$MTEM
Molecular Templates, Inc.

2017 Form 10-K Financial Statement

#000156459018007268 Filed on March 30, 2018

View on sec.gov

Income Statement

Concept 2017 2016 Q4 2016
Revenue $3.395M $0.00 $1.880M
YoY Change 80.59% -100.0% -97.56%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.76M $1.950M $7.810M
YoY Change 50.58% -13.33% -19.65%
% of Gross Profit
Research & Development $9.490M $3.010M $16.55M
YoY Change -42.66% -73.53% -58.9%
% of Gross Profit
Depreciation & Amortization $155.0K $20.00K $65.00K
YoY Change 138.46% -92.0% -78.33%
% of Gross Profit
Operating Expenses $21.24M $4.960M $24.36M
YoY Change -12.81% -63.58% -51.27%
Operating Profit
YoY Change
Interest Expense $853.0K $40.00K $431.0K
YoY Change 97.91% 33.33% 244.8%
% of Operating Profit
Other Income/Expense, Net $1.250M $120.0K
YoY Change -92.83% -99.28%
Pretax Income -$23.14M -$3.680M -$24.09M
YoY Change -3.94% -105.28% -154.97%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$23.14M -$3.682M -$24.09M
YoY Change -3.94% -105.28% -154.97%
Net Earnings / Revenue -681.59% -1281.38%
Basic Earnings Per Share -$0.05
Diluted Earnings Per Share -$2.030M -$0.05 -$3.706M
COMMON SHARES
Basic Shares Outstanding 71.56M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 2016 Q4 2016
SHORT-TERM ASSETS
Cash & Short-Term Investments $58.90M $1.700M $1.700M
YoY Change 3364.71% -96.51% -96.51%
Cash & Equivalents $58.90M $1.716M $1.700M
Short-Term Investments
Other Short-Term Assets $1.500M $7.000K $100.0K
YoY Change 1400.0% -99.73% -96.15%
Inventory
Prepaid Expenses $120.0K
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $60.40M $1.843M $1.800M
YoY Change 3255.56% -96.53% -96.62%
LONG-TERM ASSETS
Property, Plant & Equipment $2.000M $334.0K $300.0K
YoY Change 566.67% 0.3% 0.0%
Goodwill $0.00
YoY Change
Intangibles $921.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.400M $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $30.00M $22.44M $1.300M
YoY Change 2207.69% 4396.99% 160.0%
TOTAL ASSETS
Total Short-Term Assets $60.40M $1.843M $1.800M
Total Long-Term Assets $30.00M $22.44M $1.300M
Total Assets $90.40M $24.28M $3.100M
YoY Change 2816.13% -54.75% -94.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.500M $822.0K $900.0K
YoY Change 177.78% 13.38% 28.57%
Accrued Expenses $2.700M $888.0K $1.200M
YoY Change 125.0% -72.84% -88.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $7.300M $7.300M
YoY Change -100.0%
Long-Term Debt Due $2.400M $2.400M $2.400M
YoY Change 0.0%
Total Short-Term Liabilities $10.40M $13.77M $13.80M
YoY Change -24.64% 27.12% 27.78%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $3.165M $3.200M
YoY Change -65.63%
Other Long-Term Liabilities $1.600M $53.00K $100.0K
YoY Change 1500.0% -97.35% -95.0%
Total Long-Term Liabilities $2.700M $3.218M $3.300M
YoY Change -18.18% 60.9% 65.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.40M $13.77M $13.80M
Total Long-Term Liabilities $2.700M $3.218M $3.300M
Total Liabilities $13.10M $17.03M $17.00M
YoY Change -22.94% 32.82% 32.81%
SHAREHOLDERS EQUITY
Retained Earnings -$40.37M
YoY Change -87.74%
Common Stock $568.0K
YoY Change -99.85%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.30M -$39.81M -$13.90M
YoY Change
Total Liabilities & Shareholders Equity $90.40M $3.098M $3.100M
YoY Change 2816.13% -94.23% -94.23%

Cashflow Statement

Concept 2017 2016 Q4 2016
OPERATING ACTIVITIES
Net Income -$23.14M -$3.682M -$24.09M
YoY Change -3.94% -105.28% -154.97%
Depreciation, Depletion And Amortization $155.0K $20.00K $65.00K
YoY Change 138.46% -92.0% -78.33%
Cash From Operating Activities -$14.26M -$830.0K -$9.030M
YoY Change 57.96% -89.04% -76.24%
INVESTING ACTIVITIES
Capital Expenditures $1.101M -$70.00K $101.0K
YoY Change 990.1% -7.34%
Acquisitions
YoY Change
Other Investing Activities $10.82M -$220.0K -$590.0K
YoY Change -1933.9% -106.43% -105.66%
Cash From Investing Activities $9.715M -$290.0K -$690.0K
YoY Change -1507.97% -108.48% -106.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $57.65M $0.00
YoY Change
Debt Paid & Issued, Net $2.400M $400.0K
YoY Change 500.0%
Cash From Financing Activities 61.74M 1.210M 7.190M
YoY Change 758.73% 3933.33% -75.1%
NET CHANGE
Cash From Operating Activities -14.26M -830.0K -9.030M
Cash From Investing Activities 9.715M -290.0K -690.0K
Cash From Financing Activities 61.74M 1.210M 7.190M
Net Change In Cash 57.19M 90.00K -2.530M
YoY Change -2360.63% -102.18% -310.83%
FREE CASH FLOW
Cash From Operating Activities -$14.26M -$830.0K -$9.030M
Capital Expenditures $1.101M -$70.00K $101.0K
Free Cash Flow -$15.37M -$760.0K -$9.131M
YoY Change 68.27% -89.96% -76.04%

