2017 Q1 Form 10-Q Financial Statement

#000137005317000005 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q1
Revenue $0.00 $4.866M
YoY Change -100.0% 18.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.050M $1.220M
YoY Change 68.03% 79.41%
% of Gross Profit
Research & Development $7.935M $4.786M
YoY Change 65.8% 56.41%
% of Gross Profit
Depreciation & Amortization $39.00K $57.00K
YoY Change -31.58% -18.57%
% of Gross Profit
Operating Expenses $9.988M $6.005M
YoY Change 66.33% 60.13%
Operating Profit -$9.988M -$1.139M
YoY Change 776.91%
Interest Expense $428.0K $115.0K
YoY Change 272.17% -204.55%
% of Operating Profit
Other Income/Expense, Net -$1.447M $251.0K
YoY Change -676.49% -141.15%
Pretax Income -$11.44M -$890.0K
YoY Change 1185.39% 134.21%
Income Tax
% Of Pretax Income
Net Earnings -$11.44M -$888.0K
YoY Change 1187.73% 133.68%
Net Earnings / Revenue -18.25%
Basic Earnings Per Share -$0.75 -$0.34
Diluted Earnings Per Share -$0.75 -$0.34
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.5M $49.30M
YoY Change 109.93% 151.53%
Cash & Equivalents $96.75M $49.30M
Short-Term Investments $6.742M
Other Short-Term Assets $1.700M $900.0K
YoY Change 88.89% 0.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $110.2M $51.40M
YoY Change 114.31% 132.58%
LONG-TERM ASSETS
Property, Plant & Equipment $569.0K $500.0K
YoY Change 13.8% -16.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.30M
YoY Change
Other Assets $100.0K $2.800M
YoY Change -96.43% 2700.0%
Total Long-Term Assets $20.96M $3.300M
YoY Change 535.03% 371.43%
TOTAL ASSETS
Total Short-Term Assets $110.2M $51.40M
Total Long-Term Assets $20.96M $3.300M
Total Assets $131.1M $54.70M
YoY Change 139.69% 139.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.546M $700.0K
YoY Change 263.71% 0.0%
Accrued Expenses $4.330M $2.800M
YoY Change 54.64% 300.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.300M $400.0K
YoY Change 225.0% 33.33%
Total Short-Term Liabilities $8.126M $7.100M
YoY Change 14.45% -37.17%
LONG-TERM LIABILITIES
Long-Term Debt $12.70M $4.500M
YoY Change 182.22% -2.17%
Other Long-Term Liabilities $200.0K $1.300M
YoY Change -84.62% 8.33%
Total Long-Term Liabilities $12.90M $5.800M
YoY Change 122.41% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.126M $7.100M
Total Long-Term Liabilities $12.90M $5.800M
Total Liabilities $21.00M $12.90M
YoY Change 62.79% -24.56%
SHAREHOLDERS EQUITY
Retained Earnings -$66.40M
YoY Change
Common Stock $20.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.1M $41.80M
YoY Change
Total Liabilities & Shareholders Equity $131.1M $54.70M
YoY Change 139.69% 139.91%

Cashflow Statement

Concept 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$11.44M -$888.0K
YoY Change 1187.73% 133.68%
Depreciation, Depletion And Amortization $39.00K $57.00K
YoY Change -31.58% -18.57%
Cash From Operating Activities -$8.097M -$2.056M
YoY Change 293.82% -19.06%
INVESTING ACTIVITIES
Capital Expenditures $85.00K $35.00K
YoY Change 142.86% -143.75%
Acquisitions
YoY Change
Other Investing Activities -$27.00M
YoY Change
Cash From Investing Activities -$27.09M -$35.00K
YoY Change 77285.71% -56.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$80.21M $1.000K
YoY Change -8021400.0% -97.5%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $80.70M -$275.0K
YoY Change -29446.91% -787.5%
NET CHANGE
Cash From Operating Activities -$8.097M -$2.056M
Cash From Investing Activities -$27.09M -$35.00K
Cash From Financing Activities $80.70M -$275.0K
Net Change In Cash $45.52M -$2.366M
YoY Change -2024.01% -8.29%
FREE CASH FLOW
Cash From Operating Activities -$8.097M -$2.056M
Capital Expenditures $85.00K $35.00K
Free Cash Flow -$8.182M -$2.091M
YoY Change 291.3% -15.0%

