2022 Q3 Form 10-Q Financial Statement

#000095017022014236 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $14.98M $18.55M $18.41M
YoY Change 5.31% 38.3% 65.27%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.56M $20.35M $20.74M
YoY Change 37.14% 67.25% 65.94%
% of Gross Profit
Research & Development $79.82M $81.31M $72.14M
YoY Change 50.23% 69.31% 60.84%
% of Gross Profit
Depreciation & Amortization $3.193M $2.962M $2.761M
YoY Change 110.2% 154.25% 187.9%
% of Gross Profit
Operating Expenses $101.4M $101.7M $92.88M
YoY Change 47.24% 68.89% 61.95%
Operating Profit -$86.39M -$83.11M -$74.47M
YoY Change 58.16% 77.66% 61.15%
Interest Expense $2.678M $6.638M $8.777M
YoY Change -76.33% -179.46% 683.66%
% of Operating Profit
Other Income/Expense, Net $2.828M $7.004M $8.777M
YoY Change -75.01% -183.84% 682.96%
Pretax Income -$83.56M -$76.11M -$65.69M
YoY Change 92.95% 38.04% 45.69%
Income Tax
% Of Pretax Income
Net Earnings -$83.56M -$76.11M -$65.69M
YoY Change 92.95% 38.04% 45.69%
Net Earnings / Revenue -557.79% -410.29% -356.74%
Basic Earnings Per Share -$0.86 -$0.79 -$0.68
Diluted Earnings Per Share -$0.86 -$0.79 -$681.8K
COMMON SHARES
Basic Shares Outstanding 97.00M 96.70M 96.43M
Diluted Shares Outstanding 97.02M 96.70M 96.34M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $505.1M $568.9M $573.8M
YoY Change -25.57% -18.22% -27.38%
Cash & Equivalents $82.09M $55.28M $64.74M
Short-Term Investments $423.0M $513.6M $509.0M
Other Short-Term Assets $19.97M $17.18M $11.45M
YoY Change 159.32% 133.15% 59.07%
Inventory
Prepaid Expenses
Receivables $10.22M $13.13M $13.85M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $535.3M $599.2M $599.1M
YoY Change -22.83% -16.0% -25.52%
LONG-TERM ASSETS
Property, Plant & Equipment $109.1M $103.1M $97.86M
YoY Change 46.24% -17.77% -15.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $13.94M $11.93M $67.94M
YoY Change -88.84% -92.02% -30.88%
Other Assets $33.00K $33.00K $33.00K
YoY Change 266.67% -99.78% -99.78%
Total Long-Term Assets $214.0M $207.9M $259.3M
YoY Change -26.42% -31.25% 7.29%
TOTAL ASSETS
Total Short-Term Assets $535.3M $599.2M $599.1M
Total Long-Term Assets $214.0M $207.9M $259.3M
Total Assets $749.3M $807.1M $858.4M
YoY Change -23.89% -20.54% -17.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.593M $8.420M $11.44M
YoY Change 48.98% 45.9% 27.16%
Accrued Expenses $50.15M $40.52M $35.11M
YoY Change -7.14% 57.46% 67.74%
Deferred Revenue $35.24M $33.66M $22.58M
YoY Change 49.68%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.9M $91.52M $77.91M
YoY Change 13.12% -13.34% -17.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $127.4M $135.1M $147.1M
YoY Change -21.53% -14.52% -8.81%
Total Long-Term Liabilities $127.4M $135.1M $147.1M
YoY Change -21.53% -14.52% -8.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.9M $91.52M $77.91M
Total Long-Term Liabilities $127.4M $135.1M $147.1M
Total Liabilities $231.3M $226.6M $225.0M
YoY Change -9.0% -14.04% -12.08%
SHAREHOLDERS EQUITY
Retained Earnings -$994.4M -$910.9M -$834.8M
YoY Change 41.97%
Common Stock $97.00K $97.00K $97.00K
YoY Change 2.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $518.0M $580.5M $633.4M
YoY Change
Total Liabilities & Shareholders Equity $749.3M $807.1M $858.4M
YoY Change -23.89% -20.54% -17.94%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$83.56M -$76.11M -$65.69M
YoY Change 92.95% 38.04% 45.69%
Depreciation, Depletion And Amortization $3.193M $2.962M $2.761M
YoY Change 110.2% 154.25% 187.9%
Cash From Operating Activities -$55.05M -$53.16M -$64.61M
YoY Change 64.93% 65.59% 138.46%
INVESTING ACTIVITIES
Capital Expenditures -$8.676M -$10.13M $10.08M
YoY Change -41.12% -25.63% 153.3%
Acquisitions
YoY Change
Other Investing Activities $89.05M $50.42M $3.058M
YoY Change -3.93% 311.56% -100.65%
Cash From Investing Activities $80.38M $40.29M -$7.026M
YoY Change 3.1% -3040.66% -98.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.487M 3.406M 2.797M
YoY Change -81.28% -8.42% -99.36%
NET CHANGE
Cash From Operating Activities -55.05M -53.16M -64.61M
Cash From Investing Activities 80.38M 40.29M -7.026M
Cash From Financing Activities 1.487M 3.406M 2.797M
Net Change In Cash 26.82M -9.466M -68.84M
YoY Change -48.94% -68.18% 12.98%
FREE CASH FLOW
Cash From Operating Activities -$55.05M -$53.16M -$64.61M
Capital Expenditures -$8.676M -$10.13M $10.08M
Free Cash Flow -$46.37M -$43.03M -$74.70M
YoY Change 148.77% 132.82% 140.36%

