$EQ
Equillium, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021236 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $9.124M $8.879M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.105M $3.715M $3.517M
YoY Change -23.6% 5.63% 20.45%
% of Gross Profit
Research & Development $9.610M $9.272M $10.76M
YoY Change 1.29% -13.85% 83.04%
% of Gross Profit
Depreciation & Amortization $31.00K $31.00K $25.00K
YoY Change 0.0% 24.0% 25.0%
% of Gross Profit
Operating Expenses $12.72M $12.99M $37.33M
YoY Change -6.18% -65.21% 329.32%
Operating Profit -$3.591M -$4.108M -$37.33M
YoY Change -73.5% -89.0% 329.32%
Interest Expense $368.0K $407.0K -$230.0K
YoY Change -288.72% -276.96% -8.0%
% of Operating Profit
Other Income/Expense, Net -$112.0K $228.0K -$88.00K
YoY Change -80.59% -359.09% -70.27%
Pretax Income -$3.335M -$3.880M -$37.42M
YoY Change -76.4% -89.63% 316.21%
Income Tax $8.000K $100.0K $0.00
% Of Pretax Income
Net Earnings -$3.343M -$3.940M -$37.42M
YoY Change -76.34% -89.47% 316.16%
Net Earnings / Revenue -36.64% -44.37%
Basic Earnings Per Share -$0.10 -$0.11 -$1.17
Diluted Earnings Per Share -$0.10 -$0.11 -$1.174M
COMMON SHARES
Basic Shares Outstanding 34.41M 34.41M 34.28M
Diluted Shares Outstanding 34.45M 34.41M 31.87M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $48.38M $61.99M $68.82M
YoY Change -15.95% -9.93% -33.87%
Cash & Equivalents $25.62M $24.50M $26.24M
Short-Term Investments $22.75M $37.49M $42.58M
Other Short-Term Assets $5.235M $4.804M $3.262M
YoY Change 79.28% 47.27% 30.48%
Inventory
Prepaid Expenses
Receivables $3.700M $3.400M
Other Receivables $0.00 $0.00
Total Short-Term Assets $57.36M $70.22M $72.09M
YoY Change -5.17% -2.59% -32.39%
LONG-TERM ASSETS
Property, Plant & Equipment $329.0K $360.0K $464.0K
YoY Change -27.05% -22.41% 108.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $87.00K $96.00K $145.0K
YoY Change -28.1% -33.79%
Total Long-Term Assets $1.408M $1.570M $2.150M
YoY Change -29.25% -26.98% 864.13%
TOTAL ASSETS
Total Short-Term Assets $57.36M $70.22M $72.09M
Total Long-Term Assets $1.408M $1.570M $2.150M
Total Assets $58.76M $71.79M $74.24M
YoY Change -5.94% -3.29% -30.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.026M $5.692M $4.210M
YoY Change -40.56% 35.2% 81.15%
Accrued Expenses $7.537M $5.443M $5.626M
YoY Change 40.17% -3.25% 116.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $5.714M $2.857M
YoY Change -100.0% 100.0% 14.28%
Total Short-Term Liabilities $25.22M $32.02M $13.11M
YoY Change 66.04% 144.19% 76.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.841M $7.370M
YoY Change -100.0% -75.02% -1.81%
Other Long-Term Liabilities $6.565M $8.660M $1.122M
YoY Change 540.49% 671.84% 3105.71%
Total Long-Term Liabilities $6.565M $1.841M $7.370M
YoY Change 9.56% -75.02% -2.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.22M $32.02M $13.11M
Total Long-Term Liabilities $6.565M $1.841M $7.370M
Total Liabilities $31.78M $42.52M $21.61M
YoY Change 43.13% 96.81% 44.44%
SHAREHOLDERS EQUITY
Retained Earnings -$179.7M -$176.3M -$147.4M
YoY Change 11.25% 19.64% 84.44%
Common Stock $206.3M $205.3M $200.5M
YoY Change 2.17% 2.41% 16.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $26.98M $29.27M $52.63M
YoY Change
Total Liabilities & Shareholders Equity $58.76M $71.79M $74.24M
YoY Change -5.94% -3.29% -30.52%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.343M -$3.940M -$37.42M
YoY Change -76.34% -89.47% 316.16%
Depreciation, Depletion And Amortization $31.00K $31.00K $25.00K
YoY Change 0.0% 24.0% 25.0%
Cash From Operating Activities -$6.215M -$7.995M -$12.13M
YoY Change -44.8% -34.11% 52.74%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $223.0K
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $15.00M -$25.18M -$11.76M
YoY Change 71.53% 114.09% -342.02%
Cash From Investing Activities $15.00M -$25.18M -$11.99M
YoY Change 72.59% 110.1% -346.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -7.618M -1.429M 0.000
YoY Change -5502.84% -100.0%
NET CHANGE
Cash From Operating Activities -6.215M -7.995M -12.13M
Cash From Investing Activities 15.00M -25.18M -11.99M
Cash From Financing Activities -7.618M -1.429M 0.000
Net Change In Cash 1.167M -34.60M -24.12M
YoY Change -148.08% 43.45% -189.74%
FREE CASH FLOW
Cash From Operating Activities -$6.215M -$7.995M -$12.13M
Capital Expenditures $0.00 $0.00 $223.0K
Free Cash Flow -$6.215M -$7.995M -$12.36M
YoY Change -44.53% -35.3% 55.55%

Facts In Submission

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EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
-3000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-34604000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-24122000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
59107000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
50366000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
24503000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26244000
CY2022Q1 us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
23049000
CY2022Q1 us-gaap Stock Issued1
StockIssued1
22542000
CY2022Q1 us-gaap Liabilities Assumed1
LiabilitiesAssumed1
