$RNA
Avidity Biosciences, Inc.

2023 Q3 Form 10-Q Financial Statement

#000159990123000064 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $2.818M $2.316M $2.769M
YoY Change 13.54% 6.34% 49.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $13.73M $12.28M $10.38M
YoY Change 36.02% 41.32% 39.74%
% of Gross Profit
Research & Development $47.71M $42.67M $45.61M
YoY Change 27.86% 7.25% 38.35%
% of Gross Profit
Depreciation & Amortization $600.0K $529.0K $381.0K
YoY Change 50.0% 64.29% 83.17%
% of Gross Profit
Operating Expenses $61.44M $54.95M $55.99M
YoY Change 29.6% 13.35% 38.6%
Operating Profit -$58.63M -$52.63M
YoY Change 30.48% 13.68%
Interest Expense $6.280M $5.771M $2.772M
YoY Change 367.96% 844.52% 4940.0%
% of Operating Profit
Other Income/Expense, Net $6.267M -$162.0K -$18.00K
YoY Change 371.2% 8000.0% -60.87%
Pretax Income -$52.36M -$47.03M -$50.47M
YoY Change 20.09% 2.92% 30.96%
Income Tax
% Of Pretax Income
Net Earnings -$52.36M -$47.03M -$50.47M
YoY Change 20.09% 2.92% 30.96%
Net Earnings / Revenue -1857.98% -2030.44% -1822.72%
Basic Earnings Per Share -$0.71 -$0.66
Diluted Earnings Per Share -$0.71 -$0.66 -$0.88
COMMON SHARES
Basic Shares Outstanding 74.10M shares 70.82M shares 54.46M
Diluted Shares Outstanding 74.10M shares 71.39M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $542.6M $576.5M $610.7M
YoY Change 33.79% 44.77% 50.59%
Cash & Equivalents $85.65M $153.9M $340.4M
Short-Term Investments $456.9M $422.6M $270.3M
Other Short-Term Assets $12.90M $18.03M $12.22M
YoY Change 44.68% 198.87% 118.2%
Inventory
Prepaid Expenses $10.99M $8.340M
Receivables $1.183M $2.364M
Other Receivables $0.00
Total Short-Term Assets $555.5M $594.5M $622.9M
YoY Change 34.03% 47.07% 51.52%
LONG-TERM ASSETS
Property, Plant & Equipment $8.130M $15.53M $6.254M
YoY Change 34.67% -2.22% 30.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $344.0K $719.0K $598.0K
YoY Change -34.23% 7.96% -0.17%
Total Long-Term Assets $17.68M $16.25M $15.86M
YoY Change 9.96% -1.81% -3.53%
TOTAL ASSETS
Total Short-Term Assets $555.5M $594.5M $622.9M
Total Long-Term Assets $17.68M $16.25M $15.86M
Total Assets $573.2M $610.8M $638.8M
YoY Change 33.13% 45.15% 49.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.550M $31.76M $4.637M
YoY Change -78.96% 54.52% -67.08%
Accrued Expenses $41.20M $9.678M $14.30M
YoY Change 280.18% 24.8% 33.49%
Deferred Revenue $1.968M $3.810M $5.041M
YoY Change -63.92% 3.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $48.72M $45.24M $51.91M
YoY Change 14.18% 34.31% 75.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.000M $6.362M $8.817M
YoY Change -35.73% -50.15% -46.54%
Total Long-Term Liabilities $7.000M $6.362M $8.817M
YoY Change -35.73% -50.15% -46.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $48.72M $45.24M $51.91M
Total Long-Term Liabilities $7.000M $6.362M $8.817M
Total Liabilities $55.70M $51.61M $60.73M
YoY Change 3.99% 11.1% 31.58%
SHAREHOLDERS EQUITY
Retained Earnings -$510.3M -$458.0M -$358.5M
YoY Change 65.63% 94.31%
Common Stock $1.030B $1.020B $7.000K
YoY Change 49.55% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $517.5M $559.2M $578.1M
YoY Change
Total Liabilities & Shareholders Equity $573.2M $610.8M $638.8M
YoY Change 33.13% 45.15% 49.4%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$52.36M -$47.03M -$50.47M
YoY Change 20.09% 2.92% 30.96%
Depreciation, Depletion And Amortization $600.0K $529.0K $381.0K
YoY Change 50.0% 64.29% 83.17%
Cash From Operating Activities -$36.80M -$49.81M -$39.19M
YoY Change 15.15% 40.12% 49.49%
INVESTING ACTIVITIES
Capital Expenditures $930.0K $622.0K $850.0K
YoY Change 769.16% -147.05% -149.79%
Acquisitions
YoY Change
Other Investing Activities -$30.56M $46.67M -$6.918M
YoY Change -382.31% -385.94% -91.6%
Cash From Investing Activities -$31.48M $46.05M -$7.768M
YoY Change -387.96% -360.99% -90.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 40.00K 38.97M 243.7M
YoY Change -99.9% 0.48% 1076.28%
NET CHANGE
Cash From Operating Activities -36.80M -49.81M -39.19M
Cash From Investing Activities -31.48M 46.05M -7.768M
Cash From Financing Activities 40.00K 38.97M 243.7M
Net Change In Cash -68.24M 35.21M 196.7M
YoY Change -467.02% -344.44% -319.61%
FREE CASH FLOW
Cash From Operating Activities -$36.80M -$49.81M -$39.19M
Capital Expenditures $930.0K $622.0K $850.0K
Free Cash Flow -$37.73M -$50.43M -$40.04M
YoY Change 17.66% 47.35% 63.37%

Facts In Submission

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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s condensed financial statements are prepared in accordance with GAAP, which requires the Company to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the condensed financial statements and accompanying notes. The most significant estimates in the Company’s condensed financial statements relate to revenue recognition, stock-based compensation, and accrued research and development costs. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></div>
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0.0001
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9352000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
15.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2032000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
21.12
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
114000 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.60
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
292000 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
19.74
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10978000 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
16.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9453000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6508000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
18557000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12746000 usd
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
75000000 usd
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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