2022 Q4 Form 10-Q Financial Statement

#000183128322000075 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 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 $18.67M $16.29M $8.889M
YoY Change 29.8% 83.27% 317.52%
% of Gross Profit
Research & Development $10.58M $8.258M $4.655M
YoY Change 38.19% 77.4% -96.02%
% of Gross Profit
Depreciation & Amortization $317.0K $300.0K $141.0K
YoY Change 28.34% 112.77% 403.57%
% of Gross Profit
Operating Expenses $29.25M $24.55M $13.54M
YoY Change 32.71% 81.25% -88.62%
Operating Profit -$24.55M -$13.54M
YoY Change 81.25%
Interest Expense $2.083M $1.405M $32.00K
YoY Change 2793.06% 4290.63% -102.47%
% of Operating Profit
Other Income/Expense, Net $8.536M $1.253M $3.000K
YoY Change -3309.02% 41666.67% -96.97%
Pretax Income -$18.63M -$21.89M -$13.51M
YoY Change -16.21% 62.05% -88.76%
Income Tax -$350.0K $6.000K -$397.0K
% Of Pretax Income
Net Earnings -$18.28M -$21.90M -$13.11M
YoY Change -13.77% 67.0% -89.09%
Net Earnings / Revenue
Basic Earnings Per Share -$0.20 -$0.63
Diluted Earnings Per Share -$0.17 -$0.20 -$124.6K
COMMON SHARES
Basic Shares Outstanding 108.4M shares 108.4M shares 20.69M shares
Diluted Shares Outstanding 108.4M shares 20.69M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $302.4M $311.7M $109.0M
YoY Change -21.11% 185.95%
Cash & Equivalents $79.22M $78.86M $109.0M
Short-Term Investments $223.1M $232.9M
Other Short-Term Assets $6.000M $3.024M $5.583M
YoY Change -34.63% -45.84%
Inventory
Prepaid Expenses
Receivables
Other Receivables $1.770M $7.393M
Total Short-Term Assets $312.8M $324.2M $121.0M
YoY Change -21.74% 167.96%
LONG-TERM ASSETS
Property, Plant & Equipment $3.116M $3.135M $913.0K
YoY Change 65.57% 243.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $37.00K $20.01M
YoY Change -60.78% -99.82%
Total Long-Term Assets $7.187M $27.60M $20.92M
YoY Change -73.08% 31.93%
TOTAL ASSETS
Total Short-Term Assets $312.8M $324.2M $121.0M
Total Long-Term Assets $7.187M $27.60M $20.92M
Total Assets $320.0M $351.8M $141.9M
YoY Change -24.95% 147.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.453M $2.019M $1.639M
YoY Change -55.03% 23.18%
Accrued Expenses $19.83M $17.87M $12.94M
YoY Change 98.74% 38.15%
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 $23.62M $22.03M $22.26M
YoY Change 56.47% -1.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $210.0K $200.0K $20.00M
YoY Change 1.94% -99.0%
Total Long-Term Liabilities $210.0K $200.0K $20.00M
YoY Change 1.94% -99.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.62M $22.03M $22.26M
Total Long-Term Liabilities $210.0K $200.0K $20.00M
Total Liabilities $26.31M $45.24M $86.45M
YoY Change -32.54% -47.66%
SHAREHOLDERS EQUITY
Retained Earnings -$470.5M -$452.2M
YoY Change 30.62%
Common Stock $732.5M $728.9M
YoY Change 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $259.9M $272.8M $55.48M
YoY Change
Total Liabilities & Shareholders Equity $320.0M $351.8M $141.9M
YoY Change -24.95% 147.91%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$18.28M -$21.90M -$13.11M
YoY Change -13.77% 67.0% -89.09%
Depreciation, Depletion And Amortization $317.0K $300.0K $141.0K
YoY Change 28.34% 112.77% 403.57%
Cash From Operating Activities -$30.71M -$15.96M -$38.80M
YoY Change 1.1% -58.85% -8.9%
INVESTING ACTIVITIES
Capital Expenditures $235.0K -$937.0K -$92.00K
YoY Change -129.82% 918.48% 607.69%
Acquisitions
YoY Change
Other Investing Activities $11.23M -$37.57M
YoY Change -107.25%
Cash From Investing Activities $11.00M -$38.51M -$92.00K
YoY Change -107.06% 41759.78% 607.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.309M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 5.309M
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -30.71M -15.96M -38.80M
Cash From Investing Activities 11.00M -38.51M -92.00K
Cash From Financing Activities 0.000 0.000 5.309M
Net Change In Cash -19.72M -54.47M -33.58M
YoY Change -116.59% 62.22% -21.17%
FREE CASH FLOW
Cash From Operating Activities -$30.71M -$15.96M -$38.80M
Capital Expenditures $235.0K -$937.0K -$92.00K
Free Cash Flow -$30.95M -$15.03M -$38.71M
YoY Change 4.58% -61.18% -9.09%

