2020 Q1 Form 10-Q Financial Statement

#000137005320000026 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $15.00M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.290M $4.140M
YoY Change 3.62% 4.81%
% of Gross Profit
Research & Development $20.97M $20.63M
YoY Change 1.63% 74.69%
% of Gross Profit
Depreciation & Amortization $140.0K $115.0K
YoY Change 21.74% 112.96%
% of Gross Profit
Operating Expenses $25.25M $24.77M
YoY Change 1.94% 57.21%
Operating Profit -$10.25M -$24.77M
YoY Change -58.61% 57.21%
Interest Expense $0.00 $320.0K
YoY Change -100.0% -29.05%
% of Operating Profit
Other Income/Expense, Net $1.991M $2.675M
YoY Change -25.57% 298.66%
Pretax Income -$8.262M -$22.10M
YoY Change -62.61% 46.47%
Income Tax $0.00 -$19.00K
% Of Pretax Income
Net Earnings -$8.262M -$22.08M
YoY Change -62.58% 46.35%
Net Earnings / Revenue -55.08%
Basic Earnings Per Share -$0.82
Diluted Earnings Per Share -$303.0K -$0.82
COMMON SHARES
Basic Shares Outstanding 27.27M shares 26.99M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $362.5M $415.7M
YoY Change -12.79% 67.5%
Cash & Equivalents $165.3M $105.9M
Short-Term Investments $197.2M $309.8M
Other Short-Term Assets $3.600M $6.100M
YoY Change -40.98% 177.27%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $371.1M $421.9M
YoY Change -12.06% 67.47%
LONG-TERM ASSETS
Property, Plant & Equipment $1.610M $1.584M
YoY Change 1.64% 140.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.20M $68.60M
YoY Change -26.82% 10.82%
Other Assets $1.293M $2.089M
YoY Change -38.1% 622.84%
Total Long-Term Assets $53.18M $72.28M
YoY Change -26.43% 14.93%
TOTAL ASSETS
Total Short-Term Assets $371.1M $421.9M
Total Long-Term Assets $53.18M $72.28M
Total Assets $424.2M $494.2M
YoY Change -14.16% 56.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.571M $9.072M
YoY Change -5.52% 275.5%
Accrued Expenses $13.78M $8.400M
YoY Change 64.06% 90.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.500M
YoY Change -100.0% -13.33%
Total Short-Term Liabilities $23.25M $24.75M
YoY Change -6.08% 72.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $419.0K $1.317M
YoY Change -68.19% 1217.0%
Total Long-Term Liabilities $419.0K $1.317M
YoY Change -68.19% -77.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.25M $24.75M
Total Long-Term Liabilities $419.0K $1.317M
Total Liabilities $23.67M $26.07M
YoY Change -9.21% 28.43%
SHAREHOLDERS EQUITY
Retained Earnings -$252.3M -$168.8M
YoY Change 49.49% 68.57%
Common Stock $27.00K $27.00K
YoY Change 0.0% 12.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $400.6M $468.2M
YoY Change
Total Liabilities & Shareholders Equity $424.2M $494.2M
YoY Change -14.16% 56.98%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$8.262M -$22.08M
YoY Change -62.58% 46.35%
Depreciation, Depletion And Amortization $140.0K $115.0K
YoY Change 21.74% 112.96%
Cash From Operating Activities -$15.11M -$16.10M
YoY Change -6.13% 29.02%
INVESTING ACTIVITIES
Capital Expenditures $87.00K $180.0K
YoY Change -51.67% -22.41%
Acquisitions
YoY Change
Other Investing Activities $10.84M $9.840M
YoY Change 10.16% 313.45%
Cash From Investing Activities $10.75M $9.657M
YoY Change 11.33% 350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.339M -$1.301M
YoY Change 2.92% -5.93%
NET CHANGE
Cash From Operating Activities -$15.11M -$16.10M
Cash From Investing Activities $10.75M $9.657M
Cash From Financing Activities -$1.339M -$1.301M
Net Change In Cash -$5.700M -$7.743M
YoY Change -26.39% -33.91%
FREE CASH FLOW
Cash From Operating Activities -$15.11M -$16.10M
Capital Expenditures $87.00K $180.0K
Free Cash Flow -$15.20M -$16.28M
YoY Change -6.63% 28.08%

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CY2020Q1 us-gaap Nature Of Operations
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Description of the Business <div style="line-height:120%;padding-top:8px;text-indent:42px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">AnaptysBio, Inc. (“we,” “us,” “our,” or the “Company”) was incorporated in the state of Delaware in November 2005. We are a clinical stage biotechnology company developing first-in-class immunology therapeutic product candidates to patients. We are focused on emerging immune control mechanisms applicable to inflammation and immuno-oncology indications. We develop our product candidates using our proprietary antibody discovery technology platform, which is based upon a breakthrough understanding of the natural process of antibody generation, known as somatic hypermutation, or SHM, and replicates this natural process of antibody generation </span><span style="font-family:inherit;font-size:10pt;font-style:italic;">in vitro</span><span style="font-family:inherit;font-size:10pt;">. We currently generate revenue from milestones achieved under our collaborative research and development arrangements. </span></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:48px;font-size:10pt;"><span 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.</span></div>
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;padding-top:24px;text-align:left;padding-left:18px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates </span></div><div style="line-height:120%;padding-top:8px;text-align:left;text-indent:33px;font-size:10pt;"><span 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. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international markets. Our actual results could differ from these estimates under different assumptions or conditions.</span></div>
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
494000 USD
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6413000 USD
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6297000 USD
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4803000 USD
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4679000 USD
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1610000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1618000 USD
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1363000 USD
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2152000 USD
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
435000 USD
CY2020Q1 anab Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
11689000 USD
CY2019Q4 anab Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
8196000 USD
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
235000 USD
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
269000 USD
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13781000 USD
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11052000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
246029000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1384000 USD
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
32000 USD
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
247381000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
36279000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
32000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
36279000 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
32000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
23594000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
6000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
0 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
23594000 USD
CY2019Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss
6000 USD
CY2020Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000 shares
CY2020Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
27277115 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2866929 shares
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6982943 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3039880 shares
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
29.40
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
115550 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
15.88
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
22033 shares
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.66
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
266468 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
37.14
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2866929 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
28.35
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6683000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1423084 shares
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
26.04
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y3M29D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6565000 USD
CY2020Q1 anab Sharebased Compensation And Issuance Of Stock And Warrants For Services Or Claims
SharebasedCompensationAndIssuanceOfStockAndWarrantsForServicesOrClaims
2975000 USD
CY2019Q1 anab Sharebased Compensation And Issuance Of Stock And Warrants For Services Or Claims
SharebasedCompensationAndIssuanceOfStockAndWarrantsForServicesOrClaims
2867000 USD
CY2020Q1 anab Employee And Nonemployee Service Sharebased Compensation Nonvested Awards Compensation Not Yet Recognized Stock Options
EmployeeAndNonemployeeServiceSharebasedCompensationNonvestedAwardsCompensationNotYetRecognizedStockOptions
27700000 USD
CY2020Q1 anab Lessee Operating Lease Number
LesseeOperatingLeaseNumber
2 lease
CY2020Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P1Y6M
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0859
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1213000 USD
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1402000 USD
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
898000 USD
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
871000 USD
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
419000 USD
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
654000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
220000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
220000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
239000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
231000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
729000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
676000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1405000 USD
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
88000 USD
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1317000 USD

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