$MTEM
Molecular Templates, Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024004332 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $11.09M $7.016M $57.31M
YoY Change -69.73% 168.71% 190.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.731M $3.591M $18.90M
YoY Change -35.69% -40.94% -26.76%
% of Gross Profit
Research & Development $7.405M $8.796M $48.88M
YoY Change -61.11% -49.99% -40.7%
% of Gross Profit
Depreciation & Amortization $1.122M $1.195M $6.645M
YoY Change -41.8% -34.3% -10.0%
% of Gross Profit
Operating Expenses $11.14M $12.39M $67.77M
YoY Change -55.18% -47.67% -37.61%
Operating Profit -$50.00K -$10.47M
YoY Change -100.42% -88.22%
Interest Expense $78.00K $139.0K -$1.446M
YoY Change -82.86% -114.43% -246.36%
% of Operating Profit
Other Income/Expense, Net $544.0K $1.273M $2.457M
YoY Change
Pretax Income $572.0K -$3.959M -$8.135M
YoY Change -94.73% -82.02% -91.22%
Income Tax -$11.00K -$11.00K
% Of Pretax Income
Net Earnings $572.0K -$3.948M -$8.124M
YoY Change -94.73% -82.09% -91.24%
Net Earnings / Revenue 5.16% -56.27% -14.18%
Basic Earnings Per Share -$0.11 -$1.80
Diluted Earnings Per Share -$0.08 -$0.73 -$1.81
COMMON SHARES
Basic Shares Outstanding 5.374M 5.374M 4.501M
Diluted Shares Outstanding 7.016M 4.501M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.779M $11.52M $11.52M
YoY Change -83.73% -81.12% -81.12%
Cash & Equivalents $6.800M $11.52M $11.52M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $2.299M $4.999M $4.999M
YoY Change -54.97% 31.9% -31.04%
Inventory
Prepaid Expenses $1.200M $2.195M
Receivables
Other Receivables
Total Short-Term Assets $10.69M $16.77M $16.77M
YoY Change -79.29% -75.44% -75.44%
LONG-TERM ASSETS
Property, Plant & Equipment $6.284M $16.55M $16.55M
YoY Change -50.96% 13.14% -35.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.498M $2.057M $1.457M
YoY Change -56.13% -40.99% -47.7%
Total Long-Term Assets $16.43M $18.61M $18.61M
YoY Change -38.88% -36.37% -36.37%
TOTAL ASSETS
Total Short-Term Assets $10.69M $16.77M $16.77M
Total Long-Term Assets $16.43M $18.61M $18.61M
Total Assets $27.12M $35.38M $35.38M
YoY Change -65.46% -63.73% -63.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.681M $1.523M $1.523M
YoY Change -1.36% 202.18% 202.18%
Accrued Expenses $2.748M $6.767M $6.767M
YoY Change -50.42% -23.3% -38.51%
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 $8.581M $17.32M $17.32M
YoY Change -71.3% -69.66% -69.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $1.435M $13.85M $13.85M
YoY Change 8.55% 969.5% -28.72%
Total Long-Term Liabilities $1.435M $13.85M $13.85M
YoY Change -96.2% -63.03% -75.09%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.581M $17.32M $17.32M
Total Long-Term Liabilities $1.435M $13.85M $13.85M
Total Liabilities $21.25M $31.17M $31.17M
YoY Change -73.58% -72.34% -72.34%
SHAREHOLDERS EQUITY
Retained Earnings -$452.3M -$452.9M
YoY Change 4.24% 1.82%
Common Stock $5.000K $5.000K
YoY Change -100.0% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.870M $4.212M $4.212M
YoY Change
Total Liabilities & Shareholders Equity $27.12M $35.38M $35.38M
YoY Change -65.46% -63.73% -63.73%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $572.0K -$3.948M -$8.124M
YoY Change -94.73% -82.09% -91.24%
Depreciation, Depletion And Amortization $1.122M $1.195M $6.645M
YoY Change -41.8% -34.3% -10.0%
Cash From Operating Activities -$5.244M -$5.290M -$41.82M
YoY Change -72.91% -71.3% -53.02%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $200.0K
YoY Change -100.0% -100.0% -93.75%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$5.000K $29.30M
YoY Change -100.0% -100.02% -70.26%
Cash From Investing Activities $0.00 -$5.000K $29.10M
YoY Change -100.0% -100.02% -69.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $18.38M
YoY Change
Debt Paid & Issued, Net $27.50M
YoY Change
Cash From Financing Activities 4.000K -9.116M
YoY Change 3340.0%
NET CHANGE
Cash From Operating Activities -5.244M -5.290M -41.82M
Cash From Investing Activities 0.000 -5.000K 29.10M
Cash From Financing Activities 4.000K -9.116M
Net Change In Cash -5.244M -5.291M -21.84M
YoY Change -179.55% -153.37% -462.33%
FREE CASH FLOW
Cash From Operating Activities -$5.244M -$5.290M -$41.82M
Capital Expenditures $0.00 $0.00 $200.0K
Free Cash Flow -$5.244M -$5.290M -$42.02M
YoY Change -73.17% -71.78% -54.44%

Facts In Submission

