$GBIO
Generation Bio Co.

2022 Q4 Form 10-Q Financial Statement

#000155837022016267 Filed on November 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 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 $13.08M $11.48M $9.667M
YoY Change 43.76% 18.72% 70.8%
% of Gross Profit
Research & Development $20.81M $21.19M $21.99M
YoY Change -4.76% -3.63% 43.66%
% of Gross Profit
Depreciation & Amortization $1.346M $1.364M $1.173M
YoY Change 15.54% 16.28% 24.79%
% of Gross Profit
Operating Expenses $33.89M $32.67M $31.66M
YoY Change 9.51% 3.19% 50.98%
Operating Profit -$32.67M -$31.66M
YoY Change 3.19% 50.98%
Interest Expense $2.283M $1.363M -$197.0K
YoY Change 76000.0% -791.88% -264.17%
% of Operating Profit
Other Income/Expense, Net $1.363M -$197.0K
YoY Change -791.88% -264.17%
Pretax Income -$32.41M -$31.31M -$31.86M
YoY Change 4.72% -1.72% 52.78%
Income Tax
% Of Pretax Income
Net Earnings -$32.41M -$31.31M -$31.86M
YoY Change 4.72% -1.72% 52.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53 -$0.56
Diluted Earnings Per Share -$0.55 -$0.53 -$561.5K
COMMON SHARES
Basic Shares Outstanding 59.42M 59.01M 56.78M
Diluted Shares Outstanding 58.87M 56.63M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $279.1M $301.2M $398.4M
YoY Change -25.6% -24.4% 42.07%
Cash & Equivalents $93.17M $134.5M $388.3M
Short-Term Investments $185.9M $166.7M $10.02M
Other Short-Term Assets $259.0K $8.994M $4.907M
YoY Change -93.59% 83.29% -9.13%
Inventory
Prepaid Expenses
Receivables $395.0K $395.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $287.0M $310.6M $403.3M
YoY Change -24.31% -22.99% 41.1%
LONG-TERM ASSETS
Property, Plant & Equipment $22.22M $23.44M $22.96M
YoY Change -14.18% 2.06% 0.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.699M $1.554M $385.0K
YoY Change 321.59% 303.64% 127.81%
Total Long-Term Assets $89.25M $92.24M $60.76M
YoY Change -8.54% 51.8% 142.0%
TOTAL ASSETS
Total Short-Term Assets $287.0M $310.6M $403.3M
Total Long-Term Assets $89.25M $92.24M $60.76M
Total Assets $376.3M $402.8M $464.0M
YoY Change -21.08% -13.2% 49.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $662.0K $1.693M $520.0K
YoY Change -67.28% 225.58% 24.4%
Accrued Expenses $18.06M $15.26M $13.25M
YoY Change 12.12% 15.17% 97.7%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.15M $17.32M $14.51M
YoY Change 1.82% 19.39% 58.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $74.62M $76.73M $42.32M
YoY Change -2.09% 81.33% 178.4%
Total Long-Term Liabilities $74.62M $76.73M $42.32M
YoY Change -2.09% 81.33% 178.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.15M $17.32M $14.51M
Total Long-Term Liabilities $74.62M $76.73M $42.32M
Total Liabilities $93.77M $94.05M $56.82M
YoY Change -1.32% 65.51% 133.04%
SHAREHOLDERS EQUITY
Retained Earnings -$444.8M -$412.4M -$277.2M
YoY Change 44.35% 48.76% 68.26%
Common Stock $6.000K $6.000K $6.000K
YoY Change 0.0% 0.0% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $282.5M $308.7M $407.2M
YoY Change
Total Liabilities & Shareholders Equity $376.3M $402.8M $464.0M
YoY Change -21.08% -13.2% 49.24%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$32.41M -$31.31M -$31.86M
YoY Change 4.72% -1.72% 52.79%
Depreciation, Depletion And Amortization $1.346M $1.364M $1.173M
YoY Change 15.54% 16.28% 24.79%
Cash From Operating Activities -$23.00M -$20.48M -$22.56M
YoY Change 10.58% -9.21% 21.79%
INVESTING ACTIVITIES
Capital Expenditures $682.0K -$651.0K -$940.0K
YoY Change -124.06% -30.74% -37.33%
Acquisitions
YoY Change
Other Investing Activities -$17.71M -$11.96M $23.10M
YoY Change -277.14% -151.78% -125.0%
Cash From Investing Activities -$18.40M -$12.61M $22.16M
YoY Change -356.75% -156.91% -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 83.00K 9.313M 306.0K
YoY Change -80.92% 2943.46% -147.08%
NET CHANGE
Cash From Operating Activities -23.00M -20.48M -22.56M
Cash From Investing Activities -18.40M -12.61M 22.16M
Cash From Financing Activities 83.00K 9.313M 306.0K
Net Change In Cash -41.32M -23.78M -84.00K
YoY Change 212.95% 28207.14% -99.93%
FREE CASH FLOW
Cash From Operating Activities -$23.00M -$20.48M -$22.56M
Capital Expenditures $682.0K -$651.0K -$940.0K
Free Cash Flow -$23.69M -$19.83M -$21.62M
YoY Change 31.83% -8.28% 27.0%

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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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-9000
us-gaap Profit Loss
ProfitLoss
-88208000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
407210000
us-gaap Profit Loss
ProfitLoss
-104234000
us-gaap Profit Loss
ProfitLoss
-88208000
us-gaap Share Based Compensation
ShareBasedCompensation
18605000
us-gaap Share Based Compensation
ShareBasedCompensation
12826000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3784000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3367000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
984000
us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-514000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-28000
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-223000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
5395000
us-gaap Impairment Of Leasehold
ImpairmentOfLeasehold
0
gbio Increase Decrease In Tenant Improvements Allowance Receivable
IncreaseDecreaseInTenantImprovementsAllowanceReceivable
395000
gbio Increase Decrease In Tenant Improvements Allowance Receivable
IncreaseDecreaseInTenantImprovementsAllowanceReceivable
0
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
4939000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-504000
gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-4017000
gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-2157000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1151000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
133000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-444000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
253000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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-1663000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
523000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-302000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-8000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
105000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
221000000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
55000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
188900000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-174119000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
185882000
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 Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
0
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
942000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
12360000
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
80000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
990000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3302000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380837000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
49700000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
64940000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140179000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
394039000
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>
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36937000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
35902000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13502000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10016000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
23435000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25886000
CY2022Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1400000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3800000
CY2021Q2 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18605000
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6405000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7579000
CY2022Q3 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1000000
CY2021Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2091000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1174000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
962000
CY2022Q3 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
46000
CY2021Q4 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
869000
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
370000
CY2021Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
676000
CY2022Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8995000
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
12177000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q3 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
CY2022Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1795524
CY2022Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
12300000
gbio Number Of Vote Per Common Share
NumberOfVotePerCommonShare
1
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5848000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4970000
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
9956633
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6231335

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