$AVTE
Aerovate Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000179874923000056 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.480M $4.302M $3.852M
YoY Change 32.98% 11.68% 89.66%
% of Gross Profit
Research & Development $16.88M $16.03M $8.363M
YoY Change 56.58% 91.73% 93.27%
% of Gross Profit
Depreciation & Amortization $30.00K $22.00K $17.00K
YoY Change 50.0% 29.41% 750.0%
% of Gross Profit
Operating Expenses $21.37M $20.34M $12.22M
YoY Change 50.99% 66.48% 111.55%
Operating Profit -$21.37M -$20.34M -$12.22M
YoY Change 50.99% 66.48% 111.55%
Interest Expense $1.804M $1.312M $230.0K
YoY Change 222.14% 470.43% 11400.0%
% of Operating Profit
Other Income/Expense, Net $1.805M $1.311M $224.0K
YoY Change 220.04% 485.27% -22500.0%
Pretax Income -$19.56M -$19.03M -$11.99M
YoY Change 43.95% 58.66% 40.15%
Income Tax
% Of Pretax Income
Net Earnings -$19.56M -$19.03M -$11.99M
YoY Change 43.97% 58.66% 107.64%
Net Earnings / Revenue
Basic Earnings Per Share -$0.71 -$0.76 -$0.49
Diluted Earnings Per Share -$0.71 -$0.76 -$491.2K
COMMON SHARES
Basic Shares Outstanding 27.65M 24.92M 24.41M shares
Diluted Shares Outstanding 27.64M 25.17M 24.41M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $135.2M $150.1M $152.0M
YoY Change -5.17% -1.24% 156.95%
Cash & Equivalents $32.18M $60.90M $27.46M
Short-Term Investments $103.0M $89.20M $124.5M
Other Short-Term Assets $2.400M $2.374M $1.461M
YoY Change -6.9% 62.49% 818.87%
Inventory
Prepaid Expenses $1.669M $2.185M $415.0K
Receivables
Other Receivables
Total Short-Term Assets $137.6M $152.5M $153.4M
YoY Change -5.2% -0.64% 158.73%
LONG-TERM ASSETS
Property, Plant & Equipment $316.0K $245.0K $316.0K
YoY Change -4.24% -22.47% 802.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.244M $2.229M $731.0K
YoY Change 108.55% 204.92% -76.34%
Total Long-Term Assets $3.273M $3.285M $2.235M
YoY Change 30.92% 46.98% -28.48%
TOTAL ASSETS
Total Short-Term Assets $137.6M $152.5M $153.4M
Total Long-Term Assets $3.273M $3.285M $2.235M
Total Assets $140.9M $155.8M $155.7M
YoY Change -4.59% 0.05% 149.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.504M $5.529M $2.068M
YoY Change -22.84% 167.36% -32.02%
Accrued Expenses $10.80M $7.172M $1.537M
YoY Change 271.13% 366.62% 49.08%
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 $14.73M $13.28M $3.756M
YoY Change 91.11% 253.67% -10.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $400.0K $545.0K $875.0K
YoY Change -50.8% -37.71% -38143.48%
Total Long-Term Liabilities $400.0K $545.0K $875.0K
YoY Change -50.8% -37.71% -38143.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.73M $13.28M $3.756M
Total Long-Term Liabilities $400.0K $545.0K $875.0K
Total Liabilities $15.15M $13.83M $4.631M
YoY Change 77.89% 198.62% 10.51%
SHAREHOLDERS EQUITY
Retained Earnings -$143.0M -$123.4M -$59.29M
YoY Change 96.23% 108.2% 169.7%
Common Stock $3.000K $3.000K $2.000K
YoY Change 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $125.7M $141.9M $151.1M
YoY Change
Total Liabilities & Shareholders Equity $140.9M $155.8M $155.7M
YoY Change -4.59% 0.05% 149.36%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$19.56M -$19.03M -$11.99M
YoY Change 43.97% 58.66% 107.64%
Depreciation, Depletion And Amortization $30.00K $22.00K $17.00K
YoY Change 50.0% 29.41% 750.0%
Cash From Operating Activities -$15.61M -$14.94M -$8.876M
YoY Change 60.6% 68.35% 121.62%
INVESTING ACTIVITIES
Capital Expenditures $30.00K $30.00K -$130.0K
YoY Change -190.91% -123.08%
Acquisitions
YoY Change
Other Investing Activities -$13.09M $4.013M $8.324M
YoY Change -379.82% -51.79%
Cash From Investing Activities -$13.13M $3.983M $8.194M
YoY Change -382.67% -51.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.00K 45.29M 2.000K
YoY Change -45.95% 2264400.0% -100.0%
NET CHANGE
Cash From Operating Activities -15.61M -14.94M -8.876M
Cash From Investing Activities -13.13M 3.983M 8.194M
Cash From Financing Activities 20.00K 45.29M 2.000K
Net Change In Cash -28.72M 34.33M -680.0K
YoY Change 470.07% -5148.53% -101.35%
FREE CASH FLOW
Cash From Operating Activities -$15.61M -$14.94M -$8.876M
Capital Expenditures $30.00K $30.00K -$130.0K
Free Cash Flow -$15.64M -$14.97M -$8.746M
YoY Change 61.45% 71.2% 118.38%

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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;">(b) 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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