$ALT
Altimmune Inc

2022 Q1 Form 10-Q Financial Statement

#000155837022008535 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $32.00K $838.0K
YoY Change -96.18% -62.08%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.427M $3.820M
YoY Change 15.89% 63.95%
% of Gross Profit
Research & Development $15.10M $11.88M
YoY Change 27.16% 65.26%
% of Gross Profit
Depreciation & Amortization $119.0K $74.00K
YoY Change 60.81% 0.88%
% of Gross Profit
Operating Expenses $19.53M $15.70M
YoY Change 24.41% 64.92%
Operating Profit -$19.50M -$14.86M
YoY Change 31.21% 103.39%
Interest Expense $62.00K $12.00K
YoY Change 416.67% 536.6%
% of Operating Profit
Other Income/Expense, Net $69.00K -$3.000K
YoY Change -2400.0% -101.71%
Pretax Income -$19.43M -$14.86M
YoY Change 30.75% 108.37%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$19.43M -$14.86M
YoY Change 30.72% 282.54%
Net Earnings / Revenue -60718.75% -1773.75%
Basic Earnings Per Share -$0.44 -$0.38
Diluted Earnings Per Share -$0.44 -$0.38
COMMON SHARES
Basic Shares Outstanding 43.97M 38.91M
Diluted Shares Outstanding 43.97M 38.91M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $179.9M $226.5M
YoY Change -20.55% 588.45%
Cash & Equivalents $179.9M $150.0M
Short-Term Investments $76.60M
Other Short-Term Assets $5.073M $6.000M
YoY Change -15.45% 757.14%
Inventory
Prepaid Expenses
Receivables $193.0K $4.800M
Other Receivables $5.880M $7.900M
Total Short-Term Assets $191.1M $245.2M
YoY Change -22.07% 519.19%
LONG-TERM ASSETS
Property, Plant & Equipment $1.337M $6.100M
YoY Change -78.08% 258.82%
Goodwill
YoY Change
Intangibles $12.42M
YoY Change
Long-Term Investments
YoY Change
Other Assets $811.0K $100.0K
YoY Change 711.0% 0.0%
Total Long-Term Assets $14.57M $19.10M
YoY Change -23.73% 30.82%
TOTAL ASSETS
Total Short-Term Assets $191.1M $245.2M
Total Long-Term Assets $14.57M $19.10M
Total Assets $205.7M $264.3M
YoY Change -22.19% 387.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.205M $400.0K
YoY Change 451.25% -55.56%
Accrued Expenses $12.61M $9.406M
YoY Change 34.06% 83.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.12M $9.800M
YoY Change 95.14% 63.33%
LONG-TERM LIABILITIES
Long-Term Debt $1.668M $1.719M
YoY Change -2.99% -4.01%
Other Long-Term Liabilities $402.0K $95.38K
YoY Change 321.46% -17.22%
Total Long-Term Liabilities $2.070M $1.815M
YoY Change 14.06% -4.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.12M $9.800M
Total Long-Term Liabilities $2.070M $1.815M
Total Liabilities $20.79M $17.80M
YoY Change 16.81% 44.72%
SHAREHOLDERS EQUITY
Retained Earnings -$312.6M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $184.9M $246.4M
YoY Change
Total Liabilities & Shareholders Equity $205.7M $264.3M
YoY Change -22.19% 387.64%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$19.43M -$14.86M
YoY Change 30.72% 282.54%
Depreciation, Depletion And Amortization $119.0K $74.00K
YoY Change 60.81% 0.88%
Cash From Operating Activities -$13.53M -$19.57M
YoY Change -30.88% 350.13%
INVESTING ACTIVITIES
Capital Expenditures $9.000K $4.209M
YoY Change -99.79% 23114.38%
Acquisitions
YoY Change
Other Investing Activities $0.00 $23.44M
YoY Change -100.0% 255.15%
Cash From Investing Activities -$9.000K $19.17M
YoY Change -100.05% 192.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.990M $34.18M
YoY Change -91.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.181M 34.42M
YoY Change -90.76% 35488.8%
NET CHANGE
Cash From Operating Activities -13.53M -19.57M
Cash From Investing Activities -9.000K 19.17M
Cash From Financing Activities 3.181M 34.42M
Net Change In Cash -10.35M 34.02M
YoY Change -130.44% 1370.9%
FREE CASH FLOW
Cash From Operating Activities -$13.53M -$19.57M
Capital Expenditures $9.000K $4.209M
Free Cash Flow -$13.54M -$23.78M
YoY Change -43.08% 444.68%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;text-indent:36pt;margin:0pt;">The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The extent to which the COVID-19 pandemic, including any resurgences or the emergence of new variants, may directly or indirectly </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">impact the Company’s business, financial condition, and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on the Company’s estimates and assumptions and determined that there was not a material impact to the Company’s unaudited consolidated financial statements as of and for the three months ended March 31, 2022. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods.</p>
CY2022Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3
0
CY2021 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Into Level3
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersIntoLevel3
0
CY2022Q1 alt Assets Or Liabilities Measured At Fair Value On Non Recurring Basis
AssetsOrLiabilitiesMeasuredAtFairValueOnNonRecurringBasis
0
CY2021Q1 alt Fair Value Of Construction In Progress
FairValueOfConstructionInProgress
4000000.0
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2462000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3495000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1125000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2047000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1337000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1448000
CY2021Q1 us-gaap Depreciation
Depreciation
100000
CY2022Q1 us-gaap Depreciation
Depreciation
100000
CY2022Q1 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
12419000
CY2022Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
12419000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1364000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
785000
CY2021 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
579000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
13783000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
785000
CY2021 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
579000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
12419000
CY2022Q1 alt Non Cancellable Lease Maturity Period
NonCancellableLeaseMaturityPeriod
2026-06
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1437000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1535000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
750000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
798000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072
CY2022Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
642000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
396000
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1117000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2313000
CY2022Q1 alt Accrued Research And Development
AccruedResearchAndDevelopment
10382000
CY2021Q4 alt Accrued Research And Development
AccruedResearchAndDevelopment
6988000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
421000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
411000
CY2022Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
47000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
44000
CY2022Q1 alt Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
12609000
CY2021Q4 alt Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
10152000
CY2022Q1 alt Regulatory Milestones Achieved
RegulatoryMilestonesAchieved
0
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6090000
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
5390000
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-1780000
CY2021Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
880000
CY2022Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
4310000
CY2021Q1 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6270000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1016000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1124000
CY2022Q1 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2021Q4 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2022Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
402000
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
80000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1668000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1454000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2776191
CY2022Q1 alt Number Of Warrants Exercised For Conversion Of Securities
NumberOfWarrantsExercisedForConversionOfSecurities
1760870
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1015321
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3464793
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.41
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4045
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1271282
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.45
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2759
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2193511
CY2022Q1 alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageExercisePrice
8.96
CY2022Q1 alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageRemainingContractualTerm
P6Y
CY2022Q1 alt Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedOutstandingIntrinsicValue
1286
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2033
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1218

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