$AVTE
Aerovate Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000179874923000015 Filed on March 29, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.151M $3.631M $14.62M
YoY Change 10.28% 12.69% 81.89%
% of Gross Profit
Research & Development $13.49M $12.22M $38.62M
YoY Change 85.91% 142.19% 157.7%
% of Gross Profit
Depreciation & Amortization $21.00K $20.00K $68.00K
YoY Change 90.91% 150.0% 353.33%
% of Gross Profit
Operating Expenses $17.64M $15.85M $53.24M
YoY Change 60.08% 91.73% 131.24%
Operating Profit -$17.64M -$53.24M
YoY Change 60.08% 131.24%
Interest Expense $1.120M $932.0K $1.830M
YoY Change 927.52% 1882.98%
% of Operating Profit
Other Income/Expense, Net $1.119M -$77.00K $1.751M
YoY Change -7800.0% -58466.67%
Pretax Income -$16.52M -$15.00M -$51.49M
YoY Change 51.42% 82.45% 124.24%
Income Tax $25.00K $25.00K
% Of Pretax Income
Net Earnings -$16.52M -$15.02M -$51.51M
YoY Change 51.42% 82.68% 124.32%
Net Earnings / Revenue
Basic Earnings Per Share -$0.67 -$2.10
Diluted Earnings Per Share -$0.67 -$0.61 -$2.10
COMMON SHARES
Basic Shares Outstanding 24.81M 24.61M 24.47M
Diluted Shares Outstanding 24.78M 24.47M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $118.9M $129.2M $129.2M
YoY Change -26.16% -22.8% -22.8%
Cash & Equivalents $26.57M $22.40M
Short-Term Investments $92.36M $106.8M $106.8M
Other Short-Term Assets $1.640M $2.276M $2.276M
YoY Change -65.93% -67.29% -67.29%
Inventory
Prepaid Expenses $1.114M $1.503M
Receivables
Other Receivables
Total Short-Term Assets $120.6M $131.5M $131.5M
YoY Change -27.32% -24.57% -24.57%
LONG-TERM ASSETS
Property, Plant & Equipment $267.0K $242.0K $1.245M
YoY Change -66.07% 30.11% 71.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.649M $2.560M $2.560M
YoY Change 710.09% 747.68% 747.68%
Total Long-Term Assets $3.824M $3.805M $3.805M
YoY Change 243.27% 269.42% 269.42%
TOTAL ASSETS
Total Short-Term Assets $120.6M $131.5M $131.5M
Total Long-Term Assets $3.824M $3.805M $3.805M
Total Assets $124.4M $135.3M $135.3M
YoY Change -25.51% -22.85% -22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.726M $2.575M $2.575M
YoY Change 65.07% 113.16% 113.16%
Accrued Expenses $5.659M $4.827M $4.827M
YoY Change 253.91% 302.59% 302.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.64M $7.782M $7.782M
YoY Change 126.17% 205.18% 205.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $661.0K $776.0K $776.0K
YoY Change 89.4% 96.46% 96.46%
Total Long-Term Liabilities $661.0K $776.0K $776.0K
YoY Change 89.4% 96.46% 96.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.64M $7.782M $7.782M
Total Long-Term Liabilities $661.0K $776.0K $776.0K
Total Liabilities $11.30M $8.558M $8.558M
YoY Change 123.63% 190.59% 190.59%
SHAREHOLDERS EQUITY
Retained Earnings -$104.4M -$87.90M
YoY Change 141.54%
Common Stock $2.000K $2.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.1M $126.7M $126.7M
YoY Change
Total Liabilities & Shareholders Equity $124.4M $135.3M $135.3M
YoY Change -25.51% -22.85% -22.85%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$16.52M -$15.02M -$51.51M
YoY Change 51.42% 82.68% 124.32%
Depreciation, Depletion And Amortization $21.00K $20.00K $68.00K
YoY Change 90.91% 150.0% 353.33%
Cash From Operating Activities -$11.42M -$14.86M -$39.12M
YoY Change 101.8% 13.53% 42.79%
INVESTING ACTIVITIES
Capital Expenditures $16.00K $4.000K $195.0K
YoY Change -157.14% -104.71% -207.73%
Acquisitions
YoY Change
Other Investing Activities $15.39M $14.49M $7.121M
YoY Change -175.55% -112.79% -106.29%
Cash From Investing Activities $15.38M $14.49M $6.926M
YoY Change -175.37% -112.78% -106.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 223.0K 357.0K 396.0K
YoY Change -242.8% -99.79%
NET CHANGE
Cash From Operating Activities -11.42M -14.86M -39.12M
Cash From Investing Activities 15.38M 14.49M 6.926M
Cash From Financing Activities 223.0K 357.0K 396.0K
Net Change In Cash 4.174M -22.00K -31.80M
YoY Change -99.98% -164.08%
FREE CASH FLOW
Cash From Operating Activities -$11.42M -$14.86M -$39.12M
Capital Expenditures $16.00K $4.000K $195.0K
Free Cash Flow -$11.44M -$14.87M -$39.32M
YoY Change 103.09% 14.31% 44.45%

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CY2022 us-gaap Use Of Estimates
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<table style="border-collapse:collapse;border:0;"><tr><td style="width:16.55pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:16.55pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">(c)</span></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">Use of Estimates</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 33pt;">The preparation of the Company’s 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 and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Reported amounts and note disclosures reflect the overall economic conditions that are most likely to occur and anticipated measures management intends to take. The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations, and financial condition 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 or treat it, as well as the economic impact on local, regional, national and international markets. Actual results could differ materially from those estimates. Accounting estimates and management judgements reflected in the consolidated financial statements include: normal recurring accruals, including the accrual for research and development expenses, stock-based compensation, fair value of investments, and operating lease right-of-use assets and lease liabilities. Estimates and assumptions are reviewed quarterly. Any revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p>
CY2022 us-gaap Concentration Risk Credit Risk
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<table style="border-collapse:collapse;border:0;"><tr><td style="width:16.55pt;padding:0pt;"/><td style="vertical-align:text-top;white-space:nowrap;width:16.55pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">(f)</span></p></td><td style="padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin-bottom:12pt;margin-top:0pt;"><span style="font-style:italic;">Concentration of Credit Risk</span></p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 33pt;">Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and short-term investments. The Company maintains cash, cash equivalents and short-term investments with various high credit quality banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company has not experienced any losses on deposits since inception.</p>
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UnrecognizedTaxBenefits
276000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
461000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
253000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
993000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
529000

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