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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements requires management to make estimates and assumptions that affect the recorded amounts reported therein. A change in facts or circumstances surrounding the estimates could result in a change to estimates and impact future operating results. Certain accounts in the prior financial statements have been reclassified for comparative purposes to conform to the presentation in the current financial statements. These reclassifications have no material effect on previously reported financials. In the opinion of management of the Company, all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation have been included. In the Consolidated Statement of Cash Flows, the presentation of Interest due on long-term debt was reclassified from non-cash adjustments in the prior year presentation to Accrued liabilities in the current year presentation. In addition, in the Consolidated Statements of Operations, the loss on disposal of property and equipment was included in interest and other expense, net in prior year presentation. </p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Accounting Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP as defined by the FASB ASC requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.</p>
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CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;text-indent:24.5pt;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:24.5pt;margin:0pt 0pt 12pt 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:24.5pt;margin:0pt 0pt 12pt 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:24.5pt;margin:0pt 0pt 12pt 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 December 31, 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% and 13% of total revenues for the years ended December 31, 2023 and 2022, respectively. Bristol-Myers Squibb accounted for approximately 92% and 87% of total revenues for the years ended December 31, 2023 and 2022, respectively.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:24.5pt;margin:0pt 0pt 12pt 0pt;">Biologic candidates developed by the Company require approvals or clearances from the U.S. Food and Drug Administration or international regulatory agencies prior to commercial sales. There can be no assurance that the Company’s 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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CY2022 us-gaap Variable Lease Cost
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8086000
CY2023Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
2641000
CY2022Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
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CY2023Q4 mtem Deferred Tax Assets Lease Liability
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CY2022Q4 mtem Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
1846000
CY2023Q4 mtem Deferred Tax Asset Depreciable And Amortizable Assets
DeferredTaxAssetDepreciableAndAmortizableAssets
126000
CY2023Q4 mtem Deferred Tax Assets Capitalized Research Experimental Expenditures
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CY2022Q4 mtem Deferred Tax Assets Capitalized Research Experimental Expenditures
DeferredTaxAssetsCapitalizedResearchExperimentalExpenditures
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CY2023Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2022Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
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CY2023Q4 mtem Deferred Tax Liabilities Right Of Use Asset
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CY2022Q4 mtem Deferred Tax Liabilities Right Of Use Asset
DeferredTaxLiabilitiesRightOfUseAsset
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CY2023Q4 mtem Deferred Tax Liabilities Notes Payable
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CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022Q4 us-gaap Unrecognized Tax Benefits
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0
CY2023Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023 mtem Restructuring And Related Cost Percent Reduction In Workforce
RestructuringAndRelatedCostPercentReductionInWorkforce
0.68
CY2023 us-gaap Restructuring Charges
RestructuringCharges
300000
CY2023 us-gaap Restructuring Charges
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276000
CY2023 us-gaap Payments For Restructuring
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CY2023Q4 ecd Rule10b51 Arr Adopted Flag
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CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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0001558370-24-004332.txt Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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mtem-20231231.xsd Edgar Link pending
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