$FBRX
Forte Biosciences, Inc.

2017 Q2 Form 10-Q Financial Statement

#000156459017017036 Filed on August 09, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q2
Revenue $10.00K $10.00K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.030M $1.100M
YoY Change 84.55% 22.22%
% of Gross Profit
Research & Development $6.632M $6.530M
YoY Change 1.56% 45.43%
% of Gross Profit
Depreciation & Amortization $60.00K $60.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $8.662M $7.633M
YoY Change 13.48% 41.61%
Operating Profit -$8.652M
YoY Change
Interest Expense -$410.0K -$420.0K
YoY Change -2.38% -1500.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.070M -$8.040M
YoY Change 12.81% 50.84%
Income Tax
% Of Pretax Income
Net Earnings -$9.066M -$8.042M
YoY Change 12.73% 50.88%
Net Earnings / Revenue -90660.0% -80420.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$8.321M -$6.537M
COMMON SHARES
Basic Shares Outstanding 19.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.6M
YoY Change
Cash & Equivalents $76.10M $5.277M
Short-Term Investments $32.54M
Other Short-Term Assets $1.000M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $109.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $900.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $300.0K
YoY Change
Total Long-Term Assets $1.200M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $109.6M
Total Long-Term Assets $1.200M
Total Assets $110.8M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M
YoY Change
Accrued Expenses $6.700M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $7.200M
YoY Change
Total Short-Term Liabilities $15.20M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $6.900M
YoY Change
Other Long-Term Liabilities $100.0K
YoY Change
Total Long-Term Liabilities $7.000M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.20M
Total Long-Term Liabilities $7.000M
Total Liabilities $22.20M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $88.60M
YoY Change
Total Liabilities & Shareholders Equity $110.8M
YoY Change

Cashflow Statement

Concept 2017 Q2 2016 Q2
OPERATING ACTIVITIES
Net Income -$9.066M -$8.042M
YoY Change 12.73% 50.88%
Depreciation, Depletion And Amortization $60.00K $60.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$7.350M -$7.780M
YoY Change -5.53% 59.43%
INVESTING ACTIVITIES
Capital Expenditures -$60.00K -$120.0K
YoY Change -50.0% 300.0%
Acquisitions
YoY Change
Other Investing Activities -$10.60M $8.410M
YoY Change -226.04% 1616.33%
Cash From Investing Activities -$10.65M $8.290M
YoY Change -228.47% 1742.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 87.16M -30.00K
YoY Change -290633.33% -101.15%
NET CHANGE
Cash From Operating Activities -7.350M -7.780M
Cash From Investing Activities -10.65M 8.290M
Cash From Financing Activities 87.16M -30.00K
Net Change In Cash 69.16M 480.0K
YoY Change 14308.33% -126.52%
FREE CASH FLOW
Cash From Operating Activities -$7.350M -$7.780M
Capital Expenditures -$60.00K -$120.0K
Free Cash Flow -$7.290M -$7.660M
YoY Change -4.83% 57.94%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
us-gaap Share Based Compensation
ShareBasedCompensation
604000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Net Income Loss
NetIncomeLoss
-16048000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
67000
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
-7000
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1621000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-18146000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15981000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-77000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.95
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Share Based Compensation
ShareBasedCompensation
1585000
us-gaap Depreciation
Depreciation
127000
us-gaap Depreciation
Depreciation
122000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
13000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-5000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-207000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-27000
toca Increase Decrease In Deferred Grant Funding
IncreaseDecreaseInDeferredGrantFunding
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us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
164000
CY2015Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8150000
CY2017Q2 toca Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
2420000
CY2017Q2 toca Accrued Contract Manufacturing Services Current
AccruedContractManufacturingServicesCurrent
1630000
CY2017Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1443000
CY2016Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
25735000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-29000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-862000
us-gaap Accretion Expense
AccretionExpense
293000
us-gaap Accretion Expense
AccretionExpense
280000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-534000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
562000
toca Increase Decrease In Deferred Grant Funding
IncreaseDecreaseInDeferredGrantFunding
-9000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-14920000
us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13852000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
23049000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
29844000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
109000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
20000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-6884000
us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
11295000
toca Proceeds From Offering Of Common Net Of Stock Issuance Costs
ProceedsFromOfferingOfCommonNetOfStockIssuanceCosts
88615000
us-gaap Proceeds From Convertible Debt
ProceedsFromConvertibleDebt
7338000
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
3600000
us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
325000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
92400000
us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-316000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
70596000
us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-2873000
CY2016Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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toca Convertible Preferred Stock Converted Into Shares Of Common Stock
ConvertiblePreferredStockConvertedIntoSharesOfCommonStock
131410000
toca Convertible Promissory Notes Principal And Accrued Interest Converted Into Shares Of Common Stock
ConvertiblePromissoryNotesPrincipalAndAccruedInterestConvertedIntoSharesOfCommonStock
11092000
toca Preferred Stock Warrants Liabilities Converted Into Warrants To Purchase Share Of Common Stock
PreferredStockWarrantsLiabilitiesConvertedIntoWarrantsToPurchaseShareOfCommonStock
89000
toca Deferred Equity Issuance Cost Payment Reclassified Of Equity Effective Intial Public Offering
DeferredEquityIssuanceCostPaymentReclassifiedOfEquityEffectiveIntialPublicOffering
1574000
toca Deferred Debt And Equity Issuance Costs Incurred But Not Yet Paid
DeferredDebtAndEquityIssuanceCostsIncurredButNotYetPaid
99000
toca Deferred Debt And Equity Issuance Costs Incurred But Not Yet Paid
DeferredDebtAndEquityIssuanceCostsIncurredButNotYetPaid
14000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
355000
us-gaap Use Of Estimates
UseOfEstimates
<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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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></div>
us-gaap Initial Offering Period
InitialOfferingPeriod
April 19, 2017
CY2017Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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CY2017Q2 toca Working Capital
WorkingCapital
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7614009
CY2017Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2016Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2017Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
32545000
CY2016Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2017Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2016Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2017Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
15000
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
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AvailableForSaleSecuritiesDebtSecuritiesCurrent
32536000
us-gaap Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNet
0
CY2016Q4 toca Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
2196000
CY2016Q4 toca Accrued Contract Manufacturing Services Current
AccruedContractManufacturingServicesCurrent
1508000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2017Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
420000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
459000
CY2017Q2 toca Accrued Contract Research Services Current
AccruedContractResearchServicesCurrent
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AccruedContractResearchServicesCurrent
114000
CY2017Q2 us-gaap Interest Payable Current
InterestPayableCurrent
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CY2016Q4 us-gaap Other Accrued Liabilities Current
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CY2017Q2 us-gaap Debt Conversion Converted Instrument Amount1
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CY2017Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
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CY2017Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10.00
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 the Company’s 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.
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-6.9
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1585000
us-gaap Stock Issued During Period Value Stock Options Exercised
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toca Conversion Of Preferred Stock To Common Stock Amount Converted
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us-gaap Stock Issued During Period Value New Issues
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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us-gaap Other Comprehensive Income Loss Net Of Tax
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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604000

Files In Submission

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