$CUE
Cue Biopharma Inc

2020 Q2 Form 10-Q Financial Statement

#000156459020038375 Filed on August 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $1.080M $1.055M $370.0K
YoY Change 2.37% 513.37% 94.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.870M $3.390M $3.430M
YoY Change 14.16% 52.7% 101.76%
% of Gross Profit
Research & Development $8.119M $6.867M $8.353M
YoY Change 18.23% 26.84% 43.55%
% of Gross Profit
Depreciation & Amortization $202.0K $205.0K $205.0K
YoY Change -1.46% 5.13% 22.75%
% of Gross Profit
Operating Expenses $12.02M $10.29M $11.80M
YoY Change 16.83% 34.56% 56.83%
Operating Profit -$10.94M -$11.43M
YoY Change 51.91%
Interest Expense $134.0K $96.00K $114.0K
YoY Change 39.58% -43.53%
% of Operating Profit
Other Income/Expense, Net $109.0K $122.0K $160.0K
YoY Change -10.66% -29.07% -16100.0%
Pretax Income -$10.83M -$9.109M -$11.27M
YoY Change 18.93% 24.78% 50.07%
Income Tax $413.0K
% Of Pretax Income
Net Earnings -$10.83M -$9.522M -$11.27M
YoY Change 13.77% 30.44% 49.77%
Net Earnings / Revenue -1003.06% -902.56% -3045.14%
Basic Earnings Per Share
Diluted Earnings Per Share -$383.8K -$457.3K -$543.9K
COMMON SHARES
Basic Shares Outstanding 28.43M 20.78M 20.73M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.08M $28.26M $30.88M
YoY Change 201.1% -38.31% -41.96%
Cash & Equivalents $59.90M $24.26M $21.91M
Short-Term Investments $25.18M $3.995M $8.966M
Other Short-Term Assets $2.200M $1.000M $1.000M
YoY Change 120.0% -71.43% -64.29%
Inventory
Prepaid Expenses
Receivables $1.200M $522.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $88.40M $29.87M $31.97M
YoY Change 195.97% -39.35% -42.84%
LONG-TERM ASSETS
Property, Plant & Equipment $1.592M $2.208M $2.595M
YoY Change -27.9% -20.09% 7.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.300M $838.0K $771.0K
YoY Change 293.79% -6.89% -3.63%
Total Long-Term Assets $13.00M $11.89M $13.22M
YoY Change 9.35% 207.66% 289.17%
TOTAL ASSETS
Total Short-Term Assets $88.40M $29.87M $31.97M
Total Long-Term Assets $13.00M $11.89M $13.22M
Total Assets $101.4M $41.76M $45.19M
YoY Change 142.84% -21.38% -23.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $2.289M $2.893M
YoY Change -43.21% 319.23% 141.08%
Accrued Expenses $8.300M $2.580M $2.149M
YoY Change 221.71% 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 $14.90M $11.27M $10.57M
YoY Change 32.23% 280.29% 157.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.300M $10.20M $9.900M
YoY Change -38.24%
Total Long-Term Liabilities $6.300M $10.20M $9.900M
YoY Change -38.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.90M $11.27M $10.57M
Total Long-Term Liabilities $6.300M $10.20M $9.900M
Total Liabilities $21.20M $21.48M $20.45M
YoY Change -1.28% 453.19% 400.73%
SHAREHOLDERS EQUITY
Retained Earnings -$92.59M -$83.07M
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 $80.15M $20.28M $24.74M
YoY Change
Total Liabilities & Shareholders Equity $101.4M $41.76M $45.19M
YoY Change 142.84% -21.38% -23.83%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.83M -$9.522M -$11.27M
YoY Change 13.77% 30.44% 49.77%
Depreciation, Depletion And Amortization $202.0K $205.0K $205.0K
YoY Change -1.46% 5.13% 22.75%
Cash From Operating Activities -$6.870M -$6.670M -$8.475M
YoY Change 3.0% 3.25% -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 $5.130M $9.500M
YoY Change -100.0%
Cash From Investing Activities -$140.0K $5.130M $9.481M
YoY Change -102.73% -775.0% -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 3.740M 257.0K
YoY Change 1058.29%
NET CHANGE
Cash From Operating Activities -6.870M -6.670M -8.475M
Cash From Investing Activities -140.0K 5.130M 9.481M
Cash From Financing Activities 43.32M 3.740M 257.0K
Net Change In Cash 36.31M 2.200M 1.263M
YoY Change 1550.45% -130.47% -112.11%
FREE CASH FLOW
Cash From Operating Activities -$6.870M -$6.670M -$8.475M
Capital Expenditures -$140.0K $0.00 $19.00K
Free Cash Flow -$6.730M -$6.670M -$8.494M
YoY Change 0.9% 17.02% -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> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 outbreak, which the World Health Organization has classified as a pandemic, has prompted governments and regulatory bodies throughout the world to issue “stay-at-home” or similar orders, and enact restrictions on the performance of “non-essential” services, public gatherings and travel. </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 extent to which COVID-19 impacts the Company’s business and financial results will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the extent to which it will impact worldwide macroeconomic conditions, the speed of the anticipated recovery, access to capital markets, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of June 30, 2020 and through the date of the filing of this Quarterly Report on Form 10-Q. The accounting matters assessed included, but were not limited to 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 assessments of impairment related to long-lived assets and intangibles. The Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in additional material impacts to the Company’s consolidated financial statements in future reporting periods.