$NGNE
Neurogene Inc.

2019 Q4 Form 10-Q Financial Statement

#000119312519290610 Filed on November 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.370M $10.18M $4.480M
YoY Change 23.44% 127.23% 24.1%
% of Gross Profit
Research & Development $4.890M $47.72M $10.71M
YoY Change 90.27% 345.4% 26.69%
% of Gross Profit
Depreciation & Amortization $340.0K
YoY Change
% of Gross Profit
Operating Expenses $8.260M $59.52M $15.20M
YoY Change 55.85% 291.63% 25.91%
Operating Profit -$59.52M -$15.20M
YoY Change 291.63% 25.91%
Interest Expense $250.0K $390.0K $470.0K
YoY Change -41.86% -17.02% 95.83%
% of Operating Profit
Other Income/Expense, Net $0.00 $384.0K $204.0K
YoY Change -100.0% 88.24% -13.92%
Pretax Income -$8.100M -$59.13M -$14.99M
YoY Change 65.64% 294.46% 26.71%
Income Tax
% Of Pretax Income
Net Earnings -$8.100M -$59.13M -$14.99M
YoY Change 65.64% 294.4% 26.7%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$232.6K -$2.258M -$636.8K
COMMON SHARES
Basic Shares Outstanding 38.33M 23.54M 23.54M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $143.1M $66.30M $86.70M
YoY Change 86.09% -23.53% -27.57%
Cash & Equivalents $143.1M $66.31M $86.73M
Short-Term Investments $0.00
Other Short-Term Assets $503.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $500.0K $1.300M $600.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $143.6M $67.58M $87.29M
YoY Change 86.09% -22.58% -27.6%
LONG-TERM ASSETS
Property, Plant & Equipment $2.060M $1.388M $467.0K
YoY Change 415.0% 197.22% -54.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K $0.00 $100.0K
YoY Change -70.0% -100.0%
Total Long-Term Assets $3.427M $2.209M $521.0K
YoY Change 656.51% 323.99% -49.37%
TOTAL ASSETS
Total Short-Term Assets $143.6M $67.58M $87.29M
Total Long-Term Assets $3.427M $2.209M $521.0K
Total Assets $147.0M $69.79M $87.81M
YoY Change 89.42% -20.52% -27.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.100M $2.300M $10.70M
YoY Change -10.87% -78.5% 52.86%
Accrued Expenses $600.0K $200.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $100.0K $100.0K
YoY Change
Total Short-Term Liabilities $4.743M $2.565M $10.75M
YoY Change 2.51% -76.14% 53.62%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $100.0K $0.00
YoY Change
Other Long-Term Liabilities $400.0K $200.0K $343.0K
YoY Change 25.39% -41.69% -33.14%
Total Long-Term Liabilities $500.0K $300.0K $343.0K
YoY Change 56.74% -12.54% -33.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.743M $2.565M $10.75M
Total Long-Term Liabilities $500.0K $300.0K $343.0K
Total Liabilities $5.336M $2.916M $11.09M
YoY Change 7.89% -73.71% 47.7%
SHAREHOLDERS EQUITY
Retained Earnings -$299.5M -$291.4M -$225.2M
YoY Change 30.18% 29.41% 23.58%
Common Stock $0.00 $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $141.7M $66.88M $76.72M
YoY Change
Total Liabilities & Shareholders Equity $147.0M $69.79M $87.81M
YoY Change 89.42% -20.52% -27.79%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$8.100M -$59.13M -$14.99M
YoY Change 65.64% 294.4% 26.7%
Depreciation, Depletion And Amortization $340.0K
YoY Change
Cash From Operating Activities -$4.630M -$6.530M -$15.39M
YoY Change -52.66% -57.57% 33.48%
INVESTING ACTIVITIES
Capital Expenditures -$780.0K -$100.0K $20.00K
YoY Change -600.0% -166.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $190.0K $3.000M
YoY Change -93.67% -90.48%
Cash From Investing Activities -$780.0K $90.00K $3.020M
YoY Change -97.02% -90.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $80.70M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.21M 30.00K -20.00K
YoY Change -250.0%
NET CHANGE
Cash From Operating Activities -4.630M -6.530M -15.39M
Cash From Investing Activities -780.0K 90.00K 3.020M
Cash From Financing Activities 82.21M 30.00K -20.00K
Net Change In Cash 76.80M -6.410M -12.39M
YoY Change -885.28% -48.26% -162.11%
FREE CASH FLOW
Cash From Operating Activities -$4.630M -$6.530M -$15.39M
Capital Expenditures -$780.0K -$100.0K $20.00K
Free Cash Flow -$3.850M -$6.430M -$15.41M
YoY Change -60.63% -58.27% 34.0%

