2020 Q1 Form 10-Q Financial Statement

#000173728720000027 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.64M $13.06M
YoY Change 19.75% 402.31%
% of Gross Profit
Research & Development $42.04M $23.40M
YoY Change 79.64%
% of Gross Profit
Depreciation & Amortization $1.893M $544.0K
YoY Change 247.98%
% of Gross Profit
Operating Expenses $57.68M $36.46M
YoY Change 58.2% 1303.97%
Operating Profit -$57.68M -$36.46M
YoY Change 58.2% 1303.97%
Interest Expense $3.260M $4.830M
YoY Change -32.51%
% of Operating Profit
Other Income/Expense, Net $3.203M $4.825M
YoY Change -33.62%
Pretax Income -$54.48M -$31.64M
YoY Change 72.21% 1116.77%
Income Tax $0.00 -$100.0K
% Of Pretax Income
Net Earnings -$54.48M -$31.59M
YoY Change 72.48% 1116.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$500.0K -$324.6K
COMMON SHARES
Basic Shares Outstanding 124.9M shares 121.5M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $492.9M $470.4M
YoY Change 4.78%
Cash & Equivalents $135.9M $97.05M
Short-Term Investments $357.0M $373.4M
Other Short-Term Assets $11.50M $10.50M
YoY Change 9.52%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $504.4M $476.6M
YoY Change 5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $66.35M $20.43M
YoY Change 224.83%
Goodwill
YoY Change
Intangibles $0.00 $603.0K
YoY Change -100.0%
Long-Term Investments $65.00M $214.6M
YoY Change -69.71%
Other Assets $4.675M $432.0K
YoY Change 982.18%
Total Long-Term Assets $184.1M $272.7M
YoY Change -32.5%
TOTAL ASSETS
Total Short-Term Assets $504.4M $476.6M
Total Long-Term Assets $184.1M $272.7M
Total Assets $688.5M $749.4M
YoY Change -8.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.199M $12.98M
YoY Change -44.52%
Accrued Expenses $19.60M $14.30M
YoY Change 37.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.82M $27.27M
YoY Change -1.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.650M $6.065M
YoY Change -39.82%
Total Long-Term Liabilities $3.650M $6.065M
YoY Change -39.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.82M $27.27M
Total Long-Term Liabilities $3.650M $6.065M
Total Liabilities $82.00M $68.14M
YoY Change 20.34%
SHAREHOLDERS EQUITY
Retained Earnings -$450.6M -$243.1M
YoY Change 85.35%
Common Stock $1.056B $922.9M
YoY Change 14.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $606.5M $681.2M
YoY Change
Total Liabilities & Shareholders Equity $688.5M $749.4M
YoY Change -8.12%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$54.48M -$31.59M
YoY Change 72.48% 1116.25%
Depreciation, Depletion And Amortization $1.893M $544.0K
YoY Change 247.98%
Cash From Operating Activities -$40.81M -$30.26M
YoY Change 34.88% -605220.0%
INVESTING ACTIVITIES
Capital Expenditures $12.25M $10.42M
YoY Change 17.56%
Acquisitions
YoY Change
Other Investing Activities -$2.750M $43.31M
YoY Change -106.35%
Cash From Investing Activities -$15.01M $32.89M
YoY Change -145.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.85M $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $16.59M $684.0K
YoY Change 2324.85%
NET CHANGE
Cash From Operating Activities -$40.81M -$30.26M
Cash From Investing Activities -$15.01M $32.89M
Cash From Financing Activities $16.59M $684.0K
Net Change In Cash -$39.23M $3.316M
YoY Change -1283.05% 66220.0%
FREE CASH FLOW
Cash From Operating Activities -$40.81M -$30.26M
Capital Expenditures $12.25M $10.42M
Free Cash Flow -$53.06M -$40.68M
YoY Change 30.44% -813680.0%

