$BCAB
BioAtla, Inc.

2021 Q3 Form 10-Q Financial Statement

#000095017021001443 Filed on August 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2021 Q1
Revenue $0.00 $250.0K $0.00
YoY Change -100.0% 31.58% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.142M $15.86M $8.370M
YoY Change 54.42% 787.52% -1919.57%
% of Gross Profit
Research & Development $16.55M $14.85M $10.42M
YoY Change 240.32% 408.04% 527.51%
% of Gross Profit
Depreciation & Amortization $380.0K $326.0K $309.0K
YoY Change 31.49% -24.36% 43.06%
% of Gross Profit
Operating Expenses $23.70M $30.71M $18.80M
YoY Change 190.2% 552.02% 1469.03%
Operating Profit -$23.70M -$30.46M -$18.80M
YoY Change 195.63% 573.89% 1594.95%
Interest Expense $0.00 $1.000K $2.000K
YoY Change -100.0% -99.87% -99.63%
% of Operating Profit
Other Income/Expense, Net $765.0K $79.00K $96.00K
YoY Change -121.15% -104.64% -119.39%
Pretax Income -$22.93M -$30.38M -$18.70M
YoY Change 17.84% 388.28% 1068.75%
Income Tax
% Of Pretax Income
Net Earnings -$22.93M -$30.38M -$18.70M
YoY Change 97.13% 388.28% 1065.9%
Net Earnings / Revenue -12152.4%
Basic Earnings Per Share -$0.68
Diluted Earnings Per Share -$676.2K -$902.1K -$555.6K
COMMON SHARES
Basic Shares Outstanding 32.32M 32.17M
Diluted Shares Outstanding 33.91M

Balance Sheet

Concept 2021 Q3 2021 Q2 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $269.9M $207.6M $221.2M
YoY Change 375.22%
Cash & Equivalents $269.9M $207.6M $221.2M
Short-Term Investments
Other Short-Term Assets $3.592M $4.722M $3.400M
YoY Change 349.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $273.5M $212.3M $224.6M
YoY Change 375.68%
LONG-TERM ASSETS
Property, Plant & Equipment $3.908M $4.223M $4.351M
YoY Change -2.3%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $154.0K $154.0K
YoY Change -88.15%
Total Long-Term Assets $4.062M $4.377M $4.505M
YoY Change -23.36%
TOTAL ASSETS
Total Short-Term Assets $273.5M $212.3M $224.6M
Total Long-Term Assets $4.062M $4.377M $4.505M
Total Assets $277.6M $216.7M $229.1M
YoY Change 342.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.550M $1.283M $2.505M
YoY Change -64.77%
Accrued Expenses $3.008M $2.240M $800.0K
YoY Change 67.11%
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 $45.23M $36.16M $30.53M
YoY Change 26.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $682.0K $700.0K
YoY Change -100.0%
Other Long-Term Liabilities $1.699M $1.847M $2.000M
YoY Change -19.1%
Total Long-Term Liabilities $1.699M $2.529M $2.700M
YoY Change -39.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.23M $36.16M $30.53M
Total Long-Term Liabilities $1.699M $2.529M $2.700M
Total Liabilities $46.93M $38.69M $33.17M
YoY Change 21.89%
SHAREHOLDERS EQUITY
Retained Earnings -$162.9M -$140.0M -$109.6M
YoY Change
Common Stock $4.000K $3.000K $3.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $230.7M $178.0M $195.9M
YoY Change
Total Liabilities & Shareholders Equity $277.6M $216.7M $229.1M
YoY Change 342.0%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2021 Q1
OPERATING ACTIVITIES
Net Income -$22.93M -$30.38M -$18.70M
YoY Change 97.13% 388.28% 1065.9%
Depreciation, Depletion And Amortization $380.0K $326.0K $309.0K
YoY Change 31.49% -24.36% 43.06%
Cash From Operating Activities -$12.73M -$13.55M -$14.99M
YoY Change -17.71% 97.33% 293.13%
INVESTING ACTIVITIES
Capital Expenditures -$99.00K -$236.0K -$500.0K
YoY Change -13.16% 174.42% -2600.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$99.00K -$236.0K -$501.0K
YoY Change -13.16% 174.42% 2405.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 75.14M 189.0K -1.911M
YoY Change 4.15% -94.49% -482.2%
NET CHANGE
Cash From Operating Activities -12.73M -13.55M -14.99M
Cash From Investing Activities -99.00K -236.0K -501.0K
Cash From Financing Activities 75.14M 189.0K -1.911M
Net Change In Cash 62.32M -13.60M -17.41M
YoY Change 10.16% 286.25% 422.08%
FREE CASH FLOW
Cash From Operating Activities -$12.73M -$13.55M -$14.99M
Capital Expenditures -$99.00K -$236.0K -$500.0K
Free Cash Flow -$12.63M -$13.31M -$14.49M
YoY Change -17.74% 96.36% 278.04%

