$GBIO
Generation Bio Co.

2022 Q3 Form 10-Q Financial Statement

#000155837022012240 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.48M $10.12M $9.790M
YoY Change 18.72% 23.58% 41.88%
% of Gross Profit
Research & Development $21.19M $28.37M $25.55M
YoY Change -3.63% 25.2% 36.27%
% of Gross Profit
Depreciation & Amortization $1.364M $1.200M $1.197M
YoY Change 16.28% 9.09% 12.5%
% of Gross Profit
Operating Expenses $32.67M $38.48M $35.34M
YoY Change 3.19% 24.77% 37.77%
Operating Profit -$32.67M -$38.48M -$35.34M
YoY Change 3.19% 24.77% 37.77%
Interest Expense $1.363M $552.0K $345.0K
YoY Change -791.88% 982.35% 283.33%
% of Operating Profit
Other Income/Expense, Net $1.363M $552.0K $345.0K
YoY Change -791.88% 982.35% 270.97%
Pretax Income -$31.31M -$37.93M -$35.00M
YoY Change -1.72% 23.18% 36.93%
Income Tax
% Of Pretax Income
Net Earnings -$31.31M -$37.93M -$35.00M
YoY Change -1.72% 23.18% 36.72%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53 -$0.66 -$0.61
Diluted Earnings Per Share -$0.53 -$0.66 -$0.61
COMMON SHARES
Basic Shares Outstanding 59.01M 57.15M 57.00M
Diluted Shares Outstanding 58.87M 57.15M 57.00M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $301.2M $312.2M $337.0M
YoY Change -24.4% -26.57% -25.3%
Cash & Equivalents $134.5M $158.3M $337.0M
Short-Term Investments $166.7M $153.9M
Other Short-Term Assets $8.994M $7.149M $4.585M
YoY Change 83.29% -5.29% -2.45%
Inventory
Prepaid Expenses
Receivables $395.0K $1.778M
Other Receivables $0.00 $0.00
Total Short-Term Assets $310.6M $321.1M $341.6M
YoY Change -22.99% -25.79% -25.06%
LONG-TERM ASSETS
Property, Plant & Equipment $23.44M $24.89M $27.85M
YoY Change 2.06% 5.4% -50.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.554M $3.872M $5.582M
YoY Change 303.64% 860.79% 132.58%
Total Long-Term Assets $92.24M $97.86M $102.5M
YoY Change 51.8% 68.58% 75.75%
TOTAL ASSETS
Total Short-Term Assets $310.6M $321.1M $341.6M
Total Long-Term Assets $92.24M $97.86M $102.5M
Total Assets $402.8M $419.0M $444.0M
YoY Change -13.2% -14.63% -13.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.693M $1.087M $1.547M
YoY Change 225.58% 84.55% 415.67%
Accrued Expenses $15.26M $14.82M $12.79M
YoY Change 15.17% 22.2% 29.2%
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 $17.32M $16.19M $15.25M
YoY Change 19.39% 16.18% 41.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.73M $77.94M $75.86M
YoY Change 81.33% 79.33% 70.08%
Total Long-Term Liabilities $76.73M $77.94M $75.86M
YoY Change 81.33% 79.33% 70.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.32M $16.19M $15.25M
Total Long-Term Liabilities $76.73M $77.94M $75.86M
Total Liabilities $94.05M $94.12M $91.11M
YoY Change 65.51% 64.0% 64.76%
SHAREHOLDERS EQUITY
Retained Earnings -$412.4M -$381.1M -$343.1M
YoY Change 48.76% 55.34%
Common Stock $6.000K $6.000K $6.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $308.7M $324.9M $352.9M
YoY Change
Total Liabilities & Shareholders Equity $402.8M $419.0M $444.0M
YoY Change -13.2% -14.63% -13.63%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$31.31M -$37.93M -$35.00M
YoY Change -1.72% 23.18% 36.72%
Depreciation, Depletion And Amortization $1.364M $1.200M $1.197M
YoY Change 16.28% 9.09% 12.5%
Cash From Operating Activities -$20.48M -$23.53M -$35.44M
YoY Change -9.21% -7.47% 53.88%
INVESTING ACTIVITIES
Capital Expenditures -$651.0K -$4.684M $2.784M
YoY Change -30.74% 270.86% 204.26%
Acquisitions
YoY Change
Other Investing Activities -$11.96M -$154.0M $0.00
YoY Change -151.78% -399.1% -100.0%
Cash From Investing Activities -$12.61M -$158.7M -$2.784M
YoY Change -156.91% -416.01% -102.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.313M 3.541M 52.00K
YoY Change 2943.46% 265.05% -99.98%
NET CHANGE
Cash From Operating Activities -20.48M -23.53M -35.44M
Cash From Investing Activities -12.61M -158.7M -2.784M
Cash From Financing Activities 9.313M 3.541M 52.00K
Net Change In Cash -23.78M -178.7M -38.17M
YoY Change 28207.14% -793.68% -112.58%
FREE CASH FLOW
Cash From Operating Activities -$20.48M -$23.53M -$35.44M
Capital Expenditures -$651.0K -$4.684M $2.784M
Free Cash Flow -$19.83M -$18.85M -$38.22M
YoY Change -8.28% -22.02% 59.63%

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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2194000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
240000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-412000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-28000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3097000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2140000
gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-2185000
gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-1421000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
3466000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
30000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7468000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2183000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
154037000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
0
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
165900000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-161505000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
163717000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
211876000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
50000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
550000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
2726000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
917000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2604000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3593000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
213930000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-216880000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
329183000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380837000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64940000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
163957000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
394123000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
544000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
333000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-339000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-5000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
0
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
118000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-21
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
211300000
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>
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1100000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35902000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2200000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
5000000.0
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
676000
CY2022Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8979000
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37295000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12410000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10016000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24885000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25886000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2400000
CY2022Q2 us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
5000000.0
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4633000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7579000
CY2022Q2 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1817000
CY2021Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2091000
CY2022Q2 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
1434000
CY2021Q4 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
869000
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
813000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
962000
CY2022Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
282000
CY2022Q2 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
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
12177000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1544435
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
10400000
gbio Number Of Vote Per Common Share
NumberOfVotePerCommonShare
1
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6691000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4377000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12757000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7856000
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
56100000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M12D
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
10191638
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6325412

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