$EQ
Equillium, Inc.

2022 Q1 Form 10-Q Financial Statement

#000095017022009669 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.517M $2.920M
YoY Change 20.45% 6.18%
% of Gross Profit
Research & Development $10.76M $5.880M
YoY Change 83.04% 24.95%
% of Gross Profit
Depreciation & Amortization $25.00K $20.00K
YoY Change 25.0% 100.0%
% of Gross Profit
Operating Expenses $37.33M $8.695M
YoY Change 329.32% 16.68%
Operating Profit -$37.33M -$8.695M
YoY Change 329.32% 16.68%
Interest Expense -$230.0K -$250.0K
YoY Change -8.0% 400.0%
% of Operating Profit
Other Income/Expense, Net -$88.00K -$296.0K
YoY Change -70.27% -23.12%
Pretax Income -$37.42M -$8.990M
YoY Change 316.21% 14.67%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$37.42M -$8.991M
YoY Change 316.16% 14.73%
Net Earnings / Revenue
Basic Earnings Per Share -$1.17
Diluted Earnings Per Share -$1.174M -$328.9K
COMMON SHARES
Basic Shares Outstanding 34.28M 29.04M
Diluted Shares Outstanding 31.87M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $68.82M $104.1M
YoY Change -33.87% 118.31%
Cash & Equivalents $26.24M $50.86M
Short-Term Investments $42.58M $53.22M
Other Short-Term Assets $3.262M $2.500M
YoY Change 30.48% 19.05%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $72.09M $106.6M
YoY Change -32.39% 113.99%
LONG-TERM ASSETS
Property, Plant & Equipment $464.0K $223.0K
YoY Change 108.07% 150.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $145.0K $0.00
YoY Change
Total Long-Term Assets $2.150M $223.0K
YoY Change 864.13% 150.56%
TOTAL ASSETS
Total Short-Term Assets $72.09M $106.6M
Total Long-Term Assets $2.150M $223.0K
Total Assets $74.24M $106.8M
YoY Change -30.52% 114.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.210M $2.324M
YoY Change 81.15% 29.04%
Accrued Expenses $5.626M $2.593M
YoY Change 116.97% 35.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.857M $2.500M
YoY Change 14.28%
Total Short-Term Liabilities $13.11M $7.417M
YoY Change 76.8% 99.87%
LONG-TERM LIABILITIES
Long-Term Debt $7.370M $7.506M
YoY Change -1.81% -22.98%
Other Long-Term Liabilities $1.122M $35.00K
YoY Change 3105.71% -67.59%
Total Long-Term Liabilities $7.370M $7.541M
YoY Change -2.27% -23.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.11M $7.417M
Total Long-Term Liabilities $7.370M $7.541M
Total Liabilities $21.61M $14.96M
YoY Change 44.44% 10.27%
SHAREHOLDERS EQUITY
Retained Earnings -$147.4M -$79.92M
YoY Change 84.44% 63.26%
Common Stock $200.5M $172.1M
YoY Change 16.52% 102.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $52.63M $91.88M
YoY Change
Total Liabilities & Shareholders Equity $74.24M $106.8M
YoY Change -30.52% 114.06%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$37.42M -$8.991M
YoY Change 316.16% 14.73%
Depreciation, Depletion And Amortization $25.00K $20.00K
YoY Change 25.0% 100.0%
Cash From Operating Activities -$12.13M -$7.944M
YoY Change 52.74% 24.71%
INVESTING ACTIVITIES
Capital Expenditures $223.0K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$11.76M $4.860M
YoY Change -342.02% -62.67%
Cash From Investing Activities -$11.99M $4.860M
YoY Change -346.6% -62.63%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 29.96M
YoY Change -100.0% 3766.32%
NET CHANGE
Cash From Operating Activities -12.13M -7.944M
Cash From Investing Activities -11.99M 4.860M
Cash From Financing Activities 0.000 29.96M
Net Change In Cash -24.12M 26.88M
YoY Change -189.74% 263.48%
FREE CASH FLOW
Cash From Operating Activities -$12.13M -$7.944M
Capital Expenditures $223.0K $0.00
Free Cash Flow -$12.36M -$7.944M
YoY Change 55.55% 24.42%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;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;min-width:fit-content;">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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;line-height:1.15;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;min-width:fit-content;">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 accrued research and development expense 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;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;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;min-width:fit-content;">Concentration of Credit Risk and Off-Balance Sheet Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:9.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;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;min-width:fit-content;">Financial instruments which potentially subject the Company to significant concentration of credit risk consist of cash and cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in which the majority of deposits are in excess of federally insured limits. The Company has not experienced any losses in such accounts, and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s investment policy includes guidelines for the quality of the related institutions and financial instruments and defines allowable investments that the Company may invest in, which the Company believes minimizes the exposure to concentration of credit risk.</span></p>
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6580903
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5312958
CY2022Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
42579000
CY2021Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
30345000
CY2022Q1 us-gaap Notes Payable
NotesPayable
10200000
CY2021Q4 us-gaap Notes Payable
NotesPayable
10200000
CY2022Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2021Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2022Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
42811000
CY2022Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
232000
CY2022Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
42579000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
30397000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
52000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
30345000
CY2022Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2021Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1191000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2511000
CY2022Q1 eq Accrued Clinical Studies
AccruedClinicalStudies
3818000
CY2021Q4 eq Accrued Clinical Studies
AccruedClinicalStudies
2627000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
308000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
245000
CY2022Q1 eq Accrued Preclinical Studies
AccruedPreclinicalStudies
238000
CY2021Q4 eq Accrued Preclinical Studies
AccruedPreclinicalStudies
432000
CY2022Q1 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2021Q4 us-gaap Interest Payable Current
InterestPayableCurrent
71000
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5626000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5886000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Cash And Equivalents
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
700000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
28000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Noncurrent Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNoncurrentAssets
6000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
734000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
265000
CY2022Q1 eq Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accrued Expenses
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccruedExpenses
976000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedLiabilities
1241000
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
507000
CY2022Q1 eq Business Combination Acquired In Process Research And Development
BusinessCombinationAcquiredInProcessResearchAndDevelopment
23049000
CY2019Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-06-01
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
79000
CY2022Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal Remainder Of Fiscal Year
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1429000
CY2022Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Two
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearTwo
5714000
CY2022Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Year Three
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInYearThree
3357000
CY2022Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFee
10500000
CY2022Q1 eq Unaccreted Liability For Final Payment Fee
UnaccretedLiabilityForFinalPaymentFee
161000
CY2022Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
112000
CY2022Q1 us-gaap Long Term Debt
LongTermDebt
10227000
CY2022Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
2857000
CY2022Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7370000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1541000
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
420000
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1122000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1542000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
258000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1542000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
398000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
494000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
492000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
219000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
169000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
28000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1800000
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34275898
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
29455668
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
10800000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1298000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1044000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8317187
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6549848

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