$IBRX
ImmunityBio, Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019017179 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1 2017 Q3
Revenue $5.000K $5.000K $8.000K
YoY Change 0.0% -54.55% -33.33%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.040M $14.40M $13.48M
YoY Change -58.06% -11.26% -44.8%
% of Gross Profit
Research & Development $11.70M $13.29M $10.37M
YoY Change -11.96% 43.71% 24.04%
% of Gross Profit
Depreciation & Amortization $2.395M $1.623M $900.0K
YoY Change 47.57% 39.67% 200.0%
% of Gross Profit
Operating Expenses $18.34M $28.29M $24.45M
YoY Change -35.17% 11.05% -25.43%
Operating Profit -$18.34M -$28.28M -$24.44M
YoY Change -35.18% 11.07% -25.42%
Interest Expense $410.0K $33.00K $393.0K
YoY Change 1142.42% -10.81% 1255.17%
% of Operating Profit
Other Income/Expense, Net $47.00K $641.0K $87.00K
YoY Change -92.67% -24.68% -89.47%
Pretax Income -$17.92M -$27.64M -$24.07M
YoY Change -35.17% 12.31% -24.66%
Income Tax -$36.00K -$124.0K -$100.0K
% Of Pretax Income
Net Earnings -$17.89M -$27.52M -$23.97M
YoY Change -35.01% 12.25% -24.86%
Net Earnings / Revenue -357700.0% -550380.0% -299612.5%
Basic Earnings Per Share
Diluted Earnings Per Share -$220.2K -$348.2K -$301.7K
COMMON SHARES
Basic Shares Outstanding 79.09M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.55M $121.8M $152.3M
YoY Change -19.09% -36.23% -27.23%
Cash & Equivalents $22.28M $11.38M $11.20M
Short-Term Investments $76.27M $110.6M $131.3M
Other Short-Term Assets $80.00K $328.0K $286.0K
YoY Change -75.61% 35.54% 13.49%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $113.4M $126.8M $156.9M
YoY Change -10.54% -35.29% -26.85%
LONG-TERM ASSETS
Property, Plant & Equipment $67.92M $76.80M $74.50M
YoY Change -11.56% 240.46% 352.2%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments $13.40M $8.500M $42.70M
YoY Change 57.65% 0.0% -54.91%
Other Assets $314.0K $400.0K $300.0K
YoY Change -21.5% -39.49% -65.2%
Total Long-Term Assets $94.83M $103.0M $120.8M
YoY Change -7.93% -4.39% 2.45%
TOTAL ASSETS
Total Short-Term Assets $113.4M $126.8M $156.9M
Total Long-Term Assets $94.83M $103.0M $120.8M
Total Assets $208.3M $229.8M $277.7M
YoY Change -9.37% -24.33% -16.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.804M $3.600M $9.500M
YoY Change -22.11% -15.89% 323.16%
Accrued Expenses $20.24M $12.10M $15.80M
YoY Change 67.29% 76.44% 167.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $300.0K $300.0K
YoY Change -66.67% 0.0%
Total Short-Term Liabilities $27.70M $19.40M $28.70M
YoY Change 42.79% 36.61% 181.37%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.700M $1.800M
YoY Change -100.0% -15.0% -25.0%
Other Long-Term Liabilities $12.80M $8.100M $8.900M
YoY Change 58.02% 3650.0% 40354.55%
Total Long-Term Liabilities $12.80M $9.800M $10.70M
YoY Change 30.61% 4437.04% 48536.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $27.70M $19.40M $28.70M
Total Long-Term Liabilities $12.80M $9.800M $10.70M
Total Liabilities $40.50M $29.50M $40.00M
YoY Change 37.29% 16.57% 85.87%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $167.8M $200.4M $237.7M
YoY Change
Total Liabilities & Shareholders Equity $208.3M $229.8M $277.7M
YoY Change -9.36% -24.33% -16.46%

Cashflow Statement

Concept 2019 Q1 2018 Q1 2017 Q3
OPERATING ACTIVITIES
Net Income -$17.89M -$27.52M -$23.97M
YoY Change -35.01% 12.25% -24.86%
Depreciation, Depletion And Amortization $2.395M $1.623M $900.0K
YoY Change 47.57% 39.67% 200.0%
Cash From Operating Activities -$13.08M -$15.51M -$10.13M
YoY Change -15.69% 54.18% -5.15%
INVESTING ACTIVITIES
Capital Expenditures $2.104M $4.902M -$10.71M
YoY Change -57.08% 8.72% 247.73%
Acquisitions
YoY Change
Other Investing Activities -$17.36M $7.820M $17.68M
YoY Change -321.99% -61.95% 78.05%
Cash From Investing Activities -$19.46M $2.920M $6.960M
YoY Change -766.4% -81.8% 1.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 39.20M -85.00K -14.95M
YoY Change -46211.76% -81.91% 400.0%
NET CHANGE
Cash From Operating Activities -13.08M -15.51M -10.13M
Cash From Investing Activities -19.46M 2.920M 6.960M
Cash From Financing Activities 39.20M -85.00K -14.95M
Net Change In Cash 6.658M -12.68M -18.12M
YoY Change -152.52% -330.05% 165.69%
FREE CASH FLOW
Cash From Operating Activities -$13.08M -$15.51M -$10.13M
Capital Expenditures $2.104M $4.902M -$10.71M
Free Cash Flow -$15.18M -$20.41M $580.0K
YoY Change -25.63% 40.11% -107.63%

