$QTTB
Q32 Bio Inc.

2020 Q2 Form 10-Q Financial Statement

#000156459020038900 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q4 2019 Q2
Revenue $570.0K $560.0K $392.0K
YoY Change 45.41% -53.33% -71.9%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.790M $5.780M $5.540M
YoY Change 58.66% 13.56% 22.3%
% of Gross Profit
Research & Development $27.47M $20.34M $22.83M
YoY Change 20.34% 24.94% 121.84%
% of Gross Profit
Depreciation & Amortization $2.000M $1.720M $1.600M
YoY Change 25.0% 207.14% 700.0%
% of Gross Profit
Operating Expenses $36.26M $26.12M $28.37M
YoY Change 27.83% 22.23% 91.44%
Operating Profit -$27.97M
YoY Change 108.41%
Interest Expense $360.0K $1.390M $1.700M
YoY Change -78.82% 0.0% 70.0%
% of Operating Profit
Other Income/Expense, Net $1.703M
YoY Change 70.98%
Pretax Income -$35.34M -$24.17M -$26.27M
YoY Change 34.53% 28.63% 111.34%
Income Tax
% Of Pretax Income
Net Earnings -$35.34M -$24.17M -$26.27M
YoY Change 34.53% 28.63% 111.41%
Net Earnings / Revenue -6200.0% -4316.07% -6701.53%
Basic Earnings Per Share
Diluted Earnings Per Share -$781.7K -$549.8K -$609.8K
COMMON SHARES
Basic Shares Outstanding 44.03M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q4 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.6M $262.4M $295.8M
YoY Change -30.15% 22.19% 15.77%
Cash & Equivalents $167.6M $53.77M $115.6M
Short-Term Investments $39.00M $208.6M $180.2M
Other Short-Term Assets $3.200M $4.200M $3.000M
YoY Change 6.67% -39.13% -50.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $209.8M $266.6M $298.8M
YoY Change -29.78% 20.25% 14.21%
LONG-TERM ASSETS
Property, Plant & Equipment $40.77M $42.72M $41.11M
YoY Change -0.83% 19.86% 495.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.300M $1.300M $1.300M
YoY Change 0.0% -27.78% -27.78%
Total Long-Term Assets $48.40M $43.99M $42.39M
YoY Change 14.19% 17.59% 386.38%
TOTAL ASSETS
Total Short-Term Assets $209.8M $266.6M $298.8M
Total Long-Term Assets $48.40M $43.99M $42.39M
Total Assets $258.2M $310.6M $341.2M
YoY Change -24.32% 19.87% 26.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.100M $2.608M $8.334M
YoY Change -14.81% -83.42% 66.1%
Accrued Expenses $11.70M $7.600M $5.300M
YoY Change 120.75% 52.0% 120.83%
Deferred Revenue $809.0K $690.0K
YoY Change 5.06%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.60M $12.37M $15.49M
YoY Change 26.53% -45.05% 42.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $44.00M $39.70M $40.90M
YoY Change 7.58% -1.24% 25.46%
Total Long-Term Liabilities $44.00M $39.70M $40.90M
YoY Change 7.58% -1.24% 25.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.60M $12.37M $15.49M
Total Long-Term Liabilities $44.00M $39.70M $40.90M
Total Liabilities $63.50M $52.06M $56.41M
YoY Change 12.56% -17.02% 29.64%
SHAREHOLDERS EQUITY
Retained Earnings -$270.3M -$199.7M -$145.9M
YoY Change 85.29% 108.52% 129.38%
Common Stock $458.0M $430.4M
YoY Change 56.75% 48.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $194.7M $258.5M $284.7M
YoY Change
Total Liabilities & Shareholders Equity $258.2M $310.6M $341.2M
YoY Change -24.32% 19.87% 26.21%

