2019 Q2 Form 10-Q Financial Statement

#000137005319000019 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $5.000M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.310M $4.140M $3.950M
YoY Change 12.53% 4.81% 92.68%
% of Gross Profit
Research & Development $27.35M $20.63M $11.81M
YoY Change 158.43% 74.69% 48.83%
% of Gross Profit
Depreciation & Amortization $120.0K $115.0K $54.00K
YoY Change 71.43% 112.96% 38.46%
% of Gross Profit
Operating Expenses $31.66M $24.77M $15.76M
YoY Change 119.61% 57.21% 57.76%
Operating Profit -$26.66M -$24.77M -$15.76M
YoY Change 84.93% 57.21% 57.76%
Interest Expense $281.0K $320.0K $451.0K
YoY Change -35.55% -29.05% 5.37%
% of Operating Profit
Other Income/Expense, Net $2.635M $2.675M $671.0K
YoY Change 230.61% 298.66% -146.37%
Pretax Income -$24.02M -$22.10M -$15.09M
YoY Change 76.4% 46.47% 31.87%
Income Tax -$60.00K -$19.00K $0.00
% Of Pretax Income
Net Earnings -$23.96M -$22.08M -$15.09M
YoY Change 75.96% 46.35% 31.93%
Net Earnings / Revenue -479.24%
Basic Earnings Per Share -$0.89 -$0.82 -$0.63
Diluted Earnings Per Share -$0.89 -$0.82 -$0.63
COMMON SHARES
Basic Shares Outstanding 27.02M shares 26.99M shares 23.81M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $422.2M $415.7M $248.2M
YoY Change 57.6% 67.5% 139.78%
Cash & Equivalents $146.6M $105.9M $69.47M
Short-Term Investments $275.7M $309.8M $178.7M
Other Short-Term Assets $3.800M $6.100M $2.200M
YoY Change 0.0% 177.27% 29.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $431.0M $421.9M $251.9M
YoY Change 58.56% 67.47% 128.72%
LONG-TERM ASSETS
Property, Plant & Equipment $1.481M $1.584M $659.0K
YoY Change 36.37% 140.36% 15.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $45.70M $68.60M $61.90M
YoY Change 39.76% 10.82% 204.93%
Other Assets $1.913M $2.089M $289.0K
YoY Change 494.1% 622.84% 189.0%
Total Long-Term Assets $49.16M $72.28M $62.89M
YoY Change 43.75% 14.93% 200.11%
TOTAL ASSETS
Total Short-Term Assets $431.0M $421.9M $251.9M
Total Long-Term Assets $49.16M $72.28M $62.89M
Total Assets $480.1M $494.2M $314.8M
YoY Change 56.9% 56.98% 140.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.92M $9.072M $2.416M
YoY Change 146.75% 275.5% -5.11%
Accrued Expenses $14.10M $8.400M $4.405M
YoY Change 191.54% 90.69% 1.73%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.800M $6.500M $7.500M
YoY Change -36.0% -13.33% 476.92%
Total Short-Term Liabilities $30.62M $24.75M $14.34M
YoY Change 82.39% 72.59% 76.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $5.800M
YoY Change -100.0% -100.0% -54.33%
Other Long-Term Liabilities $1.105M $1.317M $100.0K
YoY Change 1005.0% 1217.0% -50.0%
Total Long-Term Liabilities $1.105M $1.317M $5.900M
YoY Change -73.69% -77.68% -54.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.62M $24.75M $14.34M
Total Long-Term Liabilities $1.105M $1.317M $5.900M
Total Liabilities $31.73M $26.07M $20.30M
YoY Change 51.09% 28.43% -3.33%
SHAREHOLDERS EQUITY
Retained Earnings -$192.7M -$168.8M -$100.1M
YoY Change 69.51% 68.57% 50.79%
Common Stock $27.00K $27.00K $24.00K
YoY Change 12.5% 12.5% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $448.4M $468.2M $294.5M
YoY Change
Total Liabilities & Shareholders Equity $480.1M $494.2M $314.8M
YoY Change 56.9% 56.98% 140.13%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$23.96M -$22.08M -$15.09M
YoY Change 75.96% 46.35% 31.93%
Depreciation, Depletion And Amortization $120.0K $115.0K $54.00K
YoY Change 71.43% 112.96% 38.46%
Cash From Operating Activities -$15.52M -$16.10M -$12.48M
YoY Change 74.77% 29.02% 54.11%
INVESTING ACTIVITIES
Capital Expenditures -$240.0K $180.0K $232.0K
YoY Change -22.58% -22.41% 172.94%
Acquisitions
YoY Change
Other Investing Activities $58.11M $9.840M $2.380M
YoY Change -2205.43% 313.45% -108.81%
Cash From Investing Activities $57.87M $9.657M $2.146M
YoY Change -1985.02% 350.0% -107.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.660M -$1.301M -$1.383M
YoY Change 245.83% -5.93% -101.71%
NET CHANGE
Cash From Operating Activities -15.52M -$16.10M -$12.48M
Cash From Investing Activities 57.87M $9.657M $2.146M
Cash From Financing Activities -1.660M -$1.301M -$1.383M
Net Change In Cash 40.69M -$7.743M -$11.72M
YoY Change -427.35% -33.91% -125.73%
FREE CASH FLOW
Cash From Operating Activities -$15.52M -$16.10M -$12.48M
Capital Expenditures -$240.0K $180.0K $232.0K
Free Cash Flow -$15.28M -$16.28M -$12.71M
YoY Change 78.3% 28.08% 55.34%

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CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
7000 USD
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
280000 USD
CY2019Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
32203000 USD
CY2019Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
79763000 USD
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
232000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
180000 USD
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2019Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000 shares
CY2019Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2018Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2018Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2019Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2019Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6960000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6102000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
34581000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
89600000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
72000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
574000 USD
CY2018Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
75000 USD
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5642000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5889000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1445000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1584000 USD
CY2018Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1250000 USD
CY2019Q1 us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
1875000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11810000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
20631000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
60000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
60000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-146690000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-168768000 USD
CY2018Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0 USD
CY2019Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1329165 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
18.01
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
38740 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
72.63
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
516300 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
102787000 USD
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2152455 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2545544 shares
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.55
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
35.94
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.79
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
68.90
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
76301000 USD
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y4M8D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M18D
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
84471 shares
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
72000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
574000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
307581000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
294527000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
486365000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
468155000 USD
CY2018Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
83000 USD
CY2019Q1 us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
1028000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23801000 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26981000 shares
CY2019Q1 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%;padding-top:8px;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, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">in vitro</font><font style="font-family:inherit;font-size:10pt;">, the natural process of antibody generation. We currently generate revenue from milestones achieved under our collaborative research and development arrangements. </font></div><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;">Since our inception, we have devoted our primary effort to raising capital and research and development activities. Our financial support has been provided primarily from the sale of our common and preferred stock, as well as through 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. Management believes its currently available resources will provide sufficient funds to enable the Company to meet its operating plans for at least the next twelve months. 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>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><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;">Use of Estimates </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;">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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