$RNA
Avidity Biosciences, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052969 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $1.746M $1.445M $650.0K
YoY Change 168.62%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.760M
YoY Change
% of Gross Profit
Research & Development $9.460M $5.099M
YoY Change 85.53%
% of Gross Profit
Depreciation & Amortization $100.0K $170.0K
YoY Change
% of Gross Profit
Operating Expenses $13.21M $7.492M $5.856M
YoY Change 125.61%
Operating Profit -$11.47M -$5.206M
YoY Change 120.25%
Interest Expense $0.00 $1.462M
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $27.00K -$4.354M -$1.462M
YoY Change -101.85%
Pretax Income -$11.44M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$11.44M -$10.40M -$6.668M
YoY Change 71.55%
Net Earnings / Revenue -655.15% -719.79% -1025.85%
Basic Earnings Per Share
Diluted Earnings Per Share -$305.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $341.1M
YoY Change
Cash & Equivalents $341.1M $94.58M $27.86M
Short-Term Investments
Other Short-Term Assets $3.200M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $344.3M $95.68M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $1.295M $631.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $417.0K $600.0K
YoY Change
Total Long-Term Assets $1.836M $1.231M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $344.3M $95.68M
Total Long-Term Assets $1.836M $1.231M
Total Assets $346.1M $96.91M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.300M
YoY Change
Accrued Expenses $2.100M
YoY Change
Deferred Revenue $5.220M $3.840M
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00 $2.774M
YoY Change
Total Short-Term Liabilities $13.68M $10.24M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.770M
YoY Change
Other Long-Term Liabilities $0.00 $45.00K
YoY Change
Total Long-Term Liabilities $0.00 $1.815M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.68M $10.24M
Total Long-Term Liabilities $0.00 $1.815M
Total Liabilities $25.97M $27.54M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$22.19M
YoY Change
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $320.2M -$65.36M -$55.33M
YoY Change
Total Liabilities & Shareholders Equity $346.1M $96.91M
YoY Change

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$11.44M -$10.40M -$6.668M
YoY Change 71.55%
Depreciation, Depletion And Amortization $100.0K $170.0K
YoY Change
Cash From Operating Activities -$9.110M -$10.90M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$850.0K -$110.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$850.0K -$110.0K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.340M 71.11M
YoY Change
NET CHANGE
Cash From Operating Activities -9.110M -10.90M
Cash From Investing Activities -850.0K -110.0K
Cash From Financing Activities -1.340M 71.11M
Net Change In Cash -11.30M 60.10M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$9.110M -$10.90M
Capital Expenditures -$850.0K -$110.0K
Free Cash Flow -$8.260M -$10.79M
YoY Change

