$IBRX
ImmunityBio, Inc.

2018 Q1 Form 10-Q Financial Statement

#000156459018011240 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q4 2017 Q1
Revenue $5.000K $12.00K $11.00K
YoY Change -54.55% -14.29% 83.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.40M $13.39M $16.23M
YoY Change -11.26% -14.77% -39.15%
% of Gross Profit
Research & Development $13.29M $11.42M $9.248M
YoY Change 43.71% 20.85% 86.64%
% of Gross Profit
Depreciation & Amortization $1.623M $1.570M $1.162M
YoY Change 39.67% -14.67% 139.59%
% of Gross Profit
Operating Expenses $28.29M $25.41M $25.48M
YoY Change 11.05% 0.99% -19.44%
Operating Profit -$28.28M -$25.39M -$25.46M
YoY Change 11.07% 1.0% -19.46%
Interest Expense $33.00K $790.0K $37.00K
YoY Change -10.81% -42.34%
% of Operating Profit
Other Income/Expense, Net $641.0K -$60.00K $851.0K
YoY Change -24.68% -90.32% 6.91%
Pretax Income -$27.64M -$24.66M -$24.61M
YoY Change 12.31% 1.11% -20.14%
Income Tax -$124.0K -$51.87M -$98.00K
% Of Pretax Income
Net Earnings -$27.52M -$24.49M -$24.52M
YoY Change 12.25% 1.03% -20.09%
Net Earnings / Revenue -550380.0% -204058.33% -222863.64%
Basic Earnings Per Share
Diluted Earnings Per Share -$348.2K -$308.6K -$298.5K
COMMON SHARES
Basic Shares Outstanding 82.30M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q4 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $121.8M $128.2M $191.0M
YoY Change -36.23% -35.57% -13.89%
Cash & Equivalents $11.38M $23.87M $13.60M
Short-Term Investments $110.6M $104.3M $177.4M
Other Short-Term Assets $328.0K $275.0K $242.0K
YoY Change 35.54% 0.0% 27.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $126.8M $132.5M $195.9M
YoY Change -35.29% -35.43% -13.11%
LONG-TERM ASSETS
Property, Plant & Equipment $76.80M $76.73M $22.56M
YoY Change 240.46% 305.83% 175.1%
Goodwill
YoY Change
Intangibles $2.826M $4.521M
YoY Change -44.44%
Long-Term Investments $8.500M $8.500M $8.500M
YoY Change 0.0% -90.3% -92.69%
Other Assets $400.0K $330.0K $661.0K
YoY Change -39.49% -58.12% 230.5%
Total Long-Term Assets $103.0M $118.0M $107.7M
YoY Change -4.39% 5.01% -18.33%
TOTAL ASSETS
Total Short-Term Assets $126.8M $132.5M $195.9M
Total Long-Term Assets $103.0M $118.0M $107.7M
Total Assets $229.8M $250.4M $303.7M
YoY Change -24.33% -21.12% -15.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.600M $5.865M $4.280M
YoY Change -15.89% 44.99% 289.09%
Accrued Expenses $12.10M $11.27M $6.858M
YoY Change 76.44% 92.14% 45.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $300.0K $300.0K
YoY Change 0.0%
Total Short-Term Liabilities $19.40M $20.87M $14.20M
YoY Change 36.61% 66.24% 80.72%
LONG-TERM LIABILITIES
Long-Term Debt $1.700M $1.700M $2.000M
YoY Change -15.0% -15.0%
Other Long-Term Liabilities $8.100M $255.0K $216.0K
YoY Change 3650.0% 6.25% -94.6%
Total Long-Term Liabilities $9.800M $255.0K $216.0K
YoY Change 4437.04% 6.25% -94.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.40M $20.87M $14.20M
Total Long-Term Liabilities $9.800M $255.0K $216.0K
Total Liabilities $29.50M $31.60M $25.31M
YoY Change 16.57% 31.22% 95.75%
SHAREHOLDERS EQUITY
Retained Earnings -$498.7M -$412.6M
YoY Change 28.85% -1431.06%
Common Stock $717.9M $691.2M
YoY Change 5.46% 10.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $200.4M $218.8M $278.4M
YoY Change
Total Liabilities & Shareholders Equity $229.8M $250.4M $303.7M
YoY Change -24.33% -21.12% -15.04%

Cashflow Statement

Concept 2018 Q1 2017 Q4 2017 Q1
OPERATING ACTIVITIES
Net Income -$27.52M -$24.49M -$24.52M
YoY Change 12.25% 1.03% -20.09%
Depreciation, Depletion And Amortization $1.623M $1.570M $1.162M
YoY Change 39.67% -14.67% 139.59%
Cash From Operating Activities -$15.51M -$13.64M -$10.06M
YoY Change 54.18% 26.88% 13.54%
INVESTING ACTIVITIES
Capital Expenditures $4.902M -$11.44M $4.509M
YoY Change 8.72% 741.18% 322.59%
Acquisitions
YoY Change
Other Investing Activities $7.820M $31.17M $20.55M
YoY Change -61.95% -539.01% -120.38%
Cash From Investing Activities $2.920M $19.73M $16.04M
YoY Change -81.8% -333.22% -115.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.050M
YoY Change -100.0% -58.82%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -85.00K -3.140M -470.0K
YoY Change -81.91% -23.41% -75.13%
NET CHANGE
Cash From Operating Activities -15.51M -13.64M -10.06M
Cash From Investing Activities 2.920M 19.73M 16.04M
Cash From Financing Activities -85.00K -3.140M -470.0K
Net Change In Cash -12.68M 2.950M 5.510M
YoY Change -330.05% -112.66% -104.89%
FREE CASH FLOW
Cash From Operating Activities -$15.51M -$13.64M -$10.06M
Capital Expenditures $4.902M -$11.44M $4.509M
Free Cash Flow -$20.41M -$2.200M -$14.57M
YoY Change 40.11% -76.57% 46.76%

