$GBIO
Generation Bio Co.

2021 Q4 Form 10-Q Financial Statement

#000155837021015517 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.099M $9.667M $5.660M
YoY Change 14.17% 70.8%
% of Gross Profit
Research & Development $21.85M $21.99M $15.31M
YoY Change 33.46% 43.66% 13.84%
% of Gross Profit
Depreciation & Amortization $1.165M $1.173M $940.0K
YoY Change 17.68% 24.79%
% of Gross Profit
Operating Expenses $30.95M $31.66M $20.97M
YoY Change 27.11% 50.98% 28.38%
Operating Profit -$31.66M -$20.97M
YoY Change 50.98% 28.38%
Interest Expense $3.000K -$197.0K $120.0K
YoY Change -97.5% -264.17%
% of Operating Profit
Other Income/Expense, Net -$197.0K $120.0K
YoY Change -264.17% -41.46%
Pretax Income -$30.94M -$31.86M -$20.85M
YoY Change 27.71% 52.78%
Income Tax
% Of Pretax Income
Net Earnings -$30.94M -$31.86M -$20.85M
YoY Change 27.73% 52.79% 29.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.56
Diluted Earnings Per Share -$562.8K -$561.5K -$458.5K
COMMON SHARES
Basic Shares Outstanding 56.91M 56.78M 46.43M
Diluted Shares Outstanding 56.63M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $375.1M $398.4M $280.4M
YoY Change 43.02% 42.07%
Cash & Equivalents $375.1M $388.3M $58.61M
Short-Term Investments $0.00 $10.02M $221.8M
Other Short-Term Assets $4.041M $4.907M $5.400M
YoY Change -25.17% -9.13%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $379.2M $403.3M $285.8M
YoY Change 41.63% 41.1%
LONG-TERM ASSETS
Property, Plant & Equipment $25.89M $22.96M $22.89M
YoY Change 8.85% 0.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $403.0K $385.0K $169.0K
YoY Change 59.92% 127.81%
Total Long-Term Assets $97.59M $60.76M $25.11M
YoY Change 269.36% 142.0%
TOTAL ASSETS
Total Short-Term Assets $379.2M $403.3M $285.8M
Total Long-Term Assets $97.59M $60.76M $25.11M
Total Assets $476.8M $464.0M $310.9M
YoY Change 62.08% 49.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.023M $520.0K $418.0K
YoY Change 657.68% 24.4%
Accrued Expenses $16.11M $13.25M $6.700M
YoY Change 81.0% 97.7%
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 $18.81M $14.51M $9.163M
YoY Change 67.63% 58.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.22M $42.32M $15.20M
YoY Change 411.52% 178.4%
Total Long-Term Liabilities $76.22M $42.32M $15.20M
YoY Change 411.52% 178.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.81M $14.51M $9.163M
Total Long-Term Liabilities $76.22M $42.32M $15.20M
Total Liabilities $95.03M $56.82M $24.38M
YoY Change 263.5% 133.04%
SHAREHOLDERS EQUITY
Retained Earnings -$308.1M -$277.2M -$164.7M
YoY Change 63.05% 68.26%
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 $381.7M $407.2M $286.5M
YoY Change
Total Liabilities & Shareholders Equity $476.8M $464.0M $310.9M
YoY Change 62.08% 49.24%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$30.94M -$31.86M -$20.85M
YoY Change 27.73% 52.79% 29.27%
Depreciation, Depletion And Amortization $1.165M $1.173M $940.0K
YoY Change 17.68% 24.79%
Cash From Operating Activities -$20.80M -$22.56M -$18.52M
YoY Change 13.3% 21.79%
INVESTING ACTIVITIES
Capital Expenditures -$2.835M -$940.0K -$1.500M
YoY Change 57.5% -37.33%
Acquisitions
YoY Change
Other Investing Activities $10.00M $23.10M -$92.42M
YoY Change -54.83% -125.0%
Cash From Investing Activities $7.165M $22.16M -$93.93M
YoY Change -64.79% -123.6%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 435.0K 306.0K -650.0K
YoY Change -81.09% -147.08%
NET CHANGE
Cash From Operating Activities -20.80M -22.56M -18.52M
Cash From Investing Activities 7.165M 22.16M -93.93M
Cash From Financing Activities 435.0K 306.0K -650.0K
Net Change In Cash -13.20M -84.00K -113.1M
YoY Change -407.74% -99.93%
FREE CASH FLOW
Cash From Operating Activities -$20.80M -$22.56M -$18.52M
Capital Expenditures -$2.835M -$940.0K -$1.500M
Free Cash Flow -$17.97M -$21.62M -$17.02M
YoY Change 8.5% 27.0%

Facts In Submission

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ProceedsFromStockOptionsExercised
1229000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
320798000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
329099000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
43474000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
394039000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
60657000
us-gaap Stock Issued1
StockIssued1
224425000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
249000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
404000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
80000
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
-88200000
us-gaap Net Income Loss
NetIncomeLoss
-56300000
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-277200000
CY2021Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9627000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1842000
us-gaap Variable Lease Cost
VariableLeaseCost
1346000
CY2021Q3 us-gaap Lease Cost
LeaseCost
1959000
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 September 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 in the event of a significant interruption in the supply process.</p>
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
49700000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
33400000
CY2021Q2 gbio Market Value Threshold To Qualify As Emerging Growth Company
MarketValueThresholdToQualifyAsEmergingGrowthCompany
700000000.0
CY2021Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5163000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6150000
CY2021Q3 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2584000
CY2020Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1772000
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1140000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
940000
CY2020Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
1389000
CY2021Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
740000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
702000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
10953000
gbio Lessee Operating Lease Year Of Expiry
LesseeOperatingLeaseYearOfExpiry
2029
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q3 gbio Letter Of Credit For Security Deposit
LetterOfCreditForSecurityDeposit
2100000
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12Y
CY2021Q3 gbio Good Manufacturing Practice Compliant Manufacturing Facility
GoodManufacturingPracticeCompliantManufacturingFacility
104000
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12Y
CY2021Q3 gbio Initial Monthly Base Rent On Operating Lease
InitialMonthlyBaseRentOnOperatingLease
400000
CY2021Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Option To Extend
LesseeOperatingLeaseLeaseNotYetCommencedOptionToExtend
two
CY2021Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Renewal Term1
LesseeOperatingLeaseLeaseNotYetCommencedRenewalTerm1
P5Y
CY2021Q3 gbio Construction Allowance In Operating Lease
ConstructionAllowanceInOperatingLease
26000000.0
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1505000
us-gaap Operating Lease Cost
OperatingLeaseCost
4514000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
454000
us-gaap Lease Cost
LeaseCost
5860000
us-gaap Operating Lease Payments
OperatingLeasePayments
5300000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y7M6D
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2161000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12826000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
7267000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
7441000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7679000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
7881000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
27570000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
59680000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13004000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
46676000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4359000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
42317000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
46676000
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2021Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q3 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
CY2021Q3 gbio Number Of Vote Per Common Share
NumberOfVotePerCommonShare
1
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4970000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5033000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
50000000.0
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
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
6231335
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6538435

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