2021 Q2 Form 10-Q Financial Statement

#000173728721000040 Filed on August 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $44.00K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $18.78M $15.86M $15.64M
YoY Change 18.43% 11.77% 19.75%
% of Gross Profit
Research & Development $52.29M $47.30M $42.04M
YoY Change 10.56% 48.85% 79.64%
% of Gross Profit
Depreciation & Amortization $1.962M $1.890M $1.893M
YoY Change 3.81% 64.35% 247.98%
% of Gross Profit
Operating Expenses $71.07M $63.16M $57.68M
YoY Change 12.53% 37.42% 58.2%
Operating Profit -$71.03M -$63.16M -$57.68M
YoY Change 12.46% 37.42% 58.2%
Interest Expense $624.0K $2.340M $3.260M
YoY Change -73.33% -48.68% -32.51%
% of Operating Profit
Other Income/Expense, Net $93.00K $2.184M $3.203M
YoY Change -95.74% -52.09% -33.62%
Pretax Income -$70.94M -$60.97M -$54.48M
YoY Change 16.34% 47.27% 72.21%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$70.94M -$60.97M -$54.48M
YoY Change 16.34% 47.84% 72.48%
Net Earnings / Revenue -161218.18%
Basic Earnings Per Share -$0.53 -$0.53
Diluted Earnings Per Share -$0.53 -$0.53 -$500.0K
COMMON SHARES
Basic Shares Outstanding 134.8M shares 115.4M shares 124.9M shares
Diluted Shares Outstanding 134.8M shares 115.4M shares

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $587.7M $899.7M $492.9M
YoY Change -34.67% 79.06% 4.78%
Cash & Equivalents $223.5M $280.4M $135.9M
Short-Term Investments $364.2M $619.3M $357.0M
Other Short-Term Assets $14.46M $9.900M $11.50M
YoY Change 46.1% 70.69% 9.52%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $602.2M $909.6M $504.4M
YoY Change -33.8% 77.81% 5.83%
LONG-TERM ASSETS
Property, Plant & Equipment $125.5M $84.61M $66.35M
YoY Change 48.29% 136.21% 224.83%
Goodwill
YoY Change
Intangibles $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Investments $344.3M $215.5M $65.00M
YoY Change 59.79% 45.81% -69.71%
Other Assets $5.829M $2.160M $4.675M
YoY Change 169.86% -3.49% 982.18%
Total Long-Term Assets $524.6M $349.0M $184.1M
YoY Change 50.32% 56.87% -32.5%
TOTAL ASSETS
Total Short-Term Assets $602.2M $909.6M $504.4M
Total Long-Term Assets $524.6M $349.0M $184.1M
Total Assets $1.127B $1.259B $688.5M
YoY Change -10.47% 71.46% -8.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.01M $9.057M $7.199M
YoY Change 21.51% -61.46% -44.52%
Accrued Expenses $34.69M $31.80M $19.60M
YoY Change 9.08% 119.31% 37.06%
Deferred Revenue $305.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $46.00M $40.90M $26.82M
YoY Change 12.48% 7.62% -1.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.705M $3.163M $3.650M
YoY Change 80.37% -42.44% -39.82%
Total Long-Term Liabilities $5.705M $3.163M $3.650M
YoY Change 80.37% -42.44% -39.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $46.00M $40.90M $26.82M
Total Long-Term Liabilities $5.705M $3.163M $3.650M
Total Liabilities $102.9M $95.13M $82.00M
YoY Change 8.19% 21.39% 20.34%
SHAREHOLDERS EQUITY
Retained Earnings -$750.3M -$511.6M -$450.6M
YoY Change 46.66% 79.91% 85.35%
Common Stock $1.774B $1.673B $1.056B
YoY Change 6.05% 78.41% 14.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.024B $1.163B $606.5M
YoY Change
Total Liabilities & Shareholders Equity $1.127B $1.259B $688.5M
YoY Change -10.47% 71.46% -8.12%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$70.94M -$60.97M -$54.48M
YoY Change 16.34% 47.84% 72.48%
Depreciation, Depletion And Amortization $1.962M $1.890M $1.893M
YoY Change 3.81% 64.35% 247.98%
Cash From Operating Activities -$41.17M -$26.72M -$40.81M
YoY Change 54.07% 7.35% 34.88%
INVESTING ACTIVITIES
Capital Expenditures -$10.90M -$16.06M $12.25M
YoY Change -32.11% 104.33% 17.56%
Acquisitions
YoY Change
Other Investing Activities $35.49M -$412.9M -$2.750M
YoY Change -108.6% -888.77% -106.35%
Cash From Investing Activities $24.59M -$429.0M -$15.01M
YoY Change -105.73% -1064.19% -145.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.85M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.218M 600.2M $16.59M
YoY Change -99.46% 249970.83% 2324.85%
NET CHANGE
Cash From Operating Activities -41.17M -26.72M -$40.81M
Cash From Investing Activities 24.59M -429.0M -$15.01M
Cash From Financing Activities 3.218M 600.2M $16.59M
Net Change In Cash -13.36M 144.5M -$39.23M
YoY Change -109.25% 628.23% -1283.05%
FREE CASH FLOW
Cash From Operating Activities -$41.17M -$26.72M -$40.81M
Capital Expenditures -$10.90M -$16.06M $12.25M
Free Cash Flow -$30.27M -$10.66M -$53.06M
YoY Change 183.91% -37.4% 30.44%

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Description of Business<div style="margin-top:6pt"><span style="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="margin-top:18pt;text-align:justify"><span style="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="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 as well as the ability to commercialize the Company's product candidates. The Company had cash and cash equivalents and investments of $913.2 million as of June 30, 2021. Since inception through June 30, 2021, the Company has incurred cumulative net losses of $750.3 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="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 consolidated financial statements are filed with the Securities and Exchange Commission (SEC). </span></div>The Company cannot at this time predict the specific extent, duration, or full impact that the ongoing COVID-19 pandemic will have on its financial condition and operations, including ongoing and planned clinical trials. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. If business conditions, financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be adversely affected.
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Use of EstimatesThe 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 as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to the fair value of stock options, fair value of investments, 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.
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