2023 Q1 Form 10-K Financial Statement

#000183128323000041 Filed on March 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.14M $18.67M $65.60M
YoY Change -5.91% 29.8% 77.88%
% of Gross Profit
Research & Development $10.83M $10.58M $59.76M
YoY Change -12.15% 38.19% -62.35%
% of Gross Profit
Depreciation & Amortization $300.0K $317.0K $1.000M
YoY Change 0.0% 28.34% 100.0%
% of Gross Profit
Operating Expenses $25.97M $29.25M $125.4M
YoY Change -8.61% 32.71% -35.9%
Operating Profit -$25.97M -$125.4M
YoY Change -8.61% -35.9%
Interest Expense $2.406M $2.083M $4.321M
YoY Change 759.29% 2793.06% 1678.19%
% of Operating Profit
Other Income/Expense, Net -$44.00K $8.536M $10.41M
YoY Change -110.55% -3309.02% -2387.69%
Pretax Income -$23.61M -$18.63M -$110.6M
YoY Change -14.84% -16.21% -43.5%
Income Tax $438.0K -$350.0K -$333.0K
% Of Pretax Income
Net Earnings -$24.05M -$18.28M -$110.3M
YoY Change -13.28% -13.77% -43.82%
Net Earnings / Revenue
Basic Earnings Per Share -$0.22 -$1.02
Diluted Earnings Per Share -$0.22 -$0.17 -$1.02
COMMON SHARES
Basic Shares Outstanding 107.2M shares 108.4M shares 107.9M shares
Diluted Shares Outstanding 107.2M shares 107.9M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $286.5M $302.4M $302.4M
YoY Change -22.38% -21.11% -21.11%
Cash & Equivalents $102.3M $79.22M $79.22M
Short-Term Investments $184.2M $223.1M $223.1M
Other Short-Term Assets $5.561M $6.000M $6.000M
YoY Change -28.63% -34.63% -34.63%
Inventory
Prepaid Expenses
Receivables
Other Receivables $1.013M $1.770M
Total Short-Term Assets $296.1M $312.8M $312.8M
YoY Change -23.33% -21.74% -21.74%
LONG-TERM ASSETS
Property, Plant & Equipment $2.836M $3.116M $7.094M
YoY Change -2.98% 65.57% 6.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $20.00K $93.00K
YoY Change -60.0% -60.78% -99.54%
Total Long-Term Assets $6.533M $7.187M $7.187M
YoY Change -76.11% -73.08% -73.08%
TOTAL ASSETS
Total Short-Term Assets $296.1M $312.8M $312.8M
Total Long-Term Assets $6.533M $7.187M $7.187M
Total Assets $302.6M $320.0M $320.0M
YoY Change -26.82% -24.95% -24.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.431M $1.453M $1.453M
YoY Change -31.49% -55.03% -55.03%
Accrued Expenses $16.63M $19.83M $21.68M
YoY Change 11.79% 98.74% 95.27%
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 $25.93M $23.62M $23.62M
YoY Change 3.07% 56.47% 56.47%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $217.0K $210.0K $2.698M
YoY Change 4.83% 1.94% -88.72%
Total Long-Term Liabilities $217.0K $210.0K $2.698M
YoY Change 4.83% 1.94% -88.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.93M $23.62M $23.62M
Total Long-Term Liabilities $217.0K $210.0K $2.698M
Total Liabilities $28.16M $26.31M $60.09M
YoY Change -42.19% -32.54% -17.44%
SHAREHOLDERS EQUITY
Retained Earnings -$494.6M -$470.5M
YoY Change 27.47% 30.62%
Common Stock $736.8M $732.5M
YoY Change 2.38% 2.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.7M $259.9M $259.9M
YoY Change
Total Liabilities & Shareholders Equity $302.6M $320.0M $320.0M
YoY Change -26.82% -24.95% -24.95%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$24.05M -$18.28M -$110.3M
YoY Change -13.28% -13.77% -43.82%
Depreciation, Depletion And Amortization $300.0K $317.0K $1.000M
YoY Change 0.0% 28.34% 100.0%
Cash From Operating Activities -$17.63M -$30.71M -$99.19M
YoY Change 34.59% 1.1% -39.5%
INVESTING ACTIVITIES
Capital Expenditures $19.00K $235.0K $1.845M
YoY Change -94.48% -129.82% 94.83%
Acquisitions
YoY Change
Other Investing Activities $40.56M $11.23M -$67.36M
YoY Change -154.09% -107.25% -56.54%
Cash From Investing Activities $40.54M $11.00M -$69.20M
YoY Change -153.82% -107.06% -55.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $1.710M
YoY Change -100.0% -99.45%
NET CHANGE
Cash From Operating Activities -$17.63M -30.71M -$99.19M
Cash From Investing Activities $40.54M 11.00M -$69.20M
Cash From Financing Activities 0.000 $1.710M
Net Change In Cash $23.11M -19.72M -$168.9M
YoY Change -126.17% -116.59% 2638.13%
FREE CASH FLOW
Cash From Operating Activities -$17.63M -$30.71M -$99.19M
Capital Expenditures $19.00K $235.0K $1.845M
Free Cash Flow -$17.65M -$30.95M -$101.0M
YoY Change 31.28% 4.58% -38.73%

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CY2022 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 clinical stage biopharmaceutical company dedicated to bringing innovative medicines to patients with unmet medical needs in Asia. The Company’s initial focus is to in-license assets for development and commercialization in 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 initial public offering 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 (see Note 10) 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>
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CY2022 us-gaap Use Of Estimates
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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>
CY2022 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:27pt"><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 continue to be highly uncertain and cannot be predicted. If the financial markets and/or the overall economy are impacted for an extended period, the Company’s results may be materially adversely affected. </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%">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 risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. </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’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:27pt"><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><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</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’s financial instruments that are exposed to credit risks consist primarily of cash and cash equivalents and available-for-sale marketable securities. The Company maintains its cash and cash equivalents in bank accounts, which, at times, exceed federally insured limits. The Company has not experienced any credit losses in these accounts and does not believe it is exposed to any significant credit risk on these funds. The Company’s investment policy includes guidelines on the specific credit quality standards and limits the credit exposure of any single issuer the Company is allowed to invest in, which the Company believes minimizes the exposure to concentration of credit risk.</span></div>
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
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CY2021 us-gaap Net Income Loss
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CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2021 us-gaap Current Income Tax Expense Benefit
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CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 adr Effective Income Tax Rate Reconciliation License Transfers Percent
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0
CY2021 adr Effective Income Tax Rate Reconciliation License Transfers Percent
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-0.1585
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.0045
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
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CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
1768000 usd
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q4 adr Deferred Tax Assets Leasing Arrangements
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CY2022Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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785000 usd
CY2021Q4 us-gaap Deferred Tax Assets Goodwill And Intangible Assets
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785000 usd
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129000 usd
CY2021Q4 us-gaap Deferred Tax Assets Other
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2021Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Net
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860000 usd
CY2021Q4 us-gaap Deferred Tax Assets Net
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963000 usd
CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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59000 usd
CY2021Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
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CY2021Q4 us-gaap Deferred Income Tax Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2021 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2021 us-gaap Other Comprehensive Income Loss Net Of Tax
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CY2022 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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CY2022 us-gaap Other Comprehensive Income Loss Net Of Tax
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-2606000 usd

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0001831283-23-000041.txt Edgar Link pending
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