$DTIL
PRECISION BIOSCIENCES INC

2019 Q4 Form 10-K Financial Statement

#000156459020009541 Filed on March 10, 2020

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q1 2019
Revenue $6.520M $5.462M $1.070B
YoY Change 31.98% 257.46% 9731.85%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.480M $5.000M $27.03M
YoY Change 82.37% 88.68% 97.73%
% of Gross Profit
Research & Development $18.42M $19.96M $82.42M
YoY Change 12.32% 145.92% 82.65%
% of Gross Profit
Depreciation & Amortization $1.810M $940.0K $5.320M
YoY Change 129.11% 104.35% 126.38%
% of Gross Profit
Operating Expenses $28.38M $24.96M $82.42M
YoY Change 34.82% 131.87% 82.65%
Operating Profit -$19.49M
YoY Change 111.09%
Interest Expense $950.0K $182.0K $182.0K
YoY Change 43.94% -17.27% -90.32%
% of Operating Profit
Other Income/Expense, Net -$12.29M -$5.673M
YoY Change -5610.76%
Pretax Income -$20.92M -$31.78M -$92.88M
YoY Change 35.49% 252.72% 101.74%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$20.92M -$31.78M -$92.88M
YoY Change 35.49% 252.67% 101.74%
Net Earnings / Revenue -320.86% -581.89% -8.68%
Basic Earnings Per Share
Diluted Earnings Per Share -$1.300M -$631.1K -$2.212M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q1 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $180.9M $116.5M $180.9M
YoY Change 75.29% 75.29%
Cash & Equivalents $180.9M $116.5M $180.9M
Short-Term Investments
Other Short-Term Assets $2.324M $6.025M $11.80M
YoY Change -23.7% 3.51%
Inventory
Prepaid Expenses $9.497M $8.299M
Receivables $965.0K $6.157M $1.000M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $193.7M $137.0M $193.7M
YoY Change 67.43% 67.42%
LONG-TERM ASSETS
Property, Plant & Equipment $39.57M $27.91M $39.60M
YoY Change 87.12% 87.68%
Goodwill
YoY Change
Intangibles $1.432M $1.460M
YoY Change -2.32%
Long-Term Investments
YoY Change
Other Assets $558.0K $453.0K $600.0K
YoY Change 78.85% 100.0%
Total Long-Term Assets $41.56M $29.82M $41.50M
YoY Change 81.29% 81.22%
TOTAL ASSETS
Total Short-Term Assets $193.7M $137.0M $193.7M
Total Long-Term Assets $41.56M $29.82M $41.50M
Total Assets $235.2M $166.8M $235.2M
YoY Change 69.72% 69.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.037M $5.057M $2.000M
YoY Change -8.16% -9.09%
Accrued Expenses $8.400M $3.800M $8.400M
YoY Change 170.97% 170.97%
Deferred Revenue $16.49M $8.029M
YoY Change 95.42%
Short-Term Debt $0.00 $52.40M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.93M $71.38M $26.90M
YoY Change 91.35% 90.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $70.00M $84.60M $70.00M
YoY Change -17.26% -17.26%
Total Long-Term Liabilities $70.00M $84.60M $70.00M
YoY Change -17.26% -17.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.93M $71.38M $26.90M
Total Long-Term Liabilities $70.00M $84.60M $70.00M
Total Liabilities $96.92M $156.0M $96.90M
YoY Change -1.74% -1.72%
SHAREHOLDERS EQUITY
Retained Earnings -$177.1M -$84.19M
YoY Change 107.86%
Common Stock $316.3M $127.8M
YoY Change 150.87%
Preferred Stock
YoY Change
Treasury Stock (at cost) $952.0K $952.0K
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $138.3M $10.83M $138.3M
YoY Change
Total Liabilities & Shareholders Equity $235.2M $166.8M $235.2M
YoY Change 69.72% 69.7%

Cashflow Statement

Concept 2019 Q4 2019 Q1 2019
OPERATING ACTIVITIES
Net Income -$20.92M -$31.78M -$92.88M
YoY Change 35.49% 252.67% 101.74%
Depreciation, Depletion And Amortization $1.810M $940.0K $5.320M
YoY Change 129.11% 104.35% 126.38%
Cash From Operating Activities -$20.56M -$19.91M -$71.02M
YoY Change 59.26% 37.73% 37.3%
INVESTING ACTIVITIES
Capital Expenditures -$5.530M -$5.080M -$24.67M
YoY Change -43.97% 719.35% 57.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$5.530M -$5.082M -$24.67M
YoY Change -43.97% 721.0% 57.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 700.0K 38.30M 173.4M
YoY Change -144.03% 191375.0% 60.86%
NET CHANGE
Cash From Operating Activities -20.56M -19.91M -71.02M
Cash From Investing Activities -5.530M -5.082M -24.67M
Cash From Financing Activities 700.0K 38.30M 173.4M
Net Change In Cash -25.39M 13.31M 77.69M
YoY Change 4.19% -188.39% 92.35%
FREE CASH FLOW
Cash From Operating Activities -$20.56M -$19.91M -$71.02M
Capital Expenditures -$5.530M -$5.080M -$24.67M
Free Cash Flow -$15.03M -$14.83M -$46.35M
YoY Change 394.41% 7.18% 28.58%

