$CUE
Cue Biopharma, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019017298 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $1.055M $370.0K $190.0K
YoY Change 513.37% 94.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.390M $3.430M $1.700M
YoY Change 52.7% 101.76% 91.01%
% of Gross Profit
Research & Development $6.867M $8.353M $5.819M
YoY Change 26.84% 43.55% 136.45%
% of Gross Profit
Depreciation & Amortization $205.0K $205.0K $167.0K
YoY Change 5.13% 22.75% 149.25%
% of Gross Profit
Operating Expenses $10.29M $11.80M $7.522M
YoY Change 34.56% 56.83% 124.54%
Operating Profit -$11.43M -$7.522M
YoY Change 51.91% 124.54%
Interest Expense $96.00K $114.0K $0.00
YoY Change -43.53%
% of Operating Profit
Other Income/Expense, Net $122.0K $160.0K -$1.000K
YoY Change -29.07% -16100.0%
Pretax Income -$9.109M -$11.27M -$7.510M
YoY Change 24.78% 50.07% 124.18%
Income Tax $413.0K
% Of Pretax Income
Net Earnings -$9.522M -$11.27M -$7.523M
YoY Change 30.44% 49.77% 124.57%
Net Earnings / Revenue -902.56% -3045.14% -3959.47%
Basic Earnings Per Share
Diluted Earnings Per Share -$457.3K -$543.9K -$373.3K
COMMON SHARES
Basic Shares Outstanding 20.78M 20.73M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.26M $30.88M $53.20M
YoY Change -38.31% -41.96%
Cash & Equivalents $24.26M $21.91M $53.10M
Short-Term Investments $3.995M $8.966M $100.0K
Other Short-Term Assets $1.000M $1.000M $2.800M
YoY Change -71.43% -64.29%
Inventory
Prepaid Expenses
Receivables $522.0K
Other Receivables $0.00
Total Short-Term Assets $29.87M $31.97M $55.93M
YoY Change -39.35% -42.84%
LONG-TERM ASSETS
Property, Plant & Equipment $2.208M $2.595M $2.423M
YoY Change -20.09% 7.1%
Goodwill
YoY Change
Intangibles $175.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $838.0K $771.0K $800.0K
YoY Change -6.89% -3.63%
Total Long-Term Assets $11.89M $13.22M $3.397M
YoY Change 207.66% 289.17%
TOTAL ASSETS
Total Short-Term Assets $29.87M $31.97M $55.93M
Total Long-Term Assets $11.89M $13.22M $3.397M
Total Assets $41.76M $45.19M $59.33M
YoY Change -21.38% -23.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.289M $2.893M $1.200M
YoY Change 319.23% 141.08%
Accrued Expenses $2.580M $2.149M $300.0K
YoY Change 129.54% 616.33%
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 $11.27M $10.57M $4.100M
YoY Change 280.29% 157.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.20M $9.900M
YoY Change
Total Long-Term Liabilities $10.20M $9.900M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.27M $10.57M $4.100M
Total Long-Term Liabilities $10.20M $9.900M $0.00
Total Liabilities $21.48M $20.45M $4.084M
YoY Change 453.19% 400.73%
SHAREHOLDERS EQUITY
Retained Earnings -$92.59M -$83.07M -$40.34M
YoY Change 94.4% 105.9%
Common Stock $112.9M $107.8M
YoY Change 16.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.28M $24.74M $55.24M
YoY Change
Total Liabilities & Shareholders Equity $41.76M $45.19M $59.33M
YoY Change -21.38% -23.83%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$9.522M -$11.27M -$7.523M
YoY Change 30.44% 49.77% 124.57%
Depreciation, Depletion And Amortization $205.0K $205.0K $167.0K
YoY Change 5.13% 22.75% 149.25%
Cash From Operating Activities -$6.670M -$8.475M -$9.759M
YoY Change 3.25% -13.16% 182.05%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $19.00K $673.0K
YoY Change -100.0% -97.18% 21.04%
Acquisitions
YoY Change
Other Investing Activities $5.130M $9.500M
YoY Change
Cash From Investing Activities $5.130M $9.481M -$673.0K
YoY Change -775.0% -1508.77% 20.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.740M 257.0K
YoY Change
NET CHANGE
Cash From Operating Activities -6.670M -8.475M -9.759M
Cash From Investing Activities 5.130M 9.481M -673.0K
Cash From Financing Activities 3.740M 257.0K
Net Change In Cash 2.200M 1.263M -10.43M
YoY Change -130.47% -112.11% 159.5%
FREE CASH FLOW
Cash From Operating Activities -$6.670M -$8.475M -$9.759M
Capital Expenditures $0.00 $19.00K $673.0K
Free Cash Flow -$6.670M -$8.494M -$10.43M
YoY Change 17.02% -18.58% 159.76%

Facts In Submission

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<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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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>
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<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;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 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 expenses during the reporting period. Significant estimates include estimates related to revenue, the accounting for potential liabilities and accrued expenses, the assumptions utilized in valuing stock-based compensation issued for services, the realization of deferred tax assets, and the useful life with respect to long-lived assets and intangibles. Actual results could differ from those estimates.</p>
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AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1366000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0249
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0259
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.820
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.902
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4540321
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
774600
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
85793
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
14375
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5214753
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1912524
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.07
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.33
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.03
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.62
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y9M3D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M17D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y9M10D
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16123087
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
398642
CY2019Q1 cue Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsExercisableIntrinsicFairValuePerShare
7.73
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1768000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1158000
CY2019Q1 cue Number Of Tranches
NumberOfTranches
2
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2842000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4910000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1432000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9184000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
594000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8590000
CY2019Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1137000
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
670000

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