Facts In Submission

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ResearchAndDevelopmentExpense
7935000 USD
CY2016Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
60000 USD
CY2017Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
60000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-54923000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66400000 USD
CY2017Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-66399000 USD
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
4866000 USD
CY2017Q1 us-gaap Sales Revenue Net
SalesRevenueNet
0 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1204923 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
13823 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
7.15
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
934141 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
47184000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1879428 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2722883 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.34
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.42
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.63
CY2017Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
22.13
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y1M25D
CY2017Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
76863 shares
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
-38248000 USD
CY2017Q1 us-gaap Stockholders Equity
StockholdersEquity
110115000 USD
CY2017Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.1429
CY2016Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2629000 shares
CY2017Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15295000 shares
CY2017Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents and certain investments in money market funds, agency securities, commercial paper and U.S. treasury securities. Bank deposits are diversified between </font><font style="font-family:inherit;font-size:10pt;">three</font><font style="font-family:inherit;font-size:10pt;"> financial institutions and these deposits may exceed insured limits. We are exposed to credit risk in the event of default by the financial institutions holding our cash and cash equivalents and issuers of investments that are recorded on our consolidated balance sheets. We mitigate our risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits our exposure.</font></div></div>
CY2017Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Description of the Business </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AnaptysBio, Inc. (&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our,&#8221; or the &#8220;Company&#8221;) was incorporated in the state of Delaware in November 2005. We are a biotechnology company developing first-in-class antibody product candidates focused on unmet medical needs in inflammation. We develop our product candidates using our proprietary, antibody discovery technology platform, which is designed to replicate, in vitro, the natural process of antibody generation. We currently generate revenue from our collaborative research and development arrangements. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Since our inception, we have devoted our primary effort to raising capital and research and development activities, and at </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, have an accumulated deficit of </font><font style="font-family:inherit;font-size:10pt;">$66.4 million</font><font style="font-family:inherit;font-size:10pt;">. Through </font><font style="font-family:inherit;font-size:10pt;">March&#160;31, 2017</font><font style="font-family:inherit;font-size:10pt;">, all of our financial support has been provided primarily from the sale of our common and preferred stock, proceeds from the issuance of convertible debt and funds received under our collaborative research and development agreements. Going forward, as we continue our expansion, we may seek additional financing and/or strategic investments. However, there can be no assurance that any additional financing or strategic investments will be available to us on acceptable terms, if at all. If events or circumstances occur such that we do not obtain additional funding, we will most likely be required to reduce our plans and/or certain discretionary spending, which could have a material adverse effect on our ability to achieve our intended business objectives. The accompanying consolidated financial statements do not include any adjustments that might be necessary if we are unable to continue as a going concern.</font></div><div style="line-height:120%;padding-top:24px;text-align:left;padding-left:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Initial Public Offering and Related Transactions</font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">On January 31, 2017, we completed an initial public offering, or IPO, selling </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">5,750,000</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> shares of common stock at </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">$15.00</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"> per share. Proceeds from our initial public offering net of underwriting discounts and commissions were </font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">$80.2 million</font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">.</font></div><div style="line-height:120%;padding-top:16px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">In addition, each of the following occurred in connection with the completion of the IPO on January 31, 2017:</font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:66px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:30px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the conversion of all outstanding shares of convertible preferred stock into </font><font style="font-family:inherit;font-size:10pt;">11,520,698</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:65px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:32px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">the conversion of warrants to purchase </font><font style="font-family:inherit;font-size:10pt;">377,195</font><font style="font-family:inherit;font-size:10pt;"> shares of convertible preferred stock into warrants to purchase </font><font style="font-family:inherit;font-size:10pt;">377,195</font><font style="font-family:inherit;font-size:10pt;"> shares of common stock and the resultant reclassification of the warrant liability to additional paid-in capital.</font></div></td></tr></table><div style="line-height:120%;text-align:left;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;text-indent:18px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Reverse Stock Split </font></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">On January&#160;13, 2017, we amended and restated our certificate of incorporation to effect a </font><font style="font-family:inherit;font-size:10pt;">one</font><font style="font-family:inherit;font-size:10pt;"> for </font><font style="font-family:inherit;font-size:10pt;">seven</font><font style="font-family:inherit;font-size:10pt;"> reverse stock split of every outstanding share of our preferred and common stock. The financial statements and accompanying footnotes have been retroactively restated to reflect the reverse stock split.</font></div></div>
CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:33px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. We base our estimates and assumptions on historical experience when available and on various factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results could differ from these estimates under different assumptions or conditions.</font></div></div>

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