$CUE
Cue Biopharma, Inc.

2018 Q3 Form 10-Q Financial Statement

#000156459018029316 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q4 2017 Q3
Revenue $449.0K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.890M $1.410M $1.030M
YoY Change 180.58% 80.77% 66.13%
% of Gross Profit
Research & Development $10.31M $8.900M $3.880M
YoY Change 165.8% 345.0% 189.55%
% of Gross Profit
Depreciation & Amortization $195.0K $130.0K $120.0K
YoY Change 62.5% 116.67% 100.0%
% of Gross Profit
Operating Expenses $10.31M $10.44M $5.032M
YoY Change 104.95% 267.61% 149.11%
Operating Profit -$12.76M -$5.032M
YoY Change 153.56%
Interest Expense $102.0K $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $200.0K
YoY Change
Pretax Income -$12.56M -$10.44M -$5.030M
YoY Change 149.68% 267.61% 149.01%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.55M -$10.44M -$5.032M
YoY Change 149.42% 267.61% 149.11%
Net Earnings / Revenue -2795.32%
Basic Earnings Per Share
Diluted Earnings Per Share -$623.9K -$627.4K -$302.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2017 Q4 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.20M $63.53M $3.400M
YoY Change 1052.94%
Cash & Equivalents $16.04M $63.53M $3.400M
Short-Term Investments $23.40M $0.00 $0.00
Other Short-Term Assets $1.400M $1.500M $600.0K
YoY Change 133.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.60M $65.07M $4.100M
YoY Change 890.24%
LONG-TERM ASSETS
Property, Plant & Equipment $2.900M $1.691M $1.700M
YoY Change 70.59%
Goodwill
YoY Change
Intangibles $175.0K $175.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $198.3K $200.0K
YoY Change 350.0%
Total Long-Term Assets $3.982M $1.889M $2.200M
YoY Change 81.0%
TOTAL ASSETS
Total Short-Term Assets $40.60M $65.07M $4.100M
Total Long-Term Assets $3.982M $1.889M $2.200M
Total Assets $44.58M $66.95M $6.300M
YoY Change 607.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $997.0K $1.659M $800.0K
YoY Change 24.63%
Accrued Expenses $2.268M $1.151M $900.0K
YoY Change 152.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.585M $5.347M $1.900M
YoY Change 141.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.585M $5.347M $1.900M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $5.178M $5.347M $1.900M
YoY Change 172.53%
SHAREHOLDERS EQUITY
Retained Earnings -$60.18M -$32.82M
YoY Change
Common Stock $99.60M $94.43M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.40M $61.61M $4.400M
YoY Change
Total Liabilities & Shareholders Equity $44.58M $66.95M $6.300M
YoY Change 607.65%

Cashflow Statement

Concept 2018 Q3 2017 Q4 2017 Q3
OPERATING ACTIVITIES
Net Income -$12.55M -$10.44M -$5.032M
YoY Change 149.42% 267.61% 149.11%
Depreciation, Depletion And Amortization $195.0K $130.0K $120.0K
YoY Change 62.5% 116.67% 100.0%
Cash From Operating Activities -$6.290M -$1.890M -$3.680M
YoY Change 70.92% -5.97% 137.42%
INVESTING ACTIVITIES
Capital Expenditures -$300.0K -$10.00K -$210.0K
YoY Change 42.86% -90.0% -19.23%
Acquisitions
YoY Change
Other Investing Activities -$23.31M $0.00
YoY Change
Cash From Investing Activities -$23.61M -$10.00K -$210.0K
YoY Change 11142.86% -90.0% -19.23%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 62.04M -20.00K
YoY Change -150.0% 313.05% 100.0%
NET CHANGE
Cash From Operating Activities -6.290M -1.890M -3.680M
Cash From Investing Activities -23.61M -10.00K -210.0K
Cash From Financing Activities 10.00K 62.04M -20.00K
Net Change In Cash -29.89M 60.14M -3.910M
YoY Change 664.45% 365.84% 114.84%
FREE CASH FLOW
Cash From Operating Activities -$6.290M -$1.890M -$3.680M
Capital Expenditures -$300.0K -$10.00K -$210.0K
Free Cash Flow -$5.990M -$1.880M -$3.470M
YoY Change 72.62% -1.57% 168.99%

Facts In Submission

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<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;">Reclassification</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain amounts previously reported in current liabilities for the prior period have been reclassified to the current period presentation to segregate accounts payable and accrued liabilities to conform with current period presentation.&nbsp;&nbsp;Also, certain amounts previously reported in research and development contract advances have been reclassified to the current period presentation to combine research and development contract advances and prepaid expenses.&nbsp;&nbsp;In addition, certain amounts previously reported as reductions to research and development expenses have been reclassified to collaboration revenue to conform with current period presentation.&nbsp;&nbsp;There was no impact to reported net loss.&nbsp;&nbsp;The reclassifications did not have a material impact on previously reported financial statements.</p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Significant estimates include the accounting for revenue recognition, collaboration agreements, potential liabilities, the assumptions utilized in valuing stock-based compensation issued for services, the realization of deferred tax assets, and the impairment of long-lived assets and intangibles. Actual results could differ from those estimates. </p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Risks and Uncertainties </p> <p style="margin-top:6pt;margin-bottom:0pt;color:#000000;letter-spacing:-0.1pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company&#8217;s operations are subject to a number of factors that may affect its operating results and financial condition. Such factors include, but are not limited to: the Company&#8217;s ability to determine candidates for clinical testing, the results of clinical testing and trial activities of the Company&#8217;s product candidates, the Company&#8217;s ability to obtain regulatory approval to market its product candidates, the Company&#8217;s intellectual property, competition from products manufactured and sold or being developed by other companies, the price of, and demand for, the Company&#8217;s product candidates if approved for sale, the Company&#8217;s ability to negotiate favorable licensing or other manufacturing and marketing agreements for its product candidates, and the Company&#8217;s ability to raise capital. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company currently has no commercially approved product candidates and there can be no assurance that the Company&#8217;s research and development programs will be successfully commercialized. Developing and commercializing a product requires significant time and capital and is subject to regulatory review and approval, as well as competition from other biotechnology and pharmaceutical companies. The Company operates in an environment of rapid change and is dependent upon the continued services of its employees and consultants and obtaining and protecting its intellectual property. </p></div>
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0.820
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.836
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2732221
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1705600
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2500
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
7500
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4427821
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1192953
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.07
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.88
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.08
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.85
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y9M3D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y8M19D
CY2018Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17488000
CY2018Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
6208000
CY2018Q3 cue Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsExercisableIntrinsicFairValuePerShare
9.05
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2730000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
751000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5163000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2001000
cue Number Of Tranches
NumberOfTranches
2
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
Upon execution of this lease agreement the Company prepaid three months of rent, two of which will be held in escrow and credited against future rent payments and one month that was applied to the first months rent. The Company also prepaid seven and one half months rent pursuant to an amendment to the lease agreement executed on June 18, 2018. These amounts were recorded to deposits and prepaid expenses, respectively at September 30, 2018.
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
904000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4461000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
4911000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1432000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
11708000
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
863000
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
505000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2250000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1471000
cue Additional Description Of Lessee Leasing Arrangements Operating Leases
AdditionalDescriptionOfLesseeLeasingArrangementsOperatingLeases
Upon execution of this lease agreement the Company prepaid three months of rent which will be held in escrow and credited against future rent payments. The Company also prepaid twelve months rent pursuant to the lease agreement executed on September 20, 2018. These amounts were recorded to deposits and prepaid expenses, respectively at September 30, 2018.

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