Facts In Submission

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<p style="margin-top:18pt;margin-bottom:0pt;margin-left:4.54%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</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 that potentially subject us to concentrations of risk consist principally of cash and cash equivalents and marketable debt securities.</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;">Our cash and cash equivalents are held by one major financial institution in the U.S. and one in Korea.</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;">Drug candidates developed by us will require approvals or clearances from the U.S. Food and Drug Administration, or FDA, or international regulatory agencies prior to commercial sales. There can be no assurance that our drug candidates will receive any of the required approvals or clearances. If we were to be denied approval or clearance or any such approval or clearance was to be delayed, it would have a material adverse impact on us.</p>
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CY2019Q1 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
0
CY2018Q4 us-gaap Prepaid Expense Noncurrent
PrepaidExpenseNoncurrent
1205000
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
179000
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
179000
CY2019Q1 us-gaap Security Deposit
SecurityDeposit
113000
CY2018Q4 us-gaap Security Deposit
SecurityDeposit
113000
CY2019Q1 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
22000
CY2018Q4 us-gaap Other Assets Miscellaneous Noncurrent
OtherAssetsMiscellaneousNoncurrent
30000
CY2019Q1 us-gaap Litigation Reserve Current
LitigationReserveCurrent
12500000
CY2018Q4 us-gaap Litigation Reserve Current
LitigationReserveCurrent
12000000
CY2019Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2654000
CY2018Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2079000
CY2019Q1 us-gaap Construction Payable Current
ConstructionPayableCurrent
1379000
CY2018Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
3341000
CY2019Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1272000
CY2018Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
943000
CY2019Q1 nk Accrued Preclinical And Clinical Trial Costs
AccruedPreclinicalAndClinicalTrialCosts
1082000
CY2018Q4 nk Accrued Preclinical And Clinical Trial Costs
AccruedPreclinicalAndClinicalTrialCosts
704000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
806000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
912000
CY2019Q1 nk Accrued Laboratory Equipment And Supplies
AccruedLaboratoryEquipmentAndSupplies
277000
CY2018Q4 nk Accrued Laboratory Equipment And Supplies
AccruedLaboratoryEquipmentAndSupplies
678000
CY2019Q1 nk Accrued Franchise Sales Use And Property Taxes
AccruedFranchiseSalesUseAndPropertyTaxes
173000
CY2018Q4 nk Accrued Franchise Sales Use And Property Taxes
AccruedFranchiseSalesUseAndPropertyTaxes
250000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
99000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
197000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2938000
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2019Q1 nk Financing Obligation Current
FinancingObligationCurrent
85000
CY2018Q4 nk Financing Obligation Current
FinancingObligationCurrent
965000
CY2019Q1 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
0
CY2018Q4 us-gaap Deferred Rent Credit Current
DeferredRentCreditCurrent
598000
CY2019Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
101000
CY2018Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
104000
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
410000
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
704000
CY2019Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-40000
CY2018Q1 us-gaap Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
-201000
CY2019Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2017Q1 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
8500000
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2019Q1 nk Available For Sale Securities And Held To Maturity Amortized Cost
AvailableForSaleSecuritiesAndHeldToMaturityAmortizedCost
80600000
CY2019Q1 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2019Q1 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2019Q1 nk Available For Sale Securities And Held To Maturity Gross Unrealized Gain
AvailableForSaleSecuritiesAndHeldToMaturityGrossUnrealizedGain
5000
CY2019Q1 nk Available For Sale Securities And Held To Maturity Gross Unrealized Losses
AvailableForSaleSecuritiesAndHeldToMaturityGrossUnrealizedLosses
145000
CY2019Q1 us-gaap Available For Sale Securities And Held To Maturity Securities
AvailableForSaleSecuritiesAndHeldToMaturitySecurities
80460000
CY2019Q1 nk Available For Sale Securities Or Held To Maturity Period
AvailableForSaleSecuritiesOrHeldToMaturityPeriod
P4M24D
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
0
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2018Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
0
CY2018Q4 nk Available For Sale Securities And Held To Maturity Amortized Cost
AvailableForSaleSecuritiesAndHeldToMaturityAmortizedCost
64009000
CY2018Q4 nk Available For Sale Securities And Held To Maturity Gross Unrealized Gain
AvailableForSaleSecuritiesAndHeldToMaturityGrossUnrealizedGain
1000
CY2018Q4 nk Available For Sale Securities And Held To Maturity Gross Unrealized Losses
AvailableForSaleSecuritiesAndHeldToMaturityGrossUnrealizedLosses
258000
CY2018Q4 us-gaap Available For Sale Securities And Held To Maturity Securities
AvailableForSaleSecuritiesAndHeldToMaturitySecurities
63752000
CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
37357000
CY2019Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
11000
CY2019Q1 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
15185000
CY2019Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
134000
CY2018Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Less Than Twelve Months Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionLessThanTwelveMonthsFairValue
32010000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
26000
CY2018Q4 us-gaap Available For Sale Securities Continuous Unrealized Loss Position Twelve Months Or Longer Fair Value
AvailableForSaleSecuritiesContinuousUnrealizedLossPositionTwelveMonthsOrLongerFairValue
29373000
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
232000
CY2019Q1 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
12000000
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
13532000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2960000
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13407000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M12D
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y4M24D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1300000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
3102000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4080000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3438000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3538000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2545000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
2813000
CY2019Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
19516000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3826000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
15690000
CY2019Q1 nk Operating Lease Payments Related To Options To Extend Lease Terms
OperatingLeasePaymentsRelatedToOptionsToExtendLeaseTerms
3300000
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
700000
CY2015Q4 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
50000000
CY2019Q1 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
0
CY2019Q1 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
18800000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1351000
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9073000
CY2019Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
35200000
CY2018Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
23100
CY2019Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q1 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
CY2019Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-36000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2019Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
-100000
CY2018Q1 us-gaap Other Comprehensive Income Loss Tax
OtherComprehensiveIncomeLossTax
0

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