507000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
36000
CY2023Q1 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2017-03-16
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
62000000.0
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;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, revenue recognition 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:9.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;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>
CY2023Q1 eq Cumulative Change In Ownership Percentage
CumulativeChangeInOwnershipPercentage
0.50
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3400000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2800000
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
CY2023Q1 eq Cumulative Change In Ownership Period
CumulativeChangeInOwnershipPeriod
P3Y
CY2023Q1 eq Prepaid And Other Current Assets Tax Incentive
PrepaidAndOtherCurrentAssetsTaxIncentive
1700000
CY2022 eq Prepaid And Other Current Assets Tax Incentive
PrepaidAndOtherCurrentAssetsTaxIncentive
1000000.0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8461916
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6580903
CY2023Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
37489000
CY2022Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
11916000
CY2023Q1 us-gaap Notes Payable
NotesPayable
7600000
CY2022Q4 us-gaap Notes Payable
NotesPayable
9000000.0
CY2023Q1 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
37483000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
10000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
37489000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
12006000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
90000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
11916000
CY2022Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2023Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2023Q1 eq Accrued Clinical Development
AccruedClinicalDevelopment
3313000
CY2022Q4 eq Accrued Clinical Development
AccruedClinicalDevelopment
3253000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
976000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2975000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
472000
CY2023Q1 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
356000
CY2022Q4 eq Accrued Non Clinical Research
AccruedNonClinicalResearch
465000
CY2023Q1 us-gaap Interest Payable Current
InterestPayableCurrent
66000
CY2022Q4 us-gaap Interest Payable Current
InterestPayableCurrent
74000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5443000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7239000
CY2019Q3 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2024-06-01
CY2023Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal Remainder Of Fiscal Year
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4286000
CY2023Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee Maturities Repayments Of Principal In Next Twelve Months
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFeeMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3357000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
7643000
CY2023Q1 eq Unaccreted Liability For Final Payment Fee
UnaccretedLiabilityForFinalPaymentFee
52000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
36000
CY2023Q1 eq Debt Instrument Carrying Amount Including Unaccreted Liability For Final Payment Fee
DebtInstrumentCarryingAmountIncludingUnaccretedLiabilityForFinalPaymentFee
7555000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5714000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
1841000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1114000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
404000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
719000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1123000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y10M20D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
167000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
360000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
492000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
219000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
169000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
28000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1268000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
145000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1123000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34414149
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
34414149
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7200000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y1M6D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1038000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1298000
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10242918
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8178936
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.016
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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