$CTMX
CytomX Therapeutics Inc

2018 Q4 Form 10-Q Financial Statement

#000156459018027387 Filed on November 06, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q4
Revenue $11.47M $12.51M $27.07M
YoY Change -57.63% -48.19% 331.66%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.980M $8.140M $7.620M
YoY Change 17.85% 30.24% 47.96%
% of Gross Profit
Research & Development $28.31M $27.55M $20.70M
YoY Change 36.76% -4.74% 34.85%
% of Gross Profit
Depreciation & Amortization $600.0K $500.0K $400.0K
YoY Change 50.0% 35.87% -20.0%
% of Gross Profit
Operating Expenses $37.28M $35.69M $28.32M
YoY Change 31.64% 1.47% 38.15%
Operating Profit -$25.81M -$23.18M
YoY Change 110.22%
Interest Expense $2.510M $2.220M $1.270M
YoY Change 97.64% 174.07% 568.42%
% of Operating Profit
Other Income/Expense, Net -$20.00K $29.00K $70.00K
YoY Change -128.57% -161.7% -450.0%
Pretax Income -$23.32M -$20.93M $100.0K
YoY Change -23421.0% 103.87% -100.71%
Income Tax $8.912M $2.500M $25.18M
% Of Pretax Income 25180.0%
Net Earnings -$32.23M -$23.43M $621.0K
YoY Change -5290.5% 128.66% -104.43%
Net Earnings / Revenue -281.0% -187.31% 2.29%
Basic Earnings Per Share
Diluted Earnings Per Share -$715.1K -$533.5K $16.15K
COMMON SHARES
Basic Shares Outstanding 45.01M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $436.1M $464.6M $374.1M
YoY Change 16.58% 40.24% 105.67%
Cash & Equivalents $247.6M $259.8M $177.5M
Short-Term Investments $188.6M $204.8M $196.6M
Other Short-Term Assets $9.300M $7.900M $4.400M
YoY Change 111.36% 64.58% 12.82%
Inventory
Prepaid Expenses
Receivables $97.00K $56.00K $10.14M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $445.5M $472.5M $388.6M
YoY Change 14.64% 25.53% 106.54%
LONG-TERM ASSETS
Property, Plant & Equipment $6.934M $5.482M $4.218M
YoY Change 64.39% 33.71% -3.96%
Goodwill $949.0K $949.0K $949.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.375M $1.375M $1.355M
YoY Change 1.48% -65.63% -54.42%
Total Long-Term Assets $11.63M $10.22M $9.043M
YoY Change 28.64% -3.6% -17.65%
TOTAL ASSETS
Total Short-Term Assets $445.5M $472.5M $388.6M
Total Long-Term Assets $11.63M $10.22M $9.043M
Total Assets $457.1M $482.7M $397.6M
YoY Change 14.95% 24.74% 99.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.132M $6.871M $4.205M
YoY Change 22.05% 136.93% -36.25%
Accrued Expenses $26.72M $21.42M $16.38M
YoY Change 63.13% 87.86% 85.65%
Deferred Revenue $52.71M $53.00M $40.56M
YoY Change 29.97%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $97.91M $86.27M $61.15M
YoY Change 60.12% 21.17% 70.96%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.050M $2.426M $1.897M
YoY Change 60.78% -99.1% 235.16%
Total Long-Term Liabilities $3.050M $2.426M $1.897M
YoY Change 60.78% -99.1% 235.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $97.91M $86.27M $61.15M
Total Long-Term Liabilities $3.050M $2.426M $1.897M
Total Liabilities $326.2M $325.1M $327.7M
YoY Change -0.46% -4.84% 171.65%
SHAREHOLDERS EQUITY
Retained Earnings -$315.0M -$282.7M -$219.5M
YoY Change 43.52% 24.44%
Common Stock $1.000K $1.000K $1.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $130.9M $157.7M $69.90M
YoY Change
Total Liabilities & Shareholders Equity $457.1M $482.7M $397.6M
YoY Change 14.95% 24.74% 99.69%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q4
OPERATING ACTIVITIES
Net Income -$32.23M -$23.43M $621.0K
YoY Change -5290.5% 128.66% -104.43%
Depreciation, Depletion And Amortization $600.0K $500.0K $400.0K
YoY Change 50.0% 35.87% -20.0%
Cash From Operating Activities -$28.70M -$5.600M $22.00M
YoY Change -230.45% -1.75% 1000.0%
INVESTING ACTIVITIES
Capital Expenditures -$1.100M -$1.100M -$300.0K
YoY Change 266.67% -50.0%
Acquisitions
YoY Change
Other Investing Activities $16.90M -$2.100M -$149.5M
YoY Change -111.3% -113.13% -447.67%
Cash From Investing Activities $15.80M -$3.200M -$149.8M
YoY Change -110.55% -120.0% -452.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K 135.6M 21.10M
YoY Change -96.68% 12227.27% 4120.0%
NET CHANGE
Cash From Operating Activities -28.70M -5.600M 22.00M
Cash From Investing Activities 15.80M -3.200M -149.8M
Cash From Financing Activities 700.0K 135.6M 21.10M
Net Change In Cash -12.20M 126.8M -106.7M
YoY Change -88.57% 1012.28% -337.11%
FREE CASH FLOW
Cash From Operating Activities -$28.70M -$5.600M $22.00M
Capital Expenditures -$1.100M -$1.100M -$300.0K
Free Cash Flow -$27.60M -$4.500M $22.30M
YoY Change -223.77% -21.05% 757.69%

