$AVTE
Aerovate Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000179874923000039 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.302M $4.151M $3.764M
YoY Change 11.68% 10.28% 544.52%
% of Gross Profit
Research & Development $16.03M $13.49M $7.255M
YoY Change 91.73% 85.91% 230.37%
% of Gross Profit
Depreciation & Amortization $22.00K $21.00K $11.00K
YoY Change 29.41% 90.91% 450.0%
% of Gross Profit
Operating Expenses $20.34M $17.64M $11.02M
YoY Change 66.48% 60.08% 296.37%
Operating Profit -$20.34M -$17.64M -$11.02M
YoY Change 66.48% 60.08%
Interest Expense $1.312M $1.120M $109.0K
YoY Change 470.43% 927.52%
% of Operating Profit
Other Income/Expense, Net $1.311M $1.119M $0.00
YoY Change 485.27% -100.0%
Pretax Income -$19.03M -$16.52M -$10.91M
YoY Change 58.66% 51.42% 292.3%
Income Tax
% Of Pretax Income
Net Earnings -$19.03M -$16.52M -$10.91M
YoY Change 58.66% 51.42% 292.3%
Net Earnings / Revenue
Basic Earnings Per Share -$0.76 -$0.67 -$0.45
Diluted Earnings Per Share -$0.76 -$0.67 -$446.9K
COMMON SHARES
Basic Shares Outstanding 24.92M 24.81M 24.41M
Diluted Shares Outstanding 25.17M 24.78M 24.41M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $150.1M $118.9M $161.1M
YoY Change -1.24% -26.16% 1764.04%
Cash & Equivalents $60.90M $26.57M $28.14M
Short-Term Investments $89.20M $92.36M $132.9M
Other Short-Term Assets $2.374M $1.640M $4.813M
YoY Change 62.49% -65.93% 399.79%
Inventory
Prepaid Expenses $2.185M $1.114M
Receivables
Other Receivables
Total Short-Term Assets $152.5M $120.6M $165.9M
YoY Change -0.64% -27.32% 1627.25%
LONG-TERM ASSETS
Property, Plant & Equipment $245.0K $267.0K $787.0K
YoY Change -22.47% -66.07% 2027.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.229M $2.649M $327.0K
YoY Change 204.92% 710.09% 6.51%
Total Long-Term Assets $3.285M $3.824M $1.114M
YoY Change 46.98% 243.27% 223.84%
TOTAL ASSETS
Total Short-Term Assets $152.5M $120.6M $165.9M
Total Long-Term Assets $3.285M $3.824M $1.114M
Total Assets $155.8M $124.4M $167.0M
YoY Change 0.05% -25.51% 1578.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.529M $4.726M $2.863M
YoY Change 167.36% 65.07% 84.71%
Accrued Expenses $7.172M $5.659M $1.599M
YoY Change 366.62% 253.91% 699.5%
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 $13.28M $10.64M $4.703M
YoY Change 253.67% 126.17% 163.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $545.0K $661.0K $349.0K
YoY Change -37.71% 89.4%
Total Long-Term Liabilities $545.0K $661.0K $349.0K
YoY Change -37.71% 89.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.28M $10.64M $4.703M
Total Long-Term Liabilities $545.0K $661.0K $349.0K
Total Liabilities $13.83M $11.30M $5.052M
YoY Change 198.62% 123.63% 183.5%
SHAREHOLDERS EQUITY
Retained Earnings -$123.4M -$104.4M
YoY Change 108.2%
Common Stock $3.000K $2.000K
YoY Change 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.9M $113.1M $161.9M
YoY Change
Total Liabilities & Shareholders Equity $155.8M $124.4M $167.0M
YoY Change 0.05% -25.51% 1578.72%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$19.03M -$16.52M -$10.91M
YoY Change 58.66% 51.42% 292.3%
Depreciation, Depletion And Amortization $22.00K $21.00K $11.00K
YoY Change 29.41% 90.91% 450.0%
Cash From Operating Activities -$14.94M -$11.42M -$5.661M
YoY Change 68.35% 101.8% 49.96%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $16.00K -$28.00K
YoY Change -123.08% -157.14% -30.0%
Acquisitions
YoY Change
Other Investing Activities $4.013M $15.39M -$20.37M
YoY Change -51.79% -175.55%
Cash From Investing Activities $3.983M $15.38M -$20.40M
YoY Change -51.39% -175.37% 50897.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 45.29M 223.0K
YoY Change 2264400.0%
NET CHANGE
Cash From Operating Activities -14.94M -11.42M -5.661M
Cash From Investing Activities 3.983M 15.38M -20.40M
Cash From Financing Activities 45.29M 223.0K
Net Change In Cash 34.33M 4.174M $0.00
YoY Change -5148.53% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$14.94M -$11.42M -$5.661M
Capital Expenditures $30.00K $16.00K -$28.00K
Free Cash Flow -$14.97M -$11.44M -$5.633M
YoY Change 71.2% 103.09% 50.82%

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CY2023Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">(c) Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 36pt;">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>
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PrepaidExpenseCurrent
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OtherPrepaidExpenseCurrent
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EmployeeRelatedLiabilitiesCurrent
1019000
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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242000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1034000
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CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
964000
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OperatingLeaseLiabilityCurrent
373000
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OperatingLeasePayments
123000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
54000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
111000
CY2022Q1 us-gaap Operating Lease Cost
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51000
CY2022Q1 us-gaap Short Term Lease Cost
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34000
CY2023Q1 us-gaap Lease Cost
LeaseCost
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CY2022Q1 us-gaap Lease Cost
LeaseCost
85000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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PreferredStockSharesAuthorized
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CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2021Q3 us-gaap Conversion Of Stock Shares Issued1
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CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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