2020 Q1 Form 10-Q Financial Statement

#000155837020005307 Filed on May 06, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $6.167M $730.0K
YoY Change 744.79% -23.48%
Cost Of Revenue $24.00K
YoY Change
Gross Profit $6.143M
YoY Change
Gross Profit Margin 99.61%
Selling, General & Admin $35.66M $16.55M
YoY Change 115.4% 67.2%
% of Gross Profit 580.42%
Research & Development $84.15M $74.25M
YoY Change 13.33% 48.5%
% of Gross Profit 1369.79%
Depreciation & Amortization $1.571M $1.178M
YoY Change 33.36% 47.25%
% of Gross Profit 25.57%
Operating Expenses $119.8M $90.80M
YoY Change 31.94% 51.68%
Operating Profit -$113.7M
YoY Change
Interest Expense $2.900M $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.703M $2.666M
YoY Change 1.39% 12.87%
Pretax Income -$111.0M -$87.40M
YoY Change 27.0% 54.69%
Income Tax
% Of Pretax Income
Net Earnings -$111.0M -$87.41M
YoY Change 26.94% 54.57%
Net Earnings / Revenue -1799.14% -11973.56%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.106M -$1.982M
COMMON SHARES
Basic Shares Outstanding 54.03M 44.10M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $666.8M $415.9M
YoY Change 60.32% -31.52%
Cash & Equivalents $375.2M $79.39M
Short-Term Investments $291.6M $336.5M
Other Short-Term Assets $10.10M $10.70M
YoY Change -5.61% 27.38%
Inventory $2.665M
Prepaid Expenses
Receivables $4.510M
Other Receivables $0.00
Total Short-Term Assets $704.7M $426.5M
YoY Change 65.22% -30.73%
LONG-TERM ASSETS
Property, Plant & Equipment $37.82M $107.1M
YoY Change -64.69% 268.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $83.70M
YoY Change
Other Assets $10.38M $11.00M
YoY Change -5.63% 86.44%
Total Long-Term Assets $208.9M $167.9M
YoY Change 24.47% 243.99%
TOTAL ASSETS
Total Short-Term Assets $704.7M $426.5M
Total Long-Term Assets $208.9M $167.9M
Total Assets $913.6M $594.4M
YoY Change 53.71% -10.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.468M $4.400M
YoY Change 92.45% 33.33%
Accrued Expenses $73.96M $51.59M
YoY Change 43.37% 77.27%
Deferred Revenue $8.690M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $98.29M $63.21M
YoY Change 55.48% 58.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.928M $135.7M
YoY Change -94.16% 153.17%
Total Long-Term Liabilities $7.928M $135.7M
YoY Change -94.16% 153.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $98.29M $63.21M
Total Long-Term Liabilities $7.928M $135.7M
Total Liabilities $230.7M $175.4M
YoY Change 31.55% 87.35%
SHAREHOLDERS EQUITY
Retained Earnings -$1.056B
YoY Change
Common Stock $54.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $682.9M $344.2M
YoY Change
Total Liabilities & Shareholders Equity $913.6M $544.7M
YoY Change 67.73% -18.03%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$111.0M -$87.41M
YoY Change 26.94% 54.57%
Depreciation, Depletion And Amortization $1.571M $1.178M
YoY Change 33.36% 47.25%
Cash From Operating Activities -$109.3M -$80.19M
YoY Change 36.34% 61.67%
INVESTING ACTIVITIES
Capital Expenditures $1.525M $1.770M
YoY Change -13.84% -128.1%
Acquisitions
YoY Change
Other Investing Activities $61.40M $91.10M
YoY Change -32.6% -142.81%
Cash From Investing Activities $59.86M $89.31M
YoY Change -32.98% -140.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.609M $2.039M
YoY Change -21.09%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 310.2M 2.011M
YoY Change 15322.68% -35.13%
NET CHANGE
Cash From Operating Activities -109.3M -80.19M
Cash From Investing Activities 59.86M 89.31M
Cash From Financing Activities 310.2M 2.011M
Net Change In Cash 260.7M 11.14M
YoY Change 2240.68% -104.19%
FREE CASH FLOW
Cash From Operating Activities -$109.3M -$80.19M
Capital Expenditures $1.525M $1.770M
Free Cash Flow -$110.9M -$81.96M
YoY Change 35.26% 89.28%

