$ALRN
Aileron Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021056443 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.513M $2.340M $1.910M
YoY Change 7.39% -31.98% -37.99%
% of Gross Profit
Research & Development $4.278M $2.684M $2.488M
YoY Change 59.39% -40.02% -42.21%
% of Gross Profit
Depreciation & Amortization $15.00K $14.00K $69.00K
YoY Change 7.14% -30.0% 130.0%
% of Gross Profit
Operating Expenses $6.791M $5.028M $4.400M
YoY Change 35.06% -36.48% -40.38%
Operating Profit -$6.791M -$5.028M -$4.400M
YoY Change 35.06% -36.48% -40.38%
Interest Expense $21.00K $10.00K $10.00K
YoY Change 110.0% -93.98% -95.17%
% of Operating Profit
Other Income/Expense, Net $66.00K $5.000K $10.00K
YoY Change 1220.0% -96.99% -95.19%
Pretax Income -$6.704M -$5.020M -$4.390M
YoY Change 33.55% -35.23% -38.77%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.704M -$5.023M -$4.390M
YoY Change 33.47% -35.18% -38.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.07
Diluted Earnings Per Share -$74.04K -$127.7K -$140.6K
COMMON SHARES
Basic Shares Outstanding 90.55M
Diluted Shares Outstanding 90.55M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.26M $14.12M $18.88M
YoY Change 270.09% -42.51% -40.11%
Cash & Equivalents $7.628M $8.443M $17.72M
Short-Term Investments $44.63M $6.270M $1.760M
Other Short-Term Assets $2.191M $1.860M $800.0K
YoY Change 17.8% -4.12% -23.08%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $54.42M $15.97M $19.67M
YoY Change 240.78% -39.73% -39.59%
LONG-TERM ASSETS
Property, Plant & Equipment $144.0K $5.700M $5.890M
YoY Change -97.47% 1478.95% 1454.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $24.00K $570.0K $570.0K
YoY Change -95.79% 88.74% 88.74%
Total Long-Term Assets $345.0K $6.270M $6.455M
YoY Change -94.5% -15.9% -15.44%
TOTAL ASSETS
Total Short-Term Assets $54.42M $15.97M $19.67M
Total Long-Term Assets $345.0K $6.270M $6.455M
Total Assets $54.77M $22.24M $26.13M
YoY Change 146.26% -34.5% -35.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.035M $1.000M $993.0K
YoY Change 3.5% -57.43% -42.23%
Accrued Expenses $3.525M $4.200M $3.760M
YoY Change -16.07% 2.94% 2.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $50.00K $170.0K
YoY Change -100.0%
Total Short-Term Liabilities $4.560M $5.250M $4.930M
YoY Change -13.14% -18.33% -8.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $340.0K $210.0K
YoY Change -100.0%
Other Long-Term Liabilities $99.00K $4.200M $4.330M
YoY Change -97.64% -10.83% -10.17%
Total Long-Term Liabilities $99.00K $4.540M $4.540M
YoY Change -97.82% -3.61% -5.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.560M $5.250M $4.930M
Total Long-Term Liabilities $99.00K $4.540M $4.540M
Total Liabilities $4.659M $9.780M $9.470M
YoY Change -52.36% -12.18% -7.24%
SHAREHOLDERS EQUITY
Retained Earnings -$238.7M
YoY Change
Common Stock $288.8M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $50.11M $12.46M $16.65M
YoY Change
Total Liabilities & Shareholders Equity $54.77M $22.24M $26.13M
YoY Change 146.26% -34.5% -34.99%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$6.704M -$5.023M -$4.390M
YoY Change 33.47% -35.18% -38.79%
Depreciation, Depletion And Amortization $15.00K $14.00K $69.00K
YoY Change 7.14% -30.0% 130.0%
Cash From Operating Activities -$7.260M -$5.050M -$5.070M
YoY Change 43.76% -27.65% -10.9%
INVESTING ACTIVITIES
Capital Expenditures -$5.000K $0.00 -$10.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $4.094M -$4.530M $240.0K
YoY Change -190.38% -221.12% -101.24%
Cash From Investing Activities $4.089M -$4.530M $240.0K
YoY Change -190.26% -221.12% -101.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.00K 300.0K 11.26M
YoY Change -91.33% -700.0% -52.81%
NET CHANGE
Cash From Operating Activities -7.260M -5.050M -5.070M
Cash From Investing Activities 4.089M -4.530M 240.0K
Cash From Financing Activities 26.00K 300.0K 11.26M
Net Change In Cash -3.145M -9.280M 6.430M
YoY Change -66.11% 182.07% -674.11%
FREE CASH FLOW
Cash From Operating Activities -$7.260M -$5.050M -$5.070M
Capital Expenditures -$5.000K $0.00 -$10.00K
Free Cash Flow -$7.255M -$5.050M -$5.060M
YoY Change 43.66% -27.55% -11.07%

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<p style="margin-bottom:0pt;margin-top:8pt;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;text-indent:4.31%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.</p>
us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:18pt;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 and of Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.31%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and investments. From time to time, the Company has maintained all of its cash, cash equivalents and investment balances at three accredited financial institutions, in amounts that exceed federally insured limits. The Company generally invests its excess cash in money market funds, commercial paper and corporate notes that are subject to minimal credit and market risks. Management has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The investment portfolio is maintained in accordance with the Company’s investment policy, which defines allowable investments, specifies credit quality standards and limits the credit exposure of any single issuer. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.31%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including preclinical and clinical testing. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</p>
alrn Available For Sale Investments Maximum Contractual Maturity Period
AvailableForSaleInvestmentsMaximumContractualMaturityPeriod
P1Y
CY2021Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2021Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2020 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
44628000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
44629000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
6759000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
6759000
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
196000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
166000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
144000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
15000
CY2021Q3 us-gaap Depreciation
Depreciation
15000
CY2020Q3 us-gaap Depreciation
Depreciation
14000
us-gaap Depreciation
Depreciation
30000
us-gaap Depreciation
Depreciation
153000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0119
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.760
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 alrn Accrued External Research And Development Services Current
AccruedExternalResearchAndDevelopmentServicesCurrent
1846000
CY2020Q4 alrn Accrued External Research And Development Services Current
AccruedExternalResearchAndDevelopmentServicesCurrent
896000
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1150000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
922000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
420000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
135000
CY2021Q3 alrn Other Accruals And Other Current Liabilities
OtherAccrualsAndOtherCurrentLiabilities
16000
CY2020Q4 alrn Other Accruals And Other Current Liabilities
OtherAccrualsAndOtherCurrentLiabilities
243000
CY2021Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
3432000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
2196000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4665586
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.39
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
622000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5371900
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.30
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
111998
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.62
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
536280
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9389208
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
918000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1694000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
66000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
444000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2787647
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
223000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
9141869
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
437000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2377533
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
197000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4592729
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
606000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.48
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1530000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
5505000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39321177
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
88211362
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32808082
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.22
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-6704000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-5023000
us-gaap Net Income Loss
NetIncomeLoss
-19365000
us-gaap Net Income Loss
NetIncomeLoss
-16161000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
90548972
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
661000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
465000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1653000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.49
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22324531
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17564010

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