$AVTE
Aerovate Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000179874923000060 Filed on November 13, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.253M $4.480M $3.369M
YoY Change 17.13% 32.98% 21.1%
% of Gross Profit
Research & Development $17.81M $16.88M $10.78M
YoY Change 45.76% 56.58% 215.48%
% of Gross Profit
Depreciation & Amortization $26.00K $30.00K $20.00K
YoY Change 30.0% 50.0% 566.67%
% of Gross Profit
Operating Expenses $22.07M $21.37M $14.15M
YoY Change 39.2% 50.99% 128.26%
Operating Profit -$21.37M -$14.15M
YoY Change 50.99% 128.26%
Interest Expense $1.709M $1.804M $560.0K
YoY Change 83.37% 222.14% 3400.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $1.805M $564.0K
YoY Change -100.0% 220.04%
Pretax Income -$20.36M -$19.56M -$13.59M
YoY Change 35.74% 43.95% 119.73%
Income Tax $56.00K
% Of Pretax Income
Net Earnings -$20.41M -$19.56M -$13.59M
YoY Change 35.89% 43.97% 119.73%
Net Earnings / Revenue
Basic Earnings Per Share -$0.71 -$0.56
Diluted Earnings Per Share -$0.74 -$0.71 -$0.56
COMMON SHARES
Basic Shares Outstanding 27.67M 27.65M 24.45M shares
Diluted Shares Outstanding 27.64M 24.45M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.4M $135.2M $142.6M
YoY Change -5.25% -5.17% -21.17%
Cash & Equivalents $23.49M $32.18M $22.42M
Short-Term Investments $98.95M $103.0M $120.2M
Other Short-Term Assets $1.793M $2.400M $2.578M
YoY Change -21.22% -6.9% 15.92%
Inventory
Prepaid Expenses $1.168M $1.669M $2.115M
Receivables
Other Receivables
Total Short-Term Assets $124.2M $137.6M $145.2M
YoY Change -5.52% -5.2% -20.72%
LONG-TERM ASSETS
Property, Plant & Equipment $902.0K $316.0K $330.0K
YoY Change 272.73% -4.24% -55.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.284M $2.244M $1.076M
YoY Change -10.78% 108.55% 287.05%
Total Long-Term Assets $3.186M $3.273M $2.500M
YoY Change -16.27% 30.92% 144.38%
TOTAL ASSETS
Total Short-Term Assets $124.2M $137.6M $145.2M
Total Long-Term Assets $3.186M $3.273M $2.500M
Total Assets $127.4M $140.9M $147.7M
YoY Change -5.83% -4.59% -19.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.396M $3.504M $4.541M
YoY Change -6.95% -22.84% 77.73%
Accrued Expenses $14.07M $10.80M $2.910M
YoY Change 191.55% 271.13% 166.97%
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 $17.64M $14.73M $7.705M
YoY Change 126.64% 91.11% 101.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $325.0K $400.0K $813.0K
YoY Change -58.12% -50.8% 79.87%
Total Long-Term Liabilities $325.0K $400.0K $813.0K
YoY Change -58.12% -50.8% 79.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.64M $14.73M $7.705M
Total Long-Term Liabilities $325.0K $400.0K $813.0K
Total Liabilities $17.96M $15.15M $8.518M
YoY Change 109.89% 77.89% 99.16%
SHAREHOLDERS EQUITY
Retained Earnings -$163.4M -$143.0M -$72.88M
YoY Change 85.91% 96.23%
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 $109.5M $125.7M $139.1M
YoY Change
Total Liabilities & Shareholders Equity $127.4M $140.9M $147.7M
YoY Change -5.83% -4.59% -19.81%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$20.41M -$19.56M -$13.59M
YoY Change 35.89% 43.97% 119.73%
Depreciation, Depletion And Amortization $26.00K $30.00K $20.00K
YoY Change 30.0% 50.0% 566.67%
Cash From Operating Activities -$14.80M -$15.61M -$9.720M
YoY Change -0.45% 60.6% 48.94%
INVESTING ACTIVITIES
Capital Expenditures $62.00K $30.00K -$33.00K
YoY Change 1450.0% -190.91% -41.07%
Acquisitions
YoY Change
Other Investing Activities $5.708M -$13.09M $4.678M
YoY Change -60.61% -379.82%
Cash From Investing Activities $5.646M -$13.13M $4.645M
YoY Change -61.02% -382.67% -8394.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 466.0K 20.00K 37.00K
YoY Change 30.53% -45.95% -99.97%
NET CHANGE
Cash From Operating Activities -14.80M -15.61M -9.720M
Cash From Investing Activities 5.646M -13.13M 4.645M
Cash From Financing Activities 466.0K 20.00K 37.00K
Net Change In Cash -8.686M -28.72M -5.038M
YoY Change 39381.82% 470.07% -104.14%
FREE CASH FLOW
Cash From Operating Activities -$14.80M -$15.61M -$9.720M
Capital Expenditures $62.00K $30.00K -$33.00K
Free Cash Flow -$14.86M -$15.64M -$9.687M
YoY Change -0.06% 61.45% 49.72%

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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. 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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