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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q1 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Blueprint Medicines Corporation (the Company), a Delaware corporation incorporated on October 14, 2008, is a precision therapy company focused on genomically defined cancers, rare diseases and cancer immunotherapy. The Company’s approach is to leverage its novel target discovery engine to systematically and reproducibly identify kinases that are drivers of diseases and to craft highly selective and potent drug candidates that may provide significant and durable clinical responses for patients without adequate treatment options.</p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On January 9, 2020, the Company’s commercial product, AYVAKIT<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">TM</sup> (avapritinib) was approved by the U.S. Food and Drug Administration (FDA) for the treatment of adults with unresectable or metastatic gastrointestinal stromal tumor (GIST) harboring a platelet-derived growth factor receptor <span style="background-color:#fefefe;color:#0a0a0a;">alpha (PDGFRA) exon 18 mutation, including PDGFRA D842V mutations. AYVAKIT is the first precision therapy approved to treat a genomically defined population of patients with GIST.</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is devoting substantially all of its efforts to research and development, initial market development and raising capital. The Company is subject to a number of risks similar to those of other early commercial stage companies, including dependence on key individuals; establishing safety and efficacy in clinical trials for its drug candidates; the need to develop commercially viable drug candidates; competition from other companies, many of which are larger and better capitalized; and the need to obtain adequate additional financing to fund the development of its drug candidates. If the Company is unable to raise capital when needed or on attractive terms, it would be forced to delay, reduce, eliminate or out-license certain of its research and development programs or future commercialization efforts. </p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="background-color:#ffffff;color:#212529;">On January 27, 2020, the Company closed a follow-on public offering of </span><span style="background-color:#ffffff;color:#212529;">4,710,144</span><span style="background-color:#ffffff;color:#212529;"> shares of its common stock at a price to the public of </span><span style="background-color:#ffffff;color:#212529;">$69.00</span><span style="background-color:#ffffff;color:#212529;"> per share and received estimated net proceeds of </span><span style="background-color:#ffffff;color:#212529;">$308.4</span><span style="background-color:#ffffff;color:#212529;"> million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. </span></p><p style="font-family:'Times New Roman';font-size:7pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;"><span style="font-size:10pt;">As of March 31, 2020, the Company had cash, cash equivalents and investments of $750.4 million. </span><span style="background-color:#ffffff;color:#212529;font-size:10pt;">Based on the Company’s current operating plans, the Company believes that its existing cash, cash equivalents and investments, together with anticipated product revenues but excluding</span><span style="font-size:10pt;"> </span><span style="background-color:#ffffff;color:#212529;font-size:10pt;">any potential option fees, milestone payments or other payments under its collaboration or license agreements, will be sufficient to enable it to fund its current operations for at least the next twelve months from the issuance of the financial statements</span><span style="font-family:'TimesNewRomanPSMT';font-size:7.5pt;">. </span></p>
CY2020Q1 us-gaap Cash Cash Equivalents And Short Term Investments
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750400000
CY2020Q1 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and in developing the estimates and assumptions that are used in the preparation of the financial statements. Management must apply significant judgment in this process. Management’s estimation process often may yield a range of potentially reasonable estimates and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: revenue recognition, operating lease right-of-use assets, operating lease liabilities, stock-based compensation expense, accrued expenses, and income taxes.<span style="color:#212529;font-family:'Franklin Gothic Book';"> </span>The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact thereof on local, regional, national and international customers and markets. The Company had made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
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743997000
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2975000
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547454000
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518000
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CashEquivalentsAndAvailableForSaleAccumulatedGrossUnrealizedLossBeforeTax
12000
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CY2020Q1 bpmc Debt Securities Available For Sale Number Of Positions
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CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Rolling Year Two Through Five Fair Value
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2020Q1 us-gaap Depreciation
Depreciation
1600000
CY2019Q1 us-gaap Depreciation
Depreciation
1200000
CY2020Q1 bpmc External Research Development And Commercial Contract Costs Current
ExternalResearchDevelopmentAndCommercialContractCostsCurrent
51823000
CY2019Q4 bpmc External Research Development And Commercial Contract Costs Current
ExternalResearchDevelopmentAndCommercialContractCostsCurrent
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CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
9460000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13519000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
12042000
CY2020Q1 bpmc Accrued Property And Equipment Costs Current
AccruedPropertyAndEquipmentCostsCurrent
465000
CY2019Q4 bpmc Accrued Property And Equipment Costs Current
AccruedPropertyAndEquipmentCostsCurrent
906000
CY2020Q1 bpmc Accrued Contract With Customer Asset Accumulated Allowance For Credit Loss
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
58.82
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Other Increases Decreases In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOtherIncreasesDecreasesInPeriod
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CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Other Share Increase Decrease In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsOtherShareIncreaseDecreaseInPeriodWeightedAverageExercisePrice
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
59.10
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
43.21
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
149500000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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17026000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2020Q1 us-gaap Employee Service Share Based Compensation Allocation Of Recognized Period Costs Capitalized Amount
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AllocatedShareBasedCompensationExpense
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CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5763149
CY2020Q1 bpmc Coronavirus Aid Relief And Economic Security Act Taxable Income Limitation Percentage Eliminated
CoronavirusAidReliefAndEconomicSecurityActTaxableIncomeLimitationPercentageEliminated
0.80
CY2020Q1 bpmc Coronavirus Aid Relief And Economic Security Act Qualified Improvement Property Recovery Period
CoronavirusAidReliefAndEconomicSecurityActQualifiedImprovementPropertyRecoveryPeriod
P15Y
CY2020Q1 bpmc Coronavirus Aid Relief And Economic Security Act Bonus Depreciation Percentage
CoronavirusAidReliefAndEconomicSecurityActBonusDepreciationPercentage
1
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OperatingLeaseCost
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OperatingLeaseCost
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3659000
CY2019Q1 us-gaap Lease Cost
LeaseCost
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CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
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CY2019Q1 us-gaap Operating Lease Payments
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2621000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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523000
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P9Y1M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2020Q1 us-gaap Purchase Obligation
PurchaseObligation
16200000

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