$CBUS
Cibus, Inc.

2017 Q3 Form 10-Q Financial Statement

#000119312517275727 Filed on September 01, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2017 Q2 2016 Q2
Revenue $44.00K $223.0K $116.0K
YoY Change -58.1% 92.24%
Cost Of Revenue $0.00 $0.00 $100.0K
YoY Change -100.0%
Gross Profit $44.00K $223.0K $16.00K
YoY Change -60.0% 1293.75%
Gross Profit Margin 100.0% 100.0% 13.79%
Selling, General & Admin $6.553M $2.010M $1.202M
YoY Change 383.97% 67.22%
% of Gross Profit 14893.18% 901.35% 7512.5%
Research & Development $6.438M $1.453M $1.306M
YoY Change 420.87% 11.26%
% of Gross Profit 14631.82% 651.57% 8162.5%
Depreciation & Amortization $146.0K $134.0K $15.00K
YoY Change 80.25% 793.33%
% of Gross Profit 331.82% 60.09% 93.75%
Operating Expenses $12.99M $3.463M $2.508M
YoY Change 401.58% 38.08%
Operating Profit -$12.95M -$3.240M -$2.492M
YoY Change 421.01% 30.02%
Interest Expense $48.00K -$30.00K $2.000K
YoY Change -2500.0% -1600.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.90M -$3.395M -$2.457M
YoY Change 414.72% 38.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$12.90M -$3.395M -$2.457M
YoY Change 414.72% 38.18%
Net Earnings / Revenue -29327.27% -1522.42% -2118.1%
Basic Earnings Per Share
Diluted Earnings Per Share -$505.3K -$173.5K -$125.5K
COMMON SHARES
Basic Shares Outstanding 27.65M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q3 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $62.50M $2.500M
YoY Change
Cash & Equivalents $62.55M $2.521M $12.28M
Short-Term Investments
Other Short-Term Assets $400.0K $2.700M
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $100.0K $100.0K
Total Short-Term Assets $63.06M $5.323M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $12.19M $11.33M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $317.0K $280.0K
YoY Change
Total Long-Term Assets $12.51M $11.61M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $63.06M $5.323M
Total Long-Term Assets $12.51M $11.61M
Total Assets $75.57M $16.94M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $562.0K $1.910M
YoY Change
Accrued Expenses $636.0K $732.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.087M $8.900M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $7.900M $0.00
YoY Change
Other Long-Term Liabilities $400.0K $500.0K
YoY Change
Total Long-Term Liabilities $8.300M $500.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.087M $8.900M
Total Long-Term Liabilities $8.300M $500.0K
Total Liabilities $13.46M $9.353M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$47.70M -$34.80M
YoY Change
Common Stock $109.8M $42.38M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.11M $7.584M
YoY Change
Total Liabilities & Shareholders Equity $75.57M $16.94M
YoY Change

Cashflow Statement

Concept 2017 Q3 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$12.90M -$3.395M -$2.457M
YoY Change 414.72% 38.18%
Depreciation, Depletion And Amortization $146.0K $134.0K $15.00K
YoY Change 80.25% 793.33%
Cash From Operating Activities -$1.910M -$2.350M -$570.0K
YoY Change 312.28%
INVESTING ACTIVITIES
Capital Expenditures -$1.000M -$300.0K -$3.420M
YoY Change -91.23%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000M -$300.0K -$3.420M
YoY Change -91.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 62.93M 2.170M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -1.910M -2.350M -570.0K
Cash From Investing Activities -1.000M -300.0K -3.420M
Cash From Financing Activities 62.93M 2.170M 0.000
Net Change In Cash 60.02M -480.0K -3.990M
YoY Change -87.97%
FREE CASH FLOW
Cash From Operating Activities -$1.910M -$2.350M -$570.0K
Capital Expenditures -$1.000M -$300.0K -$3.420M
Free Cash Flow -$910.0K -$2.050M $2.850M
YoY Change -171.93%

