$BPMC
Blueprint Medicines Corp

2019 Q4 Form 10-K Financial Statement

#000155837021001141 Filed on February 17, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2018 Q4 2018
Revenue $51.53M $1.033M $44.52M
YoY Change 4888.67% -35.44% 107.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $32.30M $13.60M $47.93M
YoY Change 137.5% 67.9% 71.17%
% of Gross Profit
Research & Development $88.60M $70.50M $243.6M
YoY Change 25.67% 61.7% 68.38%
% of Gross Profit
Depreciation & Amortization -$2.000M $1.100M $4.246M
YoY Change -281.82% 175.0% 169.07%
% of Gross Profit
Operating Expenses $120.9M $84.18M $291.5M
YoY Change 43.64% 62.81% 68.84%
Operating Profit
YoY Change
Interest Expense $0.00 -$100.0K
YoY Change -50.0%
% of Operating Profit
Other Income/Expense, Net $3.047M $2.820M $10.39M
YoY Change 8.05% 156.36% 232.03%
Pretax Income -$66.30M -$80.30M -$236.6M
YoY Change -17.43% 63.88% 59.79%
Income Tax
% Of Pretax Income
Net Earnings -$66.33M -$80.32M -$236.6M
YoY Change -17.42% 63.92% 59.76%
Net Earnings / Revenue -128.72% -7775.61% -531.53%
Basic Earnings Per Share -$5.39
Diluted Earnings Per Share -$1.348M -$1.825M -$5.39
COMMON SHARES
Basic Shares Outstanding 49.20M 43.87M
Diluted Shares Outstanding 43.87M

Balance Sheet

Concept 2019 Q4 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $483.6M $494.0M $494.0M
YoY Change -2.12% -26.64% -26.64%
Cash & Equivalents $113.9M $68.06M $68.10M
Short-Term Investments $369.6M $425.9M $425.9M
Other Short-Term Assets $9.800M $5.600M $5.600M
YoY Change 75.0% -53.72% -53.72%
Inventory
Prepaid Expenses
Receivables $663.0K $64.00K $200.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $516.8M $499.8M $499.8M
YoY Change 3.4% -27.09% -27.09%
LONG-TERM ASSETS
Property, Plant & Equipment $38.36M $29.63M $29.60M
YoY Change 29.48% 21.42% 21.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $64.40M $0.00 $0.00
YoY Change
Other Assets $10.22M $5.556M $10.70M
YoY Change 83.98% -5.83% 81.36%
Total Long-Term Assets $190.9M $40.34M $40.30M
YoY Change 373.28% 33.57% 33.44%
TOTAL ASSETS
Total Short-Term Assets $516.8M $499.8M $499.8M
Total Long-Term Assets $190.9M $40.34M $40.30M
Total Assets $707.7M $540.1M $540.1M
YoY Change 31.02% -24.53% -24.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.793M $3.298M $3.300M
YoY Change 45.33% -10.86% -10.81%
Accrued Expenses $88.71M $51.71M $51.70M
YoY Change 71.54% 69.54% 69.51%
Deferred Revenue $6.160M $3.600M
YoY Change 71.11%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $106.5M $60.32M $60.30M
YoY Change 76.52% 40.61% 40.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.814M $192.0K $60.80M
YoY Change 3969.79% -99.61% 24.34%
Total Long-Term Liabilities $7.814M $192.0K $60.80M
YoY Change 3969.79% -99.61% 24.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $106.5M $60.32M $60.30M
Total Long-Term Liabilities $7.814M $192.0K $60.80M
Total Liabilities $243.3M $121.1M $121.1M
YoY Change 100.91% 31.93% 31.92%
SHAREHOLDERS EQUITY
Retained Earnings -$945.2M -$597.5M
YoY Change 58.19%
Common Stock $49.00K $44.00K
YoY Change 11.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $464.4M $419.0M $419.0M
YoY Change
Total Liabilities & Shareholders Equity $707.7M $540.1M $540.1M
YoY Change 31.02% -24.53% -24.54%

Cashflow Statement

Concept 2019 Q4 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$66.33M -$80.32M -$236.6M
YoY Change -17.42% 63.92% 59.76%
Depreciation, Depletion And Amortization -$2.000M $1.100M $4.246M
YoY Change -281.82% 175.0% 169.07%
Cash From Operating Activities -$44.90M -$67.60M -$175.0M
YoY Change -33.58% 94.25% 46.01%
INVESTING ACTIVITIES
Capital Expenditures -$3.900M -$400.0K $12.68M
YoY Change 875.0% -96.23% -18.28%
Acquisitions
YoY Change
Other Investing Activities $71.60M $56.70M -$148.4M
YoY Change 26.28% -0.53% 146.1%
Cash From Investing Activities $67.70M $56.20M -$161.1M
YoY Change 20.46% 21.12% 122.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $6.425M
YoY Change 21.89%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.800M 800.0K 4.454M
YoY Change 125.0% -99.76% -99.18%
NET CHANGE
Cash From Operating Activities -44.90M -67.60M -175.0M
Cash From Investing Activities 67.70M 56.20M -161.1M
Cash From Financing Activities 1.800M 800.0K 4.454M
Net Change In Cash 24.60M -10.60M -331.6M
YoY Change -332.08% -103.12% -194.29%
FREE CASH FLOW
Cash From Operating Activities -$44.90M -$67.60M -$175.0M
Capital Expenditures -$3.900M -$400.0K $12.68M
Free Cash Flow -$41.00M -$67.20M -$187.7M
YoY Change -38.99% 177.69% 38.64%

