$CUE
Cue Biopharma Inc

2020 Q2 Form 10-Q Financial Statement

#000156459020022851 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2020 Q1 2019 Q1
Revenue $1.080M $900.0K $370.0K
YoY Change 2.37% 143.24% 94.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.870M $3.970M $3.430M
YoY Change 14.16% 15.74% 101.76%
% of Gross Profit
Research & Development $8.119M $9.906M $8.353M
YoY Change 18.23% 18.59% 43.55%
% of Gross Profit
Depreciation & Amortization $202.0K $194.0K $205.0K
YoY Change -1.46% -5.37% 22.75%
% of Gross Profit
Operating Expenses $12.02M $13.90M $11.80M
YoY Change 16.83% 17.78% 56.83%
Operating Profit -$10.94M -$13.00M -$11.43M
YoY Change 13.72% 51.91%
Interest Expense $134.0K $203.0K $114.0K
YoY Change 39.58% 78.07%
% of Operating Profit
Other Income/Expense, Net $109.0K $177.0K $160.0K
YoY Change -10.66% 10.63% -16100.0%
Pretax Income -$10.83M -$12.82M -$11.27M
YoY Change 18.93% 13.75% 50.07%
Income Tax
% Of Pretax Income
Net Earnings -$10.83M -$12.82M -$11.27M
YoY Change 13.77% 13.77% 49.77%
Net Earnings / Revenue -1003.06% -1424.22% -3045.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$383.8K -$482.5K -$543.9K
COMMON SHARES
Basic Shares Outstanding 28.43M 20.73M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.08M $48.73M $30.88M
YoY Change 201.1% 57.81% -41.96%
Cash & Equivalents $59.90M $23.43M $21.91M
Short-Term Investments $25.18M $25.30M $8.966M
Other Short-Term Assets $2.200M $1.900M $1.000M
YoY Change 120.0% 90.0% -64.29%
Inventory
Prepaid Expenses
Receivables $1.200M $605.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $88.40M $51.19M $31.97M
YoY Change 195.97% 60.13% -42.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.592M $1.794M $2.595M
YoY Change -27.9% -30.87% 7.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.300M $604.0K $771.0K
YoY Change 293.79% -21.66% -3.63%
Total Long-Term Assets $13.00M $9.459M $13.22M
YoY Change 9.35% -28.45% 289.17%
TOTAL ASSETS
Total Short-Term Assets $88.40M $51.19M $31.97M
Total Long-Term Assets $13.00M $9.459M $13.22M
Total Assets $101.4M $60.65M $45.19M
YoY Change 142.84% 34.21% -23.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $1.740M $2.893M
YoY Change -43.21% -39.85% 141.08%
Accrued Expenses $8.300M $1.144M $2.149M
YoY Change 221.71% -46.77% 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 $14.90M $12.09M $10.57M
YoY Change 32.23% 14.35% 157.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.300M $3.300M $9.900M
YoY Change -38.24% -66.67%
Total Long-Term Liabilities $6.300M $3.300M $9.900M
YoY Change -38.24% -66.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.90M $12.09M $10.57M
Total Long-Term Liabilities $6.300M $3.300M $9.900M
Total Liabilities $21.20M $15.41M $20.45M
YoY Change -1.28% -24.63% 400.73%
SHAREHOLDERS EQUITY
Retained Earnings -$121.3M -$83.07M
YoY Change 46.05% 105.9%
Common Stock $166.3M $107.8M
YoY Change 54.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.15M $45.24M $24.74M
YoY Change
Total Liabilities & Shareholders Equity $101.4M $60.65M $45.19M
YoY Change 142.84% 34.21% -23.83%

Cashflow Statement

Concept 2020 Q2 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.83M -$12.82M -$11.27M
YoY Change 13.77% 13.77% 49.77%
Depreciation, Depletion And Amortization $202.0K $194.0K $205.0K
YoY Change -1.46% -5.37% 22.75%
Cash From Operating Activities -$6.870M -$10.94M -$8.475M
YoY Change 3.0% 29.13% -13.16%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K $0.00 $19.00K
YoY Change -100.0% -97.18%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$9.950M $9.500M
YoY Change -100.0% -204.74%
Cash From Investing Activities -$140.0K -$9.950M $9.481M
YoY Change -102.73% -204.95% -1508.77%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.32M 36.00K 257.0K
YoY Change 1058.29% -85.99%
NET CHANGE
Cash From Operating Activities -6.870M -10.94M -8.475M
Cash From Investing Activities -140.0K -9.950M 9.481M
Cash From Financing Activities 43.32M 36.00K 257.0K
Net Change In Cash 36.31M -20.86M 1.263M
YoY Change 1550.45% -1751.46% -112.11%
FREE CASH FLOW
Cash From Operating Activities -$6.870M -$10.94M -$8.475M
Capital Expenditures -$140.0K $0.00 $19.00K
Free Cash Flow -$6.730M -$10.94M -$8.494M
YoY Change 0.9% 28.84% -18.58%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top: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 collaboration 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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RestrictedCash
150000
CY2019Q4 us-gaap Restricted Cash
RestrictedCash
150000
CY2020Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P14Y
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
14500
CY2020Q1 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6947400
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0156
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
15120000
CY2020Q1 cue Fair Value Assets Among Level2 And Level3 Transfers Amount
FairValueAssetsAmongLevel2AndLevel3TransfersAmount
0
CY2019Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
54424000
CY2020Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
42836000
CY2019Q4 cue Fair Value Assets Among Level2 And Level3 Transfers Amount
FairValueAssetsAmongLevel2AndLevel3TransfersAmount
0
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
25049000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
249000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
15130000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
10000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4014000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3873000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2220000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2026000
CY2020Q1 us-gaap Depreciation
Depreciation
194000
CY2019Q1 us-gaap Depreciation
Depreciation
205000
CY2020Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2019Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2020Q1 cue Amortization Of Trademark
AmortizationOfTrademark
3000
CY2020Q1 cue Amortization Of Capitalized License Expense
AmortizationOfCapitalizedLicenseExpense
66000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4793253
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
728100
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
13781
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5507572
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2570010
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.10
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.47
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.86
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.35
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.25
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y7M20D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y10M2D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P4Y1M9D
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
18741100
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
20476100
CY2020Q1 cue Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsExercisableIntrinsicFairValuePerShare
6.25
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.83
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
94375
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
217000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3175000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1768000
CY2020Q1 cue Number Of Tranches
NumberOfTranches
2
CY2020Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
2500000
CY2020Q1 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 December 31, 2018.
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4674000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
195000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4869000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
160000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
4709000
CY2020Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1080000
CY2019Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1137000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
893000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1080000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y29D

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