$BCAB
BioAtla, Inc.

2023 Q1 Form 10-Q Financial Statement

#000095017023021358 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.233M $7.423M
YoY Change -2.56% -11.31%
% of Gross Profit
Research & Development $21.70M $16.92M
YoY Change 28.21% 62.36%
% of Gross Profit
Depreciation & Amortization $293.0K $313.0K
YoY Change -6.39% 1.29%
% of Gross Profit
Operating Expenses $28.93M $24.35M
YoY Change 18.83% 29.52%
Operating Profit -$28.93M -$24.35M
YoY Change 18.83% 29.52%
Interest Expense $1.480M
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.470M $92.00K
YoY Change 1497.83% -4.17%
Pretax Income -$27.46M -$24.25M
YoY Change 13.22% 29.7%
Income Tax
% Of Pretax Income
Net Earnings -$27.46M -$24.25M
YoY Change 13.22% 29.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.58 -$0.65
Diluted Earnings Per Share -$0.58 -$649.9K
COMMON SHARES
Basic Shares Outstanding 47.58M 37.32M
Diluted Shares Outstanding 47.58M 37.32M

Balance Sheet

Concept 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $192.7M $219.4M
YoY Change -12.19% -0.8%
Cash & Equivalents $192.7M $219.4M
Short-Term Investments
Other Short-Term Assets $7.030M $4.591M
YoY Change 53.13% 35.03%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $199.7M $224.0M
YoY Change -10.85% -0.25%
LONG-TERM ASSETS
Property, Plant & Equipment $2.485M $3.395M
YoY Change -26.8% -21.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $154.0K
YoY Change 0.0% 0.0%
Total Long-Term Assets $4.835M $6.634M
YoY Change -27.12% 47.26%
TOTAL ASSETS
Total Short-Term Assets $199.7M $224.0M
Total Long-Term Assets $4.835M $6.634M
Total Assets $204.6M $230.7M
YoY Change -11.32% 0.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.054M $1.199M
YoY Change 571.73% -52.14%
Accrued Expenses $2.835M $2.469M
YoY Change 14.82% 208.63%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.26M $17.19M
YoY Change 52.78% -43.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $21.87M $23.41M
YoY Change -6.6% 1070.7%
Total Long-Term Liabilities $21.87M $23.41M
YoY Change -6.6% 767.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.26M $17.19M
Total Long-Term Liabilities $21.87M $23.41M
Total Liabilities $48.13M $40.60M
YoY Change 18.53% 22.4%
SHAREHOLDERS EQUITY
Retained Earnings -$320.3M -$210.6M
YoY Change 52.09% 92.15%
Common Stock $5.000K $4.000K
YoY Change 25.0% 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $156.4M $190.1M
YoY Change
Total Liabilities & Shareholders Equity $204.6M $230.7M
YoY Change -11.32% 0.68%

Cashflow Statement

Concept 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$27.46M -$24.25M
YoY Change 13.22% 29.69%
Depreciation, Depletion And Amortization $293.0K $313.0K
YoY Change -6.39% 1.29%
Cash From Operating Activities -$22.65M -$25.14M
YoY Change -9.87% 67.64%
INVESTING ACTIVITIES
Capital Expenditures $50.00K -$10.00K
YoY Change -600.0% -98.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$50.00K -$10.00K
YoY Change 400.0% -98.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -116.0K -405.0K
YoY Change -71.36% -78.81%
NET CHANGE
Cash From Operating Activities -22.65M -25.14M
Cash From Investing Activities -50.00K -10.00K
Cash From Financing Activities -116.0K -405.0K
Net Change In Cash -22.82M -25.55M
YoY Change -10.69% 46.79%
FREE CASH FLOW
Cash From Operating Activities -$22.65M -$25.14M
Capital Expenditures $50.00K -$10.00K
Free Cash Flow -$22.70M -$25.13M
YoY Change -9.64% 73.35%

Facts In Submission

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the Company’s condensed 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 financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to 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 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>
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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>
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OtherAccruedLiabilitiesCurrent
707000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6737276
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3341821
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1279000
CY2023Q1 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
4983000
CY2022Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
4385000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
1578000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
0
CY2023Q1 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
469000
CY2022Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
539000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7030000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4924000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8143000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8092000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5658000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5364000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2485000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2728000
CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
8054000
CY2022Q4 us-gaap Accounts Payable Current
AccountsPayableCurrent
4231000
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1290000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
24711000
CY2022Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
21610000
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
0
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability
DerivativeAssetFairValueGrossLiability
0
CY2023Q1 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.
CY2023Q1 bcab Lessor Operating Leases Option To Extend
LessorOperatingLeasesOptionToExtend
P5Y
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
261000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
147000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
132000
CY2023Q1 us-gaap Lease Cost
LeaseCost
408000
CY2022Q1 us-gaap Lease Cost
LeaseCost
393000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y3M
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y3M
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0350
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0350
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
407000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
377000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1229000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1685000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
845000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3759000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
151000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3608000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3614000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3632000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2700000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.773
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.764
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0385
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0052
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9266578
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7329913
CY2023Q1 us-gaap Revenues
Revenues
0
CY2022Q1 us-gaap Revenues
Revenues
0
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0

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