$GBIO
Generation Bio Co.

2023 Q2 Form 10-Q Financial Statement

#000155837023009136 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $880.0K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.97M $12.87M $13.08M
YoY Change 28.18% 31.42% 43.76%
% of Gross Profit
Research & Development $21.83M $22.00M $20.81M
YoY Change -23.03% -13.91% -4.76%
% of Gross Profit
Depreciation & Amortization $1.315M $1.300M $1.346M
YoY Change 9.58% 8.6% 15.54%
% of Gross Profit
Operating Expenses $34.80M $34.87M $33.89M
YoY Change -9.57% -1.35% 9.51%
Operating Profit -$33.92M -$34.87M
YoY Change -11.86% -1.35%
Interest Expense $2.853M $2.772M $2.283M
YoY Change 416.85% 703.48% 76000.0%
% of Operating Profit
Other Income/Expense, Net $2.853M $2.772M
YoY Change 416.85% 703.48%
Pretax Income -$31.07M -$32.09M -$32.41M
YoY Change -18.09% -8.3% 4.72%
Income Tax
% Of Pretax Income
Net Earnings -$31.07M -$32.10M -$32.41M
YoY Change -18.09% -8.29% 4.72%
Net Earnings / Revenue -3530.23%
Basic Earnings Per Share -$0.47 -$0.53
Diluted Earnings Per Share -$0.47 -$0.53 -$0.55
COMMON SHARES
Basic Shares Outstanding 65.67M 59.67M 59.42M
Diluted Shares Outstanding 65.66M 60.23M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.1M $288.6M $279.1M
YoY Change 0.62% -14.34% -25.6%
Cash & Equivalents $145.0M $95.65M $93.17M
Short-Term Investments $169.2M $193.0M $185.9M
Other Short-Term Assets $6.140M $6.770M $259.0K
YoY Change -14.11% 47.66% -93.59%
Inventory
Prepaid Expenses
Receivables $340.0K $1.814M $395.0K
Other Receivables $0.00 $47.50M $0.00
Total Short-Term Assets $320.6M $344.7M $287.0M
YoY Change -0.16% 0.93% -24.31%
LONG-TERM ASSETS
Property, Plant & Equipment $77.80M $22.03M $22.22M
YoY Change 212.65% -20.89% -14.18%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $6.458M $583.0K $1.699M
YoY Change 66.79% -89.56% 321.59%
Total Long-Term Assets $84.26M $86.68M $89.25M
YoY Change -13.9% -15.4% -8.54%
TOTAL ASSETS
Total Short-Term Assets $320.6M $344.7M $287.0M
Total Long-Term Assets $84.26M $86.68M $89.25M
Total Assets $404.9M $431.4M $376.3M
YoY Change -3.37% -2.84% -21.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.328M $1.504M $662.0K
YoY Change 114.17% -2.78% -67.28%
Accrued Expenses $15.48M $14.97M $18.06M
YoY Change 4.48% 17.01% 12.12%
Deferred Revenue $5.681M $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 $26.48M $22.74M $19.15M
YoY Change 63.6% 49.06% 1.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $124.1M $129.5M $74.62M
YoY Change 59.26% 70.77% -2.09%
Total Long-Term Liabilities $124.1M $129.5M $74.62M
YoY Change 59.26% 70.77% -2.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.48M $22.74M $19.15M
Total Long-Term Liabilities $124.1M $129.5M $74.62M
Total Liabilities $150.6M $152.3M $93.77M
YoY Change 60.0% 67.13% -1.32%
SHAREHOLDERS EQUITY
Retained Earnings -$507.9M -$476.9M -$444.8M
YoY Change 33.29% 39.0% 44.35%
Common Stock $7.000K $7.000K $6.000K
YoY Change 16.67% 16.67% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $254.3M $279.1M $282.5M
YoY Change
Total Liabilities & Shareholders Equity $404.9M $431.4M $376.3M
YoY Change -3.37% -2.84% -21.08%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$31.07M -$32.10M -$32.41M
YoY Change -18.09% -8.29% 4.72%
Depreciation, Depletion And Amortization $1.315M $1.300M $1.346M
YoY Change 9.58% 8.6% 15.54%
Cash From Operating Activities $24.81M -$27.68M -$23.00M
YoY Change -205.41% -21.89% 10.58%
INVESTING ACTIVITIES
Capital Expenditures $1.452M $755.0K $682.0K
YoY Change -131.0% -72.88% -124.06%
Acquisitions
YoY Change
Other Investing Activities $25.87M -$4.861M -$17.71M
YoY Change -116.79% -277.14%
Cash From Investing Activities $24.42M -$5.616M -$18.40M
YoY Change -115.38% 101.72% -356.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 99.00K 35.77M 83.00K
YoY Change -97.2% 68692.31% -80.92%
NET CHANGE
Cash From Operating Activities 24.81M -27.68M -23.00M
Cash From Investing Activities 24.42M -5.616M -18.40M
Cash From Financing Activities 99.00K 35.77M 83.00K
Net Change In Cash 49.32M 2.479M -41.32M
YoY Change -127.6% -106.5% 212.95%
FREE CASH FLOW
Cash From Operating Activities $24.81M -$27.68M -$23.00M
Capital Expenditures $1.452M $755.0K $682.0K
Free Cash Flow $23.35M -$28.43M -$23.69M
YoY Change -223.9% -25.61% 31.83%

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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
35772000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
52000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
2479000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-38167000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
98863000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
380837000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
101342000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
342670000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
438000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1928000
CY2023Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
117000
CY2022Q1 us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
0
CY2023Q1 gbio Non Cash Issuance Costs Included In Accrued Expenses
NonCashIssuanceCostsIncludedInAccruedExpenses
149000
CY2022Q1 gbio Non Cash Issuance Costs Included In Accrued Expenses
NonCashIssuanceCostsIncludedInAccruedExpenses
0
CY2023Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-21
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-32100000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-35000000.0
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-476900000
CY2023Q1 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;"><span style="font-style:italic;">Use of estimates</span></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>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Concentrations of credit risk and of significant suppliers</span></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 national depository institutions in which our cash, cash equivalents, and marketable securities are held. We maintain our cash equivalents in money market funds that invest in U.S. treasury securities.  We have adopted an investment policy that limits the amounts that we may invest in the securities of a 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>
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
37857000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36753000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
15827000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14538000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22030000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22215000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1300000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1200000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3015000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7970000
CY2023Q1 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2406000
CY2022Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1959000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1253000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1047000
CY2023Q1 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
388000
CY2023Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
585000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
426000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
7647000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11402000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1795524
CY2021Q3 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
12300000
CY2023Q1 gbio Number Of Vote Per Common Share
NumberOfVotePerCommonShare
1
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6266000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6066000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
42600000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11443922
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10011440

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