$ALLO
Allogene Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000173728723000091 Filed on November 02, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $95.00K $43.00K
YoY Change 102.13% -12.24%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $71.67M $17.04M
YoY Change 241.27% -9.83%
% of Gross Profit
Research & Development $242.9M $45.98M
YoY Change 222.09% -27.76%
% of Gross Profit
Depreciation & Amortization $3.477M $3.570M
YoY Change 13.33% -7.51%
% of Gross Profit
Operating Expenses $314.6M $63.02M
YoY Change 226.26% -23.65%
Operating Profit -$62.98M
YoY Change -23.66%
Interest Expense $18.31M $6.210M
YoY Change 564.02% 519.76%
% of Operating Profit
Other Income/Expense, Net -$17.84M $1.660M
YoY Change 1350.0% -351.9%
Pretax Income -$327.3M -$61.32M
YoY Change 245.05% -26.25%
Income Tax
% Of Pretax Income
Net Earnings -$327.3M -$61.32M
YoY Change 245.05% -26.26%
Net Earnings / Revenue -344489.47% -142593.02%
Basic Earnings Per Share -$0.37
Diluted Earnings Per Share -$2.09 -$0.37
COMMON SHARES
Basic Shares Outstanding 168.3M shares 167.6M shares
Diluted Shares Outstanding 167.6M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $448.7M $465.5M
YoY Change -13.27% -15.7%
Cash & Equivalents $83.16M $69.25M
Short-Term Investments $365.5M $396.3M
Other Short-Term Assets $10.42M $7.900M
YoY Change -9.44% -53.07%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $459.1M $473.5M
YoY Change -13.18% -16.8%
LONG-TERM ASSETS
Property, Plant & Equipment $163.2M $102.8M
YoY Change 44.61% -10.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.645M $37.50M
YoY Change -94.94% -62.18%
Other Assets $16.90M $9.576M
YoY Change 76.66% 2.11%
Total Long-Term Assets $183.7M $238.9M
YoY Change -36.26% -25.0%
TOTAL ASSETS
Total Short-Term Assets $459.1M $473.5M
Total Long-Term Assets $183.7M $238.9M
Total Assets $642.8M $712.3M
YoY Change -21.32% -19.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.897M $6.205M
YoY Change -57.54% -43.82%
Accrued Expenses $31.10M $31.20M
YoY Change -21.76% -15.53%
Deferred Revenue $86.00K $236.0K
YoY Change -90.28% -73.45%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.08M $37.64M
YoY Change -31.99% -22.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $93.53M $1.486M
YoY Change 5860.8% -26.91%
Total Long-Term Liabilities $93.53M $1.486M
YoY Change 5860.8% -26.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.08M $37.64M
Total Long-Term Liabilities $93.53M $1.486M
Total Liabilities $130.6M $129.2M
YoY Change -13.63% -12.46%
SHAREHOLDERS EQUITY
Retained Earnings -$1.562B -$1.500B
YoY Change 26.4% 36.36%
Common Stock $2.075B $2.060B
YoY Change 8.56% 8.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $512.2M $583.1M
YoY Change
Total Liabilities & Shareholders Equity $642.8M $712.3M
YoY Change -21.32% -19.74%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$327.3M -$61.32M
YoY Change 245.05% -26.26%
Depreciation, Depletion And Amortization $3.477M $3.570M
YoY Change 13.33% -7.51%
Cash From Operating Activities -$53.71M -$55.53M
YoY Change -13.51% 16.53%
INVESTING ACTIVITIES
Capital Expenditures $181.0K $20.00K
YoY Change -89.3% -108.97%
Acquisitions
YoY Change
Other Investing Activities $67.64M -$34.26M
YoY Change 31.88% -236.34%
Cash From Investing Activities $67.46M -$34.27M
YoY Change 36.02% -237.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 155.0K 4.280M
YoY Change 236.96% 301.5%
NET CHANGE
Cash From Operating Activities -53.71M -55.53M
Cash From Investing Activities 67.46M -34.27M
Cash From Financing Activities 155.0K 4.280M
Net Change In Cash 13.91M -85.52M
YoY Change -211.69% 294.39%
FREE CASH FLOW
Cash From Operating Activities -$53.71M -$55.53M
Capital Expenditures $181.0K $20.00K
Free Cash Flow -$53.89M -$55.55M
YoY Change -15.52% 17.12%

