2021 Q1 Form 10-K Financial Statement

#000156459021016110 Filed on March 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.890M $4.790M $3.050M
YoY Change 79.57% 34.96%
% of Gross Profit
Research & Development $17.26M $14.66M $18.18M
YoY Change -29.02% 9.57% 82.36%
% of Gross Profit
Depreciation & Amortization $347.0K $340.0K $360.0K
YoY Change -9.64% -46.03% 16.13%
% of Gross Profit
Operating Expenses $23.14M $19.45M $21.22M
YoY Change -16.14% 22.83% 73.51%
Operating Profit -$23.14M -$19.45M -$21.22M
YoY Change -16.14% 22.83% 73.51%
Interest Expense $1.920M -$1.610M -$130.0K
YoY Change 27328.57% -1281.82%
% of Operating Profit
Other Income/Expense, Net $1.923M -$1.284M $904.0K
YoY Change 323.57% -205.59% -42.31%
Pretax Income -$21.22M -$20.74M -$20.32M
YoY Change -21.81% 90.44%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$21.22M -$20.74M -$20.32M
YoY Change -21.82% 41.83% 90.53%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$414.7K -$405.7K -$1.722M
COMMON SHARES
Basic Shares Outstanding 51.33M 50.95M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.1M $386.2M $410.0M
YoY Change 107.43%
Cash & Equivalents $199.8M $386.2M $410.0M
Short-Term Investments $122.2M
Other Short-Term Assets $3.600M $2.800M $3.000M
YoY Change -5.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $324.7M $389.0M $413.1M
YoY Change 104.73% 530.24%
LONG-TERM ASSETS
Property, Plant & Equipment $4.994M $3.272M $2.800M
YoY Change 51.33% -3.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $49.80M
YoY Change
Other Assets $1.900M $550.0K $400.0K
YoY Change 216.67% -5.82%
Total Long-Term Assets $57.70M $3.822M $3.100M
YoY Change 1379.49% -3.85%
TOTAL ASSETS
Total Short-Term Assets $324.7M $389.0M $413.1M
Total Long-Term Assets $57.70M $3.822M $3.100M
Total Assets $382.4M $392.8M $416.2M
YoY Change 135.32% 497.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.90M $29.79M $2.600M
YoY Change 1081.48% 782.26%
Accrued Expenses $5.774M $3.766M $30.30M
YoY Change -73.63% 188.58%
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 $55.00M $46.86M $32.90M
YoY Change 124.49% 324.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $400.0K $112.0K $100.0K
YoY Change 100.0% -53.72%
Total Long-Term Liabilities $400.0K $112.0K $100.0K
YoY Change -50.0% -53.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $55.00M $46.86M $32.90M
Total Long-Term Liabilities $400.0K $112.0K $100.0K
Total Liabilities $55.40M $46.98M $33.00M
YoY Change 118.97% 299.48%
SHAREHOLDERS EQUITY
Retained Earnings -$198.6M -$156.8M
YoY Change 81.59%
Common Stock $544.4M $540.0M
YoY Change 18205.55%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $326.9M $345.8M $383.2M
YoY Change
Total Liabilities & Shareholders Equity $382.4M $392.8M $416.2M
YoY Change 135.32% 497.93%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q2
OPERATING ACTIVITIES
Net Income -$21.22M -$20.74M -$20.32M
YoY Change -21.82% 41.83% 90.53%
Depreciation, Depletion And Amortization $347.0K $340.0K $360.0K
YoY Change -9.64% -46.03% 16.13%
Cash From Operating Activities -$13.21M -$10.77M -$9.180M
YoY Change -3.14% -54.88% -32.05%
INVESTING ACTIVITIES
Capital Expenditures $1.246M -$730.0K -$50.00K
YoY Change 257.02% -28.43% -68.75%
Acquisitions
YoY Change
Other Investing Activities -$172.2M $0.00
YoY Change
Cash From Investing Activities -$173.4M -$730.0K -$50.00K
YoY Change 49582.23% -28.43% -68.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 487.0K 550.0K 264.5M
YoY Change -99.56% -98.68% -377928.57%
NET CHANGE
Cash From Operating Activities -13.21M -10.77M -9.180M
Cash From Investing Activities -173.4M -730.0K -50.00K
Cash From Financing Activities 487.0K 550.0K 264.5M
Net Change In Cash -186.4M -10.95M 255.2M
YoY Change -294.53% -165.06% -1957.71%
FREE CASH FLOW
Cash From Operating Activities -$13.21M -$10.77M -$9.180M
Capital Expenditures $1.246M -$730.0K -$50.00K
Free Cash Flow -$14.45M -$10.04M -$9.130M
YoY Change 3.35% -56.06% -31.61%

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CY2020 pcvx Increase Decrease In Deferred Rent And Other Long Term Liabilities
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CY2019 pcvx Increase Decrease In Deferred Rent And Other Long Term Liabilities
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CY2019 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 us-gaap Payments To Acquire Property Plant And Equipment
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CY2019 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019 pcvx Payments Of Capital Lease Obligations
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CY2020 pcvx Proceeds From Initial Public Offering Net Of Underwriters Commissions And Discounts
