$ASMB
Assembly Biosciences Inc

2019 Q3 Form 10-Q Financial Statement

#000095012319010301 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $4.231M $3.735M $4.286M
YoY Change -1.28% 12.67% 61.15%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.490M $8.810M $7.750M
YoY Change 9.55% 76.2% 85.41%
% of Gross Profit
Research & Development $21.74M $21.25M $19.11M
YoY Change 13.77% 100.47% 74.84%
% of Gross Profit
Depreciation & Amortization $100.0K $170.0K $200.0K
YoY Change -50.0% 70.0% 377.94%
% of Gross Profit
Operating Expenses $30.22M $30.06M $26.86M
YoY Change 12.52% 92.67% 145.77%
Operating Profit -$22.58M
YoY Change 81.33%
Interest Expense $980.0K $1.300M $1.030M
YoY Change -4.85% 293.94% 635.71%
% of Operating Profit
Other Income/Expense, Net $0.00 $1.034M
YoY Change -100.0% 626.85%
Pretax Income -$25.01M -$25.02M -$21.54M
YoY Change 16.1% 109.37% 75.02%
Income Tax -$15.00K $1.140M -$6.000K
% Of Pretax Income
Net Earnings -$25.00M -$26.16M -$21.54M
YoY Change 16.07% 770.0% 75.48%
Net Earnings / Revenue -590.76% -700.43% -502.47%
Basic Earnings Per Share -$0.96 -$0.87
Diluted Earnings Per Share -$0.96 -$1.026M -$0.87
COMMON SHARES
Basic Shares Outstanding 25.71M 25.46M shares 25.45M shares
Diluted Shares Outstanding 25.91M 24.88M

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.9M $218.1M $233.9M
YoY Change -32.9% 81.88% 252.79%
Cash & Equivalents $24.87M $41.47M $119.8M
Short-Term Investments $132.1M $176.6M $114.2M
Other Short-Term Assets $5.400M $2.000M $3.300M
YoY Change 63.64% 122.22% 230.0%
Inventory
Prepaid Expenses
Receivables $2.900M $2.400M $2.590M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $165.3M $222.5M $239.9M
YoY Change -31.09% 80.72% 249.16%
LONG-TERM ASSETS
Property, Plant & Equipment $1.931M $557.0K $515.8K
YoY Change 274.37% -35.23% -14.03%
Goodwill $12.64M $12.64M
YoY Change 0.0%
Intangibles $29.00M
YoY Change
Long-Term Investments $1.000M
YoY Change -28.57%
Other Assets $1.700M $3.348M
YoY Change 884.71%
Total Long-Term Assets $58.00M $45.54M $43.10M
YoY Change 34.56% -1.39% -1.28%
TOTAL ASSETS
Total Short-Term Assets $165.3M $222.5M $239.9M
Total Long-Term Assets $58.00M $45.54M $43.10M
Total Assets $223.3M $268.0M $283.0M
YoY Change -21.09% 58.32% 151.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.700M $3.693M $3.000M
YoY Change -10.0% 75.86% 233.33%
Accrued Expenses $9.430M $9.679M $6.517M
YoY Change 44.7% 57.66% 1.83%
Deferred Revenue $6.151M $5.100M
YoY Change -88.86%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.50M $18.47M $14.61M
YoY Change 47.15% 36.91% 19.75%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.10M $35.70M $36.80M
YoY Change 14.4% -12.07% -11.96%
Total Long-Term Liabilities $42.10M $38.92M $38.93M
YoY Change 8.13% -8.84% -26.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.50M $18.47M $14.61M
Total Long-Term Liabilities $42.10M $38.92M $38.93M
Total Liabilities $66.90M $57.39M $53.54M
YoY Change 24.94% 2.15% -17.88%
SHAREHOLDERS EQUITY
Retained Earnings -$341.8M -$315.6M
YoY Change 36.15%
Common Stock $552.8M $25.46K
YoY Change 2763835.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.5M $210.7M $229.4M
YoY Change
Total Liabilities & Shareholders Equity $223.3M $268.0M $283.0M
YoY Change -21.09% 58.32% 151.98%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$25.00M -$26.16M -$21.54M
YoY Change 16.07% 770.0% 75.48%
Depreciation, Depletion And Amortization $100.0K $170.0K $200.0K
YoY Change -50.0% 70.0% 377.94%
Cash From Operating Activities -$18.60M -$16.73M -$16.68M
YoY Change 11.51% 71.24% 52.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$210.0K -$40.00K
YoY Change -100.0% -41.67% -92.0%
Acquisitions
YoY Change
Other Investing Activities $7.820M -$61.95M -$73.56M
YoY Change -110.63% 4629.01% 7183.17%
Cash From Investing Activities $7.810M -$62.16M -$73.60M
YoY Change -110.61% 3622.16% 4774.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.380M 600.0K 155.9M
YoY Change -99.11% -99.09% 59842.31%
NET CHANGE
Cash From Operating Activities -18.60M -16.73M -16.68M
Cash From Investing Activities 7.810M -62.16M -73.60M
Cash From Financing Activities 1.380M 600.0K 155.9M
Net Change In Cash -9.410M -78.29M 65.57M
YoY Change -114.35% -242.89% -637.02%
FREE CASH FLOW
Cash From Operating Activities -$18.60M -$16.73M -$16.68M
Capital Expenditures $0.00 -$210.0K -$40.00K
Free Cash Flow -$18.60M -$16.52M -$16.64M
YoY Change 11.78% 75.56% 59.08%

