$ETNB
89bio, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057180 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.571M $9.849M
YoY Change 18.81% 58.39%
% of Gross Profit
Research & Development $44.87M $47.43M
YoY Change 28.5% 112.62%
% of Gross Profit
Depreciation & Amortization $12.00K $9.000K
YoY Change 20.0% -35.71%
% of Gross Profit
Operating Expenses $53.44M $57.28M
YoY Change 26.84% 100.8%
Operating Profit -$53.44M -$57.28M
YoY Change 26.84% 100.8%
Interest Expense $874.0K $863.0K
YoY Change -2.24% -58.41%
% of Operating Profit
Other Income/Expense, Net $6.473M $6.556M
YoY Change 39.81% 271.87%
Pretax Income -$47.84M -$51.58M
YoY Change 24.6% 78.89%
Income Tax $134.0K $100.0K
% Of Pretax Income
Net Earnings -$47.97M -$51.68M
YoY Change 24.95% 79.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48 -$0.54
Diluted Earnings Per Share -$0.48 -$0.54
COMMON SHARES
Basic Shares Outstanding 98.38M 93.50M
Diluted Shares Outstanding 99.83M 95.85M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $531.4M $562.3M
YoY Change 11.17% 16.93%
Cash & Equivalents $212.2M $217.6M
Short-Term Investments $319.2M $344.7M
Other Short-Term Assets $29.06M $12.49M
YoY Change 109.41% -1.98%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $579.9M $574.8M
YoY Change 17.89% 16.44%
LONG-TERM ASSETS
Property, Plant & Equipment $27.00K $37.00K
YoY Change -60.29% -52.56%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $315.0K $385.0K
YoY Change 9.0% 33.22%
Total Long-Term Assets $2.284M $2.540M
YoY Change 258.56% 268.65%
TOTAL ASSETS
Total Short-Term Assets $579.9M $574.8M
Total Long-Term Assets $2.284M $2.540M
Total Assets $582.1M $577.3M
YoY Change 18.2% 16.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.46M $15.35M
YoY Change 62.96% -8.22%
Accrued Expenses $18.66M $20.30M
YoY Change 23.96% 185.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.770M $1.892M
YoY Change
Total Short-Term Liabilities $41.65M $38.24M
YoY Change 60.55% 59.24%
LONG-TERM LIABILITIES
Long-Term Debt $20.36M $23.07M
YoY Change -16.86% -5.21%
Other Long-Term Liabilities $3.750M $3.837M
YoY Change 3726.53% 2602.11%
Total Long-Term Liabilities $24.11M $26.90M
YoY Change -1.54% 10.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.65M $38.24M
Total Long-Term Liabilities $24.11M $26.90M
Total Liabilities $67.22M $66.78M
YoY Change 33.05% 37.73%
SHAREHOLDERS EQUITY
Retained Earnings -$557.1M -$509.1M
YoY Change 45.66% 47.96%
Common Stock $105.0K $95.00K
YoY Change -99.99% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $514.9M $510.5M
YoY Change
Total Liabilities & Shareholders Equity $582.1M $577.3M
YoY Change 18.2% 16.79%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$47.97M -$51.68M
YoY Change 24.95% 79.22%
Depreciation, Depletion And Amortization $12.00K $9.000K
YoY Change 20.0% -35.71%
Cash From Operating Activities -$61.16M -$39.72M
YoY Change 77.56% 32.03%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $27.85M -$79.90M
YoY Change -127.35% -2045.88%
Cash From Investing Activities $27.85M -$79.90M
YoY Change -127.35% -2045.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.96M 21.03M
YoY Change -9.12% -93.46%
NET CHANGE
Cash From Operating Activities -61.16M -39.72M
Cash From Investing Activities 27.85M -79.90M
Cash From Financing Activities 27.96M 21.03M
Net Change In Cash -5.355M -98.59M
YoY Change -94.92% -133.34%
FREE CASH FLOW
Cash From Operating Activities -$61.16M -$39.72M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
542000
CY2024Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
46000
CY2023Q1 us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
47000
CY2023Q1 us-gaap Stock Issued1
StockIssued1
482000
CY2024Q1 etnb Unpaid Offering Costs Included In Accrued Expenses
UnpaidOfferingCostsIncludedInAccruedExpenses
18000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-509100000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
562300000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:13.5pt;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="text-indent:4.533%;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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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 accruals for uncertain tax positions, accrued research and development expenses and the valuation of stock options. The</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;">Company </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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></p>
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
100000
CY2024Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
314373000
CY2024Q1 etnb Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
115473000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
429846000
CY2024Q1 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
9009000
CY2023Q4 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
11579000
CY2024Q1 us-gaap Prepaid Taxes
PrepaidTaxes
615000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
614000
CY2024Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2870000
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2471000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
12494000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14664000
CY2024Q1 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
15881000
CY2023Q4 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
13017000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2603000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6248000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1776000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1110000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
155000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20295000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20530000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10774000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13036000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1190000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2024Q1 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
493000
CY2024Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
536000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
24957000
CY2024Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
1892000
CY2024Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
23065000
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
24754982
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
21557121
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11956173
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.894
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.904
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
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.038
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.041
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
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4998000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3551000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
95846740
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
95846740
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
53171370
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
53171370
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19078894
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17968970

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