$MTEM
Molecular Templates, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014414 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $6.800M $6.870M
YoY Change 60.38% 55.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.310M $5.200M
YoY Change -27.37% -20.8%
% of Gross Profit
Research & Development $7.624M $13.41M
YoY Change -65.3% -37.22%
% of Gross Profit
Depreciation & Amortization $1.500M $2.000M
YoY Change -25.0% 5.26%
% of Gross Profit
Operating Expenses $11.93M $18.61M
YoY Change -57.24% -33.38%
Operating Profit -$5.137M -$11.74M
YoY Change -78.29% -50.06%
Interest Expense $180.0K -$820.0K
YoY Change -41.37% -540.86%
% of Operating Profit
Other Income/Expense, Net $880.0K $300.0K
YoY Change
Pretax Income -$4.153M -$10.87M
YoY Change -83.13% -55.5%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.153M -$10.87M
YoY Change -83.14% -55.49%
Net Earnings / Revenue -61.07% -158.22%
Basic Earnings Per Share -$0.82 -$0.19
Diluted Earnings Per Share -$0.82 -$0.19
COMMON SHARES
Basic Shares Outstanding 80.61M 56.35M
Diluted Shares Outstanding 5.093M 56.35M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.80M $5.000M
YoY Change -80.11% -95.21%
Cash & Equivalents $15.80M $5.000M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $3.890M $2.710M
YoY Change -3.02% -37.82%
Inventory
Prepaid Expenses $2.999M $3.887M
Receivables
Other Receivables
Total Short-Term Assets $22.70M $11.82M
YoY Change -73.96% -89.37%
LONG-TERM ASSETS
Property, Plant & Equipment $8.578M $10.16M
YoY Change -47.53% -43.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.116M $3.368M
YoY Change -21.98% -15.93%
Total Long-Term Assets $21.36M $23.69M
YoY Change -32.1% -20.27%
TOTAL ASSETS
Total Short-Term Assets $22.70M $11.82M
Total Long-Term Assets $21.36M $23.69M
Total Assets $44.06M $35.51M
YoY Change -62.86% -74.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.583M $4.669M
YoY Change 138.06% 184.52%
Accrued Expenses $3.303M $3.510M
YoY Change -62.85% -62.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.51M $26.94M
YoY Change -57.17% -41.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $1.377M $1.349M
YoY Change 8.51% -20.55%
Total Long-Term Liabilities $1.377M $1.349M
YoY Change -96.3% -96.39%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.51M $26.94M
Total Long-Term Liabilities $1.377M $1.349M
Total Liabilities $37.26M $44.19M
YoY Change -67.46% -61.53%
SHAREHOLDERS EQUITY
Retained Earnings -$448.9M -$444.8M
YoY Change 6.2% 11.74%
Common Stock $5.000K $56.00K
YoY Change -100.0% -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.801M -$8.678M
YoY Change
Total Liabilities & Shareholders Equity $44.06M $35.51M
YoY Change -62.86% -74.79%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.153M -$10.87M
YoY Change -83.14% -55.49%
Depreciation, Depletion And Amortization $1.500M $2.000M
YoY Change -25.0% 5.26%
Cash From Operating Activities -$7.530M -$9.640M
YoY Change -69.17% -47.8%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $20.00K
YoY Change -100.0% -101.48%
Acquisitions
YoY Change
Other Investing Activities $10.00K $3.150M
YoY Change -99.95% -88.53%
Cash From Investing Activities $10.00K $3.140M
YoY Change -99.95% -87.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.38M -27.50M
YoY Change 204122.22% 9936.5%
NET CHANGE
Cash From Operating Activities -7.530M -9.640M
Cash From Investing Activities 10.00K 3.140M
Cash From Financing Activities 18.38M -27.50M
Net Change In Cash 10.86M -34.00M
YoY Change -324.47% -561.71%
FREE CASH FLOW
Cash From Operating Activities -$7.530M -$9.640M
Capital Expenditures $0.00 $20.00K
Free Cash Flow -$7.530M -$9.660M
YoY Change -67.88% -43.58%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk and Other Risks and Uncertainties</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 11pt 0pt;">Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash and cash equivalents, investments, long term debt and accounts receivable.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 11pt 0pt;">The Company’s cash and cash equivalents are with two major financial institutions in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 11pt 0pt;">The Company performs an ongoing credit evaluation of its strategic partners’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. As of June 30, 2023, the Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Bristol Myers Squibb Company (“Bristol Myers Squibb”). In past years, the Company’s exposure to credit risk associated with non-payment were also affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”). Takeda accounted for approximately 0% of total revenues for both the three months ended June 30, 2023 and 2022, and approximately 0% and 20% of total revenues for the six months ended June 30, 2023 and 2022, respectively. Bristol Myers Squibb accounted for approximately 97% and 100% of total revenues for the three months ended June 30, 2023 and 2022, respectively, and approximately 93% and 80% of total revenues for the six months ended June 30, 2023 and 2022, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:25.2pt;margin:0pt 0pt 11pt 0pt;">Drug or biologic candidates developed by the Company require approvals or clearances from the U.S. Food and Drug Administration (“FDA”) or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s drug or biologic candidates will receive any of the required approvals or clearances. If the Company were to be denied approval or clearance or any such approval or clearance were to be delayed, it would have a material adverse impact on the Company.</p>
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CY2023Q2 mtem Restructuring And Related Cost Percent Reduction In Workforce
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