Facts In Submission

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<p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include revenue recognition, clinical trial accruals, recoverability and useful lives (indefinite or finite) of intangible assets, assessment of impairment of goodwill, provisions for income taxes, amounts receivable and recognized as revenue under the Collaboration Agreement, measurement of operating lease liabilities, and the fair value of stock options, stock appreciation rights, and restricted stock units (RSUs) granted to employees, directors and consultants.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that these external factors could have an effect on the Company’s estimates and could cause actual results to differ from those estimates and assumptions.</p>
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Depreciation
400000
CY2018Q3 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
500000
CY2019Q3 asmb Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
4321000
CY2018Q4 asmb Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
3561000
CY2019Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1067000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1107000
CY2019Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9430000
CY2018Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9679000
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4042000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5011000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1900000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
1900000
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
3000000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Number Of Shares Per Employee
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumNumberOfSharesPerEmployee
400000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5404000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6006000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14049000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21678000
CY2019Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2900000
CY2018Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2400000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
40660000
asmb Contract With Customer Liability In Additions
ContractWithCustomerLiabilityInAdditions
0
asmb Contract With Customer Liability In Deduction
ContractWithCustomerLiabilityInDeduction
2241000
CY2019Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
38419000
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
45785000
asmb Contract With Customer Liability In Additions
ContractWithCustomerLiabilityInAdditions
0
asmb Contract With Customer Liability In Deduction
ContractWithCustomerLiabilityInDeduction
3861000
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
41924000
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1245000
CY2018Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1666000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2241000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3861000
CY2019Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2018Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0
CY2019Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
800000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13000000.0
CY2019Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
12800000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1136000
us-gaap Operating Lease Cost
OperatingLeaseCost
3344000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
301000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
88000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
520000
us-gaap Variable Lease Cost
VariableLeaseCost
900000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1525000
us-gaap Lease Cost
LeaseCost
4764000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1089000
us-gaap Operating Lease Payments
OperatingLeasePayments
3188000
CY2019Q3 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
928000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1328000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1100000
us-gaap Operating Lease Cost
OperatingLeaseCost
3300000
CY2018Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
800000
us-gaap Operating Lease Cost
OperatingLeaseCost
2300000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M24D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.094
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4361000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4072000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3532000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3331000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
806000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
16102000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3055000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13047000

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