$GRTS
Gritstone bio Inc

2019 Q2 Form 10-Q Financial Statement

#000156459019018685 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $1.150M $1.347M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.840M $4.380M $2.040M
YoY Change 72.24% 114.71%
% of Gross Profit
Research & Development $18.53M $15.90M $11.40M
YoY Change 46.02% 39.45%
% of Gross Profit
Depreciation & Amortization $1.090M $1.040M $910.0K
YoY Change 12.37% 14.29%
% of Gross Profit
Operating Expenses $23.36M $20.28M $13.44M
YoY Change 50.71% 50.87%
Operating Profit -$22.21M -$18.93M -$13.44M
YoY Change 43.28% 40.85% 96.36%
Interest Expense $1.042M $920.0K $63.00K
YoY Change 3261.29% 1360.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$21.17M -$18.01M -$13.38M
YoY Change 36.85% 34.6%
Income Tax
% Of Pretax Income
Net Earnings -$21.17M -$18.01M -$13.38M
YoY Change 36.83% 34.64% 97.64%
Net Earnings / Revenue -1841.04% -1336.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$630.4K -$622.3K -$474.0K
COMMON SHARES
Basic Shares Outstanding 35.72M 29.19M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.2M $132.2M
YoY Change 180.93%
Cash & Equivalents $107.7M $34.57M $30.73M
Short-Term Investments $73.50M $97.60M
Other Short-Term Assets $389.0K $500.0K
YoY Change -83.79%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $184.7M $135.0M
YoY Change 176.08%
LONG-TERM ASSETS
Property, Plant & Equipment $18.97M $15.65M
YoY Change -31.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $500.0K
YoY Change
Other Assets $100.0K $250.0K
YoY Change -93.33%
Total Long-Term Assets $43.48M $40.49M
YoY Change 49.43%
TOTAL ASSETS
Total Short-Term Assets $184.7M $135.0M
Total Long-Term Assets $43.48M $40.49M
Total Assets $228.2M $175.5M
YoY Change 137.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.253M $3.622M
YoY Change 94.56%
Accrued Expenses $1.803M $803.0K
YoY Change -27.88%
Deferred Revenue $5.498M $5.419M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.07M $14.11M
YoY Change 247.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $27.70M $2.000K
YoY Change 1631.25%
Total Long-Term Liabilities $27.70M $2.000K
YoY Change 128.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.07M $14.11M
Total Long-Term Liabilities $27.70M $2.000K
Total Liabilities $45.80M $43.27M
YoY Change 164.75%
SHAREHOLDERS EQUITY
Retained Earnings -$165.7M -$144.6M
YoY Change
Common Stock $17.00K $16.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $182.4M $132.2M $84.29M
YoY Change
Total Liabilities & Shareholders Equity $228.2M $175.5M
YoY Change 137.69%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$21.17M -$18.01M -$13.38M
YoY Change 36.83% 34.64% 97.64%
Depreciation, Depletion And Amortization $1.090M $1.040M $910.0K
YoY Change 12.37% 14.29%
Cash From Operating Activities -$18.41M -$19.13M -$15.06M
YoY Change 53.29% 27.01%
INVESTING ACTIVITIES
Capital Expenditures -$2.250M $2.578M $1.692M
YoY Change 92.31% 52.36%
Acquisitions
YoY Change
Other Investing Activities $24.03M $4.010M $7.470M
YoY Change 88.47% -46.32%
Cash From Investing Activities $21.78M $1.430M $5.778M
YoY Change 88.08% -75.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $69.70M $86.00K $9.000K
YoY Change 855.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 69.79M 86.00K 9.000K
YoY Change 748.0% 855.56%
NET CHANGE
Cash From Operating Activities -18.41M -19.13M -15.06M
Cash From Investing Activities 21.78M 1.430M 5.778M
Cash From Financing Activities 69.79M 86.00K 9.000K
Net Change In Cash 73.16M -17.61M -9.273M
YoY Change 837.95% 89.92%
FREE CASH FLOW
Cash From Operating Activities -$18.41M -$19.13M -$15.06M
Capital Expenditures -$2.250M $2.578M $1.692M
Free Cash Flow -$16.16M -$21.71M -$16.75M
YoY Change 49.08% 29.57%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:5.67%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the condensed financial statements and the reported amounts of revenue and expenses in the condensed financial statements and accompanying notes during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical and preclinical study trial accruals, fair value of assets and liabilities the present value of lease liabilities and the corresponding right-of-use assets, and the fair value of common stock and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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P7Y7M6D
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OperatingLeaseWeightedAverageDiscountRatePercent
0.090
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2386000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5058000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4267000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3623000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3337000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
15876000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
34547000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10836000
CY2019Q1 grts Operating Lease Tenant Improvement Allowance
OperatingLeaseTenantImprovementAllowance
4033000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
19678000
CY2019Q1 grts Prepaid Expense For Research And Development
PrepaidExpenseForResearchAndDevelopment
1461000
CY2018Q4 grts Prepaid Expense For Research And Development
PrepaidExpenseForResearchAndDevelopment
1789000
CY2019Q1 us-gaap Prepaid Insurance
PrepaidInsurance
650000
CY2018Q4 us-gaap Prepaid Insurance
PrepaidInsurance
966000
CY2018Q4 us-gaap Prepaid Rent
PrepaidRent
860000
CY2019Q1 grts Interest And Other Receivables Current
InterestAndOtherReceivablesCurrent
227000
CY2018Q4 grts Interest And Other Receivables Current
InterestAndOtherReceivablesCurrent
462000
CY2019Q1 us-gaap Other Assets Current
OtherAssetsCurrent
500000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
449000
CY2019Q1 us-gaap Security Deposit
SecurityDeposit
1021000
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
632000
CY2019Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
992000
CY2018Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
992000
CY2019Q1 grts Prepaid Expense For Research And Development Non Current
PrepaidExpenseForResearchAndDevelopmentNonCurrent
554000
CY2018Q4 grts Prepaid Expense For Research And Development Non Current
PrepaidExpenseForResearchAndDevelopmentNonCurrent
554000
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
250000
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
250000
CY2018Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
18813000
CY2019Q1 grts Contract With Customer Liability Addition
ContractWithCustomerLiabilityAddition
0
CY2019Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-1347000
CY2019Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
17466000
CY2019Q1 us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
A redemption event will only occur upon the liquidation or winding up of the Company, a greater than 50% change in control, or the sale of substantially all of the assets of the Company.
CY2019Q1 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.08
CY2019Q1 us-gaap Dividends Preferred Stock
DividendsPreferredStock
0
CY2019Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of common stock are generally entitled to one vote per share on all matters to be voted upon by the stockholders of the Company.
CY2019Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y10D
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y25D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0255
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0265
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.89
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.82
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.34
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2695110
CY2019Q1 grts Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Options Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantOptionsAuthorized
1160000
CY2019Q1 grts Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantGranted
877498
CY2019Q1 grts Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantForfeituresInPeriod
89871
CY2019Q1 grts Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Repurchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantRepurchased
3381
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3070864
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2429859
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
877498
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
149938
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
89871
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3067548
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
662396
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3051981
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.31
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.02
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.58
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.19
CY2019Q1 grts Share Based Compensation Arrangements By Share Based Payment Award Options Repurchased In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsRepurchasedInPeriodWeightedAverageExercisePrice
0.35
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.38
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
2.51
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.85
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y10M10D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y4D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y3M4D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10M14D
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
25646000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19527000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
7149000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
20936000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
20000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
14500000
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M2D
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1000000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1007000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
354000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3239820
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19998208

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