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us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s condensed financial statements<font style="letter-spacing:-0.45pt;"> </font>are<font style="letter-spacing:-0.35pt;"> </font>prepared<font style="letter-spacing:-0.2pt;"> </font>in<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.1pt;">accordance</font><font style="letter-spacing:-0.35pt;"> </font>with<font style="letter-spacing:-0.15pt;"> GAAP, which</font><font style="letter-spacing:-0.45pt;"> </font>requires<font style="letter-spacing:-0.5pt;"> the Company </font>to<font style="letter-spacing:-0.2pt;"> </font>make<font style="letter-spacing:-0.3pt;"> </font>estimates <font style="letter-spacing:0.1pt;">and assumptions </font><font style="letter-spacing:0.15pt;">that </font><font style="letter-spacing:0.1pt;">impact </font><font style="letter-spacing:0.15pt;">the </font>reported <font style="letter-spacing:0.15pt;">amounts of </font>assets, <font style="letter-spacing:0.15pt;">liabilities, </font><font style="letter-spacing:0.1pt;">revenues and expenses and </font><font style="letter-spacing:0.15pt;">the </font><font style="letter-spacing:0.1pt;">disclosure </font><font style="letter-spacing:0.15pt;">of </font><font style="letter-spacing:0.2pt;">contingent </font>assets <font style="letter-spacing:0.1pt;">and </font><font style="letter-spacing:0.15pt;">liabilities in the financial statements and accompanying notes. The most significant estimates in the Company&#8217;s condensed financial statements </font>relate <font style="letter-spacing:0.1pt;">to</font> revenue recognition, stock-based compensation, and accrued research and development costs. <font style="letter-spacing:0.15pt;">Although </font><font style="letter-spacing:0.1pt;">these </font>estimates are based <font style="letter-spacing:0.15pt;">on the </font><font style="letter-spacing:0.1pt;">Company&#8217;s</font><font style="letter-spacing:-0.45pt;"> </font><font style="letter-spacing:0.15pt;">knowledge</font><font style="letter-spacing:-0.3pt;"> </font><font style="letter-spacing:0.15pt;">of</font><font style="letter-spacing:-0.65pt;"> </font>current<font style="letter-spacing:-0.2pt;"> </font><font style="letter-spacing:0.15pt;">events</font><font style="letter-spacing:-0.45pt;"> </font><font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:0.15pt;">actions</font><font style="letter-spacing:-0.45pt;"> </font>it<font style="letter-spacing:-0.2pt;"> </font>may<font style="letter-spacing:-0.15pt;"> </font><font style="letter-spacing:0.15pt;">undertake</font><font style="letter-spacing:-0.3pt;"> </font>in<font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:0.15pt;">the</font><font style="letter-spacing:-0.3pt;"> </font>future,<font style="letter-spacing:-0.6pt;"> </font><font style="letter-spacing:0.1pt;">actual</font><font style="letter-spacing:-0.2pt;"> </font>results<font style="letter-spacing:-0.45pt;"> </font>may<font style="letter-spacing:-0.1pt;"> </font><font style="letter-spacing:0.1pt;">ultimately</font><font style="letter-spacing:-0.15pt;"> </font>materially<font style="letter-spacing:-0.1pt;"> </font>differ<font style="letter-spacing:-0.65pt;"> </font>from<font style="letter-spacing:-0.45pt;"> </font><font style="letter-spacing:0.1pt;">these</font><font style="letter-spacing:-0.3pt;"> </font>estimates <font style="letter-spacing:0.1pt;">and</font><font style="letter-spacing:0.05pt;"> </font><font style="letter-spacing:0.1pt;">assumptions.</font></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash deposits. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</p>
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3196000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2274000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1901000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1643000
CY2020Q3 rna Long Term Debt Current Gross
LongTermDebtCurrentGross
0
CY2019Q4 rna Long Term Debt Current Gross
LongTermDebtCurrentGross
2800000
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
137767
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
373000
CY2019Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
195378
us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
221266
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3656000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On June 4, 2020, the Company effected a one-for-2.1095 reverse stock split of its common stock (the Reverse Stock Split).
CY2020Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
2.1095
CY2020Q3 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
106202
CY2020Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
0
CY2019Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
25000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
0
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
1000
CY2020Q3 rna Long Term Debt Noncurrent Gross
LongTermDebtNoncurrentGross
0
CY2019Q4 rna Long Term Debt Noncurrent Gross
LongTermDebtNoncurrentGross
1400000
CY2020Q3 rna Accrued End Of Term Fees Noncurrent
AccruedEndOfTermFeesNoncurrent
0
CY2019Q4 rna Accrued End Of Term Fees Noncurrent
AccruedEndOfTermFeesNoncurrent
374000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
0
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
4000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
0
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
4544000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
Currently, the Company is only party to non-cancellable office and laboratory space operating leases and a short-term office lease. Under the relevant guidance, the Company recognizes operating lease right-of-use (ROU) assets and liabilities based on the present value of the future minimum lease payments over the lease term at the commencement date, using the Company’s assumed incremental borrowing rate of 5.5%, and amortizes the ROU assets and liabilities over the lease term. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company’s short-term lease is not subject to recognition of an ROU asset or liability or straight-line lease expense requirements.
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
0
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
12000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
149000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
154000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
158000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset Statement Of Financial Position Extensible List
OperatingLeaseRightOfUseAssetStatementOfFinancialPositionExtensibleList
us-gaap:OtherAssetsNoncurrent
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0
CY2020Q3 us-gaap Operating Lease Liability Current Statement Of Financial Position Extensible List
OperatingLeaseLiabilityCurrentStatementOfFinancialPositionExtensibleList
us-gaap:AccountsPayableAndAccruedLiabilitiesCurrent
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
163000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
83000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
719000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
30000
us-gaap Operating Lease Payments
OperatingLeasePayments
163000
us-gaap Operating Lease Payments
OperatingLeasePayments
286000
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
119000
CY2019Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
75000
CY2020Q3 rna Short Term Lease Rent Expense
ShortTermLeaseRentExpense
9000
CY2019Q3 rna Short Term Lease Rent Expense
ShortTermLeaseRentExpense
0
rna Lease Rent Expense
LeaseRentExpense
226000
CY2019Q2 rna Retained Earnings Accumulated Deficit Reclassified To Additional Paid In Capital
RetainedEarningsAccumulatedDeficitReclassifiedToAdditionalPaidInCapital
44100000
CY2019Q4 rna Temporary Equity Shares Issued And Outstanding
TemporaryEquitySharesIssuedAndOutstanding
37267000
CY2019Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
138970000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1667000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2035000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
106000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
51000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3545000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.08
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.13
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.44
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.24
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.44
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1296000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
22000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2432000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
55000

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