$EQ
Equillium, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024035919 Filed on March 25, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $10.69M $9.211M $36.08M
YoY Change 20.39% -41.55% 128.97%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.737M $3.227M $13.57M
YoY Change 0.59% -37.85% -21.3%
% of Gross Profit
Research & Development $9.743M $9.184M $37.04M
YoY Change 5.08% 7.73% -1.35%
% of Gross Profit
Depreciation & Amortization $32.00K $36.00K $126.0K
YoY Change 3.23% 12.5% 6.78%
% of Gross Profit
Operating Expenses $13.48M $12.41M $50.61M
YoY Change 3.8% -9.52% -34.98%
Operating Profit -$2.791M -$14.52M
YoY Change -32.06% -76.61%
Interest Expense $439.0K $517.0K $1.843M
YoY Change 7.86% -838.57% -391.15%
% of Operating Profit
Other Income/Expense, Net $57.00K $357.0K -$76.00K
YoY Change -75.0% -55.43% -78.41%
Pretax Income -$2.734M -$2.326M -$12.76M
YoY Change -29.54% -183.88% -79.57%
Income Tax $0.00 $16.00K $580.0K
% Of Pretax Income
Net Earnings -$2.734M -$2.342M -$13.34M
YoY Change -30.61% -184.46% -78.64%
Net Earnings / Revenue -25.58% -25.43% -36.96%
Basic Earnings Per Share -$0.08 -$0.38
Diluted Earnings Per Share -$0.08 -$0.07 -$0.38
COMMON SHARES
Basic Shares Outstanding 35.25M 35.12M 34.73M
Diluted Shares Outstanding 35.25M 34.73M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.29M $40.87M $40.87M
YoY Change -47.92% -42.46% -42.46%
Cash & Equivalents $11.57M $23.22M $23.22M
Short-Term Investments $20.72M $17.65M $17.65M
Other Short-Term Assets $275.0K $4.748M $4.748M
YoY Change -94.28% 65.21% 65.21%
Inventory
Prepaid Expenses
Receivables $5.000M $3.735M $3.735M
Other Receivables $487.0K $0.00 $0.00
Total Short-Term Assets $42.48M $49.35M $49.35M
YoY Change -39.5% -35.69% -35.69%
LONG-TERM ASSETS
Property, Plant & Equipment $361.0K $1.111M $1.111M
YoY Change 0.28% 184.14% -29.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $62.00K $70.00K $70.00K
YoY Change -35.42% -32.69% -32.69%
Total Long-Term Assets $1.117M $1.181M $1.181M
YoY Change -28.85% -29.95% -29.95%
TOTAL ASSETS
Total Short-Term Assets $42.48M $49.35M $49.35M
Total Long-Term Assets $1.117M $1.181M $1.181M
Total Assets $43.60M $50.53M $50.53M
YoY Change -39.27% -35.57% -35.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.778M $4.707M $4.707M
YoY Change -51.19% 18.36% 18.36%
Accrued Expenses $5.646M $7.137M $7.137M
YoY Change 3.73% -1.41% -6.67%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $22.21M $27.57M $27.57M
YoY Change -30.64% -13.94% -13.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $295.0K $384.0K $384.0K
YoY Change -96.59% -96.57% -96.57%
Total Long-Term Liabilities $295.0K $384.0K $384.0K
YoY Change -83.98% -88.14% -97.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.21M $27.57M $27.57M
Total Long-Term Liabilities $295.0K $384.0K $384.0K
Total Liabilities $22.50M $27.96M $27.96M
YoY Change -47.08% -39.85% -39.85%
SHAREHOLDERS EQUITY
Retained Earnings -$188.5M -$185.7M
YoY Change 6.88% 7.73%
Common Stock $209.1M $208.2M
YoY Change 1.87% 1.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.09M $22.57M $22.57M
YoY Change
Total Liabilities & Shareholders Equity $43.60M $50.53M $50.53M
YoY Change -39.27% -35.57% -35.57%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.734M -$2.342M -$13.34M
YoY Change -30.61% -184.46% -78.64%
Depreciation, Depletion And Amortization $32.00K $36.00K $126.0K
YoY Change 3.23% 12.5% 6.78%
Cash From Operating Activities -$8.800M -$5.663M -$21.78M
YoY Change 10.07% -120.43% 149.43%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $30.00K $50.00K
YoY Change 1400.0% -82.08%
Acquisitions
YoY Change
Other Investing Activities -$2.812M -$5.532M -$4.712M
YoY Change -88.83% -179.26% -124.85%
Cash From Investing Activities -$2.831M -$5.562M -$4.762M
YoY Change -88.76% -179.71% -125.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$95.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 82.00K -9.228M
YoY Change -100.0% -106.05% 659.51%
NET CHANGE
Cash From Operating Activities -8.800M -5.663M -21.78M
Cash From Investing Activities -2.831M -5.562M -4.762M
Cash From Financing Activities 0.000 82.00K -9.228M
Net Change In Cash -11.65M -11.14M -35.77M
YoY Change -66.34% -133.42% -509.26%
FREE CASH FLOW
Cash From Operating Activities -$8.800M -$5.663M -$21.78M
Capital Expenditures $19.00K $30.00K $50.00K
Free Cash Flow -$8.819M -$5.693M -$21.83M
YoY Change 10.31% -120.54% 142.27%

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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Repayments Of Notes Payable
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CY2022 us-gaap Repayments Of Notes Payable
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CY2023 us-gaap Payments For Repurchase Of Common Stock
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 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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CY2022 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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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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23216000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2023 us-gaap Interest Paid Net
