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-52375000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.66
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
79386836
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
267530000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3874000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
8800000
CY2021Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-204000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
227829000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
194743000
CY2020Q1 alec Issuance Costs Of Common Stock
IssuanceCostsOfCommonStock
1148000
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
224511000
CY2020Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3217000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-40019000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
391734000
CY2021Q1 alec Amortization Right Of Use Asset
AmortizationRightOfUseAsset
461000
CY2020Q1 alec Amortization Right Of Use Asset
AmortizationRightOfUseAsset
297000
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-9000
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3305000
CY2020Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
284000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3135000
CY2020Q1 alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
7805000
CY2020Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-7171000
CY2021Q1 alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-821000
CY2020Q1 alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-628000
CY2021Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-314000
CY2021Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
110500000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
109553000
CY2020Q1 alec Proceeds From Issuance Of Common Stock Upon Follow On Public Offering Net Of Issuance Costs
ProceedsFromIssuanceOfCommonStockUponFollowOnPublicOfferingNetOfIssuanceCosts
225244000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3874000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3217000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3874000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
228461000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
60734000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
71276000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51441000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
91113000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
628000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
178000
CY2020Q1 alec Deferred Offering Costs For Public Offerings Included In Accounts Payable And Accrued Liabilities
DeferredOfferingCostsForPublicOfferingsIncludedInAccountsPayableAndAccruedLiabilities
641000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.66%;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:4.66%;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<span style="font-style:italic;">.</span> </p>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.66%;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:4.66%;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>
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110703000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
160917000
CY2021Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2020Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
112175000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
162389000
CY2021Q1 alec Increase In Expected Cost Percentage
IncreaseInExpectedCostPercentage
0.04
CY2021Q1 us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
4600000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4100000
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
128200000
CY2021Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
286900000
CY2021Q1 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
45400000
CY2021Q1 us-gaap Former Gain Contingency Recognized In Current Period
FormerGainContingencyRecognizedInCurrentPeriod
1300000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8800000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6642000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12821991
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9898371

Files In Submission

Name View Source Status
0001564590-21-024062-index-headers.html Edgar Link pending
0001564590-21-024062-index.html Edgar Link pending
0001564590-21-024062.txt Edgar Link pending
0001564590-21-024062-xbrl.zip Edgar Link pending
alec-10q_20210331.htm Edgar Link pending
alec-10q_20210331_htm.xml Edgar Link completed
alec-20210331.xsd Edgar Link pending
alec-20210331_cal.xml Edgar Link unprocessable
alec-20210331_def.xml Edgar Link unprocessable
alec-20210331_lab.xml Edgar Link unprocessable
alec-20210331_pre.xml Edgar Link unprocessable
alec-ex311_47.htm Edgar Link pending
alec-ex312_48.htm Edgar Link pending
alec-ex321_8.htm Edgar Link pending
alec-ex322_7.htm Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
R10.htm Edgar Link pending
R11.htm Edgar Link pending
R12.htm Edgar Link pending
R13.htm Edgar Link pending
R14.htm Edgar Link pending
R15.htm Edgar Link pending
R16.htm Edgar Link pending
R17.htm Edgar Link pending
R18.htm Edgar Link pending
R19.htm Edgar Link pending
R2.htm Edgar Link pending
R20.htm Edgar Link pending
R21.htm Edgar Link pending
R22.htm Edgar Link pending
R23.htm Edgar Link pending
R24.htm Edgar Link pending
R25.htm Edgar Link pending
R26.htm Edgar Link pending
R27.htm Edgar Link pending
R28.htm Edgar Link pending
R29.htm Edgar Link pending
R3.htm Edgar Link pending
R30.htm Edgar Link pending
R31.htm Edgar Link pending
R4.htm Edgar Link pending
R5.htm Edgar Link pending
R6.htm Edgar Link pending
R7.htm Edgar Link pending
R8.htm Edgar Link pending
R9.htm Edgar Link pending
report.css Edgar Link pending
Show.js Edgar Link pending