$GBIO
Generation Bio Co.

2023 Q4 Form 10-Q Financial Statement

#000155837023018594 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $2.878M $2.146M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.38M $11.64M $11.48M
YoY Change 2.26% 1.42% 18.72%
% of Gross Profit
Research & Development $27.92M $21.86M $21.19M
YoY Change 34.2% 3.16% -3.63%
% of Gross Profit
Depreciation & Amortization $1.325M $1.300M $1.364M
YoY Change -1.56% -4.69% 16.28%
% of Gross Profit
Operating Expenses $41.30M $33.50M $32.67M
YoY Change 21.87% 2.55% 3.19%
Operating Profit -$31.36M -$32.67M
YoY Change -4.02% 3.19%
Interest Expense $3.235M $3.090M $1.363M
YoY Change 41.7% 126.71% -791.88%
% of Operating Profit
Other Income/Expense, Net $3.091M $1.363M
YoY Change 126.78% -791.88%
Pretax Income -$35.19M -$28.27M -$31.31M
YoY Change 8.58% -9.7% -1.72%
Income Tax
% Of Pretax Income
Net Earnings -$35.19M -$28.27M -$31.31M
YoY Change 8.58% -9.71% -1.72%
Net Earnings / Revenue -1222.59% -1317.15%
Basic Earnings Per Share -$0.43 -$0.53
Diluted Earnings Per Share -$0.53 -$0.43 -$0.53
COMMON SHARES
Basic Shares Outstanding 66.08M 65.93M 59.01M
Diluted Shares Outstanding 65.93M 58.87M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $264.4M $291.0M $301.2M
YoY Change -5.28% -3.38% -24.4%
Cash & Equivalents $66.45M $93.36M $134.5M
Short-Term Investments $197.9M $197.7M $166.7M
Other Short-Term Assets $290.0K $6.100M $8.994M
YoY Change 11.97% -32.18% 83.29%
Inventory
Prepaid Expenses
Receivables $3.960M $700.0K $395.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $272.6M $297.8M $310.6M
YoY Change -5.02% -4.11% -22.99%
LONG-TERM ASSETS
Property, Plant & Equipment $25.80M $22.38M $23.44M
YoY Change 16.13% -4.52% 2.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $265.0K $768.0K $1.554M
YoY Change -84.4% -50.58% 303.64%
Total Long-Term Assets $102.1M $83.68M $92.24M
YoY Change 14.45% -9.28% 51.8%
TOTAL ASSETS
Total Short-Term Assets $272.6M $297.8M $310.6M
Total Long-Term Assets $102.1M $83.68M $92.24M
Total Assets $374.8M $381.5M $402.8M
YoY Change -0.4% -5.29% -13.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.346M $2.650M $1.693M
YoY Change 254.38% 56.53% 225.58%
Accrued Expenses $24.24M $17.80M $15.26M
YoY Change 34.22% 16.68% 15.17%
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 $39.91M $32.82M $17.32M
YoY Change 108.43% 89.51% 19.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $131.7M $116.8M $76.73M
YoY Change 76.51% 52.22% 81.33%
Total Long-Term Liabilities $131.7M $116.8M $76.73M
YoY Change 76.51% 52.22% 81.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.91M $32.82M $17.32M
Total Long-Term Liabilities $131.7M $116.8M $76.73M
Total Liabilities $171.6M $149.6M $94.05M
YoY Change 83.03% 59.04% 65.51%
SHAREHOLDERS EQUITY
Retained Earnings -$571.4M -$536.2M -$412.4M
YoY Change 28.47% 30.03% 48.76%
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 $203.1M $231.9M $308.7M
YoY Change
Total Liabilities & Shareholders Equity $374.8M $381.5M $402.8M
YoY Change -0.4% -5.29% -13.2%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$35.19M -$28.27M -$31.31M
YoY Change 8.58% -9.71% -1.72%
Depreciation, Depletion And Amortization $1.325M $1.300M $1.364M
YoY Change -1.56% -4.69% 16.28%
Cash From Operating Activities -$24.98M -$24.90M -$20.48M
YoY Change 8.59% 21.6% -9.21%
INVESTING ACTIVITIES
Capital Expenditures $4.580M $610.0K -$651.0K
YoY Change 571.55% -193.7% -30.74%
Acquisitions
YoY Change
Other Investing Activities $2.666M -$25.98M -$11.96M
YoY Change -115.05% 117.17% -151.78%
Cash From Investing Activities -$1.914M -$26.58M -$12.61M
YoY Change -89.6% 110.72% -156.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.00K -130.0K 9.313M
YoY Change -7.23% -101.4% 2943.46%
NET CHANGE
Cash From Operating Activities -24.98M -24.90M -20.48M
Cash From Investing Activities -1.914M -26.58M -12.61M
Cash From Financing Activities 77.00K -130.0K 9.313M
Net Change In Cash -26.81M -51.61M -23.78M
YoY Change -35.1% 117.05% 28207.14%
FREE CASH FLOW
Cash From Operating Activities -$24.98M -$24.90M -$20.48M
Capital Expenditures $4.580M $610.0K -$651.0K
Free Cash Flow -$29.56M -$25.51M -$19.83M
YoY Change 24.8% 28.67% -8.28%

Facts In Submission

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us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-28000
us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
us-gaap Asset Impairment Charges
AssetImpairmentCharges
5395000
gbio Increase Decrease In Tenant Improvements Allowance Receivable
IncreaseDecreaseInTenantImprovementsAllowanceReceivable
265000
gbio Increase Decrease In Tenant Improvements Allowance Receivable
IncreaseDecreaseInTenantImprovementsAllowanceReceivable
395000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-4794000
gbio Increase Decrease In Operating Lease Right Of Use Assets
IncreaseDecreaseInOperatingLeaseRightOfUseAssets
-4017000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-931000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
1151000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1386000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-444000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-2633000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1663000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
44474000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1992000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
2536000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-27767000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-79445000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2817000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
8119000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
295967000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
221000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
291000000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
55000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7784000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-174119000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
179000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
367000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
990000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
448000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
394000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
35740000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
12906000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
189000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-240658000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
99052000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
140179000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1330000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
165000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
79000
us-gaap Marketable Securities Unrealized Gain Loss
MarketableSecuritiesUnrealizedGainLoss
-302000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2016-10-21
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-536200000
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>
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14538000
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>
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
40810000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
36753000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
18434000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22376000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22215000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1300000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1400000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5809000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
7970000
CY2023Q3 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1786000
CY2022Q4 gbio Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1959000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
815000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1047000
CY2023Q3 gbio Accrued Expense On Property And Equipment
AccruedExpenseOnPropertyAndEquipment
694000
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
370000
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
426000
CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9474000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11402000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q3 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
gbio Number Of Vote Per Common Share
NumberOfVotePerCommonShare
1
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6004000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5848000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18293000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18605000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31700000
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
10856034
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9956633
CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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