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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
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fate Increase Decrease In Right Of Use Assets And Lease Liabilities Net
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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fate Fair Value Liabilities Level3 To Level2 Transfers Amount
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us-gaap Payments To Acquire Property Plant And Equipment
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fate Proceeds From Public Offering Of Common Stock And Issuance Of Pre Funded Warrants
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fate Proceeds From Public Offering Of Common Stock And Issuance Of Pre Funded Warrants
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;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:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;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:Times New Roman;min-width:fit-content;">The Company’s unaudited condensed consolidated financial statements are prepared in accordance with United States generally accepted accounting principles (U.S. GAAP). The preparation of the Company’s unaudited condensed consolidated financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s unaudited condensed consolidated financial statements and accompanying notes. The most significant estimates and assumptions in the Company’s unaudited condensed consolidated financial statements relate to its stock price appreciation milestone obligations, contracts containing leases, accrued expenses, stock-based compensation, and the estimated total costs expected to be incurred under the Company’s collaboration agreements. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></p>
CY2022Q2 us-gaap Variable Lease Cost
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CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
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us-gaap Variable Lease Cost
VariableLeaseCost
1295000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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55275000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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15227000
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents Noncurrent
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15227000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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91881000
CY2022Q2 us-gaap Letters Of Credit Outstanding Amount
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15200000
us-gaap Variable Lease Cost
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CY2021Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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27700000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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27700000
CY2021Q2 us-gaap Net Income Loss
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-55100000
us-gaap Net Income Loss
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25100000
fate Expected Ressarch Services Period
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0
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1 or les
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405001000
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
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CY2021Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Accumulated Loss
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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0
CY2022Q2 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
0
CY2021Q2 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2021Q2 us-gaap Other Than Temporary Impairment Credit Losses Recognized In Earnings Credit Losses On Debt Securities Held
OtherThanTemporaryImpairmentCreditLossesRecognizedInEarningsCreditLossesOnDebtSecuritiesHeld
0
CY2022Q2 us-gaap Share Price
SharePrice
24.78
CY2022Q2 us-gaap Share Price
SharePrice
24.78
us-gaap Operating Lease Cost
OperatingLeaseCost
7666000
CY2022Q2 fate Transfer Of Assets From Level2 To Level1
TransferOfAssetsFromLevel2ToLevel1
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
16554000
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
18358000
CY2022Q2 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
11684000
CY2021Q4 fate Accrued Clinical Trial Related Costs Current
AccruedClinicalTrialRelatedCostsCurrent
12344000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
40524000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
42412000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y10M24D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0819
CY2022Q2 fate Straight Line Lease Expense
StraightLineLeaseExpense
3865000
CY2021Q2 fate Straight Line Lease Expense
StraightLineLeaseExpense
3541000
fate Straight Line Lease Expense
StraightLineLeaseExpense
7680000
fate Straight Line Lease Expense
StraightLineLeaseExpense
7075000
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7713000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
14498000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15540000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
16006000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
101636000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
185316000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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73012000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2021Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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174000
CY2021Q2 us-gaap Net Income Loss
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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20542000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13254000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39873000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
26230000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
678838000
CY2022Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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StockIssuedDuringPeriodValueRestrictedStockAwardGross
1000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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19331000
CY2022Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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CY2022Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
633393000
CY2022Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
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CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
20542000
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-531000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
580483000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
384445000
CY2021Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
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CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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12976000
CY2021Q1 fate Public Offering Of Common Stock And Issuance Of Pre Funded Warrants
PublicOfferingOfCommonStockAndIssuanceOfPreFundedWarrants
432445000
CY2021Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-330000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3681000
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
13254000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
752071000

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