$MTEM
Molecular Templates, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021027781 Filed on May 14, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $3.220M $3.500M $4.140M
YoY Change -22.22% -43.55% -40.94%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.180M $7.120M $5.650M
YoY Change 44.78% 18.08% 14.37%
% of Gross Profit
Research & Development $21.37M $22.30M $20.63M
YoY Change 3.58% 34.58% 144.03%
% of Gross Profit
Depreciation & Amortization $1.509M $1.390M $618.0K
YoY Change 144.17% 152.73% 249.15%
% of Gross Profit
Operating Expenses $29.55M $29.41M $26.28M
YoY Change 12.44% 30.13% 210.86%
Operating Profit -$26.33M
YoY Change
Interest Expense $52.00K -$370.0K $472.0K
YoY Change -88.98% -171.15% 124.76%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$26.78M -$28.45M -$22.01M
YoY Change 21.65% 79.16% 256.89%
Income Tax $0.00 $0.00 $5.000K
% Of Pretax Income
Net Earnings -$26.78M -$28.45M -$22.02M
YoY Change 21.62% 79.16% 256.97%
Net Earnings / Revenue -831.61% -812.86% -531.84%
Basic Earnings Per Share
Diluted Earnings Per Share -$509.5K -$569.1K -$482.4K
COMMON SHARES
Basic Shares Outstanding 45.65M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.3M $93.89M $105.0M
YoY Change 92.67% -24.94% 25.64%
Cash & Equivalents $98.79M $25.22M $34.44M
Short-Term Investments $103.5M $68.67M $70.50M
Other Short-Term Assets $719.0K $1.125M $8.400M
YoY Change -91.44% 130.06% 65.19%
Inventory
Prepaid Expenses $4.140M
Receivables $0.00 $200.0K $1.300M
Other Receivables $0.00 $0.00 $9.400M
Total Short-Term Assets $209.2M $99.38M $124.2M
YoY Change 68.42% -28.96% 36.48%
LONG-TERM ASSETS
Property, Plant & Equipment $21.71M $22.25M $19.30M
YoY Change 12.47% 22.56% 6.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.100M $0.00 $3.000M
YoY Change 70.0% -100.0%
Other Assets $5.146M $5.195M $4.617M
YoY Change 11.46% 11.1% -3.47%
Total Long-Term Assets $42.59M $40.49M $36.54M
YoY Change 16.56% 18.05% -142.09%
TOTAL ASSETS
Total Short-Term Assets $209.2M $99.38M $124.2M
Total Long-Term Assets $42.59M $40.49M $36.54M
Total Assets $251.8M $139.9M $160.7M
YoY Change 56.63% -19.7% 3745.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.804M $2.350M $1.770M
YoY Change 1.92% 60.41% 11.88%
Accrued Expenses $9.801M $12.58M $11.53M
YoY Change -15.0% -13.54% 67.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $76.58M $37.55M $43.84M
YoY Change 74.69% 4.89% 56.0%
LONG-TERM LIABILITIES
Long-Term Debt $15.03M $14.93M $2.900M
YoY Change 418.31% 407.69% -9.38%
Other Long-Term Liabilities $1.523M $1.490M $30.30M
YoY Change -94.97% 9.08% 8001.6%
Total Long-Term Liabilities $16.55M $16.42M $33.20M
YoY Change -50.14% 281.24% 8777.01%
TOTAL LIABILITIES
Total Short-Term Liabilities $76.58M $37.55M $43.84M
Total Long-Term Liabilities $16.55M $16.42M $33.20M
Total Liabilities $143.4M $80.54M $77.00M
YoY Change 86.26% 13.16% 1536.56%
SHAREHOLDERS EQUITY
Retained Earnings -$295.8M -$269.0M
YoY Change 63.92%
Common Stock $404.2M $328.4M
YoY Change 22.92%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.4M $59.34M $83.77M
YoY Change
Total Liabilities & Shareholders Equity $251.8M $139.9M $160.7M
YoY Change 56.67% -19.7% 14.3%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$26.78M -$28.45M -$22.02M
YoY Change 21.62% 79.16% 256.97%
Depreciation, Depletion And Amortization $1.509M $1.390M $618.0K
YoY Change 144.17% 152.73% 249.15%
Cash From Operating Activities $42.21M -$21.51M -$18.15M
YoY Change -332.6% -253.31% 65.35%
INVESTING ACTIVITIES
Capital Expenditures $435.0K -$2.880M $938.0K
YoY Change -53.62% -13.25% 50.08%
Acquisitions
YoY Change
Other Investing Activities -$39.95M $16.09M -$32.01M
YoY Change 24.8% -428.37% -9.32%
Cash From Investing Activities -$40.39M $13.21M -$32.95M
YoY Change 22.57% -260.71% -8.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $71.15M $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00 $200.0K
YoY Change -100.0%
Cash From Financing Activities 71.74M 110.0K 93.00K
YoY Change 77040.86% -99.83% 210.0%
NET CHANGE
Cash From Operating Activities 42.21M -21.51M -18.15M
Cash From Investing Activities -40.39M 13.21M -32.95M
Cash From Financing Activities 71.74M 110.0K 93.00K
Net Change In Cash 73.57M -8.190M -51.01M
YoY Change -244.23% -111.67% 8.84%
FREE CASH FLOW
Cash From Operating Activities $42.21M -$21.51M -$18.15M
Capital Expenditures $435.0K -$2.880M $938.0K
Free Cash Flow $41.78M -$18.63M -$19.09M
YoY Change -318.89% -207.38% 64.53%

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<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;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;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:6pt;text-indent:4.42%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s cash and cash equivalents are with two major financial institutions in the United States. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.42%;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’ financial conditions and generally does not require collateral to secure accounts receivable from its strategic partners. The Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within Millennium Pharmaceuticals, Inc., a wholly-owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”), <span style="Background-color:#FFFFFF;color:#000000;">Vertex Pharmaceuticals Incorporated (“Vertex”) and Bristol Myers Squibb Company (“Bristol Myers Squibb” or “BMS”)</span>. Takeda accounted for approximately 7% and 8% of total revenues for the three months ended March 31, 2021 and 2020, respectively. Vertex accounted for approximately 63% and 35% of total revenues for the three months ended March 31, 2021 and 2020, respectively. BMS accounted for approximately 30% and 0% of total revenue for the three months ended March 31, 2021 and 2020, respectively. </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.42%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Drug or biologic candidates developed by the Company may 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>
