$GRTX
Galera Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052739 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 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 $3.950M $2.890M $1.820M
YoY Change 117.03% 65.14% 45.6%
% of Gross Profit
Research & Development $12.13M $13.28M $11.04M
YoY Change 9.9% 86.78% 165.38%
% of Gross Profit
Depreciation & Amortization $90.00K $80.00K $80.00K
YoY Change 12.5% 100.0% 166.67%
% of Gross Profit
Operating Expenses $12.13M $16.17M $11.04M
YoY Change 9.9% 82.51% 104.07%
Operating Profit -$16.08M -$12.86M
YoY Change 25.06% 137.77%
Interest Expense $1.235M -$510.0K $918.0K
YoY Change 34.53% -342.86% 734.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$17.08M -$16.68M -$13.35M
YoY Change 27.93% 92.83% 151.86%
Income Tax -$10.00K $0.00
% Of Pretax Income
Net Earnings -$17.08M -$16.67M -$13.35M
YoY Change 27.92% 94.74% 154.35%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$686.8K -$671.6K -$538.1K
COMMON SHARES
Basic Shares Outstanding 24.81M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.20M $112.3M $67.90M
YoY Change 31.37% 37.79%
Cash & Equivalents $15.23M $18.36M $15.72M
Short-Term Investments $73.90M $93.90M $52.20M
Other Short-Term Assets $3.200M $5.300M $4.200M
YoY Change -23.81% 253.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $92.30M $117.6M $72.14M
YoY Change 27.95% 40.21%
LONG-TERM ASSETS
Property, Plant & Equipment $1.073M $934.0K $970.0K
YoY Change 10.62% 64.44%
Goodwill $881.0K $881.0K $881.0K
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $956.0K $918.0K $528.0K
YoY Change 81.06% 84.71%
Total Long-Term Assets $5.771M $5.806M $7.616M
YoY Change -24.23% 38.11%
TOTAL ASSETS
Total Short-Term Assets $92.30M $117.6M $72.14M
Total Long-Term Assets $5.771M $5.806M $7.616M
Total Assets $98.08M $123.4M $79.76M
YoY Change 22.97% 40.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.013M $3.945M $5.218M
YoY Change -23.09% 2.02%
Accrued Expenses $6.240M $5.452M $3.574M
YoY Change 74.59% 111.56%
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 $10.50M $9.694M $9.083M
YoY Change 15.6% 50.43%
LONG-TERM LIABILITIES
Long-Term Debt $62.10M $43.30M $42.30M
YoY Change 46.81% 114.36%
Other Long-Term Liabilities $500.0K $500.0K $600.0K
YoY Change -16.67%
Total Long-Term Liabilities $62.60M $43.80M $42.90M
YoY Change 45.92% 116.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.50M $9.694M $9.083M
Total Long-Term Liabilities $62.60M $43.80M $42.90M
Total Liabilities $73.40M $53.77M $52.30M
YoY Change 40.35% 99.33%
SHAREHOLDERS EQUITY
Retained Earnings -$215.5M -$161.4M -$144.7M
YoY Change 48.96% 53.93%
Common Stock $240.1M $230.9M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.70M $69.61M -$144.6M
YoY Change
Total Liabilities & Shareholders Equity $98.08M $123.4M $79.76M
YoY Change 22.97% 40.11%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$17.08M -$16.67M -$13.35M
YoY Change 27.92% 94.74% 154.35%
Depreciation, Depletion And Amortization $90.00K $80.00K $80.00K
YoY Change 12.5% 100.0% 166.67%
Cash From Operating Activities -$15.29M -$15.27M -$12.91M
YoY Change 18.44% 130.66% 155.14%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$60.00K -$60.00K
YoY Change -100.0% -80.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities $14.41M -$41.72M $12.83M
YoY Change 12.31% -18.64% -183.2%
Cash From Investing Activities $14.41M -$41.80M $12.77M
YoY Change 12.84% -18.98% -182.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 220.0K 59.70M -340.0K
YoY Change -164.71% 198.65% -100.49%
NET CHANGE
Cash From Operating Activities -15.29M -15.27M -12.91M
Cash From Investing Activities 14.41M -41.80M 12.77M
Cash From Financing Activities 220.0K 59.70M -340.0K
Net Change In Cash -660.0K 2.630M -480.0K
YoY Change 37.5% -106.88% -100.97%
FREE CASH FLOW
Cash From Operating Activities -$15.29M -$15.27M -$12.91M
Capital Expenditures $0.00 -$60.00K -$60.00K
Free Cash Flow -$15.29M -$15.21M -$12.85M
YoY Change 18.99% 140.66% 154.96%

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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of unaudited interim consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the unaudited interim consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined to be necessary. Significant areas that require management&#8217;s estimates include the fair value of common stock prior to the IPO, share-based compensation assumptions, royalty purchase liability assumptions and accrued research and development expenses.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The full extent to which the COVID-19 pandemic will directly or indirectly impact our business, results of operations and financial condition, including manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. Management has made estimates regarding the impact of COVID-19 within the Company&#8217;s financial disclosures and there may be changes to those estimates in future periods. Actual results may differ from these estimates. </p>
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2012-11-19
CY2020Q3 grtx Expected Payments To Be Received From Royalty Purchase Agreement
ExpectedPaymentsToBeReceivedFromRoyaltyPurchaseAgreement
57500000
CY2020Q3 grtx Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
200000
grtx Increase Decrease In Research And Development Expense
IncreaseDecreaseInResearchAndDevelopmentExpense
200000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5026128
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22160591
us-gaap Fair Value Liabilities Measured On Recurring Basis Debt Instrument Valuation Techniques Change In Technique Quantification Of Effect
FairValueLiabilitiesMeasuredOnRecurringBasisDebtInstrumentValuationTechniquesChangeInTechniqueQuantificationOfEffect
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1785000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1375000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
712000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
441000
CY2020Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1975000
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1160000
CY2020Q3 grtx Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
3958000
CY2019Q4 grtx Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
3882000
CY2020Q3 grtx Accrued Professional Fees And Other Expenses Current
AccruedProfessionalFeesAndOtherExpensesCurrent
307000
CY2019Q4 grtx Accrued Professional Fees And Other Expenses Current
AccruedProfessionalFeesAndOtherExpensesCurrent
410000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
250000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
297000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
606000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
831000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
76000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
71000
us-gaap Operating Lease Expense
OperatingLeaseExpense
225000
us-gaap Operating Lease Expense
OperatingLeaseExpense
192000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
14600000
CY2020Q3 grtx Operating Lease Interest Expense
OperatingLeaseInterestExpense
8000
CY2019Q3 grtx Operating Lease Interest Expense
OperatingLeaseInterestExpense
12000
grtx Operating Lease Interest Expense
OperatingLeaseInterestExpense
27000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y2M12D
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
16200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
grtx Operating Lease Interest Expense
OperatingLeaseInterestExpense
39000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
84000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
83000
us-gaap Operating Lease Cost
OperatingLeaseCost
252000
us-gaap Operating Lease Cost
OperatingLeaseCost
231000
us-gaap Operating Lease Payments
OperatingLeasePayments
344000
us-gaap Operating Lease Payments
OperatingLeasePayments
324000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1084000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
80000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
259000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
260000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
44000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
643000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
37000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1505000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
520000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4168000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1584000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1108573
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
100949
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
70103
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4475467
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2431537
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4475467
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.71
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
10.34
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.35
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.92
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
7.35
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M12D
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
13400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.61
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y2M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.893
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.900
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0126
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0251
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00

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