$FBRX
Forte Biosciences, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017011571 Filed on May 23, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $10.00K $0.00 $14.00K
YoY Change 0.0% -100.0% 40.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.030M $1.940M $1.110M
YoY Change 84.55% 74.77% 20.65%
% of Gross Profit
Research & Development $6.632M $6.624M $6.469M
YoY Change 1.56% 2.4% 90.83%
% of Gross Profit
Depreciation & Amortization $60.00K $65.00K $60.00K
YoY Change 0.0% 8.33% 0.0%
% of Gross Profit
Operating Expenses $8.662M $8.564M $7.580M
YoY Change 13.48% 12.98% 75.87%
Operating Profit -$8.652M -$8.553M -$7.566M
YoY Change 13.05%
Interest Expense -$410.0K -$520.0K -$440.0K
YoY Change -2.38% 18.18% -2300.0%
% of Operating Profit
Other Income/Expense, Net -$520.0K -$440.0K
YoY Change 18.18%
Pretax Income -$9.070M -$9.070M -$8.010M
YoY Change 12.81% 13.23% 87.15%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.066M -$9.073M -$8.006M
YoY Change 12.73% 13.33% 87.06%
Net Earnings / Revenue -90660.0% -57185.71%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.321M -$7.374M -$6.512M
COMMON SHARES
Basic Shares Outstanding 19.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.6M $28.89M $52.60M
YoY Change -45.09%
Cash & Equivalents $76.10M $6.955M $4.803M
Short-Term Investments $32.54M $21.93M $47.80M
Other Short-Term Assets $1.000M $1.200M $1.700M
YoY Change -29.41%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $109.6M $30.04M $54.30M
YoY Change -44.68%
LONG-TERM ASSETS
Property, Plant & Equipment $900.0K $734.0K $500.0K
YoY Change 46.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K $3.522M $1.600M
YoY Change 120.13%
Total Long-Term Assets $1.200M $4.256M $2.100M
YoY Change 102.67%
TOTAL ASSETS
Total Short-Term Assets $109.6M $30.04M $54.30M
Total Long-Term Assets $1.200M $4.256M $2.100M
Total Assets $110.8M $34.29M $56.40M
YoY Change -39.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $947.0K $1.700M
YoY Change -44.29%
Accrued Expenses $6.700M $7.856M $5.300M
YoY Change 48.23%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $7.200M $7.200M $2.400M
YoY Change 200.0%
Total Short-Term Liabilities $15.20M $16.08M $9.500M
YoY Change 69.21%
LONG-TERM LIABILITIES
Long-Term Debt $6.900M $8.583M $15.40M
YoY Change -44.27%
Other Long-Term Liabilities $100.0K $100.0K $100.0K
YoY Change 0.0%
Total Long-Term Liabilities $7.000M $8.583M $15.50M
YoY Change -44.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.20M $16.08M $9.500M
Total Long-Term Liabilities $7.000M $8.583M $15.50M
Total Liabilities $22.20M $35.80M $25.00M
YoY Change 43.21%
SHAREHOLDERS EQUITY
Retained Earnings -$137.1M
YoY Change
Common Stock $4.153M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.60M -$132.9M $31.40M
YoY Change
Total Liabilities & Shareholders Equity $110.8M $34.29M $56.40M
YoY Change -39.2%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$9.066M -$9.073M -$8.006M
YoY Change 12.73% 13.33% 87.06%
Depreciation, Depletion And Amortization $60.00K $65.00K $60.00K
YoY Change 0.0% 8.33% 0.0%
Cash From Operating Activities -$7.350M -$7.570M -$6.070M
YoY Change -5.53% 24.71% 85.06%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $53.00K $41.00K
YoY Change -50.0% 29.27% -182.0%
Acquisitions
YoY Change
Other Investing Activities -$10.60M $3.820M $3.050M
YoY Change -226.04% 25.25% -149.35%
Cash From Investing Activities -$10.65M $3.770M $3.010M
YoY Change -228.47% 25.25% -148.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $41.00K $3.000K
YoY Change 1266.67% -99.97%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 87.16M 5.240M -290.0K
YoY Change -290633.33% -1906.9% -102.61%
NET CHANGE
Cash From Operating Activities -7.350M -7.570M -6.070M
Cash From Investing Activities -10.65M 3.770M 3.010M
Cash From Financing Activities 87.16M 5.240M -290.0K
Net Change In Cash 69.16M 1.440M -3.350M
YoY Change 14308.33% -142.99% -309.38%
FREE CASH FLOW
Cash From Operating Activities -$7.350M -$7.570M -$6.070M
Capital Expenditures -$60.00K $53.00K $41.00K
Free Cash Flow -$7.290M -$7.623M -$6.111M
YoY Change -4.83% 24.74% 89.2%

Facts In Submission

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CY2017Q1 us-gaap Use Of Estimates
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The Company&#8217;s financial statements are prepared in accordance with accounting principles generally accepted in the United States (GAAP), which requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and expenses and related disclosures during the reporting period. Significant estimates in the Company&#8217;s financial statements relate to clinical trial accruals, the valuation of equity awards, and the development period used for license revenue recognition. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results may differ from these estimates under different assumptions or conditions.</p></div>
CY2017Q1 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Off-Balance Sheet Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash equivalents and marketable securities. The Company&#8217;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.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no financial instruments with off-balance sheet risk of loss.</p></div>
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2016Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2017Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
21930000
CY2016Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
25735000
CY2017Q1 us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2017Q1 toca Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
2790000
CY2016Q4 toca Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
2114000
CY2017Q1 toca Accrued Contract Manufacturing Services Current
AccruedContractManufacturingServicesCurrent
1564000
CY2016Q4 toca Accrued Contract Manufacturing Services Current
AccruedContractManufacturingServicesCurrent
1508000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1591000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
728000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1084000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
459000
CY2017Q1 toca Accrued Contract Research Services Current
AccruedContractResearchServicesCurrent
91000
CY2016Q4 toca Accrued Contract Research Services Current
AccruedContractResearchServicesCurrent
114000
CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
111000
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
120000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
625000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
394000
CY2017Q1 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
In March 2017, the Company’s board of directors and stockholders approved a 1-for-6.9 reverse stock split of its outstanding common stock. The accompanying financial statements and notes to the financial statements give retroactive effect to the reverse stock split for all periods presented.
CY2017Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-6.9
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
529000
CY2017Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
41000
CY2017Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-1000
CY2017Q1 us-gaap Preferred Stock Conversion Basis
PreferredStockConversionBasis
1-for-6.9
CY2017Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8234428
CY2017Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1000000
CY2016Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
200000
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
300000
CY2016Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
9000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
529000
CY2016Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
265000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
7400000
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y

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