$IBRX
ImmunityBio, Inc.

2015 Q3 Form 10-Q Financial Statement

#000156459015010422 Filed on November 12, 2015

View on sec.gov

Income Statement

Concept 2015 Q3 2014 Q4 2014 Q3
Revenue $10.00K $98.00K $133.0K
YoY Change -92.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $41.81M $1.826M $724.0K
YoY Change 5674.86%
% of Gross Profit
Research & Development $3.950M $900.0K $328.0K
YoY Change 1104.27%
% of Gross Profit
Depreciation & Amortization -$10.00K -$110.0K $50.00K
YoY Change -120.0%
% of Gross Profit
Operating Expenses $46.47M $2.730M $1.052M
YoY Change 4317.02%
Operating Profit -$46.46M -$2.632M -$919.0K
YoY Change 4955.17%
Interest Expense $0.00 -$120.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $145.0K $1.000K
YoY Change 14400.0%
Pretax Income -$46.31M -$2.740M -$896.0K
YoY Change 5068.75%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$46.31M -$2.755M -$918.0K
YoY Change 4944.88%
Net Earnings / Revenue -463120.0% -2811.22% -690.23%
Basic Earnings Per Share
Diluted Earnings Per Share -$594.9K -$187.7K -$113.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q3 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $358.6M $59.10M
YoY Change
Cash & Equivalents $358.6M $59.10M $3.179M
Short-Term Investments $0.00
Other Short-Term Assets $1.700M $100.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $145.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $360.3M $59.37M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.414M $211.0K
YoY Change
Goodwill
YoY Change
Intangibles $7.164M $835.0K
YoY Change
Long-Term Investments $0.00 $200.0K
YoY Change
Other Assets $1.326M $409.0K
YoY Change
Total Long-Term Assets $9.904M $1.455M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $360.3M $59.37M
Total Long-Term Assets $9.904M $1.455M
Total Assets $370.2M $60.83M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.947M $1.131M
YoY Change
Accrued Expenses $1.126M $311.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $300.0K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.683M $1.884M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $500.0K
YoY Change
Total Long-Term Liabilities $600.0K $500.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.683M $1.884M
Total Long-Term Liabilities $600.0K $500.0K
Total Liabilities $7.260M $2.405M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$172.7M -$12.74M
YoY Change
Common Stock $535.7M $71.16M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $362.9M $57.59M
YoY Change
Total Liabilities & Shareholders Equity $370.2M $60.83M
YoY Change

Cashflow Statement

Concept 2015 Q3 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$46.31M -$2.755M -$918.0K
YoY Change 4944.88%
Depreciation, Depletion And Amortization -$10.00K -$110.0K $50.00K
YoY Change -120.0%
Cash From Operating Activities -$4.200M -$2.620M -$710.0K
YoY Change 491.55%
INVESTING ACTIVITIES
Capital Expenditures -$650.0K $10.00K -$230.0K
YoY Change 182.61%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities -$650.0K $10.00K -$230.0K
YoY Change 182.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 243.1M 58.53M 130.0K
YoY Change 186884.62%
NET CHANGE
Cash From Operating Activities -4.200M -2.620M -710.0K
Cash From Investing Activities -650.0K 10.00K -230.0K
Cash From Financing Activities 243.1M 58.53M 130.0K
Net Change In Cash 238.2M 55.92M -810.0K
YoY Change -29511.11%
FREE CASH FLOW
Cash From Operating Activities -$4.200M -$2.620M -$710.0K
Capital Expenditures -$650.0K $10.00K -$230.0K
Free Cash Flow -$3.550M -$2.630M -$480.0K
YoY Change 639.58%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates, including those related to the recoverability of patent costs included in intangible assets, valuation of warrants, stock-based compensation, the valuation allowance for deferred tax assets, allowance for doubtful accounts and business combinations. The Company bases its estimates on historical experience and on various other market-specific and relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from those estimates.</p></div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Risks and Uncertainties</p> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments, which potentially expose the Company to concentrations of credit risk, consist principally of cash balances on deposit with a bank, which exceed insured limits. </p> <p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">USPTO Proceeding</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2009, the Company received a final rejection in one of the Company&#8217;s original patent applications pertaining to certain limited methods of use claims for NK-92 from the U.S. Patent and Trademark Office (the USPTO) (but the USPTO allowed claims on all of the other proposed claims, including other methods of use). The Company appealed this decision with the USPTO Board of Appeals and, in the fall of 2013, the Board of Appeals reversed the Examiner&#8217;s rejection of the claim to certain limited methods of use with NK-92, but affirmed the Examiner&#8217;s rejection of the remaining patent claims. In December 2013, the Company brought an action in the U.S. District Court for the Eastern District of Virginia to review the decision of the USPTO as the Company disagreed with the decision as to the certain limited non-allowed claims. On September 2, 2015, the U.S. District Court granted the USPTO&#8217;s motion for summary judgment. The Company has filed a notice of appeal and will be appealing the decision. </p></div>
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DebtInstrumentPeriodicPaymentPrincipal
29000
us-gaap Debt Instrument Periodic Payment Interest
DebtInstrumentPeriodicPaymentInterest
13000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2016-08-31
CY2015Q2 nk Number Of Square Foot Of Facility Leased
NumberOfSquareFootOfFacilityLeased
44681
nk Lease Agreement Extended Lease Term
LeaseAgreementExtendedLeaseTerm
P7Y
nk Base Rent
BaseRent
179000
nk Annual Percentage Increases To Base Rent
AnnualPercentageIncreasesToBaseRent
0.03
CY2015Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
667000
CY2014Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
59000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
825000
CY2014Q1 us-gaap Minority Interest Ownership Percentage By Parent
MinorityInterestOwnershipPercentageByParent
0.07
CY2015Q3 us-gaap Royalty Expense
RoyaltyExpense
0
CY2015Q3 us-gaap Royalty Expense
RoyaltyExpense
6000
CY2014Q3 us-gaap Royalty Expense
RoyaltyExpense
6000
us-gaap Royalty Expense
RoyaltyExpense
19000
us-gaap Royalty Expense
RoyaltyExpense
44000
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0
us-gaap Revenue Recognition Milestone Method Revenue Recognized
RevenueRecognitionMilestoneMethodRevenueRecognized
0
nk License Agreement Termination Notice Period
LicenseAgreementTerminationNoticePeriod
P60D
CY2015Q4 nk Agreement Effective Date
AgreementEffectiveDate
2015-08-01
CY2015Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2015Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.8515
CY2015Q2 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
70976000
CY2015Q3 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
7000000
CY2015Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
9531200
CY2015Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
221214000
CY2015Q3 us-gaap Share Based Compensation
ShareBasedCompensation
36103000
CY2014Q3 us-gaap Share Based Compensation
ShareBasedCompensation
29000
CY2015Q2 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00
CY2014 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00
CY2015Q2 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.800
CY2014 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0.795
CY2015Q2 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0143
CY2014 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0.0167
CY2015Q2 nk Fair Value Assumptions Marketability Discount
FairValueAssumptionsMarketabilityDiscount
0.100
CY2014 nk Fair Value Assumptions Marketability Discount
FairValueAssumptionsMarketabilityDiscount
0.100
CY2015Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
177000
nk Fair Value Of Warrants Exercised
FairValueOfWarrantsExercised
1543000

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