Facts In Submission

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2007-03
us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
89000
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6220050
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-140000000.0
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to revenue recognition, accruals for research and development costs, equity-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Risk</span></p><p style="text-indent:24.5pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and 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.</span></p>
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3696000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3070000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4223000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4102000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3349399
CY2021Q2 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
2915000
CY2020Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
2004000
CY2021Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1461000
CY2020Q4 us-gaap Prepaid Insurance
PrepaidInsurance
0
CY2021Q2 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
346000
CY2020Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
72000
CY2021Q2 us-gaap Accounts Payable Current
AccountsPayableCurrent
1283000
CY2020Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
2456000
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2240000
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2804000
CY2021Q2 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
11743000
CY2020Q4 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
4852000
CY2021Q2 bcab Accrued Equity Issuance Costs Current
AccruedEquityIssuanceCostsCurrent
0
CY2020Q4 bcab Accrued Equity Issuance Costs Current
AccruedEquityIssuanceCostsCurrent
1143000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
632000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
813000
CY2021Q2 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
15898000
CY2020Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
12068000
CY2021Q2 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
us-gaap Debt Conversion Description
DebtConversionDescription
The Company issued convertible promissory notes between December 2015 and May 2020 totaling $21.8 million, of which $2.0 million was with related parties. The convertible promissory notes accrued interest at 8% per annum with maturity dates of five years after issuance. The convertible promissory notes were settled in connection with the Company’s Series D financing in July 2020.
CY2021Q2 bcab Debt Instrument Outstanding Principal Amount
DebtInstrumentOutstandingPrincipalAmount
700000
CY2017Q2 us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
The lease commenced in January 2018, the period the Company gained access to the leased space and began recognizing rent expense. The lease expires in July 2025 and the Company has an option to extend the term of the lease for an additional five years.
CY2021Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
800000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
741000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1555000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1636000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1685000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
845000
CY2021Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6462000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
-57615000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-6222000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
-63837000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
-56011000
us-gaap Net Income Loss
NetIncomeLoss
-7826000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
-63837000
CY2020Q2 us-gaap Share Based Compensation
ShareBasedCompensation
0
us-gaap Share Based Compensation
ShareBasedCompensation
0
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
12298000
us-gaap Share Based Compensation
ShareBasedCompensation
16941000
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7634466
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6122181
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.00
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y11M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y5M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P9Y5M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P0Y1M28D
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
189000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7476
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0098
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M8D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.15
bcab Outstanding And Exercisable Common Stock Warrants
OutstandingAndExercisableCommonStockWarrants
717674
bcab Warrants For The Purchase Of Common Stock
WarrantsForThePurchaseOfCommonStock
717674
CY2020 bcab Warrants For The Purchase Of Common Stock
WarrantsForThePurchaseOfCommonStock
717674
bcab Collaboration Agreement Start Date
CollaborationAgreementStartDate
2019-12
bcab Upfront Non Refundable Payment
UpfrontNonRefundablePayment
20000000.0
bcab Agreement Transaction Price
AgreementTransactionPrice
25000000.0
CY2021Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
19800000
CY2020Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
19800000
us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
On March 18, 2021, the Company and Carolyn Anderson Short, its co-founder and former Chief of Intellectual Property & Strategy, mutually agreed that Ms. Short would depart the Company on May 31, 2021 following an agreed upon transition period. The Transition Agreement provides for the following severance benefits in exchange for a release of claims by Ms. Short: (i) a lump sum payment equal to eighteen (18) months of Ms. Short’s current base salary, (ii) a payment at her targeted bonus rate for 2021, pro-rated to the separation date, and (iii) accelerated full vesting of her equity awards including 7,747 stock options and 138,461 restricted stock units. The modification of these equity awards resulted in an incremental fair value of $7.0 million which was recognized on a straight-line basis over the transition service period. For the three and six months ended June 30, 2021, the Company recognized $0.8 million and $1.0 million, respectively, related to the lump sum salary payment and target bonus. The Company also recognized non-cash stock-based compensation charges of $8.4 million and $9.4 million related to the modified equity awards for the three and six months ended June 30, 2021, respectively. No unrecognized stock-based compensation remained as of June 30, 2021.
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0

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