$BCAB
BioAtla, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022007871 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.423M $7.040M $8.370M
YoY Change -11.31% 17.92% -1919.57%
% of Gross Profit
Research & Development $16.92M $16.45M $10.42M
YoY Change 62.36% 56.8% 527.51%
% of Gross Profit
Depreciation & Amortization $313.0K $314.0K $309.0K
YoY Change 1.29% 8.28% 43.06%
% of Gross Profit
Operating Expenses $24.35M $23.49M $18.80M
YoY Change 29.52% 42.7% 1469.03%
Operating Profit -$24.35M -$18.80M
YoY Change 29.52% 1594.95%
Interest Expense $96.00K $2.000K
YoY Change 60.0% -99.63%
% of Operating Profit
Other Income/Expense, Net $92.00K $2.000K $96.00K
YoY Change -4.17% -119.39%
Pretax Income -$24.25M -$23.39M -$18.70M
YoY Change 29.7% 42.62% 1068.75%
Income Tax
% Of Pretax Income
Net Earnings -$24.25M -$23.39M -$18.70M
YoY Change 29.69% 42.62% 1065.9%
Net Earnings / Revenue
Basic Earnings Per Share -$0.65
Diluted Earnings Per Share -$649.9K -$632.3K -$555.6K
COMMON SHARES
Basic Shares Outstanding 37.32M
Diluted Shares Outstanding 37.32M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $219.4M $245.0M $221.2M
YoY Change -0.8% 2.67%
Cash & Equivalents $219.4M $245.0M $221.2M
Short-Term Investments
Other Short-Term Assets $4.591M $2.313M $3.400M
YoY Change 35.03% 10.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $224.0M $247.3M $224.6M
YoY Change -0.25% 2.75%
LONG-TERM ASSETS
Property, Plant & Equipment $3.395M $3.676M $4.351M
YoY Change -21.97% -10.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $154.0K $154.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $6.634M $7.130M $4.505M
YoY Change 47.26% 67.53%
TOTAL ASSETS
Total Short-Term Assets $224.0M $247.3M $224.6M
Total Long-Term Assets $6.634M $7.130M $4.505M
Total Assets $230.7M $254.4M $229.1M
YoY Change 0.68% 3.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.199M $1.179M $2.505M
YoY Change -52.14% -52.0%
Accrued Expenses $2.469M $4.060M $800.0K
YoY Change 208.63% 45.0%
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 $17.19M $19.81M $30.53M
YoY Change -43.71% -38.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $700.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $23.41M $23.79M $2.000M
YoY Change 1070.7% 1089.4%
Total Long-Term Liabilities $23.41M $23.79M $2.700M
YoY Change 767.19% 781.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.19M $19.81M $30.53M
Total Long-Term Liabilities $23.41M $23.79M $2.700M
Total Liabilities $40.60M $43.60M $33.17M
YoY Change 22.4% 24.71%
SHAREHOLDERS EQUITY
Retained Earnings -$210.6M -$186.3M -$109.6M
YoY Change 92.15% 104.93%
Common Stock $4.000K $4.000K $3.000K
YoY Change 33.33% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $190.1M $210.8M $195.9M
YoY Change
Total Liabilities & Shareholders Equity $230.7M $254.4M $229.1M
YoY Change 0.68% 3.87%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021 Q1
OPERATING ACTIVITIES
Net Income -$24.25M -$23.39M -$18.70M
YoY Change 29.69% 42.62% 1065.9%
Depreciation, Depletion And Amortization $313.0K $314.0K $309.0K
YoY Change 1.29% 8.28% 43.06%
Cash From Operating Activities -$25.14M -$20.95M -$14.99M
YoY Change 67.64% 49.64% 293.13%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$89.00K -$500.0K
YoY Change -98.0% -77.18% -2600.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$10.00K -$89.00K -$501.0K
YoY Change -98.0% -77.18% 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 -405.0K -3.908M -1.911M
YoY Change -78.81% -101.99% -482.2%
NET CHANGE
Cash From Operating Activities -25.14M -20.95M -14.99M
Cash From Investing Activities -10.00K -89.00K -501.0K
Cash From Financing Activities -405.0K -3.908M -1.911M
Net Change In Cash -25.55M -24.95M -17.41M
YoY Change 46.79% -113.72% 422.08%
FREE CASH FLOW
Cash From Operating Activities -$25.14M -$20.95M -$14.99M
Capital Expenditures -$10.00K -$89.00K -$500.0K
Free Cash Flow -$25.13M -$20.86M -$14.49M
YoY Change 73.35% 53.27% 278.04%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">preparation of the Company’s condensed 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 condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to revenue recognition, accruals for research and development costs, and equity-based compensation. 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</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">results </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">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>
CY2022Q1 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
1602000
CY2021Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
1811000
CY2022Q1 us-gaap Prepaid Insurance
PrepaidInsurance
2250000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
0
CY2022Q1 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
739000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3341821
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3280329
CY2021Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
502000
CY2022Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4591000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2313000
CY2021Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2021Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2022Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2022Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1199000
CY2021Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
1179000
CY2022Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1037000
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
2671000
CY2022Q1 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
12671000
CY2021Q4 bcab Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
13501000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
847000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1073000
CY2022Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
15754000
CY2021Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
18424000
CY2022Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2022Q1 us-gaap Debt Conversion Description
DebtConversionDescription
The Company did not have any outstanding debt as of March 31, 2022 or December 31, 2021. As of March 31, 2021, the Company had $0.7 million outstanding under a promissory note issued pursuant to the Paycheck Protection Program (“PPP”) of the CARES Act.
CY2022Q1 us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
The lease expires in July 2025 and the Company has an option to extend the term of the lease for an additional five years. Additionally, the lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs.
CY2022Q1 bcab Lessor Operating Leases Option To Extend
LessorOperatingLeasesOptionToExtend
P5Y
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1636000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
132000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
128000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
CY2022Q1 us-gaap Lease Cost
LeaseCost
393000
CY2021Q1 us-gaap Lease Cost
LeaseCost
389000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0350
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0350
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
377000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
316000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1178000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
304000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
5040000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1685000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
845000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5344000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3632000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
4643000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
900000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.746
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.764
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0188
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0052
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y5M1D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y9M7D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.15
CY2021 bcab Warrants Expired And Unexercised
WarrantsExpiredAndUnexercised
566586
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7811264
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6247701
CY2019 bcab Upfront Non Refundable Payment
UpfrontNonRefundablePayment
20000000.0
CY2022Q1 us-gaap Related Party Transaction Terms And Manner Of Settlement
RelatedPartyTransactionTermsAndMannerOfSettlement
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 which ended on the separation date. For the three months ended March 31, 2021, the Company recognized $0.2 million related to the lump sum salary payment and target bonus, and a $1.0 million non-cash charge related to the modified equity awards. No unrecognized stock-based compensation remained as of March 31, 2022.
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0

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