$CUE
Cue Biopharma Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019030813 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $1.055M $172.0K
YoY Change 513.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.390M $2.220M
YoY Change 52.7% 124.24%
% of Gross Profit
Research & Development $6.867M $5.414M
YoY Change 26.84% 63.07%
% of Gross Profit
Depreciation & Amortization $205.0K $195.0K
YoY Change 5.13% 95.0%
% of Gross Profit
Operating Expenses $10.29M $7.644M
YoY Change 34.56% 73.22%
Operating Profit -$7.472M
YoY Change 69.32%
Interest Expense $96.00K $170.0K
YoY Change -43.53%
% of Operating Profit
Other Income/Expense, Net $122.0K $172.0K
YoY Change -29.07%
Pretax Income -$9.109M -$7.300M
YoY Change 24.78% 65.53%
Income Tax $413.0K
% Of Pretax Income
Net Earnings -$9.522M -$7.300M
YoY Change 30.44% 65.42%
Net Earnings / Revenue -902.56% -4244.19%
Basic Earnings Per Share
Diluted Earnings Per Share -$457.3K -$358.2K
COMMON SHARES
Basic Shares Outstanding 20.78M 20.13M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.26M $45.80M
YoY Change -38.31% 518.92%
Cash & Equivalents $24.26M $45.94M
Short-Term Investments $3.995M $100.0K
Other Short-Term Assets $1.000M $3.500M
YoY Change -71.43% 288.89%
Inventory
Prepaid Expenses
Receivables $522.0K
Other Receivables $0.00
Total Short-Term Assets $29.87M $49.25M
YoY Change -39.35% 500.61%
LONG-TERM ASSETS
Property, Plant & Equipment $2.208M $2.763M
YoY Change -20.09% 62.53%
Goodwill
YoY Change
Intangibles $175.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $838.0K $900.0K
YoY Change -6.89% 350.0%
Total Long-Term Assets $11.89M $3.864M
YoY Change 207.66% 93.2%
TOTAL ASSETS
Total Short-Term Assets $29.87M $49.25M
Total Long-Term Assets $11.89M $3.864M
Total Assets $41.76M $53.11M
YoY Change -21.38% 420.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.289M $546.0K
YoY Change 319.23% -31.75%
Accrued Expenses $2.580M $1.124M
YoY Change 129.54% 60.57%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.27M $2.963M
YoY Change 280.29% 85.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.20M
YoY Change
Total Long-Term Liabilities $10.20M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.27M $2.963M
Total Long-Term Liabilities $10.20M $0.00
Total Liabilities $21.48M $3.882M
YoY Change 453.19% 142.63%
SHAREHOLDERS EQUITY
Retained Earnings -$92.59M -$47.63M
YoY Change 94.4%
Common Stock $112.9M $96.86M
YoY Change 16.53%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.28M $49.23M
YoY Change
Total Liabilities & Shareholders Equity $41.76M $53.11M
YoY Change -21.38% 420.73%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$9.522M -$7.300M
YoY Change 30.44% 65.42%
Depreciation, Depletion And Amortization $205.0K $195.0K
YoY Change 5.13% 95.0%
Cash From Operating Activities -$6.670M -$6.460M
YoY Change 3.25% 104.43%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$760.0K
YoY Change -100.0% 80.95%
Acquisitions
YoY Change
Other Investing Activities $5.130M
YoY Change
Cash From Investing Activities $5.130M -$760.0K
YoY Change -775.0% 80.95%
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 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -6.670M -6.460M
Cash From Investing Activities 5.130M -760.0K
Cash From Financing Activities 3.740M 0.000
Net Change In Cash 2.200M -7.220M
YoY Change -130.47% 100.56%
FREE CASH FLOW
Cash From Operating Activities -$6.670M -$6.460M
Capital Expenditures $0.00 -$760.0K
Free Cash Flow -$6.670M -$5.700M
YoY Change 17.02% 108.03%

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>
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4147000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3846000
dei Entity Incorporation State Country Name
EntityIncorporationStateCountryName
Delaware
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2014-12-31
CY2019Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
28256000
CY2019Q2 us-gaap Restricted Cash
RestrictedCash
150000
CY2018Q4 us-gaap Restricted Cash
RestrictedCash
150000
us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P15Y
CY2018Q4 cue Leases Rent Liability
LeasesRentLiability
-381000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6063819
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4637762
CY2019Q2 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
15288000
CY2018Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
10548000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
3995000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
18413000
CY2019Q2 cue Fair Value Assets Among Level2 And Level3 Transfers Amount
FairValueAssetsAmongLevel2AndLevel3TransfersAmount
0
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
28960000
CY2019Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
19283000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
11000
CY2018Q4 cue Fair Value Assets Among Level2 And Level3 Transfers Amount
FairValueAssetsAmongLevel2AndLevel3TransfersAmount
0
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
3995000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
18424000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1638000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1366000
CY2019Q2 us-gaap Depreciation
Depreciation
205000
CY2018Q2 us-gaap Depreciation
Depreciation
195000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0194
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0259
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.820
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.940
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
809600
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
92043
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
446500
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4811378
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2055273
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
6.33
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.86
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y4M28D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y3M14D
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
12513000
CY2019Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2330000
CY2019Q2 cue Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsExercisableIntrinsicFairValuePerShare
8.99
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1321000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3085000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2433000
cue Number Of Tranches
NumberOfTranches
2
CY2019Q2 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1950000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4910000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1432000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8292000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
469000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
7823000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1137000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
732000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2274000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1387000

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