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<div> <p style="margin-bottom:0pt;margin-top:18pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:2.5%;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain amounts in the prior year&#8217;s presentations have been reclassified to conform to the current presentation.&nbsp;&nbsp;These reclassifications had no effect on previously reported net loss.</p></div>
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<div> <p style="margin-top:18pt;margin-bottom:0pt;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;text-indent:2.5%;">Concentration of Credit Risk and Other Risks and Uncertainties </p> <p style="margin-bottom:0pt;margin-top:6pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s cash, cash equivalents are with two major financial institutions in the United States. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company performs an ongoing credit evaluation of its strategic partners&#8217; financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company&#8217;s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Takeda Pharmaceutical Company Ltd. (&#8220;Takeda&#8221;). Approximately 56% of total revenues for the year ended December 31, 2017, were derived from Takeda. There were no accounts receivable due from Takeda at December 31, 2017 or 2016. See also Note 4, Research and Development Collaboration Agreements, regarding the collaboration agreements with Takeda.</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 the Company may require approvals or clearances from the FDA or international regulatory agencies prior to commercial sales. There can be no assurance that the Company&#8217;s drug 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></div>
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435000
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24299000
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25871000
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P2Y1M17D
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0.00
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11276
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941684
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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0.92
CY2017 mtem Share Based Compensation Arrangement By Share Based Payment Award Options Assumed In Merger Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAssumedInMergerWeightedAverageExercisePrice
33.62
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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8.30
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
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12.07
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
14.76
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P6Y7M6D
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y8M12D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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P5Y7M6D
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P2Y9M18D
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
900000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11000000
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11000000
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
8900000
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78000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2017 mtem Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options1
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions1
0
CY2017 us-gaap Allocated Share Based Compensation Expense
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AllocatedShareBasedCompensationExpense
109000
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P3Y6M
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2017 mtem Tax Cuts And Jobs Act Of2017 Change In Tax Rate Change In Valuation Allowance Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateChangeInValuationAllowanceIncomeTaxExpenseBenefit
6863000
CY2017 mtem Tax Cuts And Jobs Act Of2017 Change In Tax Rate Deferred Tax Asset Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateDeferredTaxAssetIncomeTaxExpenseBenefit
6900000
CY2017 mtem Description Of Foreign Operations
DescriptionOfForeignOperations
The Company currently has one foreign subsidiary that has not commenced operations.
CY2017 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-7867000
CY2016 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
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CY2017 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
-21000
CY2016 us-gaap Income Tax Reconciliation State And Local Income Taxes
IncomeTaxReconciliationStateAndLocalIncomeTaxes
10000
CY2017 mtem Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
87000
CY2016 mtem Income Tax Reconciliation Permanent Differences
IncomeTaxReconciliationPermanentDifferences
105000
CY2017 us-gaap Income Tax Reconciliation Tax Credits Research
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237000
CY2016 us-gaap Income Tax Reconciliation Tax Credits Research
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339000
CY2017 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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4766000
CY2016 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
3974000
CY2017 mtem Income Tax Reconciliation Acquisition Related Permanent Differences
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2281000
CY2016 mtem Income Tax Reconciliation Acquisition Related Permanent Differences
IncomeTaxReconciliationAcquisitionRelatedPermanentDifferences
0
CY2016 mtem Tax Cuts And Jobs Act Of2017 Change In Tax Rate Change In Valuation Allowance Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateChangeInValuationAllowanceIncomeTaxExpenseBenefit
0
CY2017 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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6863000
CY2017 mtem Income Tax Reconciliation Expiring State Carryovers And Other
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991000
CY2016 mtem Income Tax Reconciliation Expiring State Carryovers And Other
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0
CY2016 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
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0
CY2017 us-gaap Income Tax Expense Benefit
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0
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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5060000
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DeferredTaxAssetsTaxCreditCarryforwardsResearch
965000
CY2017Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
4058000
CY2017Q4 us-gaap Unrecognized Tax Benefits
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1143000
CY2016Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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8000
CY2017Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
581000
CY2016Q4 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
636000
CY2017Q4 us-gaap Deferred Tax Assets Other
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254000
CY2016Q4 us-gaap Deferred Tax Assets Other
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9000
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23750000
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12064000
CY2017Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
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282000
CY2016Q4 us-gaap Deferred Tax Liabilities Property Plant And Equipment
DeferredTaxLiabilitiesPropertyPlantAndEquipment
329000
CY2017Q4 mtem Deferred Tax Liabilities Research And Development Intangible Assets
DeferredTaxLiabilitiesResearchAndDevelopmentIntangibleAssets
5591000
CY2016Q4 mtem Deferred Tax Liabilities Research And Development Intangible Assets
DeferredTaxLiabilitiesResearchAndDevelopmentIntangibleAssets
0
CY2017Q4 us-gaap Deferred Income Tax Liabilities
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0
CY2016Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2016Q4 us-gaap Unrecognized Tax Benefits
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0
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1064000
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-79000
CY2016 mtem Unrecognized Tax Benefits Increases Decreases Resulting From Acquisition
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0
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0
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0
CY2016Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
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0
CY2017Q4 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Amount Of Unrecorded Benefit
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleAmountOfUnrecordedBenefit
79000

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