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us-gaap Nature Of Operations
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Nature of Business <div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">LianBio (“LianBio” or the “Company”) is a global, science-driven biopharmaceutical company dedicated to developing and commercializing innovative medicines for patients with unmet medical needs, with an initial focus on in-licensing assets for Greater China and other Asian markets.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company was incorporated in the Cayman Islands in July 2019 and maintains its Chinese headquarters in Shanghai, China. The Company conducts its corporate activities at its United States headquarters located in Princeton, New Jersey. </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 3, 2021, the Company completed its initial public offering (“IPO”) through an underwritten sale of 20,312,500 American Depositary Shares (“ADSs") representing 20,312,500 ordinary shares at a price of $16.00 per share. Following the close of the IPO, on December 1, 2021, the underwriters partially exercised their option to purchase additional shares and purchased an additional 593,616 ADSs at the IPO price of $16.00 per ADS. The Company received gross proceeds of $334.5 million in connection with the IPO and subsequent exercise of the underwriters’ option and aggregate net proceeds of $304.8 million after deducting underwriting discounts, commissions and other offering expenses.</span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Concurrent with the IPO, all of the Company’s convertible preferred shares then-outstanding were automatically converted into an aggregate of 64,467,176 ordinary shares and were reclassified into permanent equity. Following the IPO, there were no preferred shares outstanding.</span></div>
CY2021Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(B) Use of Estimates </span></div><div style="margin-top:6pt;text-indent:27pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires the Company’s management to make estimates and assumptions that affect the reported financial position at the date of the financial statements and the reported results of operations during the reporting period. Such estimates and assumptions affect the reported amounts of assets, liabilities, and expenses, and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. The only material estimates in the accompanying financial statements are the fair value of warrants, share-based compensation, and share options. Actual results could differ from those used in evaluating these accounting estimates.</span></div>
us-gaap Concentration Risk Credit Risk
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">(i) Concentration of Credit Risk and Other Risks and Uncertainties</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In March 2020, the World Health Organization declared the global novel coronavirus disease 2019 (“COVID-19”) outbreak a pandemic. The Company’s operations have not been significantly impacted by the COVID-19 pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and operations, including planned clinical trials. The impact of the COVID-19 pandemic on the Company’s financial performance will depend on future developments, including the duration and spread of the pandemic and related governmental advisories and restrictions. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain and cannot be predicted. If the financial markets and/or the overall economy continue to be impacted for an extended period, the Company’s results may be materially adversely affected.</span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents in deposits at financial institutions that exceed federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to material credit risk due to the financial position of the banking institutions. The Company has no off-balance sheet risks, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s results of operations involve numerous risks and uncertainties. Factors that could affect the Company’s operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials, uncertainty of regulatory approval of the Company’s potential product candidates, uncertainty of market acceptance of its product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. </span></div><div style="margin-top:6pt;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Each of the Company’s product candidates require approvals from the National Medical Products Administration (“NMPA”) in China and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval for any product candidate, such events could have a materially adverse impact on the Company’s business.</span></div>
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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20690908 shares
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20690908 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107854547 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
107854547 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107854547 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
107854547 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20549310 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
20549310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20549310 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
20549310 shares
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.63
CY2021Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.85
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.52
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.52
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.52

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0001831283-22-000075.txt Edgar Link pending
0001831283-22-000075-xbrl.zip Edgar Link pending
adr-20220930.htm Edgar Link pending
adr-20220930.xsd Edgar Link pending
adr-20220930_g1.gif Edgar Link pending
exhibit101-amendmentno1tol.htm Edgar Link pending
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