$EQ
Equillium, Inc.

2021 Q3 Form 10-Q Financial Statement

#000095017021001180 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.896M $2.858M $2.820M
YoY Change 25.91% 1.35% 28.77%
% of Gross Profit
Research & Development $6.965M $5.985M $3.893M
YoY Change 65.13% 53.74% -8.4%
% of Gross Profit
Depreciation & Amortization $19.00K $14.00K $10.00K
YoY Change 90.0% 40.0%
% of Gross Profit
Operating Expenses $9.861M $8.843M $6.610M
YoY Change 51.34% 33.78% 2.66%
Operating Profit -$9.861M -$8.843M -$6.610M
YoY Change 51.34% 33.78% 2.66%
Interest Expense -$258.0K -$257.0K -$150.0K
YoY Change 29.0% 71.33% -139.47%
% of Operating Profit
Other Income/Expense, Net -$421.0K -$315.0K $149.0K
YoY Change 419.75% -311.41% -59.73%
Pretax Income -$10.28M -$9.158M -$6.460M
YoY Change 55.79% 41.76% 6.43%
Income Tax
% Of Pretax Income
Net Earnings -$10.28M -$9.158M -$6.461M
YoY Change 55.86% 41.74% 6.46%
Net Earnings / Revenue
Basic Earnings Per Share -$0.35 -$0.31
Diluted Earnings Per Share -$349.9K -$0.31 -$365.2K
COMMON SHARES
Basic Shares Outstanding 29.38M 29.08M 17.68M
Diluted Shares Outstanding 29.38M 29.08M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.69M $97.64M $42.60M
YoY Change 0.21% 129.21% -25.19%
Cash & Equivalents $77.16M $73.53M $24.08M
Short-Term Investments $13.54M $24.12M $18.50M
Other Short-Term Assets $1.476M $1.923M $1.600M
YoY Change -7.75% 20.19% 77.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $92.17M $99.57M $44.20M
YoY Change -0.03% 125.26% -23.52%
LONG-TERM ASSETS
Property, Plant & Equipment $243.0K $254.0K $100.0K
YoY Change 21.5% 154.0% 29.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $57.00K $17.00K $0.00
YoY Change -100.0%
Total Long-Term Assets $300.0K $271.0K $100.0K
YoY Change 50.0% 171.0% 8.7%
TOTAL ASSETS
Total Short-Term Assets $92.17M $99.57M $44.20M
Total Long-Term Assets $300.0K $271.0K $100.0K
Total Assets $92.47M $99.84M $44.30M
YoY Change 0.08% 125.37% -23.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.669M $1.816M $1.800M
YoY Change 57.0% 0.89% -8.81%
Accrued Expenses $3.859M $3.164M $1.600M
YoY Change 48.42% 97.75% -5.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.250M $0.00
YoY Change 50.06%
Total Short-Term Liabilities $7.778M $4.980M $3.400M
YoY Change 52.51% 46.47% -7.15%
LONG-TERM LIABILITIES
Long-Term Debt $8.873M $10.07M $9.810M
YoY Change -1.88% 2.62%
Other Long-Term Liabilities $17.00K $17.00K $100.0K
YoY Change -83.0% -83.0% -50.0%
Total Long-Term Liabilities $8.890M $10.08M $9.810M
YoY Change -1.69% 2.79% 5918.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.778M $4.980M $3.400M
Total Long-Term Liabilities $8.890M $10.08M $9.810M
Total Liabilities $16.67M $15.06M $13.30M
YoY Change 16.56% 13.26% 247.71%
SHAREHOLDERS EQUITY
Retained Earnings -$99.36M -$89.07M
YoY Change
Common Stock $175.2M $174.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.80M $84.77M $30.97M
YoY Change
Total Liabilities & Shareholders Equity $92.47M $99.84M $44.30M
YoY Change 0.08% 125.37% -23.47%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$10.28M -$9.158M -$6.461M
YoY Change 55.86% 41.74% 6.46%
Depreciation, Depletion And Amortization $19.00K $14.00K $10.00K
YoY Change 90.0% 40.0%
Cash From Operating Activities -$7.010M -$6.998M -$5.080M
YoY Change 42.48% 37.76% 6.72%
INVESTING ACTIVITIES
Capital Expenditures -$34.00K -$23.00K $0.00
YoY Change -77.33% -100.0%
Acquisitions
YoY Change
Other Investing Activities $10.50M $28.99M $8.460M
YoY Change -145.94% 242.67% 38.92%
Cash From Investing Activities $10.47M $28.97M $8.450M
YoY Change -145.47% 242.8% 39.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 174.0K 702.0K 90.00K
YoY Change -99.67% 680.0%
NET CHANGE
Cash From Operating Activities -7.010M -6.998M -5.080M
Cash From Investing Activities 10.47M 28.97M 8.450M
Cash From Financing Activities 174.0K 702.0K 90.00K
Net Change In Cash 3.632M 22.67M 3.460M
YoY Change -85.54% 555.23% 170.31%
FREE CASH FLOW
Cash From Operating Activities -$7.010M -$6.998M -$5.080M
Capital Expenditures -$34.00K -$23.00K $0.00
Free Cash Flow -$6.976M -$6.975M -$5.080M
YoY Change 46.25% 37.3% 7.86%

Facts In Submission

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ProceedsFromRegisteredDirectOfferingNetOfOfferingCosts
29909000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
626000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
127000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
96000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
30662000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
871000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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-8000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-17000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
49543000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
10864000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23982000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13219000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24083000
eq Unsettled Stock Option Exercises
UnsettledStockOptionExercises
174000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
25000
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2017-03-16
CY2021Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
97600000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;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="text-indent:0.0pt;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;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>
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
300000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-44000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5206092
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2494889
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5206092
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2494889
CY2021Q2 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
24118000
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
58181000
CY2021Q2 us-gaap Notes Payable
NotesPayable
10100000
CY2021Q2 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
24118000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
24118000
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
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
0
us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
0
us-gaap Gain On Sale Of Investments
GainOnSaleOfInvestments
13000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1777000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1870000
CY2020Q4 eq Accrued Clinical Studies
AccruedClinicalStudies
493000
CY2021Q2 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
188000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
224000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
307000
CY2021Q2 eq Accrued Clinical Studies
AccruedClinicalStudies
906000
CY2020Q4 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
72000
CY2021Q2 us-gaap Interest Payable Current
InterestPayableCurrent
69000
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3164000
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
CY2021Q2 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Two
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearTwo
2500000
CY2021Q2 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Three
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearThree
5000000
CY2021Q2 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Four
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearFour
3000000
CY2021Q2 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFee
10500000
CY2021Q2 eq Unaccreted Liability For Final Payment Fee
UnaccretedLiabilityForFinalPaymentFee
256000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
177000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
10067000
CY2021Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
0
CY2021Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
10067000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
29382806
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24753102
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1064000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1350000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2108000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2137000
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6622710
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4195805

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