$ETNB
89bio, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023018435 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.214M $6.218M $5.259M
YoY Change 42.79% 18.24% 14.08%
% of Gross Profit
Research & Development $34.92M $22.31M $19.85M
YoY Change 77.36% 12.38% 95.92%
% of Gross Profit
Depreciation & Amortization $10.00K $14.00K $18.00K
YoY Change -37.5% -22.22% 20.0%
% of Gross Profit
Operating Expenses $42.13M $28.52M $19.85M
YoY Change 70.3% 43.7% 34.67%
Operating Profit -$42.13M -$28.52M -$25.11M
YoY Change 70.3% 13.61% 70.35%
Interest Expense $894.0K $2.075M $408.0K
YoY Change 105.99% 408.58%
% of Operating Profit
Other Income/Expense, Net $4.630M $1.763M -$456.0K
YoY Change -1565.19% -486.62% 960.47%
Pretax Income -$38.39M -$28.84M -$25.56M
YoY Change 53.24% 12.8% 72.94%
Income Tax $0.00 $0.00 $1.000K
% Of Pretax Income
Net Earnings -$38.39M -$28.84M -$25.57M
YoY Change 53.24% 12.79% 72.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.52 -$0.54 -$1.26
Diluted Earnings Per Share -$0.52 -$0.54 -$1.257M
COMMON SHARES
Basic Shares Outstanding 72.87M 52.23M 20.34M
Diluted Shares Outstanding 74.13M 53.17M 20.34M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $478.0M $480.9M $126.1M
YoY Change 243.08% 281.39% -33.5%
Cash & Equivalents $245.4M $350.9M $54.89M
Short-Term Investments $232.6M $130.0M $71.20M
Other Short-Term Assets $13.88M $12.75M $9.323M
YoY Change 91.62% 36.73% 12.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $491.9M $493.6M $135.4M
YoY Change 235.59% 264.55% -31.58%
LONG-TERM ASSETS
Property, Plant & Equipment $68.00K $78.00K $138.0K
YoY Change -43.8% -43.48% -31.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $289.0K $289.0K $218.0K
YoY Change -63.74% 32.57% -63.67%
Total Long-Term Assets $637.0K $689.0K $356.0K
YoY Change -37.97% 93.54% -55.5%
TOTAL ASSETS
Total Short-Term Assets $491.9M $493.6M $135.4M
Total Long-Term Assets $637.0K $689.0K $356.0K
Total Assets $492.5M $494.3M $135.8M
YoY Change 233.69% 264.1% -31.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.72M $16.73M $4.421M
YoY Change 118.36% 278.35% -1.76%
Accrued Expenses $15.06M $7.117M $8.979M
YoY Change 4.64% -20.74% 130.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M
YoY Change
Total Short-Term Liabilities $25.94M $24.02M $18.40M
YoY Change -3.55% 30.52% 116.47%
LONG-TERM LIABILITIES
Long-Term Debt $24.48M $24.33M $14.47M
YoY Change 103.18% 68.12%
Other Long-Term Liabilities $98.00K $142.0K $151.0K
YoY Change -99.66% -5.96%
Total Long-Term Liabilities $24.48M $24.33M $14.47M
YoY Change 103.18% 68.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.94M $24.02M $18.40M
Total Long-Term Liabilities $24.48M $24.33M $14.47M
Total Liabilities $50.53M $48.49M $33.02M
YoY Change -25.05% 46.83% 288.52%
SHAREHOLDERS EQUITY
Retained Earnings -$382.5M -$344.1M -$238.8M
YoY Change 44.97% 44.1% 73.18%
Common Stock $825.1M $790.1M $341.8M
YoY Change 139.6% 131.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $442.0M $445.8M $102.7M
YoY Change
Total Liabilities & Shareholders Equity $492.5M $494.3M $135.8M
YoY Change 233.69% 264.1% -31.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$38.39M -$28.84M -$25.57M
YoY Change 53.24% 12.79% 72.95%
Depreciation, Depletion And Amortization $10.00K $14.00K $18.00K
YoY Change -37.5% -22.22% 20.0%
Cash From Operating Activities -$34.45M -$30.09M -$24.34M
YoY Change 132.2% 23.58% 62.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $6.000K
YoY Change -100.0% -100.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities -$101.8M $4.106M $26.78M
YoY Change 1240.11% -84.67% -273.77%
Cash From Investing Activities -$101.8M $4.106M $26.77M
YoY Change 1240.28% -84.66% -273.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.77M 321.7M 29.00K
YoY Change 9.25% 1109051.72% -86.57%
NET CHANGE
Cash From Operating Activities -34.45M -30.09M -24.34M
Cash From Investing Activities -101.8M 4.106M 26.77M
Cash From Financing Activities 30.77M 321.7M 29.00K
Net Change In Cash -105.5M 295.7M 2.457M
YoY Change -1941.32% 11933.98% -108.14%
FREE CASH FLOW
Cash From Operating Activities -$34.45M -$30.09M -$24.34M
Capital Expenditures $0.00 $0.00 $6.000K
Free Cash Flow -$34.45M -$30.09M -$24.35M
YoY Change 132.19% 23.55% 62.48%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
350930000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54914000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
542000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
169000
CY2023Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
47000
CY2023Q1 etnb Issuance Of Common Stock Warrant In Connection With Term Loan Facility
IssuanceOfCommonStockWarrantInConnectionWithTermLoanFacility
482000
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
480900000
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;">Reclassification</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">Certain prior period amounts in the Company’s condensed consolidated statements of operations and comprehensive loss have been reclassified to conform to the current period presentation. Specifically, interest expense is disclosed separately on the Company’s condensed consolidated statements of operations and comprehensive loss, which had no impact on reported net loss, comprehensive loss, or loss per share.</span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<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="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 condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not limited to accrued research and development expenses and the fair value of stock options. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.</span>
CY2023Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2022Q4 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
6499000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1800000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4165000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1016000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1052000
CY2023Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
154706000
CY2023Q1 etnb Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
15964000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
170670000
CY2022Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
175243000
CY2022Q4 etnb Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
6202000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
181445000
CY2023Q1 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
10537000
CY2022Q4 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
5727000
CY2023Q1 us-gaap Prepaid Taxes
PrepaidTaxes
620000
CY2022Q4 us-gaap Prepaid Taxes
PrepaidTaxes
646000
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1590000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
1547000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12747000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7920000
CY2023Q1 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
4048000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7117000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11944000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10805000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
13012000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1183000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2023Q1 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
87000
CY2023Q1 etnb Debt Instrument Carrying Amount Including Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentCarryingAmountIncludingPeriodicPaymentTermsBalloonPaymentToBePaid
25087000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
755000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
24332000
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
15868221
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
12488597
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.916
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.932
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.906
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.910
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.034
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.038
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.016
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.019
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3551000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2512000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17968970
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3835732

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