$AVTE
Aerovate Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000179874924000015 Filed on March 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.538M $4.253M $17.19M
YoY Change 9.32% 17.13% 17.62%
% of Gross Profit
Research & Development $20.08M $17.81M $64.22M
YoY Change 48.87% 45.76% 66.28%
% of Gross Profit
Depreciation & Amortization $28.00K $26.00K $96.00K
YoY Change 33.33% 30.0% 41.18%
% of Gross Profit
Operating Expenses $24.62M $22.07M $81.41M
YoY Change 39.57% 39.2% 52.92%
Operating Profit -$24.62M -$81.41M
YoY Change 39.57% 52.92%
Interest Expense $1.435M $1.709M $5.945M
YoY Change 28.13% 83.37% 224.86%
% of Operating Profit
Other Income/Expense, Net $1.432M $0.00 -$1.000K
YoY Change 27.97% -100.0% -100.06%
Pretax Income -$23.19M -$20.36M -$75.47M
YoY Change 40.35% 35.74% 46.57%
Income Tax $56.00K $56.00K
% Of Pretax Income
Net Earnings -$23.19M -$20.41M -$75.52M
YoY Change 40.35% 35.89% 46.61%
Net Earnings / Revenue
Basic Earnings Per Share -$0.83 -$2.87
Diluted Earnings Per Share -$0.83 -$0.74 -$2.87
COMMON SHARES
Basic Shares Outstanding 27.86M 27.67M 26.33M
Diluted Shares Outstanding 27.80M 26.33M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $99.33M $122.4M $122.4M
YoY Change -16.48% -5.25% -5.25%
Cash & Equivalents $9.122M $23.49M $23.49M
Short-Term Investments $90.21M $98.95M $98.95M
Other Short-Term Assets $3.905M $1.793M $1.793M
YoY Change 138.11% -21.22% -21.22%
Inventory
Prepaid Expenses $1.662M $1.168M
Receivables
Other Receivables
Total Short-Term Assets $103.2M $124.2M $124.2M
YoY Change -14.37% -5.52% -5.52%
LONG-TERM ASSETS
Property, Plant & Equipment $260.0K $902.0K $902.0K
YoY Change -2.62% 272.73% -27.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.597M $2.284M $2.284M
YoY Change -1.96% -10.78% -10.78%
Total Long-Term Assets $3.582M $3.186M $3.186M
YoY Change -6.33% -16.27% -16.27%
TOTAL ASSETS
Total Short-Term Assets $103.2M $124.2M $124.2M
Total Long-Term Assets $3.582M $3.186M $3.186M
Total Assets $106.8M $127.4M $127.4M
YoY Change -14.13% -5.83% -5.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.313M $2.396M $2.396M
YoY Change -29.9% -6.95% -6.95%
Accrued Expenses $11.53M $14.07M $14.07M
YoY Change 103.76% 191.55% 191.55%
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 $15.52M $17.64M $17.64M
YoY Change 45.89% 126.64% 126.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $399.0K $325.0K $325.0K
YoY Change -39.64% -58.12% -58.12%
Total Long-Term Liabilities $399.0K $325.0K $325.0K
YoY Change -39.64% -58.12% -58.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.52M $17.64M $17.64M
Total Long-Term Liabilities $399.0K $325.0K $325.0K
Total Liabilities $15.92M $17.96M $17.96M
YoY Change 40.88% 109.89% 109.89%
SHAREHOLDERS EQUITY
Retained Earnings -$186.6M -$163.4M
YoY Change 78.71% 85.91%
Common Stock $3.000K $3.000K
YoY Change 50.0% 50.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $90.90M $109.5M $109.5M
YoY Change
Total Liabilities & Shareholders Equity $106.8M $127.4M $127.4M
YoY Change -14.13% -5.83% -5.83%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$23.19M -$20.41M -$75.52M
YoY Change 40.35% 35.89% 46.61%
Depreciation, Depletion And Amortization $28.00K $26.00K $96.00K
YoY Change 33.33% 30.0% 41.18%
Cash From Operating Activities -$23.67M -$14.80M -$56.78M
YoY Change 107.22% -0.45% 45.13%
INVESTING ACTIVITIES
Capital Expenditures $62.00K $142.0K
YoY Change 1450.0% -27.18%
Acquisitions
YoY Change
Other Investing Activities $8.833M $5.708M $12.02M
YoY Change -42.61% -60.61% 68.77%
Cash From Investing Activities $8.833M $5.646M $11.88M
YoY Change -42.55% -61.02% 71.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $46.23M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 471.0K 466.0K 46.00M
YoY Change 111.21% 30.53% 11515.15%
NET CHANGE
Cash From Operating Activities -23.67M -14.80M -56.78M
Cash From Investing Activities 8.833M 5.646M 11.88M
Cash From Financing Activities 471.0K 466.0K 46.00M
Net Change In Cash -14.37M -8.686M 1.094M
YoY Change -444.25% 39381.82% -103.44%
FREE CASH FLOW
Cash From Operating Activities -$23.67M -$14.80M -$56.78M
Capital Expenditures $62.00K $142.0K
Free Cash Flow -$23.67M -$14.86M -$56.92M
YoY Change 106.93% -0.06% 44.77%

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CY2023 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><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;">(b)</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. 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>
CY2023 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><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;">(e)</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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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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302000
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416000
CY2022 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
25000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
43600000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
23300000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
993000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
529000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1127000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
461000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
94000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
3000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2214000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
993000

Files In Submission

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0001798749-24-000015-index-headers.html Edgar Link pending
0001798749-24-000015-index.html Edgar Link pending
0001798749-24-000015.txt Edgar Link pending
0001798749-24-000015-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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tmb-20231231.xsd Edgar Link pending
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tmb-20231231x10k_htm.xml Edgar Link completed
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