$GRTSQ
Gritstone bio, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020022416 Filed on May 07, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $1.262M $1.347M
YoY Change -6.31%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.470M $4.380M
YoY Change 24.89% 114.71%
% of Gross Profit
Research & Development $22.47M $15.90M
YoY Change 41.32% 39.45%
% of Gross Profit
Depreciation & Amortization $1.630M $1.040M
YoY Change 56.73% 14.29%
% of Gross Profit
Operating Expenses $27.93M $20.28M
YoY Change 37.76% 50.87%
Operating Profit -$26.67M -$18.93M
YoY Change 40.9% 40.85%
Interest Expense $465.0K $920.0K
YoY Change -49.46% 1360.32%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.21M -$18.01M
YoY Change 45.53% 34.6%
Income Tax
% Of Pretax Income
Net Earnings -$26.21M -$18.01M
YoY Change 45.52% 34.64%
Net Earnings / Revenue -2076.55% -1336.97%
Basic Earnings Per Share -$0.71
Diluted Earnings Per Share -$0.71 -$622.3K
COMMON SHARES
Basic Shares Outstanding 36.80M 29.19M
Diluted Shares Outstanding 36.80M

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.9M $132.2M
YoY Change -17.62%
Cash & Equivalents $55.85M $34.57M
Short-Term Investments $54.00M $97.60M
Other Short-Term Assets $367.0K $500.0K
YoY Change -26.6%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $112.3M $135.0M
YoY Change -16.81%
LONG-TERM ASSETS
Property, Plant & Equipment $48.00M $15.65M
YoY Change 206.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.700M $250.0K
YoY Change 980.0%
Total Long-Term Assets $50.70M $40.49M
YoY Change 25.23%
TOTAL ASSETS
Total Short-Term Assets $112.3M $135.0M
Total Long-Term Assets $50.70M $40.49M
Total Assets $163.0M $175.5M
YoY Change -7.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.000M $3.622M
YoY Change 38.05%
Accrued Expenses $8.900M $803.0K
YoY Change 1008.34%
Deferred Revenue $5.419M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.40M $14.11M
YoY Change 30.39%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.20M $2.000K
YoY Change 1459900.0%
Total Long-Term Liabilities $29.20M $2.000K
YoY Change 1459900.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.40M $14.11M
Total Long-Term Liabilities $29.20M $2.000K
Total Liabilities $47.63M $43.27M
YoY Change 10.09%
SHAREHOLDERS EQUITY
Retained Earnings -$247.2M -$144.6M
YoY Change 70.99%
Common Stock $17.00K $16.00K
YoY Change 6.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $115.4M $132.2M
YoY Change
Total Liabilities & Shareholders Equity $163.0M $175.5M
YoY Change -7.11%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$26.21M -$18.01M
YoY Change 45.52% 34.64%
Depreciation, Depletion And Amortization $1.630M $1.040M
YoY Change 56.73% 14.29%
Cash From Operating Activities -$22.98M -$19.13M
YoY Change 20.13% 27.01%
INVESTING ACTIVITIES
Capital Expenditures $1.609M $2.578M
YoY Change -37.59% 52.36%
Acquisitions
YoY Change
Other Investing Activities $16.38M $4.010M
YoY Change 308.48% -46.32%
Cash From Investing Activities $14.77M $1.430M
YoY Change 933.15% -75.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.659M $86.00K
YoY Change 6480.23% 855.56%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.655M 86.00K
YoY Change 6475.58% 855.56%
NET CHANGE
Cash From Operating Activities -22.98M -19.13M
Cash From Investing Activities 14.77M 1.430M
Cash From Financing Activities 5.655M 86.00K
Net Change In Cash -2.548M -17.61M
YoY Change -85.53% 89.92%
FREE CASH FLOW
Cash From Operating Activities -$22.98M -$19.13M
Capital Expenditures $1.609M $2.578M
Free Cash Flow -$24.59M -$21.71M
YoY Change 13.27% 29.57%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2020Q1 us-gaap Commitments And Contingencies
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CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2020Q1 grts Increase Decrease In Deposit And Other Assets Noncurrent
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CY2019Q1 grts Increase Decrease In Deposit And Other Assets Noncurrent
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CY2020Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2019Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2020Q1 grts Increase Decrease In Accrued And Other Liabilities Non Current
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CY2019Q1 grts Increase Decrease In Accrued And Other Liabilities Non Current
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CY2020Q1 grts Increase Decrease In Accrued Research And Development Expenses
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CY2020Q1 us-gaap Use Of Estimates
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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 preclinical and clinical study trial accruals, fair value of assets and liabilities, the fair value of right-of-use assets (&#8220;ROU assets&#8221;) and lease liabilities, revenue recognition, and the fair value of 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>
CY2020Q1 us-gaap Concentration Risk Credit Risk
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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;">Concentrations of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-right:0.93%;text-indent:6%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash, cash equivalents, and marketable securities. Cash, cash equivalents and marketable securities are invested through banks and other financial institutions in the United States. Such deposits may be in excess of federally insured limits. The Company maintains cash equivalents and marketable securities with various high-credit-quality and capitalized financial institutions. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:6%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies, and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, and marketable securities and issuers of marketable securities to the extent recorded on the balance sheets. Through March 31, 2020, the Company has no off-balance sheet concentrations of credit risk<font style="color:#000000;">.</font></p>
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CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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OperatingLeaseTenantImprovementAllowance
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CY2020Q1 us-gaap Operating Lease Liability
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CY2020Q1 grts Interest And Other Receivables Current
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CY2019Q4 grts Interest And Other Receivables Current
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482000
CY2020Q1 grts Prepaid Expense For Research And Development
PrepaidExpenseForResearchAndDevelopment
1603000
CY2019Q4 grts Prepaid Expense For Research And Development
PrepaidExpenseForResearchAndDevelopment
1473000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
290000
CY2019Q4 us-gaap Security Deposit
SecurityDeposit
1201000
CY2020Q1 grts Prepaid Expense For Research And Development Non Current
PrepaidExpenseForResearchAndDevelopmentNonCurrent
502000
CY2020Q1 us-gaap Security Deposit
SecurityDeposit
1201000
CY2019Q4 grts Prepaid Expense For Research And Development Non Current
PrepaidExpenseForResearchAndDevelopmentNonCurrent
585000
CY2020Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
992000
CY2019Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
992000
CY2020Q1 grts Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
192000
CY2019Q4 grts Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
761000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
222000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
280000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14516000
CY2020Q1 grts Contract With Customer Liability Addition
ContractWithCustomerLiabilityAddition
0
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-917000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
13599000
CY2020Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Holders of the Company’s common stock are entitled to one vote per share.
CY2019Q4 grts Maximum Securities Covered Under Registration Agreement
MaximumSecuritiesCoveredUnderRegistrationAgreement
250000000
CY2019Q4 grts Percentage Of Proceeds Payable As Compensation To Underwriter
PercentageOfProceedsPayableAsCompensationToUnderwriter
0.030
CY2019Q4 grts Maximum Offering Expenses Agreed To Be Reimbursed
MaximumOfferingExpensesAgreedToBeReimbursed
50000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2851883
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
1454553
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1543300
CY2020Q1 grts Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantExercised
0
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32230
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2795366
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3165961
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
60682
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4616349
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1259277
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4137336
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.83
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.91
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.50
CY2020Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
9.71
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.26
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
5.70
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
8.09
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M12D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M10D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y8M23D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y8M15D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
8875000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4664000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
3242000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4614000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
400000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2000000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
17300000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y14D
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1200000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1619000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1007000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4654583
CY2019Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3209915

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