$DTIL
PRECISION BIOSCIENCES INC

2021 Q4 Form 10-K Financial Statement

#000156459022010222 Filed on March 15, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $6.339M $115.5M $8.850M
YoY Change -28.37% 375.62% 35.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.62M $39.69M $9.200M
YoY Change 15.42% 10.11% 8.49%
% of Gross Profit
Research & Development $24.64M $107.7M $21.28M
YoY Change 15.8% 18.81% 15.53%
% of Gross Profit
Depreciation & Amortization $2.175M $8.981M $2.190M
YoY Change -0.68% 2.29% 20.99%
% of Gross Profit
Operating Expenses $37.09M $154.9M $32.33M
YoY Change 14.72% 15.53% 13.92%
Operating Profit -$39.40M
YoY Change -64.12%
Interest Expense $2.475M $132.0K $30.00K
YoY Change 8150.0% -83.9% -96.84%
% of Operating Profit
Other Income/Expense, Net $8.774M
YoY Change 967.4%
Pretax Income -$22.29M -$30.60M -$23.45M
YoY Change -4.95% -71.93% 12.09%
Income Tax
% Of Pretax Income
Net Earnings -$22.29M -$30.60M -$23.45M
YoY Change -4.95% -71.93% 12.09%
Net Earnings / Revenue -351.63% -26.49% -264.97%
Basic Earnings Per Share -$0.52
Diluted Earnings Per Share -$367.2K -$521.4K -$446.2K
COMMON SHARES
Basic Shares Outstanding 58.69M
Diluted Shares Outstanding 58.69M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.7M $143.7M $89.80M
YoY Change 59.98% 59.98% -50.36%
Cash & Equivalents $143.7M $143.7M $89.80M
Short-Term Investments
Other Short-Term Assets $169.0K $17.60M $4.000K
YoY Change 4125.0% 203.5% -99.83%
Inventory
Prepaid Expenses $17.43M $5.762M
Receivables $488.0K $488.0K $10.00M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $161.8M $161.8M $105.6M
YoY Change 53.23% 53.18% -45.49%
LONG-TERM ASSETS
Property, Plant & Equipment $25.15M $29.33M $35.09M
YoY Change -28.32% -29.32% -11.32%
Goodwill
YoY Change
Intangibles $2.048M $1.373M
YoY Change 49.16% -4.12%
Long-Term Investments $3.751M $6.842M
YoY Change
Other Assets $4.641M $4.641M $1.721M
YoY Change 169.67% 173.0% 208.42%
Total Long-Term Assets $49.74M $49.74M $44.59M
YoY Change 11.55% 11.53% 7.3%
TOTAL ASSETS
Total Short-Term Assets $161.8M $161.8M $105.6M
Total Long-Term Assets $49.74M $49.74M $44.59M
Total Assets $211.5M $211.5M $150.2M
YoY Change 40.85% 40.81% -36.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.144M $1.144M $792.0K
YoY Change 44.44% 43.0% -61.12%
Accrued Expenses $12.62M $12.62M $10.90M
YoY Change 15.73% 15.73% 29.76%
Deferred Revenue $21.24M $30.24M
YoY Change -29.74% 83.4%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $35.98M $35.98M $42.83M
YoY Change -15.99% -15.93% 59.03%
LONG-TERM LIABILITIES
Long-Term Debt $2.478M $2.478M $0.00
YoY Change
Other Long-Term Liabilities $44.00K $81.87M $392.0K
YoY Change -88.78% 30.16% -99.44%
Total Long-Term Liabilities $44.00K $84.35M $392.0K
YoY Change -88.78% 34.1% -99.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $35.98M $35.98M $42.83M
Total Long-Term Liabilities $44.00K $84.35M $392.0K
Total Liabilities $120.3M $120.3M $105.7M
YoY Change 13.81% 13.84% 9.09%
SHAREHOLDERS EQUITY
Retained Earnings -$316.7M -$286.1M
YoY Change 10.7% 61.56%
Common Stock $408.8M $331.5M
YoY Change 23.34% 4.78%
Preferred Stock
YoY Change
Treasury Stock (at cost) $952.0K $952.0K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $91.17M $91.17M $44.43M
YoY Change
Total Liabilities & Shareholders Equity $211.5M $211.5M $150.2M
YoY Change 40.85% 40.81% -36.17%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$22.29M -$30.60M -$23.45M
YoY Change -4.95% -71.93% 12.09%
Depreciation, Depletion And Amortization $2.175M $8.981M $2.190M
YoY Change -0.68% 2.29% 20.99%
Cash From Operating Activities -$23.68M -$10.85M -$13.46M
YoY Change 75.94% -87.58% -34.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.505M -$5.803M -$1.090M
YoY Change 38.07% 15.37% -80.29%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.505M -$5.803M -$1.090M
YoY Change 38.07% 15.34% -80.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $25.48M
YoY Change
Debt Paid & Issued, Net $2.500M
YoY Change
Cash From Financing Activities 8.378M 70.52M 200.0K
YoY Change 4089.0% 5206.32% -71.43%
NET CHANGE
Cash From Operating Activities -23.68M -10.85M -13.46M
Cash From Investing Activities -1.505M -5.803M -1.090M
Cash From Financing Activities 8.378M 70.52M 200.0K
Net Change In Cash -16.81M 53.87M -14.35M
YoY Change 17.13% -159.14% -43.48%
FREE CASH FLOW
Cash From Operating Activities -$23.68M -$10.85M -$13.46M
Capital Expenditures -$1.505M -$5.803M -$1.090M
Free Cash Flow -$22.18M -$5.050M -$12.37M
YoY Change 79.27% -93.87% -17.7%

