$ALLK
Allakos Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019016843 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.830M $2.310M
YoY Change 152.38% 278.69%
% of Gross Profit
Research & Development $15.10M $6.401M
YoY Change 135.87% 46.81%
% of Gross Profit
Depreciation & Amortization $400.0K $61.00K
YoY Change 555.74% 22.0%
% of Gross Profit
Operating Expenses $20.93M $8.709M
YoY Change 140.29% 74.88%
Operating Profit -$20.93M -$8.709M
YoY Change 140.29% 74.98%
Interest Expense $1.030M $224.0K
YoY Change 359.82% -473.33%
% of Operating Profit
Other Income/Expense, Net -$56.00K $0.00
YoY Change -100.0%
Pretax Income -$19.95M -$8.490M
YoY Change 134.98% 67.79%
Income Tax
% Of Pretax Income
Net Earnings -$19.95M -$8.485M
YoY Change 135.16% 67.82%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$468.1K -$209.8K
COMMON SHARES
Basic Shares Outstanding 43.10M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.2M $74.60M
YoY Change 124.13%
Cash & Equivalents $31.46M $74.60M
Short-Term Investments $135.7M
Other Short-Term Assets $1.500M $2.700M
YoY Change -44.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $168.7M $77.30M
YoY Change 118.24%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00M $400.0K
YoY Change 3650.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $802.0K $2.100M
YoY Change -61.81%
Total Long-Term Assets $15.81M $2.500M
YoY Change 532.36%
TOTAL ASSETS
Total Short-Term Assets $168.7M $77.30M
Total Long-Term Assets $15.81M $2.500M
Total Assets $184.5M $79.80M
YoY Change 131.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.789M $2.100M
YoY Change 80.43%
Accrued Expenses $4.443M $1.300M
YoY Change 241.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.232M $3.400M
YoY Change 142.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.388M $0.00
YoY Change
Total Long-Term Liabilities $8.388M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.232M $3.400M
Total Long-Term Liabilities $8.388M $0.00
Total Liabilities $16.62M $3.400M
YoY Change 388.82%
SHAREHOLDERS EQUITY
Retained Earnings -$124.1M
YoY Change
Common Stock $291.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.9M -$66.63M
YoY Change
Total Liabilities & Shareholders Equity $184.5M $79.80M
YoY Change 131.21%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$19.95M -$8.485M
YoY Change 135.16% 67.82%
Depreciation, Depletion And Amortization $400.0K $61.00K
YoY Change 555.74% 22.0%
Cash From Operating Activities -$13.28M -$9.341M
YoY Change 42.16% 71.71%
INVESTING ACTIVITIES
Capital Expenditures $121.0K $17.00K
YoY Change 611.76% -118.89%
Acquisitions
YoY Change
Other Investing Activities $10.24M
YoY Change
Cash From Investing Activities $10.12M -$17.00K
YoY Change -59629.41% -81.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $595.0K $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 963.0K -447.0K
YoY Change -315.44%
NET CHANGE
Cash From Operating Activities -13.28M -9.341M
Cash From Investing Activities 10.12M -17.00K
Cash From Financing Activities 963.0K -447.0K
Net Change In Cash -2.196M -9.805M
YoY Change -77.6% 77.31%
FREE CASH FLOW
Cash From Operating Activities -$13.28M -$9.341M
Capital Expenditures $121.0K $17.00K
Free Cash Flow -$13.40M -$9.358M
YoY Change 43.19% 74.92%

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management uses significant judgment when making estimates related to common stock valuation and related stock-based compensation expense, accrued expenses related to clinical trials, calculation of right-of-use assets and lease liabilities, and deferred tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions or conditions, and those differences could be material to the financial position and results of operations. </p>
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<p style="text-align:justify;margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to credit risk principally consist of cash, cash equivalents and marketable securities. These financial instruments are held in accounts at a single financial institution that management believes possesses high credit quality. Amounts on deposit with this financial institution have and will continue to exceed federally-insured limits. The Company has not experienced any losses on its cash deposits. Additionally, the Company&#8217;s investment policy limits its investments to certain types of securities issued by the U.S. government and its agencies. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to a number of risks similar to that of other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future clinical trials, its reliance on third-parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitive developments, the need to successfully commercialize and gain market acceptance of the Company&#8217;s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, protection of proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the need to secure and maintain adequate manufacturing arrangements with third-parties. If the Company does not successfully commercialize or partner its product candidates, it will be unable to generate product revenue or achieve profitability.</p>
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FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2018Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2019Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
135694000
CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
30000
CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2019Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
135724000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
145261000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
15000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
145246000
CY2019Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10016000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9483000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
985000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
635000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2779000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1964000
CY2019Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1644000
CY2018Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1041000
CY2019Q1 us-gaap Lease Incentive Payable Current
LeaseIncentivePayableCurrent
0
CY2018Q4 us-gaap Lease Incentive Payable Current
LeaseIncentivePayableCurrent
123000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
20000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
36000
CY2018Q1 allk Lessee Operating Lease Agreement Initiation Period
LesseeOperatingLeaseAgreementInitiationPeriod
2018-01
CY2018Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y9M
CY2018Q1 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2018Q1 us-gaap Tenant Improvements
TenantImprovements
1400000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
8388000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent Statement Of Financial Position Extensible List
OperatingLeaseLiabilityNoncurrentStatementOfFinancialPositionExtensibleList
us-gaap:OtherLiabilitiesNoncurrent
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8388000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
280000
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
87000
CY2019Q1 us-gaap Lease Cost
LeaseCost
367000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
503000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1233000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1270000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1308000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
1348000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8304000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13966000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5578000
CY2019Q1 allk Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P10Y3M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.100
CY2019Q1 us-gaap Purchase Obligation
PurchaseObligation
12600000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2834000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
614000
CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2018Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
9.72
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
35700000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7811000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
23000
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
968000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
21000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6845000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2979000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6808000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.60
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
41.84
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.59
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
40.37
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.75
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.40

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