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<div> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Description of the Business</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CytomX Therapeutics, Inc. (the &#8220;Company&#8221;) is a clinical-stage, oncology-focused biopharmaceutical company with a vision of transforming lives with safer, more effective therapeutics. The Company is pioneering a novel class of investigational antibody therapeutics, based on its Probody&#8482; therapeutic technology platform, for the treatment of cancer. The Probody therapeutic approach is designed to more specifically target antibody therapeutics to the tumor microenvironment and reduce drug activity in healthy tissue and in circulation. The Company is located in South San Francisco, California and was incorporated in the state of Delaware in September 2010.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Stock Offering</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In July 2018, the Company completed an underwritten public offering of 5,867,347 shares of common stock at a price of $24.50 per share, which included 765,306 shares issued pursuant to the underwriters&#8217; exercise of their option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were approximately $134.6 million after deducting underwriting discounts and commissions and offering expenses of $9.2 million.</p></div>
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates.</p></div>
us-gaap Revenue Recognition Deferred Revenue
RevenueRecognitionDeferredRevenue
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Contract Balances</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Customer payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until the Company performs its obligations under these arrangements. Amounts payable to the Company are recorded as accounts receivable when the Company&#8217;s right to consideration is unconditional.</p></div>
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
0
CY2018Q3 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
14846000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
361986000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
67000
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
361919000
CY2017Q4 ctmx Accrued Research And Clinical Current
AccruedResearchAndClinicalCurrent
10068000
CY2018Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4823000
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
336450000
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
181000
CY2018Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
336269000
ctmx Tax Cuts And Jobs Act Accounting Complete True False
TaxCutsAndJobsActAccountingCompleteTrueFalse
false
CY2018Q3 ctmx Tax Cuts And Jobs Act Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActIncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
0
ctmx Tax Cuts And Jobs Act Incomplete Accounting Change In Tax Rate Provisional Income Tax Expense Benefit
TaxCutsAndJobsActIncompleteAccountingChangeInTaxRateProvisionalIncomeTaxExpenseBenefit
0
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4526000
CY2018Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1328000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1523000
CY2018Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
419000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
265000
CY2017Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
305263000
ctmx Contract With Customer Liability Accounting Standards Codification606 Adoption Adjustment
ContractWithCustomerLiabilityAccountingStandardsCodification606AdoptionAdjustment
10912000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Measure Of Progress
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInMeasureOfProgress
21000000
us-gaap Contract With Customer Liability Cumulative Catch Up Adjustment To Revenue Change In Estimate Of Transaction Price
ContractWithCustomerLiabilityCumulativeCatchUpAdjustmentToRevenueChangeInEstimateOfTransactionPrice
10799000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
37014000
CY2018Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
289362000
ctmx Contract With Customer Liability Additions
ContractWithCustomerLiabilityAdditions
31900000
CY2018Q3 ctmx Royalty Obligations Future Minimum Payments Due
RoyaltyObligationsFutureMinimumPaymentsDue
150000
ctmx License Termination Period
LicenseTerminationPeriod
P60D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6503458
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1921900
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
631539
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
111764
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7682055
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4183476
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.157
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
25.760
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.253
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.248
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.586
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.262
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4413000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2781000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12262000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8537000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7292701
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6713038
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7434862
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6976470
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.120
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2018Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35

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