$GBIO
Generation Bio Co.

2021 Q3 Form 10-Q Financial Statement

#000155837021011310 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.667M $8.186M $4.310M
YoY Change 70.8% 89.93% 39.03%
% of Gross Profit
Research & Development $21.99M $22.66M $13.46M
YoY Change 43.66% 68.37% 9.96%
% of Gross Profit
Depreciation & Amortization $1.173M $1.100M $820.0K
YoY Change 24.79% 34.15% 127.78%
% of Gross Profit
Operating Expenses $31.66M $30.84M $17.76M
YoY Change 50.98% 73.62% 15.84%
Operating Profit -$31.66M -$30.84M -$17.76M
YoY Change 50.98% 73.62% 15.84%
Interest Expense -$197.0K $51.00K $30.00K
YoY Change -264.17% 70.0% -90.0%
% of Operating Profit
Other Income/Expense, Net -$197.0K $51.00K $33.00K
YoY Change -264.17% 54.55% -89.11%
Pretax Income -$31.86M -$30.79M -$17.73M
YoY Change 52.78% 73.67% 17.96%
Income Tax
% Of Pretax Income
Net Earnings -$31.86M -$30.79M -$17.73M
YoY Change 52.79% 73.66% 17.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.56 -$0.55
Diluted Earnings Per Share -$561.5K -$0.55 -$393.7K
COMMON SHARES
Basic Shares Outstanding 56.78M 56.32M
Diluted Shares Outstanding 56.63M 56.32M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $398.4M $425.2M $301.1M
YoY Change 42.07% 41.21%
Cash & Equivalents $388.3M $392.1M $171.7M
Short-Term Investments $10.02M $33.12M $129.4M
Other Short-Term Assets $4.907M $7.548M $5.100M
YoY Change -9.13% 48.0%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $403.3M $432.7M $306.2M
YoY Change 41.1% 41.34%
LONG-TERM ASSETS
Property, Plant & Equipment $22.96M $23.61M $22.82M
YoY Change 0.32% 3.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $385.0K $403.0K $151.0K
YoY Change 127.81% 166.89%
Total Long-Term Assets $60.76M $58.05M $25.03M
YoY Change 142.0% 131.97%
TOTAL ASSETS
Total Short-Term Assets $403.3M $432.7M $306.2M
Total Long-Term Assets $60.76M $58.05M $25.03M
Total Assets $464.0M $490.8M $331.2M
YoY Change 49.24% 48.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $520.0K $589.0K $2.624M
YoY Change 24.4% -77.55%
Accrued Expenses $13.25M $12.12M $7.300M
YoY Change 97.7% 66.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.51M $13.93M $11.54M
YoY Change 58.31% 20.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $42.32M $43.46M $15.50M
YoY Change 178.4% 180.38%
Total Long-Term Liabilities $42.32M $43.46M $15.50M
YoY Change 178.4% 180.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.51M $13.93M $11.54M
Total Long-Term Liabilities $42.32M $43.46M $15.50M
Total Liabilities $56.82M $57.39M $27.05M
YoY Change 133.04% 112.17%
SHAREHOLDERS EQUITY
Retained Earnings -$277.2M -$245.3M -$143.9M
YoY Change 68.26% 70.47%
Common Stock $6.000K $6.000K $5.000K
YoY Change 20.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $407.2M $433.4M $304.2M
YoY Change
Total Liabilities & Shareholders Equity $464.0M $490.8M $331.2M
YoY Change 49.24% 48.19%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$31.86M -$30.79M -$17.73M
YoY Change 52.79% 73.66% 17.96%
Depreciation, Depletion And Amortization $1.173M $1.100M $820.0K
YoY Change 24.79% 34.15% 127.78%
Cash From Operating Activities -$22.56M -$25.43M -$15.48M
YoY Change 21.79% 64.3% 231.48%
INVESTING ACTIVITIES
Capital Expenditures -$940.0K -$1.263M -$210.0K
YoY Change -37.33% 501.43% -97.15%
Acquisitions
YoY Change
Other Investing Activities $23.10M $51.50M -$129.4M
YoY Change -125.0% -139.8% -509.49%
Cash From Investing Activities $22.16M $50.23M -$129.6M
YoY Change -123.6% -138.75% -634.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 306.0K 970.0K 212.3M
YoY Change -147.08% -99.54%
NET CHANGE
Cash From Operating Activities -22.56M -25.43M -15.48M
Cash From Investing Activities 22.16M 50.23M -129.6M
Cash From Financing Activities 306.0K 970.0K 212.3M
Net Change In Cash -84.00K 25.76M 67.23M
YoY Change -99.93% -61.68% 243.54%
FREE CASH FLOW
Cash From Operating Activities -$22.56M -$25.43M -$15.48M
Capital Expenditures -$940.0K -$1.263M -$210.0K
Free Cash Flow -$21.62M -$24.17M -$15.27M
YoY Change 27.0% 58.29% -667.66%

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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
213930000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
321446000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
329183000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
156560000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64940000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17183000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
394123000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173743000
us-gaap Stock Issued1
StockIssued1
224425000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
333000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
900000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
118000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
1692000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-21
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
211300000
us-gaap Net Income Loss
NetIncomeLoss
-56400000
us-gaap Net Income Loss
NetIncomeLoss
-35400000
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-245300000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33400000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP 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 the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and stock-based compensation expense. We base our estimates on historical experience, known trends and other market-specific or other relevant factors that we believe to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 12pt 0pt;">Concentrations of credit risk and of significant suppliers</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially expose us to concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. We believe that we are not exposed to significant credit risk due to the financial strength of the depository institutions in which our cash and cash equivalents are held. We maintain our cash equivalents in money market funds that invest in U.S. treasury securities. Our marketable securities as of June 30, 2021 consisted of U.S. government treasury securities. We have adopted an investment policy that limits the amounts that we may invest in the securities of single issuer with the exclusion of the U.S. government. We have not experienced any credit losses. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">We are dependent on a small number of third-party suppliers for our drug substance and drug product. In particular, we rely, and expect to continue to rely, on third-party suppliers for certain materials and components required for the production of any product candidates we may develop for our programs. These programs could be adversely affected by a significant interruption in the supply process.</p>
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
49700000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6150000
gbio Market Value Threshold To Qualify As Emerging Growth Company
MarketValueThresholdToQualifyAsEmergingGrowthCompany
700000000.0
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3751000
CY2021Q2 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
3028000
CY2020Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1772000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1058000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
940000
CY2020Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
1389000
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1218000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
702000
CY2021Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9055000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
10953000
gbio Lessee Operating Lease Year Of Expiry
LesseeOperatingLeaseYearOfExpiry
2029
CY2021Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q2 gbio Letter Of Credit For Security Deposit
LetterOfCreditForSecurityDeposit
2100000
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
1504000
us-gaap Operating Lease Cost
OperatingLeaseCost
3009000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
446000
us-gaap Variable Lease Cost
VariableLeaseCost
892000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
43459000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
47746000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3681000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7267000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7441000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7679000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7881000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27570000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
61519000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13773000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
47746000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4287000
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
211300000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4377000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1368000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7856000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2872000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
51000000.0
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6325412
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6648618

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