$ETNB
89bio, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024090871 Filed on August 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.50M $8.571M
YoY Change 32.37% 18.81%
% of Gross Profit
Research & Development $141.4M $44.87M
YoY Change 350.21% 28.5%
% of Gross Profit
Depreciation & Amortization $8.000K $12.00K
YoY Change -20.0% 20.0%
% of Gross Profit
Operating Expenses $151.9M $53.44M
YoY Change 286.17% 26.84%
Operating Profit -$151.9M -$53.44M
YoY Change 286.17% 26.84%
Interest Expense $2.362M $874.0K
YoY Change 146.3% -2.24%
% of Operating Profit
Other Income/Expense, Net $5.431M $6.473M
YoY Change -2.65% 39.81%
Pretax Income -$148.9M -$47.84M
YoY Change 328.71% 24.6%
Income Tax $204.0K $134.0K
% Of Pretax Income
Net Earnings -$149.1M -$47.97M
YoY Change 329.3% 24.95%
Net Earnings / Revenue
Basic Earnings Per Share -$1.39 -$0.48
Diluted Earnings Per Share -$1.39 -$0.48
COMMON SHARES
Basic Shares Outstanding 105.9M 98.38M
Diluted Shares Outstanding 107.1M 99.83M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $423.8M $531.4M
YoY Change -5.47% 11.17%
Cash & Equivalents $91.41M $212.2M
Short-Term Investments $332.4M $319.2M
Other Short-Term Assets $32.43M $29.06M
YoY Change 189.57% 109.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $456.2M $579.9M
YoY Change -0.72% 17.89%
LONG-TERM ASSETS
Property, Plant & Equipment $17.00K $27.00K
YoY Change -70.69% -60.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $314.0K $315.0K
YoY Change 8.65% 9.0%
Total Long-Term Assets $2.091M $2.284M
YoY Change 257.44% 258.56%
TOTAL ASSETS
Total Short-Term Assets $456.2M $579.9M
Total Long-Term Assets $2.091M $2.284M
Total Assets $458.3M $582.1M
YoY Change -0.39% 18.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.49M $17.46M
YoY Change 78.76% 62.96%
Accrued Expenses $18.90M $18.66M
YoY Change 33.72% 23.96%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.770M
YoY Change
Total Short-Term Liabilities $39.13M $41.65M
YoY Change 55.21% 60.55%
LONG-TERM LIABILITIES
Long-Term Debt $35.54M $20.36M
YoY Change 44.27% -16.86%
Other Long-Term Liabilities $3.752M $3.750M
YoY Change 3652.0% 3726.53%
Total Long-Term Liabilities $39.30M $24.11M
YoY Change 59.5% -1.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.13M $41.65M
Total Long-Term Liabilities $39.30M $24.11M
Total Liabilities $80.20M $67.22M
YoY Change 60.7% 33.05%
SHAREHOLDERS EQUITY
Retained Earnings -$706.2M -$557.1M
YoY Change 69.27% 45.66%
Common Stock $106.0K $105.0K
YoY Change -99.99% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $378.1M $514.9M
YoY Change
Total Liabilities & Shareholders Equity $458.3M $582.1M
YoY Change -0.39% 18.2%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$149.1M -$47.97M
YoY Change 329.3% 24.95%
Depreciation, Depletion And Amortization $8.000K $12.00K
YoY Change -20.0% 20.0%
Cash From Operating Activities -$145.4M -$61.16M
YoY Change 378.78% 77.56%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$8.639M $27.85M
YoY Change -122.54% -127.35%
Cash From Investing Activities -$8.639M $27.85M
YoY Change -122.54% -127.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.19M 27.96M
YoY Change -2342.64% -9.12%
NET CHANGE
Cash From Operating Activities -145.4M -61.16M
Cash From Investing Activities -8.639M 27.85M
Cash From Financing Activities 33.19M 27.96M
Net Change In Cash -120.8M -5.355M
YoY Change -1964.31% -94.92%
FREE CASH FLOW
Cash From Operating Activities -$145.4M -$61.16M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Net Cash Provided By Used In Operating Activities
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etnb Proceeds From Issuance Public Offering
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etnb Proceeds From Issuance Public Offering At The Market Offering
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us-gaap Proceeds From Long Term Lines Of Credit
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
142000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
1725000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Repayments Of Other Long Term Debt
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-103943000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Operating Lease Payments Use
OperatingLeasePaymentsUse
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us-gaap Stock Issued1
StockIssued1
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RetainedEarningsAccumulatedDeficit
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CY2024Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
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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>
CY2024Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
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AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
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CY2024Q2 us-gaap Available For Sale Securities Debt Securities
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CY2024Q2 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
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CY2024Q2 us-gaap Prepaid Taxes
PrepaidTaxes
388000
CY2023Q4 us-gaap Prepaid Taxes
PrepaidTaxes
614000
CY2024Q2 us-gaap Other Prepaid Expense Current
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2528000
CY2023Q4 us-gaap Other Prepaid Expense Current
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2471000
CY2024Q2 etnb Common Stock Warrant Exercise Receivable
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CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
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CY2024Q2 etnb Accrued Research And Development Expense Current
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13145000
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CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3752000
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OtherAccruedLiabilitiesCurrent
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OtherAccruedLiabilitiesCurrent
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CY2024Q2 us-gaap Accrued Liabilities Current
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CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
20530000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10774000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
13036000
CY2024Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
1190000
CY2024Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
25000000
CY2024Q2 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
602000
CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
477000
CY2024Q2 us-gaap Long Term Debt
LongTermDebt
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CY2024Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
4770000
CY2024Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
20355000
CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2281115
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.873
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.904
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.916
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.982
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.046
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.034
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.038
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5169000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4137000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10167000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7688000
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99831111
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99831111
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74126569
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74126569
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
97838926
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97838926
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63706856
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63706856
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10287924
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16677533
CY2024Q2 ecd Trd Arr Termination Date
TrdArrTerminationDate
June 10, 2024
CY2024Q2 ecd Trd Arr Ind Name
TrdArrIndName
Rohan Palekar
CY2024Q2 ecd Trd Arr Ind Title
TrdArrIndTitle
Chief Executive Officer and a member of the Board of Directors
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
true
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q2 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
July 5, 2023
CY2024Q2 etnb Trd Arr Expiration Date
TrdArrExpirationDate
July 5, 2024
CY2024Q2 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
228490

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