2023 Q2 Form 10-Q Financial Statement

#000162828023016425 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.492M $4.027M $4.250M
YoY Change -28.95% -13.66% -21.5%
% of Gross Profit
Research & Development -$426.0K $7.690M $10.00M
YoY Change -103.89% -28.14% 2.47%
% of Gross Profit
Depreciation & Amortization $77.00K $329.0K $368.0K
YoY Change -83.22% -19.95% -5.64%
% of Gross Profit
Operating Expenses $3.066M $15.14M $14.25M
YoY Change -80.68% 41.44% -6.08%
Operating Profit -$3.066M -$15.14M
YoY Change -80.68% -1.5%
Interest Expense $981.0K $945.0K $808.0K
YoY Change 392.96% 6650.0% 11442.86%
% of Operating Profit
Other Income/Expense, Net $0.00 -$14.00K -$2.000K
YoY Change -100.0% -200.0%
Pretax Income -$2.085M -$14.20M -$13.45M
YoY Change -86.71% -7.47% -11.35%
Income Tax
% Of Pretax Income
Net Earnings -$2.085M -$14.20M -$13.45M
YoY Change -86.71% -7.47% -11.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.04 -$0.26
Diluted Earnings Per Share -$0.04 -$0.26 -$0.24
COMMON SHARES
Basic Shares Outstanding 42.83M shares 42.82M shares 42.59M shares
Diluted Shares Outstanding 56.16M shares 55.42M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.06M $83.44M $96.38M
YoY Change -29.53% -34.84% -32.35%
Cash & Equivalents $31.11M $35.49M $37.89M
Short-Term Investments $50.95M $47.94M $58.50M
Other Short-Term Assets $1.718M $2.200M $2.750M
YoY Change -15.29% -4.68% 80.68%
Inventory
Prepaid Expenses $1.078M
Receivables
Other Receivables
Total Short-Term Assets $83.78M $85.64M $99.13M
YoY Change -29.29% -34.31% -31.15%
LONG-TERM ASSETS
Property, Plant & Equipment $561.0K $2.489M $15.88M
YoY Change -96.6% -60.03% 146.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $529.0K $905.0K $936.0K
YoY Change -73.81% -53.47% -51.45%
Total Long-Term Assets $10.23M $12.82M $16.81M
YoY Change -44.84% -31.65% -12.76%
TOTAL ASSETS
Total Short-Term Assets $83.78M $85.64M $99.13M
Total Long-Term Assets $10.23M $12.82M $16.81M
Total Assets $94.01M $98.46M $115.9M
YoY Change -31.39% -33.98% -28.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.387M $5.421M $9.547M
YoY Change -57.05% -14.29% 28.75%
Accrued Expenses $1.490M $1.431M $1.375M
YoY Change 17.6% 17.68% 17.92%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.000K $304.0K $140.0K
YoY Change -97.46% 452.73% 154.55%
Total Short-Term Liabilities $4.880M $7.156M $11.06M
YoY Change -47.36% -5.79% 28.09%
LONG-TERM LIABILITIES
Long-Term Debt $6.000K $7.000K $233.0K
YoY Change -40.0% -89.39% 247.76%
Other Long-Term Liabilities $9.543M $9.940M $10.32M
YoY Change -13.5% -12.58% -11.75%
Total Long-Term Liabilities $9.549M $9.947M $10.56M
YoY Change -13.52% -13.03% -10.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.880M $7.156M $11.06M
Total Long-Term Liabilities $9.549M $9.947M $10.56M
Total Liabilities $14.43M $17.10M $21.62M
YoY Change -28.97% -10.14% 5.97%
SHAREHOLDERS EQUITY
Retained Earnings -$467.3M -$465.3M -$451.1M
YoY Change 13.8% 14.63%
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 $79.58M $81.36M $94.33M
YoY Change
Total Liabilities & Shareholders Equity $94.01M $98.46M $115.9M
YoY Change -31.39% -33.98% -28.98%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$2.085M -$14.20M -$13.45M
YoY Change -86.71% -7.47% -11.35%
Depreciation, Depletion And Amortization $77.00K $329.0K $368.0K
YoY Change -83.22% -19.95% -5.64%
Cash From Operating Activities -$4.049M -$13.03M -$10.93M
YoY Change -64.15% -7.51% -10.15%
INVESTING ACTIVITIES
Capital Expenditures $132.0K $419.0K $104.0K
YoY Change -156.9% -7.3% -126.26%
Acquisitions
YoY Change
Other Investing Activities -$279.0K $11.13M $8.571M
YoY Change -99.29%
Cash From Investing Activities -$411.0K $10.71M $8.467M
YoY Change -98.95% -2468.58% -2238.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -294.0K -$66.00K 18.00K
YoY Change -574.19% -149.62% -83.18%
NET CHANGE
Cash From Operating Activities -4.049M -$13.03M -10.93M
Cash From Investing Activities -411.0K $10.71M 8.467M
Cash From Financing Activities -294.0K -$66.00K 18.00K
Net Change In Cash -4.754M -$2.393M -2.448M
YoY Change -90.59% -83.39% -80.35%
FREE CASH FLOW
Cash From Operating Activities -$4.049M -$13.03M -$10.93M
Capital Expenditures $132.0K $419.0K $104.0K
Free Cash Flow -$4.181M -$13.45M -$11.04M
YoY Change -62.2% -7.5% -6.24%

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CY2023Q1 us-gaap Nature Of Operations
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Nature of operations<span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Neoleukin Therapeutics, Inc. (“Neoleukin” or “the Company”) has historically been a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">de novo</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%"> protein design technology. Based on decisions made by our Board of Directors in November 2022 and March 2023, the Company has restructured operations to significantly reduce its workforce, discontinue development of NL-201, a </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:112%">de novo</span> protein that was in Phase 1 clinical trial for the treatment of cancer, and suspend all research and development activities in order to conserve capital and focus on other strategic alternatives for the Company. Such alternatives may include a sale, merger, divestiture of assets, licensing or other strategic transaction
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization/depreciation and impairment of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q1 us-gaap Security Deposit
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900000 usd
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9400000 usd
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CY2023Q1 us-gaap Common Stock Shares Issued
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CY2022Q4 us-gaap Common Stock Shares Outstanding
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CY2023Q1 nltx Percentage Of Outstanding Stock Per Stockholder Maximum
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CY2023Q1 nltx Class Of Warrant Or Right Notice Period
ClassOfWarrantOrRightNoticePeriod
P61D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1191000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0346
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0195
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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P4Y6M29D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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0 usd
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36500 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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100000 usd
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.43
CY2022Q1 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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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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9053182 shares
CY2022Q4 us-gaap Restructuring Reserve
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CY2023Q1 us-gaap Restructuring Charges
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1967000 usd
CY2023Q1 us-gaap Payments For Restructuring
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834000 usd
CY2023Q1 us-gaap Restructuring Reserve
RestructuringReserve
2174000 usd
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3400000 usd

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