</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;">Despite the Company’s efforts, the ultimate impact of COVID-19 depends on factors beyond the Company’s knowledge or control, including the duration and severity of the outbreak, as well as third-party actions taken to contain its spread and mitigate its public health effects. As a result, the Company is unable to estimate the extent to which COVID-19 will negatively impact its financial results or liquidity.</p>
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CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2422000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2026000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1592000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1847000
us-gaap Depreciation
Depreciation
396000
us-gaap Depreciation
Depreciation
410000
cue Amortization Of Trademark
AmortizationOfTrademark
6000
cue Amortization Of Capitalized License Expense
AmortizationOfCapitalizedLicenseExpense
133000
CY2020Q2 us-gaap Depreciation
Depreciation
202000
CY2019Q2 us-gaap Depreciation
Depreciation
205000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4793253
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
729300
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.49
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
276622
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.92
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
13875
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.97
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5232056
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.57
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2653979
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.86
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16935000
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
46835000
CY2020Q2 cue Share Based Compensation Arrangement By Share Based Payment Award Fair Value Of Options Exercisable Intrinsic Fair Value Per Share
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueOfOptionsExercisableIntrinsicFairValuePerShare
4.25
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 Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
7.83
CY2020Q1 cue Share Based Compensation Arrangement By Share Based Payment Award Post Employment Options Exercise Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPostEmploymentOptionsExercisePeriod
P12M
CY2020Q2 cue Share Based Compensation Arrangement By Share Based Payment Award Post Employment Options Exercise Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardPostEmploymentOptionsExercisePeriod
P36M
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
522000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8431000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1080000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2524000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1321000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5699000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3085000
cue Number Of Tranches
NumberOfTranches
2
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1189827
cue Class Of Warrants Or Rights Cashless Issue Exercises
ClassOfWarrantsOrRightsCashlessIssueExercises
278179
cue Class Of Warrant Or Right Number Of Securities Withheld
ClassOfWarrantOrRightNumberOfSecuritiesWithheld
49679
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
861969
CY2020Q2 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 December 31, 2018.
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2337000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4552000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2064000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8953000
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y11M15D
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
8150000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8431000
CY2020Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1080000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2160000
CY2020Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
893000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
1137000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2160000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2274000
us-gaap Operating Lease Payments
OperatingLeasePayments
893000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1080000
us-gaap Operating Lease Cost
OperatingLeaseCost
2160000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y11M15D

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