Cashflow Statement

Concept 2020 Q2 2019 Q4 2019 Q2
OPERATING ACTIVITIES
Net Income -$35.34M -$24.17M -$26.27M
YoY Change 34.53% 28.63% 111.41%
Depreciation, Depletion And Amortization $2.000M $1.720M $1.600M
YoY Change 25.0% 207.14% 700.0%
Cash From Operating Activities -$27.98M -$26.33M -$21.67M
YoY Change 29.12% 225.87% 122.26%
INVESTING ACTIVITIES
Capital Expenditures -$590.0K -$3.720M -$5.920M
YoY Change -90.03% -76.65% 88.54%
Acquisitions
YoY Change
Other Investing Activities $52.60M -$16.31M -$32.38M
YoY Change -262.45% -162.42% -64.11%
Cash From Investing Activities $52.01M -$20.03M -$38.31M
YoY Change -235.76% -296.37% -58.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K 22.57M 134.7M
YoY Change -99.82% 56325.0% -11.32%
NET CHANGE
Cash From Operating Activities -27.98M -26.33M -21.67M
Cash From Investing Activities 52.01M -20.03M -38.31M
Cash From Financing Activities 240.0K 22.57M 134.7M
Net Change In Cash 24.27M -23.79M 74.71M
YoY Change -67.51% -1201.39% 53.19%
FREE CASH FLOW
Cash From Operating Activities -$27.98M -$26.33M -$21.67M
Capital Expenditures -$590.0K -$3.720M -$5.920M
Free Cash Flow -$27.39M -$22.61M -$15.75M
YoY Change 73.9% -388.03% 138.28%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.8%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates<span style="font-weight: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, revenue, and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, accrued research and development expenses and useful lives assigned to property and equipment. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span></p>
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
183000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
262138000
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2020Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2019Q2 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
fixx Investment Maturity Term
InvestmentMaturityTerm
less than one year
CY2020Q2 fixx Fair Value Assets Liabilities Transfer Between Levels
FairValueAssetsLiabilitiesTransferBetweenLevels
0
CY2019Q2 fixx Fair Value Assets Liabilities Transfer Between Levels
FairValueAssetsLiabilitiesTransferBetweenLevels
0
fixx Fair Value Assets Liabilities Transfer Between Levels
FairValueAssetsLiabilitiesTransferBetweenLevels
0
fixx Fair Value Assets Liabilities Transfer Between Levels
FairValueAssetsLiabilitiesTransferBetweenLevels
0
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
53080000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
51126000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12309000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8410000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40771000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
42716000
CY2020Q2 us-gaap Depreciation
Depreciation
2000000.0
us-gaap Depreciation
Depreciation
3900000
CY2019Q2 us-gaap Depreciation
Depreciation
1600000
us-gaap Depreciation
Depreciation
2900000
CY2020Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2019Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
0
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4312000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4551000
CY2020Q2 fixx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
4285000
CY2019Q4 fixx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2258000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
403000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
542000
CY2020Q2 fixx Accrued Unvested Common Stock Subject To Repurchase Current
AccruedUnvestedCommonStockSubjectToRepurchaseCurrent
21000
CY2019Q4 fixx Accrued Unvested Common Stock Subject To Repurchase Current
AccruedUnvestedCommonStockSubjectToRepurchaseCurrent
37000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
253000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
256000
CY2020Q2 fixx Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
9274000
CY2019Q4 fixx Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
7644000
us-gaap Operating Lease Cost
OperatingLeaseCost
1246000
us-gaap Sublease Income
SubleaseIncome
457000
us-gaap Lease Cost
LeaseCost
789000
CY2019Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
400000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1919000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3834000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2987000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3077000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3169000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7197000
CY2020Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
22183000
CY2020Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5580000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
16603000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.099
us-gaap Operating Lease Payments
OperatingLeasePayments
1886000
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
28311
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
400000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4843018
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3452000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1969000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6336000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3213000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.78
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
33809000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1006750
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
19.29
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
37887
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.96
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
115982
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
22.86
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5695899
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.49
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19188000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5695899
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
15.49
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
19188000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2309829
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.19
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
14800000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
500000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
600000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.12
CY2019Q4 fixx Unvested Common Shares Subject To Repurchase Outstanding
UnvestedCommonSharesSubjectToRepurchaseOutstanding
21666
fixx Unvested Common Shares Subject To Repurchase Vested
UnvestedCommonSharesSubjectToRepurchaseVested
16553
CY2020Q2 fixx Unvested Common Shares Subject To Repurchase Outstanding
UnvestedCommonSharesSubjectToRepurchaseOutstanding
5113
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5701012
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3985523

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