Facts In Submission

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CY2018Q1 us-gaap Use Of Estimates
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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;">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 condensed consolidated 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 condensed consolidated 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 stock-based compensation, the valuation allowance for deferred tax assets, preclinical and clinical trial accruals, impairment assessments, and the valuation of build-to-suit lease assets. 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>
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CY2018Q1 nk Recent Accounting Pronouncements Not Yet Adopted
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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;">Recent Accounting Pronouncements &#8211; Not Yet Adopted</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 February 2018, the FASB issued ASU 2018-02, <font style="font-style:italic;">Income Statement &#8211; Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income.&nbsp;&nbsp;</font>This new standard provides financial statement preparers with an option to reclassify stranded tax effects within Accumulated Other Comprehensive Income to retained earnings in each period in which the effect of the change in the U.S. federal corporate income tax rate in the Tax Cuts and Jobs Act is recorded.&nbsp;&nbsp;ASU 2018-02 is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2018.&nbsp;&nbsp;Early adoption is permitted.&nbsp;&nbsp;<font style="color:#000000;">Adoption of ASU 2018-02 is not expected to have a significant impact in the Company&#8217;s consolidated financial statements and disclosures.</font></p> <p style="margin-top:12pt;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 June 2016, the FASB issued ASU 2016-13, <font style="font-style:italic;">Financial Instruments &#8211; Credit Losses (Topic 326):&nbsp;&nbsp;Measurement of Credit Losses on Financial Instruments.&nbsp;&nbsp;</font>This new guidance is intended to present credit losses on available for sale debt securities as an allowance rather than as a write-down.&nbsp;&nbsp;ASU 2016-13 is effective for annual reporting periods, including interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted for those fiscal years beginning after December 15, 2018.&nbsp;&nbsp;<font style="color:#000000;">Adoption of ASU 2016-13 is not expected to have a significant impact in the Company&#8217;s consolidated financial statements and disclosures.</font></p> <p style="margin-top:12pt;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 February 2016, the FASB issued ASU 2016-02, <font style="font-style:italic;">Leases</font> (Topic 842), which requires lessees to recognize assets and liabilities for operating leases with lease terms greater than twelve months in the balance sheet. The update also requires improved disclosures to help users of financial statements better understand the amount, timing and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of the adoption of ASU 2016-02 in its financial statements and disclosures.&nbsp;&nbsp;The adoption is expected to result in a significant increase in the total assets and liabilities reported in the Company&#8217;s consolidated balance sheet. </p></div>
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BuildToSuitLeaseLiabilityCurrent
271000
CY2017Q4 nk Build To Suit Lease Liability Current
BuildToSuitLeaseLiabilityCurrent
334000
CY2018Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
197000
CY2017Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
235000
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
704000
CY2017Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
1354000
CY2018Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-201000
CY2017Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-572000
CY2018Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
2000
CY2017Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
-3000
CY2018Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2017Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2017Q1 us-gaap Equity Method Investments
EquityMethodInvestments
8500000
CY2018Q1 us-gaap Equity Method Investment Difference Between Carrying Amount And Underlying Equity Accounting Treatment
EquityMethodInvestmentDifferenceBetweenCarryingAmountAndUnderlyingEquityAccountingTreatment
As the preferred stock is not considered in-substance common stock, the investment is not within the scope of accounting for the investment under the equity method. As the preferred stock does not have a readily determinable fair value, the Company has elected to apply the practicability exception noted under ASC 825 and estimates the fair value at its $8.5 million cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.
CY2018Q1 nk Available For Sale Securities Maturity Period
AvailableForSaleSecuritiesMaturityPeriod
P3Y6M
CY2018Q1 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
126238000
CY2018Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2018Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
555000
CY2018Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
125684000
CY2017Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
137759000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
386000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
137378000
CY2018Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
85884000
CY2018Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
220000
CY2018Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
37799000
CY2018Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
335000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
78808000
CY2017 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than12 Months Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThan12MonthsAggregateLosses
124000
CY2017Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
49519000
CY2017 us-gaap Available For Sale Securities Continuous Unrealized Loss Position12 Months Or Longer Aggregate Losses
AvailableForSaleSecuritiesContinuousUnrealizedLossPosition12MonthsOrLongerAggregateLosses
262000
CY2018Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
2000
CY2017Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
2000
CY2018Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2017Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
5000
CY2018Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
2000
CY2017Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
-3000
CY2017Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
157752000
CY2018Q1 us-gaap License Costs
LicenseCosts
500000
CY2018Q1 nk License Fee Amortization Period
LicenseFeeAmortizationPeriod
P12M
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2018Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9073000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10018000
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.00
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
0
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2017Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
6000
CY2018Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0
CY2017Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
26000
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35

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