Facts In Submission

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CY2021 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 “Company”) was incorporated on January 26, 2006 under the laws of the State of Delaware and is based in Durham, North Carolina. The Company is a clinical stage gene editing company dedicated to improving life by developing <span style="font-style:italic;">ex vivo</span> allogeneic CAR T immunotherapies and <span style="font-style:italic;">in vivo</span> therapies for genetic and infectious diseases with the application of the Company’s wholly owned proprietary ARCUS genome editing platform.</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’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. In December 2021, the Company entered into an agreement with a syndicate of investors, pursuant to which the Company contributed substantially all of the assets of Elo Life Systems, Inc. to New Elo. In connection with the Elo Transaction, Elo Life Systems, Inc. amended its certificate of incorporation on December 21, 2021 to change its name back to Precision PlantSciences, Inc. in order to permit a newly formed entity (“New Elo”) to change its name to Elo Life Systems, Inc.</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’s 100% owned subsidiary, Precision BioSciences UK Limited, was incorporated on June 17, 2019. The accompanying consolidated financial statements include the accounts of the Company and its subsidiary. 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’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>
CY2021 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2006-01-26
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<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;"> </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 (“GAAP”) 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>
CY2021 us-gaap Net Income Loss
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2020 dtil Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Fair Value Per Option
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 notes receivable. All of the Company’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 Lilly and Servier accounted for 18% and 63% of revenue during 2021, respectively. Revenue from Gilead and Servier accounted for 16% and 74% of revenue during 2020, respectively. Lilly accounted for 100% of deferred revenue as of December 31, 2021. </p>
CY2021 us-gaap Property Plant And Equipment Estimated Useful Lives
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Lesser of remaining lease term or useful life
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CY2021 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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OperatingLeasePayments
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CY2021 us-gaap Current State And Local Tax Expense Benefit
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CY2021 dtil Tax Cuts And Jobs Act Of2017 Global Intangible Low Taxed Income Tax Expense
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0
CY2020 dtil Tax Cuts And Jobs Act Of2017 Global Intangible Low Taxed Income Tax Expense
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0
CY2021 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
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2021-05-19
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CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense
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963000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.009
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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-2094000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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0.068
CY2020 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
EffectiveIncomeTaxRateReconciliationShareBasedCompensationExcessTaxBenefitPercent
0.000
CY2021 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
5239000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
0.171
CY2020 us-gaap Income Tax Reconciliation Nondeductible Expense Research And Development
IncomeTaxReconciliationNondeductibleExpenseResearchAndDevelopment
6869000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
0.063
CY2021 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
567000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
-0.019
CY2020 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
7000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Deductions Other
EffectiveIncomeTaxRateReconciliationDeductionsOther
0.001
CY2021 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
-843000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements State And Local
EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal
0.028
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
512000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements State And Local
EffectiveIncomeTaxRateReconciliationTaxSettlementsStateAndLocal
-0.006
CY2021 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
14799000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.483
CY2020 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
31532000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.289
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
23000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2020 dtil Operating Loss Carryforwards Expiration Year
OperatingLossCarryforwardsExpirationYear
2025
CY2021 us-gaap Undistributed Earnings
UndistributedEarnings
0
CY2020 us-gaap Undistributed Earnings
UndistributedEarnings
0
CY2021Q4 us-gaap Equity Method Investment Ownership Percentage
EquityMethodInvestmentOwnershipPercentage
0.50
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2020Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetPurchases
538000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Gain Loss Included In Earnings1
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetGainLossIncludedInEarnings1
2553000
CY2021Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Value
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetValue
3091000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPurchases
-30000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
-2000
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Sales
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilitySales
-28000
CY2021Q4 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2021 us-gaap Operating Income Loss
OperatingIncomeLoss
-39402000
CY2020 us-gaap Operating Income Loss
OperatingIncomeLoss
-109828000

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