$MTEM
Molecular Templates, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022019985 Filed on May 13, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $8.486M $3.220M
YoY Change 163.54% -22.22%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.620M $8.180M
YoY Change -6.85% 44.78%
% of Gross Profit
Research & Development $21.50M $21.37M
YoY Change 0.6% 3.58%
% of Gross Profit
Depreciation & Amortization $1.872M $1.509M
YoY Change 24.06% 144.17%
% of Gross Profit
Operating Expenses $29.12M $29.55M
YoY Change -1.46% 12.44%
Operating Profit -$20.63M -$26.33M
YoY Change -21.64%
Interest Expense $70.00K $52.00K
YoY Change 34.62% -88.98%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$21.61M -$26.78M
YoY Change -19.3% 21.65%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$21.61M -$26.78M
YoY Change -19.3% 21.62%
Net Earnings / Revenue -254.67% -831.61%
Basic Earnings Per Share $0.38
Diluted Earnings Per Share -$383.8K -$509.5K
COMMON SHARES
Basic Shares Outstanding 56.31M
Diluted Shares Outstanding 56.31M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.5M $202.3M
YoY Change -38.45% 92.67%
Cash & Equivalents $19.57M $98.79M
Short-Term Investments $104.9M $103.5M
Other Short-Term Assets $7.866M $719.0K
YoY Change 994.02% -91.44%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $132.4M $209.2M
YoY Change -36.71% 68.42%
LONG-TERM ASSETS
Property, Plant & Equipment $18.63M $21.71M
YoY Change -14.16% 12.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $5.100M
YoY Change -100.0% 70.0%
Other Assets $3.940M $5.146M
YoY Change -23.44% 11.46%
Total Long-Term Assets $30.78M $42.59M
YoY Change -27.73% 16.56%
TOTAL ASSETS
Total Short-Term Assets $132.4M $209.2M
Total Long-Term Assets $30.78M $42.59M
Total Assets $163.2M $251.8M
YoY Change -35.19% 56.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $0.00 $1.804M
YoY Change -100.0% 1.92%
Accrued Expenses $7.905M $9.801M
YoY Change -19.34% -15.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $45.02M $76.58M
YoY Change -41.2% 74.69%
LONG-TERM LIABILITIES
Long-Term Debt $35.74M $15.03M
YoY Change 137.76% 418.31%
Other Long-Term Liabilities $34.92M $1.523M
YoY Change 2192.97% -94.97%
Total Long-Term Liabilities $70.66M $16.55M
YoY Change 326.84% -50.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.02M $76.58M
Total Long-Term Liabilities $70.66M $16.55M
Total Liabilities $115.7M $143.4M
YoY Change -19.34% 86.26%
SHAREHOLDERS EQUITY
Retained Earnings -$295.8M
YoY Change
Common Stock $404.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $47.48M $108.4M
YoY Change
Total Liabilities & Shareholders Equity $163.2M $251.8M
YoY Change -35.19% 56.67%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$21.61M -$26.78M
YoY Change -19.3% 21.62%
Depreciation, Depletion And Amortization $1.872M $1.509M
YoY Change 24.06% 144.17%
Cash From Operating Activities -$27.70M $42.21M
YoY Change -165.61% -332.6%
INVESTING ACTIVITIES
Capital Expenditures $553.0K $435.0K
YoY Change 27.13% -53.62%
Acquisitions
YoY Change
Other Investing Activities $21.84M -$39.95M
YoY Change -154.66% 24.8%
Cash From Investing Activities $21.29M -$40.39M
YoY Change -152.7% 22.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $71.15M
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities 0.000 71.74M
YoY Change -100.0% 77040.86%
NET CHANGE
Cash From Operating Activities -27.70M 42.21M
Cash From Investing Activities 21.29M -40.39M
Cash From Financing Activities 0.000 71.74M
Net Change In Cash -6.411M 73.57M
YoY Change -108.71% -244.23%
FREE CASH FLOW
Cash From Operating Activities -$27.70M $42.21M
Capital Expenditures $553.0K $435.0K
Free Cash Flow -$28.25M $41.78M
YoY Change -167.62% -318.89%

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 30% and 7% of total revenues for the three months ended March 31, 2022 and 2021, respectively. Vertex accounted for approximately 0% and 63% of total revenues for the three months ended March 31, 2022 and 2021, respectively. BMS accounted for approximately 70% and 30% of total revenue for the three months ended March 31, 2022 and 2021, 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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9009000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y2M26D
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y7M24D
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0702
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0702
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2482000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2689000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2218000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2147000
CY2022Q1 mtem Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
2686000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
13781000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2239000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11542000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
833000
CY2022Q1 us-gaap Contractual Obligation
ContractualObligation
40300000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6697927
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
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2683818
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.84
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
320716
CY2022Q1 mtem Upfront Fees Unamortized Balance Included In Prepaid Asset
UpfrontFeesUnamortizedBalanceIncludedInPrepaidAsset
100000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.05
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1206556
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
11.46
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3682000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4066000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
31900000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M3D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7854473
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.21
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
950000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2106553
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.76
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
356123
CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
9.75
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9604903
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.59
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2190000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
9604903
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
8.59
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2190000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4709331
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.94
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
810000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2021Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
600000
CY2022Q1 mtem Employee Service Share Based Compensation Tax Benefit Realized From Exercise Of Stock Options1
EmployeeServiceShareBasedCompensationTaxBenefitRealizedFromExerciseOfStockOptions1
0

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