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CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
97047000 USD
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4208000 USD
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
5134000 USD
CY2020Q1 us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
1396000 USD
CY2019Q1 us-gaap Payments For Leasing Costs Commissions And Tenant Improvements
PaymentsForLeasingCostsCommissionsAndTenantImprovements
391000 USD
CY2020Q1 allo Cash Received For Amounts Related To Tenant Improvement Allowances
CashReceivedForAmountsRelatedToTenantImprovementAllowances
532000 USD
CY2019Q1 allo Cash Received For Amounts Related To Tenant Improvement Allowances
CashReceivedForAmountsRelatedToTenantImprovementAllowances
0 USD
CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">Allogene Therapeutics, Inc. (the Company or Allogene) was incorporated on November 30, 2017, in the State of Delaware and is headquartered in South San Francisco, California. Allogene is a clinical-stage immuno-oncology company pioneering the development and commercialization of genetically engineered allogeneic T cell therapies for the treatment of cancer. The Company is developing a pipeline of off-the-shelf T cell product candidates that are designed to target and kill cancer cells.</span></div><div style="text-align:justify;margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Public Offerings </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">In November 2019, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen), under which the Company may from time to time issue and sell shares of its common stock through Cowen in at-the-market (ATM) offerings for an aggregate offering price of up to $250.0 million. The aggregate compensation payable to Cowen as the Company's sales agent equals up to 3.0% of the gross sales price of the shares sold through it pursuant to the sales agreement. In January 2020, the Company sold an aggregate of 570,839 shares of common stock in ATM offerings resulting in net proceeds of $14.8 million.</span></div><div style="text-align:justify;margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Need for Additional Capital</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company has sustained operating losses and expects to continue to generate operating losses for the foreseeable future. The Company’s ultimate success depends on the outcome of its research and development activities. The Company had cash and cash equivalents and investments of $553.0 million as of March 31, 2020. Since inception through March 31, 2020, the Company has incurred cumulative net losses of $450.6 million. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and recognizes the need to raise additional capital to fully implement its business plan.</span></div><div style="margin-top:12pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company intends to raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidates. The Company expects that its cash and cash equivalents and investments will be sufficient to fund its operations for a period of at least one year from the date the accompanying unaudited condensed financial statements are filed with the Securities and Exchange Commission (SEC). </span></div>In March 2020, the World Health Organization declared the global novel coronavirus disease (COVID-19) outbreak a pandemic. The Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 outbreak will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 outbreak on the financial performance of the Company will depend on future developments, including the duration and spread of the outbreak and related governmental advisories and restrictions. These developments and the impact of COVID-19 on the financial markets and the overall economy are highly uncertain. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be adversely affected.
CY2019Q4 allo Stock Issuance Maximum Value
StockIssuanceMaximumValue
250000000.0 USD
CY2019Q4 allo Stock Issuance Maximum Compensation Due To Third Party Percent
StockIssuanceMaximumCompensationDueToThirdPartyPercent
0.030
CY2020Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
570839 shares
CY2020Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
14800000 USD
CY2020Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
553000000.0 USD
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-450600000 USD
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="margin-top:6pt;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of 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 as of the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying financial statements include but are not limited to the fair value of common stock, the fair value of stock options, the fair value of convertible notes payable, income tax uncertainties, and certain accruals. The Company evaluates its estimates and 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 differ from those estimates.</span></div>
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-100000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
537235000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2330000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
277000 USD
CY2020Q1 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
539288000 USD
CY2020Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
122141000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
357026000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
60121000 USD
CY2020Q1 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
539288000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
535042000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1595000 USD
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
8000 USD
CY2019Q4 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
536629000 USD
CY2019Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
122900000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
355407000 USD
CY2019Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
58322000 USD
CY2019Q4 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
536629000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P3Y
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
73714000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
61921000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7365000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5472000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66349000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
56449000 USD
CY2019Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4300000 USD
CY2020Q1 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
4300000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1807000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1679000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
51536000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
51349000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
53343000 USD
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
53028000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
91888000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1868000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1351000 USD
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
210000 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
139000 USD
CY2020Q1 us-gaap Lease Cost
LeaseCost
2078000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
1490000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1400000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4236000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7633000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7951000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
8203000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
8467000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
55398000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34736000 USD
CY2020Q1 allo Allowance For Tenant Improvements
AllowanceForTenantImprovements
3809000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
53343000 USD
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0834
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P10Y8M12D
CY2020Q1 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
5300000 USD
CY2020Q1 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
4800000 USD
CY2020Q1 allo Number Of Shares As Percentage Of Common Shares Outstanding
NumberOfSharesAsPercentageOfCommonSharesOutstanding
0.05
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
12448841 shares
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14215000 USD
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7867000 USD
CY2020Q1 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
2800000 USD
CY2019Q1 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
5300000 USD
CY2020Q1 us-gaap Deferred Compensation Sharebased Arrangements Liability Classified Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent
3200000 USD
CY2019Q1 us-gaap Deferred Compensation Sharebased Arrangements Liability Classified Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent
6100000 USD
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29182402 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33500685 shares
CY2020Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-450600000 USD
CY2020Q1 us-gaap Other Expenses
OtherExpenses
58000 USD
CY2019Q1 us-gaap Other Expenses
OtherExpenses
0 USD

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