$MTEM
Molecular Templates, Inc.

2020 Q1 Form 10-K Financial Statement

#000156459020010667 Filed on March 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019
Revenue $4.140M $6.200M $22.27M
YoY Change -40.94% 32.48% 67.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.650M $6.030M $20.08M
YoY Change 14.37% 53.83% 42.61%
% of Gross Profit
Research & Development $20.63M $16.57M $50.52M
YoY Change 144.03% 119.18% 67.27%
% of Gross Profit
Depreciation & Amortization $618.0K $550.0K $1.182M
YoY Change 249.15% 37.5% 21.36%
% of Gross Profit
Operating Expenses $26.28M $22.60M $92.72M
YoY Change 210.86% 96.86% 109.37%
Operating Profit -$70.45M
YoY Change 127.26%
Interest Expense $472.0K $520.0K $2.323M
YoY Change 124.76% 225.0% 227.18%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$22.01M -$15.88M -$69.42M
YoY Change 256.89% 139.52% 129.19%
Income Tax $5.000K $0.00
% Of Pretax Income
Net Earnings -$22.02M -$15.88M -$69.42M
YoY Change 256.97% 139.52% 129.21%
Net Earnings / Revenue -531.84% -256.13% -311.72%
Basic Earnings Per Share
Diluted Earnings Per Share -$482.4K -$391.3K -$1.838M
COMMON SHARES
Basic Shares Outstanding 45.65M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.0M $125.1M $125.1M
YoY Change 25.64% 27.7% 27.65%
Cash & Equivalents $34.44M $85.45M $85.50M
Short-Term Investments $70.50M $39.63M $39.60M
Other Short-Term Assets $8.400M $489.0K $7.300M
YoY Change 65.19% 414.74% 217.39%
Inventory
Prepaid Expenses $2.318M
Receivables $1.300M $400.0K $400.0K
Other Receivables $9.400M $7.100M $7.100M
Total Short-Term Assets $124.2M $139.9M $139.9M
YoY Change 36.48% 33.41% 33.37%
LONG-TERM ASSETS
Property, Plant & Equipment $19.30M $18.16M $28.10M
YoY Change 6.05% 165.04% 307.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M $1.500M $1.500M
YoY Change
Other Assets $4.617M $4.676M $4.700M
YoY Change -3.47% 156.78% 161.11%
Total Long-Term Assets $36.54M $34.30M $34.30M
YoY Change -142.09% -2.81% -2.83%
TOTAL ASSETS
Total Short-Term Assets $124.2M $139.9M $139.9M
Total Long-Term Assets $36.54M $34.30M $34.30M
Total Assets $160.7M $174.2M $174.2M
YoY Change 3745.53% 24.29% 24.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.770M $1.465M $1.500M
YoY Change 11.88% 87.82% 87.5%
Accrued Expenses $11.53M $14.54M $16.20M
YoY Change 67.12% 171.5% 200.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $800.0K $0.00
YoY Change
Total Short-Term Liabilities $43.84M $35.80M $35.80M
YoY Change 56.0% 10.13% 10.15%
LONG-TERM LIABILITIES
Long-Term Debt $2.900M $2.940M $2.900M
YoY Change -9.38% -9.65% -12.12%
Other Long-Term Liabilities $30.30M $1.366M $32.40M
YoY Change 8001.6% 66.79% 825.71%
Total Long-Term Liabilities $33.20M $4.306M $35.30M
YoY Change 8777.01% 5.72% 419.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.84M $35.80M $35.80M
Total Long-Term Liabilities $33.20M $4.306M $35.30M
Total Liabilities $77.00M $71.17M $71.20M
YoY Change 1536.56% 81.33% 81.17%
SHAREHOLDERS EQUITY
Retained Earnings -$164.1M
YoY Change 73.3%
Common Stock $267.1M
YoY Change 36.57%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.77M $103.0M $103.0M
YoY Change
Total Liabilities & Shareholders Equity $160.7M $174.2M $174.2M
YoY Change 14.3% 24.29% 24.25%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$22.02M -$15.88M -$69.42M
YoY Change 256.97% 139.52% 129.21%
Depreciation, Depletion And Amortization $618.0K $550.0K $1.182M
YoY Change 249.15% 37.5% 21.36%
Cash From Operating Activities -$18.15M $14.03M -$25.24M
YoY Change 65.35% -27.64% 465.38%
INVESTING ACTIVITIES
Capital Expenditures $938.0K -$3.320M $9.649M
YoY Change 50.08% 1006.67% 68.63%
Acquisitions
YoY Change
Other Investing Activities -$32.01M -$4.900M -$30.08M
YoY Change -9.32% -52.05% 194.32%
Cash From Investing Activities -$32.95M -$8.220M -$39.72M
YoY Change -8.27% -21.94% 149.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $53.45M
YoY Change -100.0% 11.23%
Debt Paid & Issued, Net $200.0K $0.00
YoY Change -100.0%
Cash From Financing Activities 93.00K 64.38M 65.70M
YoY Change 210.0% 58427.27% 33.48%
NET CHANGE
Cash From Operating Activities -18.15M 14.03M -25.24M
Cash From Investing Activities -32.95M -8.220M -39.72M
Cash From Financing Activities 93.00K 64.38M 65.70M
Net Change In Cash -51.01M 70.19M 730.0K
YoY Change 8.84% 682.5% -97.47%
FREE CASH FLOW
Cash From Operating Activities -$18.15M $14.03M -$25.24M
Capital Expenditures $938.0K -$3.320M $9.649M
Free Cash Flow -$19.09M $17.35M -$34.89M
YoY Change 64.53% -11.88% 242.52%

