$MTEM
Molecular Templates, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018021113 Filed on August 09, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.367M $42.00K
YoY Change 3154.76% -97.25%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.720M $2.450M
YoY Change 51.84% -580.39%
% of Gross Profit
Research & Development $7.662M $1.240M
YoY Change 517.9% -212.73%
% of Gross Profit
Depreciation & Amortization $120.0K $20.00K
YoY Change 500.0% -83.33%
% of Gross Profit
Operating Expenses $11.38M $3.690M
YoY Change 208.4% -37.54%
Operating Profit -$10.01M
YoY Change
Interest Expense $98.00K $422.0K
YoY Change -76.78% 955.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.700M -$4.060M
YoY Change 138.92% -257.36%
Income Tax
% Of Pretax Income
Net Earnings -$9.695M -$4.060M
YoY Change 138.79% -40.85%
Net Earnings / Revenue -709.22% -9666.67%
Basic Earnings Per Share
Diluted Earnings Per Share -$358.5K -$19.33M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.60M $16.80M
YoY Change 147.62% -50.0%
Cash & Equivalents $41.65M $4.608M
Short-Term Investments $300.0K
Other Short-Term Assets $1.900M $100.0K
YoY Change 1800.0% -92.31%
Inventory
Prepaid Expenses
Receivables $700.0K
Other Receivables $0.00
Total Short-Term Assets $44.20M $20.90M
YoY Change 111.48% -41.62%
LONG-TERM ASSETS
Property, Plant & Equipment $7.200M $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.400M
YoY Change
Total Long-Term Assets $35.20M -$39.00K
YoY Change -90356.41% -109.75%
TOTAL ASSETS
Total Short-Term Assets $44.20M $20.90M
Total Long-Term Assets $35.20M -$39.00K
Total Assets $79.40M $20.86M
YoY Change 280.61% -42.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.300M $319.0K
YoY Change 307.52% -89.71%
Accrued Expenses $6.200M $2.200M
YoY Change 181.82% -18.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $13.30M $2.500M
YoY Change 432.0% -56.9%
LONG-TERM LIABILITIES
Long-Term Debt $3.100M $0.00
YoY Change
Other Long-Term Liabilities $900.0K $1.500M
YoY Change -40.0% -42.31%
Total Long-Term Liabilities $4.000M $1.500M
YoY Change 166.67% -42.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.30M $2.500M
Total Long-Term Liabilities $4.000M $1.500M
Total Liabilities $17.20M $4.000M
YoY Change 330.0% -52.38%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.18M $16.90M
YoY Change
Total Liabilities & Shareholders Equity $79.40M $20.90M
YoY Change 279.9% -42.27%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$9.695M -$4.060M
YoY Change 138.79% -40.85%
Depreciation, Depletion And Amortization $120.0K $20.00K
YoY Change 500.0% -83.33%
Cash From Operating Activities -$5.160M $360.0K
YoY Change -1533.33% -108.24%
INVESTING ACTIVITIES
Capital Expenditures -$2.470M -$10.00K
YoY Change 24600.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$70.00K
YoY Change -100.0% -101.26%
Cash From Investing Activities -$2.470M -$80.00K
YoY Change 2987.5% -101.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 1.390M
YoY Change -100.72%
NET CHANGE
Cash From Operating Activities -5.160M 360.0K
Cash From Investing Activities -2.470M -80.00K
Cash From Financing Activities -10.00K 1.390M
Net Change In Cash -7.640M 1.670M
YoY Change -557.49% 40.34%
FREE CASH FLOW
Cash From Operating Activities -$5.160M $360.0K
Capital Expenditures -$2.470M -$10.00K
Free Cash Flow -$2.690M $370.0K
YoY Change -827.03%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Prior Period Reclassification Adjustment Description
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">Certain amounts in prior year&#8217;s presentations have been reclassified to conform to the current presentation.&nbsp;&nbsp;These classifications had no effect on previously reported net loss.</p></div>
us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties </p> <p style="margin-bottom:0pt;margin-top:6pt;color:#000000;font-size:10pt;font-family:Times New Roman;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%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s cash and 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-size:10pt;font-family:Times New Roman;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 68% and 59% of total revenues for the three and six months ended June&#160;30, 2018, respectively, were derived from Takeda. There was $663,000 in accounts receivable due from Takeda at June&#160;30, 2018, which is expected to be received in the third quarter of 2018. See also Note 4, &#8220;Research and Development Agreements&#8221;, regarding the collaboration agreements with Takeda.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;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 U.S. Food and Drug Administration (&#8220;FDA&#8221;) 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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P7Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y9M18D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11000000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3200000
CY2018Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3200000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
30000
CY2018Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3521735
CY2018Q2 us-gaap Share Price
SharePrice
5.23
CY2017Q4 us-gaap Share Price
SharePrice
10.02
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
922000
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1565000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
16000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y4M24D
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2768711
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1772037
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
26732
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4347148
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1496349
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.07
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.06

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