$EQ
Equillium, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004079 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.838M $2.896M $2.300M
YoY Change 18.25% 25.91% 7.48%
% of Gross Profit
Research & Development $7.549M $6.965M $4.218M
YoY Change 5.29% 65.13% 0.86%
% of Gross Profit
Depreciation & Amortization $19.00K $19.00K $10.00K
YoY Change -5.0% 90.0% 0.0%
% of Gross Profit
Operating Expenses $10.39M $9.861M $6.516M
YoY Change 15.8% 51.34% 3.04%
Operating Profit -$9.861M -$6.516M
YoY Change 51.34% 3.04%
Interest Expense -$256.0K -$258.0K -$200.0K
YoY Change 16.36% 29.0% -162.5%
% of Operating Profit
Other Income/Expense, Net $22.00K -$421.0K -$81.00K
YoY Change -92.14% 419.75% -126.13%
Pretax Income -$10.62M -$10.28M -$6.600M
YoY Change 19.07% 55.79% 9.82%
Income Tax
% Of Pretax Income
Net Earnings -$10.62M -$10.28M -$6.597M
YoY Change 19.1% 55.86% 9.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.35
Diluted Earnings Per Share -$361.0K -$349.9K -$308.8K
COMMON SHARES
Basic Shares Outstanding 29.39M 29.38M
Diluted Shares Outstanding 29.38M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.71M $90.69M $90.50M
YoY Change -1.77% 0.21% 45.5%
Cash & Equivalents $50.37M $77.16M $49.25M
Short-Term Investments $30.35M $13.54M $41.30M
Other Short-Term Assets $2.659M $1.476M $1.600M
YoY Change -11.37% -7.75% 128.57%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables
Total Short-Term Assets $83.37M $92.17M $92.20M
YoY Change -2.12% -0.03% 46.58%
LONG-TERM ASSETS
Property, Plant & Equipment $237.0K $243.0K $200.0K
YoY Change -0.84% 21.5% 100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $153.0K $57.00K $0.00
YoY Change 920.0%
Total Long-Term Assets $2.035M $300.0K $200.0K
YoY Change 701.18% 50.0% 100.0%
TOTAL ASSETS
Total Short-Term Assets $83.37M $92.17M $92.20M
Total Long-Term Assets $2.035M $300.0K $200.0K
Total Assets $85.41M $92.47M $92.40M
YoY Change -0.03% 0.08% 46.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.225M $2.669M $1.700M
YoY Change -55.71% 57.0% -37.04%
Accrued Expenses $5.886M $3.859M $2.600M
YoY Change 109.24% 48.42% 62.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.428M $1.250M $833.0K
YoY Change -14.29% 50.06%
Total Short-Term Liabilities $8.915M $7.778M $5.100M
YoY Change 23.05% 52.51% 18.6%
LONG-TERM LIABILITIES
Long-Term Debt $8.750M $8.873M $9.043M
YoY Change 5.74% -1.88% -5.96%
Other Long-Term Liabilities $1.235M $17.00K $100.0K
YoY Change 2187.04% -83.0% -31.51%
Total Long-Term Liabilities $8.750M $8.890M $9.043M
YoY Change 5.05% -1.69% -7.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.915M $7.778M $5.100M
Total Long-Term Liabilities $8.750M $8.890M $9.043M
Total Liabilities $18.90M $16.67M $14.30M
YoY Change 21.36% 16.56% 1.88%
SHAREHOLDERS EQUITY
Retained Earnings -$110.0M -$99.36M
YoY Change 55.06%
Common Stock $176.6M $175.2M
YoY Change 25.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $66.51M $75.80M $78.13M
YoY Change
Total Liabilities & Shareholders Equity $85.41M $92.47M $92.40M
YoY Change -0.03% 0.08% 46.68%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$10.62M -$10.28M -$6.597M
YoY Change 19.1% 55.86% 9.69%
Depreciation, Depletion And Amortization $19.00K $19.00K $10.00K
YoY Change -5.0% 90.0% 0.0%
Cash From Operating Activities -$10.13M -$7.010M -$4.920M
YoY Change 22.82% 42.48% 4.68%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$34.00K -$150.0K
YoY Change -100.0% -77.33%
Acquisitions
YoY Change
Other Investing Activities -$16.89M $10.50M -$22.86M
YoY Change -0.71% -145.94% 9839.13%
Cash From Investing Activities -$16.89M $10.47M -$23.02M
YoY Change -0.83% -145.47% 9908.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 225.0K 174.0K 53.06M
YoY Change 1025.0% -99.67% 433.8%
NET CHANGE
Cash From Operating Activities -10.13M -7.010M -4.920M
Cash From Investing Activities -16.89M 10.47M -23.02M
Cash From Financing Activities 225.0K 174.0K 53.06M
Net Change In Cash -26.80M 3.632M 25.12M
YoY Change 6.08% -85.54% 401.4%
FREE CASH FLOW
Cash From Operating Activities -$10.13M -$7.010M -$4.920M
Capital Expenditures $0.00 -$34.00K -$150.0K
Free Cash Flow -$10.13M -$6.976M -$4.770M
YoY Change 23.27% 46.25% 1.49%

Facts In Submission

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IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-862000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-104000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-229000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1068000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
671000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-21948000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16371000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
57000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
13603000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
30314000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
57955000
us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
28930000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
44295000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1556000
eq Proceeds From Registered Direct Offering Net Of Offering Costs
ProceedsFromRegisteredDirectOfferingNetOfOfferingCosts
29909000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
35758000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
800000
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
30836000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
53934000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-10000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
53173000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
36030000
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
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
77155000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
49249000
eq Equity Issuance Costs In Accounts Payable
EquityIssuanceCostsInAccountsPayable
50000
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2017-03-16
CY2021Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
90700000
CY2021Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
200000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
300000
CY2020Q3 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-100000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:0.0%;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="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;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);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
13543000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5293592
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2554889
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5293592
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2554889
CY2021Q3 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
13539000
CY2020Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
58181000
CY2021Q3 us-gaap Notes Payable
NotesPayable
10100000
CY2021Q3 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2020Q4 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
72000
CY2021Q3 us-gaap Interest Payable Current
InterestPayableCurrent
69000
CY2020Q4 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3859000
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
CY2021Q3 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
13539000
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
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2285000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1870000
CY2021Q3 eq Accrued Clinical Studies
AccruedClinicalStudies
1056000
CY2020Q4 eq Accrued Clinical Studies
AccruedClinicalStudies
493000
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
168000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
307000
CY2021Q3 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
281000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2021Q3 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Two
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearTwo
2500000
CY2021Q3 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Three
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearThree
5000000
CY2021Q3 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Four
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearFour
3000000
CY2021Q3 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFee
10500000
CY2021Q3 eq Unaccreted Liability For Final Payment Fee
UnaccretedLiabilityForFinalPaymentFee
223000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
154000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
10123000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1250000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
8873000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2021Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
29382806
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
24753102
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1150000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
847000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3258000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2984000
CY2021Q3 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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