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<div style="font-family: &quot;times new roman&quot;; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt; line-height: 12pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">1. Nature of operations </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">On August&#160;8, 2019, Aquinox Pharmaceuticals, Inc. (&#8220;Aquinox&#8221;) completed a transaction with Neoleukin Therapeutics, Inc. (&#8220;Former Neoleukin&#8221;) pursuant to the Agreement and Plan of Merger dated August&#160;5, 2019. Former Neoleukin merged with a wholly owned subsidiary of Aquinox. Upon completion of the transaction, Aquinox was renamed Neoleukin Therapeutics, Inc. (&#8220;Neoleukin&#8221; or &#8220;the Company&#8221;) and its common stock trades under the new ticker symbol &#8220;NLTX&#8221; on the Nasdaq Global Market. </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;">The Company is a biotechnology company that uses sophisticated computational algorithms and methods to design<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;de novo</div>&#160;protein therapeutics to address significant unmet medical needs in oncology, inflammation, and autoimmunity. The Company&#8217;s lead product <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">candidate,&#160;NL-201,&#160;is</div> a<div style="font-style:italic;display:inline;;font-style:italic;display:inline;">&#160;de novo</div>&#160;protein designed to mimic the therapeutic activity of the cytokines <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">interleukin-2,&#160;or&#160;IL-2,&#160;and&#160;interleukin-15,&#160;or&#160;IL-15,&#160; for</div></div></div></div> the treatment of various types of cancer, including renal cell carcinoma, or RCC, and melanoma, while limiting the toxicity caused by the preferential binding of <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">native&#160;IL-2&#160;and&#160;IL-15&#160;to&#160;non-target&#160;cells.</div></div></div> In preclinical studies, a closely related precursor <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">to&#160;NL-201&#160;demonstrated</div> higher levels of activity in multiple murine solid tumor syngeneic models as compared to recombinant, <div style="white-space: nowrap; color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">native&#160;IL-2.</div> </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The Company&#8217;s head-office is in Seattle, Washington.</div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;"><div style="font-style:italic;display:inline;;font-style:italic;display:inline;">(b) Use of estimates and assumptions </div></div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="letter-spacing: 0px; top: 0px;;display:inline;"><div style="color: rgb(0, 0, 0); letter-spacing: 0px; top: 0px;;display:inline;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring management estimates include valuation of stock options and restricted stock units, amortization and depreciation, determination of the fair values of assets and liabilities acquired in the acquisition of net assets of Former Neoleukin, accrual of expenses, valuation allowance for deferred income taxes, and contingencies. Actual results could differ from those estimates. </div></div></div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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nltx Common Stock Reserved For Issuance Description
CommonStockReservedForIssuanceDescription
Additionally, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year for a period of up to 10 years, beginning on January 1, 2015 and ending on and including January 1, 2024, by 4% of the total number of shares of capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the board of directors.
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CY2019Q3 nltx Acquisitions Of Assets Transaction Costs
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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PreferredStockLiquidationPreferenceValue
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us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
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0
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0
CY2019Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-9000
CY2018 nltx License And Collaboration Agreement Terms
LicenseAndCollaborationAgreementTerms
The license and collaboration agreement also included an upfront payment of $25.0&#160;million and contractual milestones.
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
298000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.07
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
3000
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5100000
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AllocatedShareBasedCompensationExpense
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AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
8600000
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LesseeFinanceLeaseDiscountRate
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
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CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Four
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CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
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CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
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us-gaap Lease And Rental Expense
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us-gaap Profit Loss
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us-gaap Lease Cost
LeaseCost
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
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nltx Stock Based Compensation Increase In Common Stock Issuance Percentage
StockBasedCompensationIncreaseInCommonStockIssuancePercentage
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nltx Period Shares Reserved For Issuance Will Increase
PeriodSharesReservedForIssuanceWillIncrease
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dei Entity Registrant Name
EntityRegistrantName
Neoleukin Therapeutics, Inc.
dei Trading Symbol
TradingSymbol
NLTX
CY2019Q3 nltx Receivables Prepayments And Deposits Current
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CY2019Q3 us-gaap Common Stock Value
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CY2019Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2019Q3 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2018Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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CY2019Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
622000
CY2018 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
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CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16468693
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3357264
CY2019Q3 nltx Stock Conversion Ratio
StockConversionRatio
1 preferred stock = 100 common stock

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