Facts In Submission

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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 of genetically engineered allogeneic T cell product candidates 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%">Public Offerings</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%">In November 2019, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen), as amended on November 2, 2022 and November 2, 2023, 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. 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 Cowen pursuant to the sales agreement. During the nine months ended September 30, 2023, the Company sold an aggregate of 20,894,565 shares of common stock in ATM offerings resulting in net proceeds of $91.1 million. </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;text-align:justify"><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. </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 had cash and cash equivalents and investments of $497.7 million as of September 30, 2023. Since inception through September 30, 2023, the Company has incurred cumulative net losses of $1.5 billion. 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>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 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 at least the next 12 months from the date the accompanying unaudited condensed consolidated financial statements are filed with the Securities and Exchange Commission (SEC).
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us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt"><span style="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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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 as of the date of the condensed 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 common stock, the fair value of stock options, the 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 change. Actual results could differ from those estimates.</span></div>
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
491306000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1970000 usd
CY2023Q3 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
489339000 usd
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
60910000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
396259000 usd
CY2023Q3 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
32170000 usd
CY2023Q3 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
489339000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
535809000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
30000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
9512000 usd
CY2022Q4 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
526327000 usd
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
11760000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
455416000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Noncurrent
AvailableForSaleSecuritiesDebtSecuritiesNoncurrent
59151000 usd
CY2022Q4 allo Cash Equivalents And Short Term Investments
CashEquivalentsAndShortTermInvestments
526327000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Term
DebtSecuritiesAvailableForSaleTerm
P2Y
CY2023Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
1000000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
81000000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
329400000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
1600000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
1800000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
150433000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
149724000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47607000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
36885000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
102826000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
112839000 usd
CY2018Q3 allo Area Of New Office Building
AreaOfNewOfficeBuilding
68000 sqft
CY2018Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P127M
CY2018Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P7Y
CY2023Q3 us-gaap Tenant Improvements
TenantImprovements
5000000 usd
CY2021Q4 allo Additional Area Of New Office Building
AdditionalAreaOfNewOfficeBuilding
47566 sqft
CY2018Q4 allo Area Of New Office Building
AreaOfNewOfficeBuilding
14943 sqft
CY2018Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P124M
CY2018Q4 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P7Y
CY2018Q4 allo Tenant Improvement Allowance
TenantImprovementAllowance
800000 usd
CY2023Q3 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
6000000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
6000000 usd
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6578000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
6002000 usd
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
90102000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
95122000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
96680000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
101124000 usd
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3180000 usd
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3177000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
9536000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
8476000 usd
CY2023Q3 us-gaap Variable Lease Cost
VariableLeaseCost
587000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
616000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
1950000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
1468000 usd
CY2023Q3 us-gaap Lease Cost
LeaseCost
3767000 usd
CY2022Q3 us-gaap Lease Cost
LeaseCost
3793000 usd
us-gaap Lease Cost
LeaseCost
11486000 usd
us-gaap Lease Cost
LeaseCost
9944000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
9000000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3036000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
12447000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
12627000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
12819000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
13257000 usd
CY2023Q3 allo Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
77235000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
131421000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34741000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
96680000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0689
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y3M7D
CY2020Q3 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P20Y
CY2020Q3 allo Lessee Finance Lease Payment Upon Contract Termination
LesseeFinanceLeasePaymentUponContractTermination
4300000 usd
CY2023Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
4000000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15354000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21148000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
50718000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
66354000 usd
CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
293594 shares
CY2023Q3 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
1100000 usd
CY2022Q4 us-gaap Deferred Compensation Share Based Arrangements Liability Current
DeferredCompensationShareBasedArrangementsLiabilityCurrent
1900000 usd
CY2023Q3 us-gaap Deferred Compensation Sharebased Arrangements Liability Classified Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent
0 usd
CY2022Q4 us-gaap Deferred Compensation Sharebased Arrangements Liability Classified Noncurrent
DeferredCompensationSharebasedArrangementsLiabilityClassifiedNoncurrent
600000 usd
CY2023Q3 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
5400000 usd
CY2022Q4 us-gaap Investments In Affiliates Subsidiaries Associates And Joint Ventures
InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures
12800000 usd
allo Number Of Shares As Percentage Of Common Shares Outstanding
NumberOfSharesAsPercentageOfCommonSharesOutstanding
0.05
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6730462 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
5200000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
2.57
CY2023Q1 allo Operating Lease Base Rent And Security Deposit Payment
OperatingLeaseBaseRentAndSecurityDepositPayment
200000 usd
CY2023Q1 allo Operating Lease Total Estimated Base Rent
OperatingLeaseTotalEstimatedBaseRent
2900000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35507093 shares

Files In Submission

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allo-20230930_lab.xml Edgar Link unprocessable
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allo-20230930xex101.htm Edgar Link pending
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allo-20230930_def.xml Edgar Link unprocessable
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