Facts In Submission

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us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> <b>1. Nature of Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Calyxt, Inc., formerly known as Cellectis Plant Sciences, Inc. (the Company or Calyxt), was founded in 2010 and incorporated in Delaware. The Company is headquartered in New Brighton, Minnesota. The Company is an agriculture biotechnology company focused on creating healthier specialty food ingredients and agriculturally advantageous food crops through the use of gene editing technology for plants. The Company changed its name from Cellectis Plant Sciences, Inc. to Calyxt, Inc. on May&#xA0;4, 2015. As of June&#xA0;30, 2017, the Company was a wholly owned subsidiary of Cellectis, S.A. (or Parent or Cellectis).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions to Form <font style="WHITE-SPACE: nowrap">10-Q</font> and Rule <font style="WHITE-SPACE: nowrap">8-03</font> of Regulation <font style="WHITE-SPACE: nowrap">S-X.</font> Accordingly, they do not include all of the information and related notes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included in the accompanying financial statements. The results of operations for the periods ended June&#xA0;30, 2017 and 2016 are not necessarily indicative of the results that may be expected for the full year.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> This interim information should be read in conjunction with the audited financial statements included in the Company&#x2019;s prospectus dated July&#xA0;19, 2017, and filed with the Securities and Exchange Commission (SEC) pursuant to Rule 424 promulgated under the Securities Act of 1933, as amended.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Initial Public Offering</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On July 25, 2017, the Company completed an initial public offering (IPO) of its common stock.&#xA0;The Company sold an aggregate of 8,050,000 shares of common stock at a price of $8.00 per share, including 1,050,000 shares of common stock pursuant to the exercise of the overallotment option by the Company&#x2019;s underwriters.&#xA0;In the aggregate, the Company received net proceeds from the IPO and exercise of the overallotment of approximately $58.3&#xA0;million, after deducting underwriting discounts and commissions of $3.1&#xA0;million and offering expenses totaling approximately $3.0&#xA0;million.&#xA0;As part of the IPO, Cellectis purchased 2,500,000 shares of common stock for a value of $20.0&#xA0;million, which is included in the net proceeds of approximately $58.3&#xA0;million. The Company used $5.7&#xA0;million of the proceeds from Cellectis to cover a portion of the outstanding obligations owed to Cellectis. The condensed financial statements, including share and per share amounts, do not give effect to the IPO (Note 13).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Stock Split</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> On June&#xA0;14, 2017, pursuant to the authorization provided in a written consent in lieu of a special meeting of the Company, the Company effected a stock split of the Company&#x2019;s common stock at a ratio of <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">100-for-1</font></font> and increased the number of shares of common stock authorized for issuance to 30,000,000 by filing a Certificate of Amendment with the Secretary of State of the State of Delaware. As a result of the stock split, every share of issued and outstanding common stock was converted to 100 issued and outstanding shares of common stock without any change in the par value per share.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> On July 25, 2017, concurrently with the closing of the IPO, the Company effected a stock split of the Company&#x2019;s common stock at a ratio of <font style="WHITE-SPACE: nowrap"><font style="WHITE-SPACE: nowrap">2.45-for-1.</font></font> As a result of the stock split, each share of issued and outstanding common stock was converted into 2.45 shares of issued and outstanding common stock without changing the par value per share (Note 13).</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Since the par value of the common stock remained at $0.0001 per share subsequent to each stock split, the value of common stock recorded to the Company&#x2019;s balance sheets has been retroactively increased to reflect the par value of the increased number outstanding shares, with a corresponding decrease to additional <font style="WHITE-SPACE: nowrap">paid-in</font> capital. All share and per share data included in the financial statements and related notes have been retroactively restated to reflect the stock splits.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b><i>Liquidity</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company&#x2019;s financial statements have been prepared and presented on a basis assuming it continues as a going concern. During the years ended December&#xA0;31, 2016 and 2015 and through June&#xA0;30, 2017, the Company incurred losses from operations and net cash outflows from operating activities as disclosed in the statements of operations and cash flows, respectively. At June&#xA0;30, 2017, the Company had an accumulated deficit of $34.8&#xA0;million and it expects to incur losses for the immediate future. To date, the Company has been funded by capital infusions from its parent and equity financings, and although the Company believes that it will be able to successfully fund its operations, there can be no assurance that it will be able to do so or that it will ever operate profitably.</p> </div>
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us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to stock-based compensation and the valuation allowance for deferred tax assets and derivatives. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p> </div>
clxt Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
1269000
clxt Operating Leases Expiration Date
OperatingLeasesExpirationDate
2017-10
clxt Increase Decrease In Due To From Related Parties Current
IncreaseDecreaseInDueToFromRelatedPartiesCurrent
1213000
clxt Defined Contribution Plan Additional Matching Contribution Percent Of Match
DefinedContributionPlanAdditionalMatchingContributionPercentOfMatch
0.50 pure
clxt Unrealized Transaction Gains Losses On Parent Activity
UnrealizedTransactionGainsLossesOnParentActivity
156000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-12405000
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
200000
us-gaap Costs And Expenses
CostsAndExpenses
5275000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
32000
us-gaap Depreciation
Depreciation
69000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
29000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5026000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-68000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-16000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-117000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
709000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2016Q2 us-gaap Depreciation
Depreciation
15000
CY2016Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2016Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0
CY2016Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
33000
CY2016Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1022000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
313000
us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-2000
CY2016Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-2457000
CY2016Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Interest Paid
InterestPaid
2000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-10202000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-2203000
us-gaap Net Income Loss
NetIncomeLoss
-5026000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
10202000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2676000
us-gaap Sales Revenue Net
SalesRevenueNet
222000
us-gaap Share Based Compensation
ShareBasedCompensation
595000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2399000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19600000 shares
clxt Increase Decrease In Due To From Related Parties Current
IncreaseDecreaseInDueToFromRelatedPartiesCurrent
701000
clxt Unrealized Transaction Gains Losses On Parent Activity
UnrealizedTransactionGainsLossesOnParentActivity
-7000
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y1M6D
CY2016Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
2000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
-2457000
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2492000
CY2016Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
68000
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1306000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
116000
CY2016Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
1202000
CY2016Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19600000 shares
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
3463000
CY2017Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
18000
CY2017Q2 us-gaap Depreciation
Depreciation
134000
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2017Q2 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Transfers Net
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationTransfersNet
0
CY2017Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-125000
CY2017Q2 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2017Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-3395000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
-30000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-3395000
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3240000
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
65000
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1453000
CY2017Q2 us-gaap Sales Revenue Net
SalesRevenueNet
223000
CY2017Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
2010000
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19600000 shares

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