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CY2020 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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 and hematologic disorders. 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','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has two approved precision therapies and is globally advancing multiple programs for genomically defined cancers, systemic mastocytosis, and cancer immunotherapy. The Company is devoting substantially all of its efforts to research and development for current and future drug candidates and commercialization of AYVAKIT/AYVAKYT, GAVRETO and any current or future drug candidates that obtain marketing approval.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company is subject to a number of risks similar to those of other companies transitioning to a commercial stage, including but not limited to: successful commercialization of its current and future drugs, either by itself or through collaboration with third parties; establishing safety and efficacy in clinical trials and obtaining regulatory approvals for its drug candidates; competition from other companies; compliance with comprehensive and ongoing regulatory requirements and legislative changes; 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 may 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','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On January 27, 2020, the Company closed a follow-on public offering of 4,710,144 shares of its common stock at a price to the public of $69.00 per share and received net proceeds of $308.4 million, after deducting underwriting discounts and commissions and offering expenses paid by the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On July 30, 2020, the Company entered into a sales agreement with Cowen and Company, LLC (Cowen), pursuant to which the Company may offer and sell, from time to time at its sole discretion, shares of its common stock having an aggregate offering price of up to $250.0 million through Cowen as sales agent (the ATM Facility). Cowen may sell the shares under such sales agreement by any method that is deemed to be an “at the market offering” as defined in Rule 415 of the Securities Act of 1933, as amended, including sales made directly on the Nasdaq Global Select Market or any other trading market for our common stock. During the year ended December 31, 2020, the Company issued and sold 1,784,926 shares of its common stock under the ATM Facility and received gross proceeds and net proceeds of $200.0 million and $194.7 million, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">As of December 31, 2020, the Company had cash, cash equivalents and marketable securities of $1,549.7 million. Based on the Company’s current operating plans, the Company anticipates that its existing cash, cash equivalents and marketable securities 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.</p>
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CY2020 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';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','Times','serif';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, inventory, operating lease right-of-use assets, operating lease liabilities, stock-based compensation expense, accrued expenses, and income taxes. The length of time and full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including revenues, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, subject to change and difficult to predict, 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 considers the impact of COVID-19 while establishing the estimates within its consolidated financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
CY2020 us-gaap Advertising Expense
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CY2019 us-gaap Advertising Expense
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CY2020 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of Credit Risk and Off-Balance-Sheet Risk</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company has no significant off-balance-sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk primarily consist of cash and cash equivalents, investments, accounts receivable and unbilled account receivables. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company maintains its cash, cash equivalents and marketable securities in custodian accounts at high quality financial institutions, and as of December 31, 2020 and 2019, substantially all the Company’s cash, cash equivalents and marketable securities were invested in money market funds and U.S. government agency securities and treasury obligations, and consequently, the Company believes that such funds are subject to minimal credit risk. The Company has adopted an investment policy that limits the amounts the Company may invest in any one type of investment. The Company has not experienced any credit losses and does not believe it is exposed to any significant credit risk on these funds. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Accounts receivables and unbilled accounts receivables represent amounts arising from product sales and amounts due from the Company’s collaboration partners. The Company monitors economic conditions to identify facts or circumstances that may indicate that its receivables are at risk of collection.</p>
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CY2019Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2020Q4 us-gaap Inventory Noncurrent
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CY2020Q4 bpmc Inventory Current And Noncurrent Net
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CY2020 us-gaap Inventory Write Down
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CY2019Q4 us-gaap Restricted Cash
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CY2019Q4 us-gaap Property Plant And Equipment Gross
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CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2019Q4 us-gaap Property Plant And Equipment Net
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
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CY2020Q4 bpmc Accrued Costs External Research And Preclinical Development
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CY2019Q4 bpmc Accrued Costs External Research And Preclinical Development
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CY2020Q4 us-gaap Employee Related Liabilities Current
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CY2019Q4 us-gaap Employee Related Liabilities Current
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CY2020Q4 us-gaap Other Accrued Liabilities Current
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CY2020Q4 us-gaap Accrued Liabilities Current
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