$MTEM
Molecular Templates, Inc.

2023 Q2 Form 10-Q Financial Statement

#000156459023007277 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $6.870M $36.63M $8.486M
YoY Change 55.54% 331.64% 163.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.200M $5.802M $7.620M
YoY Change -20.8% -23.86% -6.85%
% of Gross Profit
Research & Development $13.41M $19.04M $21.50M
YoY Change -37.22% -11.42% 0.6%
% of Gross Profit
Depreciation & Amortization $2.000M $1.928M $1.872M
YoY Change 5.26% 2.99% 24.06%
% of Gross Profit
Operating Expenses $18.61M $24.84M $29.12M
YoY Change -33.38% -14.68% -1.46%
Operating Profit -$11.74M $11.79M -$20.63M
YoY Change -50.06% -157.12% -21.64%
Interest Expense -$820.0K $455.0K $70.00K
YoY Change -540.86% 550.0% 34.62%
% of Operating Profit 3.86%
Other Income/Expense, Net $300.0K
YoY Change
Pretax Income -$10.87M $10.85M -$21.61M
YoY Change -55.5% -150.18% -19.3%
Income Tax
% Of Pretax Income
Net Earnings -$10.87M $10.85M -$21.61M
YoY Change -55.49% -150.18% -19.3%
Net Earnings / Revenue -158.22% 29.61% -254.67%
Basic Earnings Per Share -$0.19 -$0.19 $0.38
Diluted Earnings Per Share -$0.19 -$0.19 -$383.8K
COMMON SHARES
Basic Shares Outstanding 56.35M 56.35M 56.31M
Diluted Shares Outstanding 56.35M 56.35M 56.31M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $41.67M $124.5M
YoY Change -95.21% -66.53% -38.45%
Cash & Equivalents $5.000M $38.78M $19.57M
Short-Term Investments $0.00 $2.889M $104.9M
Other Short-Term Assets $2.710M $5.106M $7.866M
YoY Change -37.82% -35.09% 994.02%
Inventory
Prepaid Expenses $3.887M $2.009M
Receivables
Other Receivables
Total Short-Term Assets $11.82M $51.62M $132.4M
YoY Change -89.37% -61.0% -36.71%
LONG-TERM ASSETS
Property, Plant & Equipment $10.16M $12.81M $18.63M
YoY Change -43.29% -31.23% -14.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $3.368M $3.415M $3.940M
YoY Change -15.93% -13.32% -23.44%
Total Long-Term Assets $23.69M $26.88M $30.78M
YoY Change -20.27% -12.67% -27.73%
TOTAL ASSETS
Total Short-Term Assets $11.82M $51.62M $132.4M
Total Long-Term Assets $23.69M $26.88M $30.78M
Total Assets $35.51M $78.51M $163.2M
YoY Change -74.79% -51.89% -35.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.669M $2.718M $0.00
YoY Change 184.52% -100.0%
Accrued Expenses $3.510M $5.542M $7.905M
YoY Change -62.22% -29.89% -19.34%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $26.94M $29.90M $45.02M
YoY Change -41.91% -33.59% -41.2%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $36.40M $35.74M
YoY Change -100.0% 1.86% 137.76%
Other Long-Term Liabilities $1.349M $1.322M $34.92M
YoY Change -20.55% -96.21% 2192.97%
Total Long-Term Liabilities $1.349M $37.72M $70.66M
YoY Change -96.39% -46.61% 326.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $26.94M $29.90M $45.02M
Total Long-Term Liabilities $1.349M $37.72M $70.66M
Total Liabilities $44.19M $80.42M $115.7M
YoY Change -61.53% -30.49% -19.34%
SHAREHOLDERS EQUITY
Retained Earnings -$444.8M -$433.9M
YoY Change 11.74%
Common Stock $56.00K $432.0M
YoY Change -99.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$8.678M -$1.910M $47.48M
YoY Change
Total Liabilities & Shareholders Equity $35.51M $78.51M $163.2M
YoY Change -74.79% -51.89% -35.19%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$10.87M $10.85M -$21.61M
YoY Change -55.49% -150.18% -19.3%
Depreciation, Depletion And Amortization $2.000M $1.928M $1.872M
YoY Change 5.26% 2.99% 24.06%
Cash From Operating Activities -$9.640M -$19.36M -$27.70M
YoY Change -47.8% -30.09% -165.61%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $183.0K $553.0K
YoY Change -101.48% -66.91% 27.13%
Acquisitions
YoY Change
Other Investing Activities $3.150M $26.14M $21.84M
YoY Change -88.53% 19.68% -154.66%
Cash From Investing Activities $3.140M $25.95M $21.29M
YoY Change -87.97% 21.93% -152.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -27.50M 0.000
YoY Change 9936.5% -100.0%
NET CHANGE
Cash From Operating Activities -9.640M -19.36M -27.70M
Cash From Investing Activities 3.140M 25.95M 21.29M
Cash From Financing Activities -27.50M 0.000
Net Change In Cash -34.00M 6.592M -6.411M
YoY Change -561.71% -202.82% -108.71%
FREE CASH FLOW
Cash From Operating Activities -$9.640M -$19.36M -$27.70M
Capital Expenditures $20.00K $183.0K $553.0K
Free Cash Flow -$9.660M -$19.54M -$28.25M
YoY Change -43.58% -30.82% -167.62%

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CY2023Q1 us-gaap Concentration Risk Credit Risk
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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. At March 31, 2023, the Company’s exposure to credit risk associated with non-payment will be affected principally by conditions or occurrences within <span style="Background-color:#FFFFFF;color:#000000;">Bristol Myers Squibb Company (“Bristol Myers Squibb”). In past years, </span>the Company’s exposure to credit risk associated with non-payment were also affected principally by conditions or occurrences within<span style="Background-color:#FFFFFF;color:#000000;"> </span>Millennium Pharmaceuticals, Inc., a wholly owned subsidiary of Takeda Pharmaceutical Company Ltd. (“Takeda”). Takeda accounted for approximately 0% and 30% of total revenues for the three months ended March 31, 2023 and 2022, respectively. <span style="Background-color:#FFFFFF;color:#000000;">Bristol Myers Squibb</span> accounted for approximately 92% and 70% of total revenues for the three months ended March 31, 2023 and 2022, 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;"><span style="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</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">.</span></p>
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CY2023Q1 us-gaap Property Plant And Equipment Net
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CY2022Q1 us-gaap Variable Lease Cost
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CY2022Q1 us-gaap Operating Lease Expense
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q1 mtem Lessee Operating Lease Liability Payments Due After Year Four
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Operating Lease Payments
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CY2023Q1 mtem Upfront Fees Unamortized Balance Included In Prepaid Asset
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CY2023Q1 us-gaap Contractual Obligation
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2023Q1 mtem Restructuring Reduced Company Workforce
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CY2023Q1 us-gaap Restructuring Charges
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CY2023Q1 us-gaap Severance Costs1
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CY2022Q4 us-gaap Restructuring Reserve
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CY2023Q1 us-gaap Restructuring Charges
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305000
CY2023Q1 us-gaap Restructuring Reserve
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