$ASMB
ASSEMBLY BIOSCIENCES, INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020051470 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $34.61M $4.767M $4.231M
YoY Change 718.03% 27.63% -1.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.69M $10.83M $8.490M
YoY Change 37.69% 22.93% 9.55%
% of Gross Profit
Research & Development $26.94M $22.62M $21.74M
YoY Change 23.92% 6.45% 13.77%
% of Gross Profit
Depreciation & Amortization $100.0K $110.0K $100.0K
YoY Change 0.0% -35.29% -50.0%
% of Gross Profit
Operating Expenses $38.63M $33.45M $30.22M
YoY Change 27.81% 11.29% 12.52%
Operating Profit
YoY Change
Interest Expense $670.0K $860.0K $980.0K
YoY Change -31.63% -33.85% -4.85%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$3.350M -$27.83M -$25.01M
YoY Change -86.61% 11.23% 16.1%
Income Tax -$740.0K -$15.00K
% Of Pretax Income
Net Earnings -$3.349M -$27.08M -$25.00M
YoY Change -86.6% 3.53% 16.07%
Net Earnings / Revenue -9.68% -568.16% -590.76%
Basic Earnings Per Share -$0.09 -$0.96
Diluted Earnings Per Share -$0.09 -$976.2K -$0.96
COMMON SHARES
Basic Shares Outstanding 25.71M
Diluted Shares Outstanding 25.91M

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.9M $274.0M $156.9M
YoY Change 51.59% 25.66% -32.9%
Cash & Equivalents $58.31M $46.73M $24.87M
Short-Term Investments $179.6M $227.3M $132.1M
Other Short-Term Assets $4.900M $5.400M $5.400M
YoY Change -9.26% 170.0% 63.64%
Inventory
Prepaid Expenses
Receivables $3.600M $3.374M $2.900M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $246.4M $282.8M $165.3M
YoY Change 49.06% 27.09% -31.09%
LONG-TERM ASSETS
Property, Plant & Equipment $1.904M $1.830M $1.931M
YoY Change -1.4% 228.55% 274.37%
Goodwill $12.64M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.000M $1.684M $1.700M
YoY Change 252.94% -49.7%
Total Long-Term Assets $59.90M $57.13M $58.00M
YoY Change 3.28% 25.44% 34.56%
TOTAL ASSETS
Total Short-Term Assets $246.4M $282.8M $165.3M
Total Long-Term Assets $59.90M $57.13M $58.00M
Total Assets $306.3M $339.9M $223.3M
YoY Change 37.17% 26.81% -21.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.600M $1.731M $2.700M
YoY Change -40.74% -53.13% -10.0%
Accrued Expenses $7.404M $8.286M $9.430M
YoY Change -21.48% -14.39% 44.7%
Deferred Revenue $6.411M $6.151M
YoY Change 25.71%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.80M $24.44M $21.50M
YoY Change -21.85% 32.31% 47.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.40M $39.70M $42.10M
YoY Change -61.05% 11.2% 14.4%
Total Long-Term Liabilities $16.40M $39.70M $42.10M
YoY Change -61.05% 2.0% 8.13%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.80M $24.44M $21.50M
Total Long-Term Liabilities $16.40M $39.70M $42.10M
Total Liabilities $35.80M $66.69M $66.90M
YoY Change -46.49% 16.2% 24.94%
SHAREHOLDERS EQUITY
Retained Earnings -$439.4M
YoY Change 28.57%
Common Stock $712.8M
YoY Change 28.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $270.5M $273.2M $156.5M
YoY Change
Total Liabilities & Shareholders Equity $306.3M $339.9M $223.3M
YoY Change 37.17% 26.81% -21.09%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$3.349M -$27.08M -$25.00M
YoY Change -86.6% 3.53% 16.07%
Depreciation, Depletion And Amortization $100.0K $110.0K $100.0K
YoY Change 0.0% -35.29% -50.0%
Cash From Operating Activities $10.64M -$20.53M -$18.60M
YoY Change -157.2% 22.71% 11.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K $0.00
YoY Change -95.24% -100.0%
Acquisitions
YoY Change
Other Investing Activities -$49.88M -$95.00M $7.820M
YoY Change -737.85% 53.35% -110.63%
Cash From Investing Activities -$49.88M -$95.02M $7.810M
YoY Change -738.67% 52.86% -110.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 840.0K 137.4M 1.380M
YoY Change -39.13% 22803.33% -99.11%
NET CHANGE
Cash From Operating Activities 10.64M -20.53M -18.60M
Cash From Investing Activities -49.88M -95.02M 7.810M
Cash From Financing Activities 840.0K 137.4M 1.380M
Net Change In Cash -38.40M 21.87M -9.410M
YoY Change 308.08% -127.93% -114.35%
FREE CASH FLOW
Cash From Operating Activities $10.64M -$20.53M -$18.60M
Capital Expenditures $0.00 -$10.00K $0.00
Free Cash Flow $10.64M -$20.52M -$18.60M
YoY Change -157.2% 24.21% 11.78%

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 Company’s collaboration agreements, 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 materially from those estimates and assumptions.</p>
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CY2020Q3 asmb Initial Public Offering Value Of Shares Authorized
InitialPublicOfferingValueOfSharesAuthorized
300000000.0
CY2020Q3 asmb Initial Public Offering Value Of Shares Authorized
InitialPublicOfferingValueOfSharesAuthorized
300000000.0
CY2020Q3 asmb Common Stock Remaining Shares Available For Sale
CommonStockRemainingSharesAvailableForSale
21400000
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2424242
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2439538
CY2019Q3 asmb Number Of Warrants Exercised
NumberOfWarrantsExercised
0
asmb Number Of Warrants Exercised
NumberOfWarrantsExercised
0
asmb Number Of Warrants Exercised
NumberOfWarrantsExercised
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000.0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1600000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6048000
CY2019Q3 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
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18106000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14049000
CY2020Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
8987000
us-gaap Operating Lease Cost
OperatingLeaseCost
3344000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
520000
us-gaap Variable Lease Cost
VariableLeaseCost
900000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
27800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
37048000
asmb Contract With Customer Liability In Additions
ContractWithCustomerLiabilityInAdditions
40000000
asmb Contract With Customer Liability In Deduction
ContractWithCustomerLiabilityInDeduction
68061000
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
CY2020Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
800000
CY2020Q3 asmb Performance Milestone Payment
PerformanceMilestonePayment
100000
asmb Performance Milestone Payment
PerformanceMilestonePayment
100000
CY2020Q3 asmb Sublicensing Fee
SublicensingFee
700000
asmb Sublicensing Fee
SublicensingFee
700000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10800000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10400000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1164000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1136000
us-gaap Operating Lease Cost
OperatingLeaseCost
3463000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
101000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
88000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
301000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
409000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
301000
us-gaap Variable Lease Cost
VariableLeaseCost
1101000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1674000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1525000
us-gaap Lease Cost
LeaseCost
4865000
us-gaap Lease Cost
LeaseCost
4764000
us-gaap Operating Lease Payments
OperatingLeasePayments
3382000
us-gaap Operating Lease Payments
OperatingLeasePayments
3188000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1063000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
15261000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y8M12D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.093
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.094
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1208000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4182000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3818000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3436000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
12644000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1871000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
10773000

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