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CY2022 us-gaap Interest Paid Net
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CY2023 us-gaap Income Taxes Paid
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CY2023 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2023 dei Entity Incorporation Date Of Incorporation
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2017-03-16
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CY2023Q4 us-gaap Other Assets Current
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CY2022Q4 us-gaap Other Assets Current
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2023 us-gaap Use Of Estimates
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<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s 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 consolidated financial statements and accompanying notes. Significant estimates in the Company’s 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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;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="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">excess </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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>
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AccountsReceivableNetCurrent
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CY2023Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
3700000
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
2800000
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CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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CY2022Q4 eq Prepaid Clinical Development
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CY2022Q4 us-gaap Prepaid Insurance
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CY2022Q4 us-gaap Other Receivables Net Current
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CY2022 eq Prepaid Expenses And Other Current Assets Tax Incentive
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CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
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CY2022 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
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PropertyPlantAndEquipmentNet
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CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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Depreciation
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CY2022 us-gaap Depreciation
Depreciation
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CY2023 us-gaap Property Plant And Equipment Disposals
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CY2022 us-gaap Property Plant And Equipment Disposals
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CY2022 us-gaap Operating Lease Expense
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CY2023Q4 us-gaap Operating Lease Liability
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3054000
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2975000
CY2023Q4 eq Accrued Clinical Development
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CY2022Q4 eq Accrued Clinical Development
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CY2023Q4 eq Accrued Non Clinical Research
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
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2024-06-01
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0.0393
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.816
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2023 eq Dividends Paid On Common Stock
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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Federal net operating losses generated after December 31, 2017, carryover indefinitely but the deductibility of such federal net operating losses is limited to 80% of taxable income.
CY2023 eq Operating Loss Carryforwards Expiration Year
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2037
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2040
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CumulativeChangeInOwnershipPeriod
P3Y
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5879000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5487000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
83000
CY2023 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
113000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
392000
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
6075000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5879000
CY2023 eq Research And Experimental Expenditures Capitalized Cost Amortization Period
ResearchAndExperimentalExpendituresCapitalizedCostAmortizationPeriod
P5Y
CY2023 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
600000
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2022 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0

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