CY2021Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
0
CY2021Q1 mtem Research And Development Revenues From Collaboration Agreements
ResearchAndDevelopmentRevenuesFromCollaborationAgreements
3220000
CY2020Q1 mtem Research And Development Revenues From Collaboration Agreements
ResearchAndDevelopmentRevenuesFromCollaborationAgreements
1800000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
205547000
CY2021Q1 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
103498000
CY2021Q1 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
5115000
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
205547000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
92460000
CY2020Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
68667000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
92460000
CY2021Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
851000
CY2020Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
691000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
0
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26000
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9801000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12575000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30568000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
29639000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8861000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7385000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21707000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22254000
CY2021Q1 us-gaap Depreciation
Depreciation
1500000
CY2020Q1 us-gaap Depreciation
Depreciation
700000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
15000000.0
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
14900000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
726000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
561000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
125000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
130000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000
CY2021Q1 mtem Finance Lease Expense
FinanceLeaseExpense
0
CY2020Q1 mtem Finance Lease Expense
FinanceLeaseExpense
2000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
10625000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2386000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
11586000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13972000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y10M28D
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0704
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0672
CY2021Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0000
CY2020Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0681
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2442000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3361000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2689000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2218000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2147000
CY2021Q1 mtem Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4246000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17103000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3131000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13972000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
756000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
515000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
7000
CY2021Q1 mtem Upfront Fees Unamortized Balance Included In Prepaid Asset
UpfrontFeesUnamortizedBalanceIncludedInPrepaidAsset
1600000
CY2021Q1 us-gaap Contractual Obligation
ContractualObligation
20900000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4066000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2192000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
51300000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y11M1D
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.06
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.36
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
36630000
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.99
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
257381
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.99
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.13
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
13790000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2280918
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.82
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
98373
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
6.07
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
130757
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
12.30
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8749715
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.34
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27090000.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
8749715
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
10.34
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
27090000.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3366145
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.59
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
18120000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
600000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1300000
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
600000
CY2020Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
300000
CY2021Q1 mtem Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options1
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions1
0
CY2020Q4 mtem Gain Loss On Assets Held For Sale
GainLossOnAssetsHeldForSale
2000000.0

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