$ALT
Altimmune Inc

2022 Q3 Form 10-Q Financial Statement

#000155837022013271 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $2.000K $8.000K $32.00K
YoY Change -98.73% -94.16% -96.18%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.492M $4.410M $4.427M
YoY Change 8.09% 20.54% 15.89%
% of Gross Profit
Research & Development $20.26M $15.99M $15.10M
YoY Change -30.62% 20.5% 27.16%
% of Gross Profit
Depreciation & Amortization -$141.0K $53.00K $119.0K
YoY Change -241.0% -22.57% 60.81%
% of Gross Profit
Operating Expenses $24.75M $20.40M $19.53M
YoY Change -25.8% -18.39% 24.41%
Operating Profit -$24.75M -$20.40M -$19.50M
YoY Change -25.46% -17.97% 31.21%
Interest Expense $64.00K $65.00K $62.00K
YoY Change 94.73% 195.45% 416.67%
% of Operating Profit
Other Income/Expense, Net $1.039M $288.0K $69.00K
YoY Change -438.9% 678.38% -2400.0%
Pretax Income -$23.71M -$20.11M -$19.43M
YoY Change -29.24% -19.01% 30.75%
Income Tax -$200.0K $0.00 $0.00
% Of Pretax Income
Net Earnings -$23.52M -$20.11M -$19.43M
YoY Change -29.83% -19.01% 30.72%
Net Earnings / Revenue -1175800.0% -251337.5% -60718.75%
Basic Earnings Per Share -$0.48 -$0.42 -$0.44
Diluted Earnings Per Share -$0.48 -$0.42 -$0.44
COMMON SHARES
Basic Shares Outstanding 48.54M 47.50M 43.97M
Diluted Shares Outstanding 49.29M 47.50M 43.97M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.8M $184.8M $179.9M
YoY Change 0.97% -15.18% -20.55%
Cash & Equivalents $127.5M $135.9M $179.9M
Short-Term Investments $74.36M $48.90M
Other Short-Term Assets $4.824M $4.653M $5.073M
YoY Change -34.18% -50.75% -15.45%
Inventory
Prepaid Expenses
Receivables $633.0K $195.0K $193.0K
Other Receivables $3.720M $5.900M $5.880M
Total Short-Term Assets $211.0M $195.5M $191.1M
YoY Change -3.33% -18.07% -22.07%
LONG-TERM ASSETS
Property, Plant & Equipment $1.172M $1.236M $1.337M
YoY Change -75.16% -73.98% -78.08%
Goodwill
YoY Change
Intangibles $12.42M $12.42M $12.42M
YoY Change -4.42% -4.15%
Long-Term Investments
YoY Change
Other Assets $682.0K $747.0K $811.0K
YoY Change -26.82% -19.58% 711.0%
Total Long-Term Assets $14.27M $14.40M $14.57M
YoY Change -23.44% -22.72% -23.73%
TOTAL ASSETS
Total Short-Term Assets $211.0M $195.5M $191.1M
Total Long-Term Assets $14.27M $14.40M $14.57M
Total Assets $225.3M $209.9M $205.7M
YoY Change -4.91% -18.41% -22.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.419M $2.872M $2.205M
YoY Change 23227.31% 102.08% 451.25%
Accrued Expenses $13.15M $10.97M $12.61M
YoY Change -31.21% 42.98% 34.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.74M $13.85M $19.12M
YoY Change -17.7% 52.21% 95.14%
LONG-TERM LIABILITIES
Long-Term Debt $4.506M $1.526M $1.668M
YoY Change 187.81% -5.64% -2.99%
Other Long-Term Liabilities $66.00K $372.0K $402.0K
YoY Change -22.8% 311.35% 321.46%
Total Long-Term Liabilities $4.572M $1.898M $2.070M
YoY Change 176.91% 11.15% 14.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.74M $13.85M $19.12M
Total Long-Term Liabilities $4.572M $1.898M $2.070M
Total Liabilities $20.25M $15.37M $20.79M
YoY Change -26.75% -3.83% 16.81%
SHAREHOLDERS EQUITY
Retained Earnings -$356.2M -$332.7M -$312.6M
YoY Change 32.29% 41.11%
Common Stock $5.000K $5.000K $4.000K
YoY Change 26.29% 26.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.0M $194.5M $184.9M
YoY Change
Total Liabilities & Shareholders Equity $225.3M $209.9M $205.7M
YoY Change -4.91% -18.41% -22.19%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$23.52M -$20.11M -$19.43M
YoY Change -29.83% -19.01% 30.72%
Depreciation, Depletion And Amortization -$141.0K $53.00K $119.0K
YoY Change -241.0% -22.57% 60.81%
Cash From Operating Activities -$15.05M -$16.70M -$13.53M
YoY Change -15.33% -11.74% -30.88%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$19.00K $9.000K
YoY Change -47.41% -99.76% -99.79%
Acquisitions
YoY Change
Other Investing Activities -$25.34M -$48.95M $0.00
YoY Change -236.8% -249.02% -100.0%
Cash From Investing Activities -$25.40M -$48.97M -$9.000K
YoY Change -237.97% -295.31% -100.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.990M
YoY Change -91.25%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.06M 21.58M 3.181M
YoY Change 25663.42% 19.79% -90.76%
NET CHANGE
Cash From Operating Activities -15.05M -16.70M -13.53M
Cash From Investing Activities -25.40M -48.97M -9.000K
Cash From Financing Activities 32.06M 21.58M 3.181M
Net Change In Cash -8.393M -44.09M -10.35M
YoY Change -1202.63% -282.45% -130.44%
FREE CASH FLOW
Cash From Operating Activities -$15.05M -$16.70M -$13.53M
Capital Expenditures -$60.00K -$19.00K $9.000K
Free Cash Flow -$14.99M -$16.69M -$13.54M
YoY Change -15.12% 49.64% -43.08%

