$EQ
Equillium, Inc.

2021 Q1 Form 10-Q Financial Statement

#000095017021000224 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.920M $2.750M
YoY Change 6.18% 6.18%
% of Gross Profit
Research & Development $5.880M $4.706M
YoY Change 24.95% 25.19%
% of Gross Profit
Depreciation & Amortization $20.00K $10.00K
YoY Change 100.0% 0.0%
% of Gross Profit
Operating Expenses $8.695M $7.452M
YoY Change 16.68% 17.39%
Operating Profit -$8.695M -$7.452M
YoY Change 16.68% 17.39%
Interest Expense -$250.0K -$50.00K
YoY Change 400.0% -112.5%
% of Operating Profit
Other Income/Expense, Net -$296.0K -$385.0K
YoY Change -23.12% -196.73%
Pretax Income -$8.990M -$7.840M
YoY Change 14.67% 31.76%
Income Tax
% Of Pretax Income
Net Earnings -$8.991M -$7.837M
YoY Change 14.73% 31.71%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$328.9K -$446.5K
COMMON SHARES
Basic Shares Outstanding 29.04M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $104.1M $47.68M
YoY Change 118.31% -22.61%
Cash & Equivalents $50.86M $20.61M
Short-Term Investments $53.22M $27.06M
Other Short-Term Assets $2.500M $2.100M
YoY Change 19.05% 110.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $106.6M $49.82M
YoY Change 113.99% -20.45%
LONG-TERM ASSETS
Property, Plant & Equipment $223.0K $89.00K
YoY Change 150.56% 7.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0%
Total Long-Term Assets $223.0K $89.00K
YoY Change 150.56% -9.18%
TOTAL ASSETS
Total Short-Term Assets $106.6M $49.82M
Total Long-Term Assets $223.0K $89.00K
Total Assets $106.8M $49.91M
YoY Change 114.06% -20.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.324M $1.801M
YoY Change 29.04% 13.41%
Accrued Expenses $2.593M $1.910M
YoY Change 35.76% 30.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.500M
YoY Change
Total Short-Term Liabilities $7.417M $3.711M
YoY Change 99.87% 21.59%
LONG-TERM LIABILITIES
Long-Term Debt $7.506M $9.746M
YoY Change -22.98%
Other Long-Term Liabilities $35.00K $108.0K
YoY Change -67.59% -46.0%
Total Long-Term Liabilities $7.541M $9.854M
YoY Change -23.47% 5344.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.417M $3.711M
Total Long-Term Liabilities $7.541M $9.854M
Total Liabilities $14.96M $13.57M
YoY Change 10.27% 319.58%
SHAREHOLDERS EQUITY
Retained Earnings -$79.92M -$48.95M
YoY Change 63.26% 128.07%
Common Stock $172.1M $84.82M
YoY Change 102.84% 4.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $91.88M $36.35M
YoY Change
Total Liabilities & Shareholders Equity $106.8M $49.91M
YoY Change 114.06% -20.43%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.991M -$7.837M
YoY Change 14.73% 31.71%
Depreciation, Depletion And Amortization $20.00K $10.00K
YoY Change 100.0% 0.0%
Cash From Operating Activities -$7.944M -$6.370M
YoY Change 24.71% 42.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $15.00K
YoY Change -100.0% 36.36%
Acquisitions
YoY Change
Other Investing Activities $4.860M $13.02M
YoY Change -62.67% -593.18%
Cash From Investing Activities $4.860M $13.01M
YoY Change -62.63% -590.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $775.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.96M 775.0K
YoY Change 3766.32%
NET CHANGE
Cash From Operating Activities -7.944M -6.370M
Cash From Investing Activities 4.860M 13.01M
Cash From Financing Activities 29.96M 775.0K
Net Change In Cash 26.88M 7.395M
YoY Change 263.48% -203.94%
FREE CASH FLOW
Cash From Operating Activities -$7.944M -$6.370M
Capital Expenditures $0.00 $15.00K
Free Cash Flow -$7.944M -$6.385M
YoY Change 24.42% 42.68%

Facts In Submission

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<p style="padding-top:9.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="padding-top:9.0pt;text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the Company’s condensed consolidated financial statements requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the condensed consolidated financial statements and accompanying notes. Significant estimates in the Company’s condensed consolidated financial statements relate to clinical trial accruals and the valuation of equity awards. Management evaluates its estimates on an ongoing basis. Although estimates are based on the Company’s historical experience, knowledge of current events, and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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InvestmentsFairValueDisclosure
53218000
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
58181000
CY2021Q1 us-gaap Notes Payable
NotesPayable
10000000.0
CY2021Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
53213000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2021Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2021Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
53218000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
58173000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
12000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
58181000
CY2020Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
CY2021Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
CY2021Q1 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
0
CY2020Q1 us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
13000
CY2021Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1104000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1870000
CY2021Q1 eq Accrued Clinical Studies
AccruedClinicalStudies
1081000
CY2020Q4 eq Accrued Clinical Studies
AccruedClinicalStudies
493000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
235000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
307000
CY2021Q1 eq Accrued Preclinical Studies
AccruedPreclinicalStudies
102000
CY2020Q4 eq Accrued Preclinical Studies
AccruedPreclinicalStudies
72000
CY2021Q1 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2593000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2813000
CY2019Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-06-01
CY2019Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
300000
CY2021Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal Remainder Of Fiscal Year
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1667000
CY2021Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Two
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearTwo
3333000
CY2021Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Three
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearThree
3333000
CY2021Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Four
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearFour
2117000
CY2021Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFee
10450000
CY2021Q1 eq Unaccreted Liability For Final Payment Fee
UnaccretedLiabilityForFinalPaymentFee
239000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
205000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
10006000
CY2021Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2500000
CY2021Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7506000
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
29040270
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24753102
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
11000.0
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1044000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
787000
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6965246
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4195805

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