$MTEM
Molecular Templates, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021056809 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $2.379M $4.300M $6.910M
YoY Change -44.67% 18.85% 26.86%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.027M $7.550M $6.410M
YoY Change 19.56% 67.41% 39.05%
% of Gross Profit
Research & Development $22.88M $19.62M $30.41M
YoY Change 16.61% 28.68% 196.92%
% of Gross Profit
Depreciation & Amortization $1.700M $1.200M $800.0K
YoY Change 41.67% 140.0% 60.0%
% of Gross Profit
Operating Expenses $31.91M $27.17M $36.83M
YoY Change 17.44% -35.13% 148.02%
Operating Profit -$29.53M -$22.87M -$29.92M
YoY Change 29.11% -40.23% 218.23%
Interest Expense $175.0K $167.0K $286.0K
YoY Change 4.79% -57.83% -47.33%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$30.39M -$23.23M -$31.23M
YoY Change 30.84% -39.23% 241.18%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$30.39M -$23.23M -$31.23M
YoY Change 30.84% -39.23% 241.18%
Net Earnings / Revenue -1277.3% -540.12% -451.92%
Basic Earnings Per Share -$0.54
Diluted Earnings Per Share -$540.9K -$473.8K -$682.9K
COMMON SHARES
Basic Shares Outstanding 56.17M
Diluted Shares Outstanding 56.17M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.4M $116.2M $91.00M
YoY Change 45.76% 126.07% 25.82%
Cash & Equivalents $27.59M $33.41M $27.65M
Short-Term Investments $141.8M $82.80M $63.40M
Other Short-Term Assets $8.068M $9.600M $8.000M
YoY Change -15.96% 3100.0% 8063.27%
Inventory
Prepaid Expenses
Receivables $0.00 $300.0K $3.200M
Other Receivables $0.00 $3.500M $5.900M
Total Short-Term Assets $177.4M $129.7M $108.1M
YoY Change 36.81% 102.19% 35.4%
LONG-TERM ASSETS
Property, Plant & Equipment $20.45M $20.89M $20.22M
YoY Change -2.1% 50.45% 121.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.013M $2.000M $0.00
YoY Change 200.65%
Other Assets $5.019M $5.200M $4.800M
YoY Change -3.48% 9.82% 1.33%
Total Long-Term Assets $40.49M $39.70M $34.30M
YoY Change 1.98% 36.82% -33.15%
TOTAL ASSETS
Total Short-Term Assets $177.4M $129.7M $108.1M
Total Long-Term Assets $40.49M $39.70M $34.30M
Total Assets $217.9M $169.4M $142.4M
YoY Change 28.65% 81.83% 8.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.311M $2.600M $1.700M
YoY Change -49.58% 83.88% -34.03%
Accrued Expenses $11.31M $13.23M $14.13M
YoY Change -14.56% 45.32% 98.44%
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
Total Short-Term Liabilities $47.40M $40.40M $41.40M
YoY Change 17.32% 67.65% 61.13%
LONG-TERM LIABILITIES
Long-Term Debt $35.25M $14.80M $14.70M
YoY Change 138.18% 393.17% 378.05%
Other Long-Term Liabilities $63.18M $29.70M $1.427M
YoY Change 112.71% 2299.03% 90.78%
Total Long-Term Liabilities $98.43M $44.50M $1.427M
YoY Change 121.18% 949.78% -62.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.40M $40.40M $41.40M
Total Long-Term Liabilities $98.43M $44.50M $1.427M
Total Liabilities $145.8M $84.90M $86.55M
YoY Change 71.76% 111.48% 106.63%
SHAREHOLDERS EQUITY
Retained Earnings -$217.4M
YoY Change 97.57%
Common Stock $273.1M
YoY Change 37.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $72.11M $84.44M $55.86M
YoY Change
Total Liabilities & Shareholders Equity $217.9M $169.4M $142.4M
YoY Change 28.65% 81.83% 8.59%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$30.39M -$23.23M -$31.23M
YoY Change 30.84% -39.23% 241.18%
Depreciation, Depletion And Amortization $1.700M $1.200M $800.0K
YoY Change 41.67% 140.0% 60.0%
Cash From Operating Activities -$24.81M -$19.82M -$24.32M
YoY Change 25.18% 20.93% 104.37%
INVESTING ACTIVITIES
Capital Expenditures -$1.323M -$1.080M -$2.490M
YoY Change 22.5% -79.27% 408.16%
Acquisitions
YoY Change
Other Investing Activities $9.780M -$21.51M $10.16M
YoY Change -145.47% -209.8% -207.29%
Cash From Investing Activities $8.457M -$22.59M $7.670M
YoY Change -137.44% -256.98% -176.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 856.0K 48.62M 10.08M
YoY Change -98.24% 10029.17% 1144.44%
NET CHANGE
Cash From Operating Activities -24.81M -19.82M -24.32M
Cash From Investing Activities 8.457M -22.59M 7.670M
Cash From Financing Activities 856.0K 48.62M 10.08M
Net Change In Cash -15.50M 6.210M -6.570M
YoY Change -349.55% -508.55% -68.8%
FREE CASH FLOW
Cash From Operating Activities -$24.81M -$19.82M -$24.32M
Capital Expenditures -$1.323M -$1.080M -$2.490M
Free Cash Flow -$23.49M -$18.74M -$21.83M
YoY Change 25.33% 67.62% 91.32%

Facts In Submission

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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:4.54%;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:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’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:4.54%;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’ 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 0% and 36% of total revenues for the three months ended September 30, 2021 and 2020, respectively and approximately 63% and 32% for the nine months ended September 30, 2021 and 2020. Vertex accounted for approximately 65% and 64% of total revenues for the three months ended September 30, 2021 and 2020, respectively and approximately 19% and 47% for the nine months ended September 30, 2021 and 2020. BMS accounted for approximately 35% and 0% of total revenue for the three months ended September 30, 2021 and 2020, respectively and approximately 18% and 0% for the nine months ended September 30, 2021 and 2020, respectively.</p> <p style="margin-bottom:0pt;margin-top:6pt;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 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>
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12143000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7385000
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20451000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
22254000
CY2021Q3 us-gaap Depreciation
Depreciation
1700000
CY2020Q3 us-gaap Depreciation
Depreciation
1200000
us-gaap Depreciation
Depreciation
4800000
us-gaap Depreciation
Depreciation
2700000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
35300000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
14900000
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
600000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
726000
us-gaap Operating Lease Cost
OperatingLeaseCost
2177000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
117000
us-gaap Variable Lease Cost
VariableLeaseCost
364000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
843000
us-gaap Operating Lease Expense
OperatingLeaseExpense
2541000
CY2021Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0000
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0000
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9002000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2541000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
10284000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12825000
CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y6M
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y1M6D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y1M6D
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0703
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0704
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
831000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3359000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2689000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2218000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2147000
CY2021Q3 mtem Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
4245000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
15489000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2664000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
12825000
us-gaap Operating Lease Payments
OperatingLeasePayments
2371000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2453506
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.06
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
261260
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 Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6697927
CY2021Q3 mtem Upfront Fees Unamortized Balance Included In Prepaid Asset
UpfrontFeesUnamortizedBalanceIncludedInPrepaidAsset
700000
CY2021Q3 us-gaap Contractual Obligation
ContractualObligation
23800000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4243000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
39400000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M17D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4763062
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
36630000
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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2613418
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.07
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
313634
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
696531
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
12.10
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8301180
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.28
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4410000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
8301180
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
10.28
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
4410000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4150372
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.60
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
3550000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
2400000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1600000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
900000
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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