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CY2020 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:10.46%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities at the date of the financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates. </p>
CY2020 us-gaap Concentration Risk Credit Risk
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<p style="margin-bottom:0pt;margin-top:12pt;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:12pt;text-indent:10.46%;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 us to a concentration of credit risk consist primarily of cash and cash equivalents. We invested in money market funds as of December 31, 2020. We maintain bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits. We are exposed to credit risk in the event of a default by the financial institutions holding our cash and cash equivalents. We have not experienced any losses on our deposits of cash and cash equivalents.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:10.46%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are subject to supplier concentration risk from our suppliers. We source our critical raw materials from a sole source supplier, Sutro Biopharma, Inc. (“Sutro Biopharma”). We also use one contract manufacturing organization (“CMO”), Lonza Ltd. (“Lonza”), to handle most of our manufacturing activities. If we were to experience disruptions in raw materials supplied by Sutro Biopharma, or in manufacturing activities at Lonza, we may experience significant delays in our product development timelines and may incur substantial costs to secure alternative sources of raw materials or manufacturing.  </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:10.46%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our future results of operations involve a number of other risks and uncertainties. Factors that could affect our future operating results and cause actual results to vary materially from expectations include, but are not limited to: our early stages of clinical vaccine development; our ability to advance vaccine candidates into, and successfully complete, clinical trials on the timelines we project; our ability to adequately demonstrate sufficient safety and efficacy of our vaccine candidates; our ability to enroll subjects in our ongoing and future clinical trials; our ability to successfully manufacture and supply our vaccine candidates for clinical trials; our ability to obtain additional capital to finance our operations; our ability to obtain, maintain and protect our intellectual property rights; developments relating to our competitors and our industry, including competing vaccine candidates; general and market conditions; and other risks and uncertainties, including those more fully described in the “Risk Factors” section of this Annual Report on Form 10-K.</p>
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CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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CY2018 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
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CY2020Q4 us-gaap Accrued Liabilities Current
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CY2019Q4 us-gaap Accrued Liabilities Current
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CY2020 pcvx Percentage Of Annual Rental Payments Including Guaranteed Residual Value
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CY2019Q4 pcvx Number Of Lab Equipment
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CY2020Q1 pcvx Number Of Lab Equipment
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CY2020Q4 us-gaap Capital Leases Future Minimum Payments Due
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CY2020 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
In July 2016, we entered into a five-year lease agreement for our headquarters facility located in Foster City, California (the “Headquarter Facility”). The original term of the lease was from September 1, 2016 to August 31, 2021, with two 30-month renewal options.
CY2020Q4 us-gaap Lessee Operating Lease Renewal Term
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CY2020Q4 pcvx Lessee Operating Lease Extended Lease Term
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CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019 pcvx Effective Income Tax Rate Reconciliation Change In Fair Value Of Tranche Liability
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2018 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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