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CY2018Q4 us-gaap Restricted Cash And Cash Equivalents
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsMember
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents Asset Statement Of Financial Position Extensible List
RestrictedCashAndCashEquivalentsAssetStatementOfFinancialPositionExtensibleList
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CY2019 mtem Fixed Asset Additions In Accounts Payable And Accrued Expenses
FixedAssetAdditionsInAccountsPayableAndAccruedExpenses
2686000
CY2019 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:2.68%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Certain amounts in the prior year&#8217;s presentations have been reclassified to conform to the current presentation. The condensed consolidated balance sheet at December 31, 2018 included herein was derived from the audited financial statements at that date, but includes a reclassification of $4.3 million from Other current assets to Grants revenue receivable in order to conform to current period presentation.</p>
CY2019 us-gaap Use Of Estimates
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<p style="margin-top:18pt;margin-bottom:0pt;margin-left:2.72%;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Accounting Estimates </p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.86%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America as defined by the Financial Accounting Standards Board (&#8220;FASB&#8221;) Accounting Standards Codification (&#8220;ASC&#8221;) requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. </p>
CY2019 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:2.72%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.86%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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:4.86%;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 and marketable securities are with two major financial institutions in the United States. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.86%;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 88% and 53% of total revenues for the year ended December 31, 2019 and 2018, were derived from Takeda. See Note 3 &#8220;Research and Development Collaboration Agreements<font style="font-style:italic;">&#8221;</font> regarding the collaboration agreements with Takeda.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.86%;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>
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CY2019Q1 us-gaap Assets
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1383000
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CY2019Q4 us-gaap Finance Lease Liability Current Statement Of Financial Position Extensible List
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CY2019Q4 us-gaap Finance Lease Liability Noncurrent Statement Of Financial Position Extensible List
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2019Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2019Q4 us-gaap Finance Lease Liability Payments Due
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CY2019 us-gaap Operating Lease Payments
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CY2019 us-gaap Finance Lease Principal Payments
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31000
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7501000
CY2019Q4 mtem Upfront Fees Unamortized Balance Included In Prepaid Asset
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CY2019Q4 us-gaap Contractual Obligation
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41800000
CY2019 mtem Development Costs Sharing Percentage Exercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2768711
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202817
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4002999
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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2003600
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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4743990
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10.43
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y4M24D
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P8Y2M12D
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P8Y2M12D
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P7Y
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1500000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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36500000
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36500000
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14600000
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600000
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2600000
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0
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2049000
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0
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136000
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1677000
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4304000
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1571000
CY2018Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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4547000
CY2019Q4 us-gaap Deferred Tax Assets Deferred Income
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1956000
CY2018Q4 us-gaap Deferred Tax Assets Deferred Income
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210000
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2835000
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736000
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404000
CY2019Q4 us-gaap Deferred Tax Assets Gross
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37799000
CY2018Q4 us-gaap Deferred Tax Assets Gross
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27151000
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CY2019Q4 mtem Deferred Tax Liabilities Right Of Use Asset
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2112000
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956000
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5591000
CY2019Q4 us-gaap Deferred Income Tax Liabilities
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4408000
CY2018Q4 us-gaap Deferred Income Tax Liabilities
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6516000
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33391000
CY2018Q4 us-gaap Deferred Tax Assets Valuation Allowance
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20635000
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0
CY2018Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
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12800000
CY2019Q4 us-gaap Unrecognized Tax Benefits
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0
CY2018Q4 us-gaap Unrecognized Tax Benefits
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0
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UnrecognizedTaxBenefits
1143000
CY2019 mtem Unrecognized Tax Benefits Increases Decreases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromAcquisition
0
CY2018 mtem Unrecognized Tax Benefits Increases Decreases Resulting From Acquisition
UnrecognizedTaxBenefitsIncreasesDecreasesResultingFromAcquisition
-1143000
CY2019 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2018 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
0
CY2019Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2018Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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