Facts In Submission

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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
134000
us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-10000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-233000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1124000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-4051000
alt Increase Decrease In Income Taxes And Tax Incentive Receivable
IncreaseDecreaseInIncomeTaxesAndTaxIncentiveReceivable
490000
alt Increase Decrease In Income Taxes And Tax Incentive Receivable
IncreaseDecreaseInIncomeTaxesAndTaxIncentiveReceivable
-875000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30230000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
63712000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
48949000
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
7424000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
28000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
11900000
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
145000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-48977000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
44243000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
36000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
118000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
24337000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
52356000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
113000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
106000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
350000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
94000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
24764000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
52438000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-54443000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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58185000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
115952000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
135892000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
174137000
alt Common Stock Issued Related To Contingent Consideration Liability
CommonStockIssuedRelatedToContingentConsiderationLiability
6176000
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 and six months ended June 30, 2022. However, actual results could differ from those estimates and there may be changes to the Company’s estimates in future periods.</p>
CY2022Q2 us-gaap Short Term Investments
ShortTermInvestments
48898000
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
49018000
CY2022Q2 us-gaap Debt Securities Available For Sale Accumulated Gross Unrealized Gain Loss Before Tax
DebtSecuritiesAvailableForSaleAccumulatedGrossUnrealizedGainLossBeforeTax
-120000
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
48898000
CY2022Q2 alt Assets Or Liabilities Measured At Fair Value On Non Recurring Basis
AssetsOrLiabilitiesMeasuredAtFairValueOnNonRecurringBasis
0
alt Non Cancellable Lease Maturity Period
NonCancellableLeaseMaturityPeriod
2026-06
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Payments
OperatingLeasePayments
300000
us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1335000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
1535000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
701000
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
798000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y9M18D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M18D
CY2022Q2 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
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
705000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
396000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1493000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2313000
CY2022Q2 alt Accrued Research And Development
AccruedResearchAndDevelopment
8295000
CY2021Q4 alt Accrued Research And Development
AccruedResearchAndDevelopment
6988000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
431000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
411000
CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
49000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
44000
CY2022Q2 alt Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
10973000
CY2021Q4 alt Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
10152000
CY2021Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
6090000
CY2020Q4 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
5390000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
86000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
-120000
us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
6176000
CY2021Q2 us-gaap Business Combination Contingent Consideration Liability
BusinessCombinationContingentConsiderationLiability
5270000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
904000
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1124000
CY2022Q2 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2021Q4 alt Economic Conditional Incentive Grants
EconomicConditionalIncentiveGrants
250000
CY2022Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
372000
CY2021Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
80000
CY2022Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1526000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1454000
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2776191
alt Warrants Expired
WarrantsExpired
155
alt Number Of Warrants Exercised For Conversion Of Securities
NumberOfWarrantsExercisedForConversionOfSecurities
1760870
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1015166
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.66
CY2022Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P1Y4M24D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3360313
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.57
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3642
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1300590
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y9M18D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2466
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2059723
alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageExercisePrice
8.73
alt Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Outstanding Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedOutstandingWeightedAverageRemainingContractualTerm
P6Y1M6D
CY2022Q2 alt Share Based Compensation Arrangement By Share Based Payment Award Options Nonvested Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonvestedOutstandingIntrinsicValue
1176
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2048000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1485000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4081000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2703000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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