Facts In Submission

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CY2019 us-gaap Nature Of Operations
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Description of Business</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Precision BioSciences, Inc. (the &#8220;Company&#8221;) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is focused on utilizing its proprietary genome editing platform to help overcome cancers, cure genetic diseases and enable the development of safer, more productive food sources.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s 100% owned subsidiary, Precision PlantSciences, Inc., was incorporated on January 4, 2012. Precision PlantSciences, Inc. amended its certificate of incorporation on January 16, 2018 to change its name to Elo Life Systems, Inc.&#160;&#160;Elo Life Systems Australia Pty Ltd was incorporated on May 29, 2018 as a 100% owned subsidiary of Elo Life Systems, Inc.&#160;&#160;The Company&#8217;s 100% owned subsidiary, Precision BioSciences UK Limited, was incorporated on June 17, 2019.&#160;&#160;The accompanying consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated in consolidation.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since its inception, the Company has devoted substantially all of its efforts to research and development activities, recruiting skilled personnel, developing manufacturing processes, establishing its intellectual property portfolio and providing general and administrative support for these operations. The Company is subject to a number of risks similar to those of other companies conducting high-risk, early-stage research and development of product candidates. Principal among these risks are dependence on key individuals and intellectual property, competition from other products and companies, and the technical risks associated with the successful research, development and clinical manufacturing of its product candidates. The Company&#8217;s success is dependent upon its ability to continue to raise additional capital in order to fund ongoing research and development, obtain regulatory approval of its products, successfully commercialize its products, generate revenue, meet its obligations, and, ultimately, attain profitable operations.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On April 1, 2019, the Company completed its initial public offering (&#8220;IPO&#8221;) in which the Company issued and sold 9,085,000 shares of its common stock at a public offering price of $16.00 per share and received approximately $130.5 million in net proceeds, after deducting underwriting discounts and commission of approximately $10.2 million and issuance costs of approximately $4.6 million.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the IPO, on March 15, 2019 the Company effected a reverse split of shares of the Company&#8217;s common stock on a 1-for-2.134686 basis (the &#8220;Reverse Stock Split&#8221;) of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for the Company&#8217;s Series A and Series B preferred stock.&#160;&#160;Accordingly, all common shares, stock option shares, and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this Reverse Stock Split and adjustment of the preferred stock conversion ratios.&#160;&#160;</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Authorized common shares were not affected by the Reverse Stock Split.&#160;&#160;Upon the closing of the IPO, all of the outstanding shares of convertible preferred stock automatically converted into 22,301,190 shares of common stock at the applicable ratio then in effect and the outstanding convertible notes payable, including accrued interest, were settled into 2,921,461 shares of common stock. Subsequent to the closing of the IPO, there were no shares of Series A or Series B convertible preferred stock or convertible notes payable outstanding.</p>
CY2019 us-gaap Use Of Estimates
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<p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p> <p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;GAAP&#8221;) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and disclosures made in the accompanying notes to the consolidated financial statements. Actual results could differ from those estimates. Significant estimates include recording revenue for performance obligations recognized over time, determination of the fair value of share-based compensation grants and estimating services expended by third-party service providers used to recognize research and development expense. </p>
CY2019 us-gaap Prior Period Reclassification Adjustment Description
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<p style="margin-top:2pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain reclassifications have been made to the presentation of amounts in our Consolidated Balance Sheet as of December&#160;31, 2019 to conform to the prior year presentation. Specifically, certain current liabilities were reclassified from accrued expenses and other current liabilities and are now presented separately on our Consolidated Balance Sheets.</p>
CY2019 us-gaap Concentration Risk Credit Risk
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. All of the Company&#8217;s cash and cash equivalents are held at financial institutions that management believes to be of high credit quality. The Company may maintain cash deposits in financial institutions in excess of government insured limits. The Company regularly invests excess cash deposits in money market funds and repurchase agreements. The Company believes that the credit risk arising from the holdings of these financial instruments is mitigated by the fact that these securities are of short duration, government backed and of high credit rating. The Company has not experienced any losses on cash and cash equivalents to date. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Revenue from two development and license agreements accounted for 60% and 33% of revenue during 2019 and 34% and 53% of revenue during 2018, as well as 2% and 98% of deferred revenue as of December&#160;31, 2019. </p>
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2006-01-26
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CY2019 us-gaap Income Tax Examination Likelihood Of Unfavorable Settlement
IncomeTaxExaminationLikelihoodOfUnfavorableSettlement
The tax benefits recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement.
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18716000
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22469000

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