$SLDB
Solid Biosciences Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022016643 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $6.169M $1.925M
YoY Change -100.0% 71.65% -42.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.127M $6.851M $7.352M
YoY Change -0.22% 1.26% 22.13%
% of Gross Profit
Research & Development $14.01M $23.18M $19.95M
YoY Change -2.91% 49.42% 40.4%
% of Gross Profit
Depreciation & Amortization $438.0K $722.0K $709.0K
YoY Change -41.76% 0.56% -3.41%
% of Gross Profit
Operating Expenses $21.13M $31.55M $27.30M
YoY Change -2.02% 41.62% 34.99%
Operating Profit -$21.13M -$25.38M -$25.37M
YoY Change 17.2% 35.84%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $722.0K $290.0K $44.00K
YoY Change 1404.17% -3000.0% -414.29%
Pretax Income -$20.41M -$25.09M -$25.33M
YoY Change 13.5% 34.22% 49.87%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.41M -$25.09M -$25.33M
YoY Change 13.5% 34.22% 49.87%
Net Earnings / Revenue -406.74% -1315.74%
Basic Earnings Per Share -$2.71 -$0.22 -$3.37
Diluted Earnings Per Share -$2.71 -$0.22 -$224.9K
COMMON SHARES
Basic Shares Outstanding 113.0M 112.9M 7.507M
Diluted Shares Outstanding 7.533M 112.9M 7.507M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $142.2M $162.9M $180.1M
YoY Change -38.13% -34.57% -32.94%
Cash & Equivalents $48.79M $54.31M $129.7M
Short-Term Investments $93.37M $108.6M $50.34M
Other Short-Term Assets $5.352M $7.556M $18.54M
YoY Change -36.71% 29.54% 237.16%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $14.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $147.5M $170.4M $198.6M
YoY Change -38.23% -33.18% -27.59%
LONG-TERM ASSETS
Property, Plant & Equipment $6.266M $6.847M $6.097M
YoY Change -9.0% -3.94% -18.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $422.0K $438.0K $2.129M
YoY Change -79.63% -78.84% 609.67%
Total Long-Term Assets $36.97M $38.06M $8.948M
YoY Change 263.26% 253.07% -18.54%
TOTAL ASSETS
Total Short-Term Assets $147.5M $170.4M $198.6M
Total Long-Term Assets $36.97M $38.06M $8.948M
Total Assets $184.5M $208.5M $207.6M
YoY Change -25.91% -21.58% -27.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.150M $5.109M $4.761M
YoY Change 24.16% 70.13% 49.06%
Accrued Expenses $10.28M $16.14M $9.440M
YoY Change 28.39% 109.24% 38.95%
Deferred Revenue $0.00 $6.170M
YoY Change -42.13%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $353.0K $412.0K $239.0K
YoY Change 56.19% 87.27% 19.5%
Total Short-Term Liabilities $16.93M $21.72M $21.74M
YoY Change -24.92% -3.67% -4.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $231.0K
YoY Change -100.0% -100.0% -53.8%
Other Long-Term Liabilities $24.27M $24.54M $70.00K
YoY Change 789.81% 394.62% -99.22%
Total Long-Term Liabilities $24.27M $24.54M $301.0K
YoY Change 687.86% 356.7% -96.83%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.93M $21.72M $21.74M
Total Long-Term Liabilities $24.27M $24.54M $301.0K
Total Liabilities $41.20M $46.26M $22.05M
YoY Change 60.79% 65.7% -31.75%
SHAREHOLDERS EQUITY
Retained Earnings -$547.6M -$527.2M -$502.1M
YoY Change 19.52% 19.77% 19.13%
Common Stock $691.1M $689.5M
YoY Change 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $143.3M $162.2M $185.5M
YoY Change
Total Liabilities & Shareholders Equity $184.5M $208.5M $207.6M
YoY Change -25.91% -21.58% -27.24%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$20.41M -$25.09M -$25.33M
YoY Change 13.5% 34.22% 49.87%
Depreciation, Depletion And Amortization $438.0K $722.0K $709.0K
YoY Change -41.76% 0.56% -3.41%
Cash From Operating Activities -$20.43M -$15.88M -$27.19M
YoY Change 10.88% -7.12% 27.26%
INVESTING ACTIVITIES
Capital Expenditures -$839.0K -$1.136M $184.0K
YoY Change 254.01% 230.23% 425.71%
Acquisitions
YoY Change
Other Investing Activities $15.75M -$58.46M $37.93M
YoY Change -121.79% 20.86%
Cash From Investing Activities $14.91M -$59.60M $37.74M
YoY Change -120.56% 22.34% -107937.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.000K 73.00K 22.00K
YoY Change -133.33% -131.2% -99.98%
NET CHANGE
Cash From Operating Activities -20.43M -15.88M -27.19M
Cash From Investing Activities 14.91M -59.60M 37.74M
Cash From Financing Activities -1.000K 73.00K 22.00K
Net Change In Cash -5.521M -75.40M 10.58M
YoY Change -93.93% 14.17% -90.7%
FREE CASH FLOW
Cash From Operating Activities -$20.43M -$15.88M -$27.19M
Capital Expenditures -$839.0K -$1.136M $184.0K
Free Cash Flow -$19.59M -$14.74M -$27.37M
YoY Change 7.71% -12.0% 27.91%

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us-gaap Depreciation
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Depreciation
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IncreaseDecreaseInAccountsPayable
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us-gaap Payments To Acquire Property Plant And Equipment
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NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
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sldb Employee Stock Purchases And Withholding
EmployeeStockPurchasesAndWithholding
73000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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us-gaap Net Cash Provided By Used In Financing Activities
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
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sldb Increase Decrease In Right Of Use Asset Due To Lease Termination
IncreaseDecreaseInRightOfUseAssetDueToLeaseTermination
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sldb Increase Decrease In Right Of Use Asset Due To Lease Termination
IncreaseDecreaseInRightOfUseAssetDueToLeaseTermination
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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sldb Mission Description
MissionDescription
The Company’s mission is to cure Duchenne muscular dystrophy (“Duchenne”), a genetic muscle-wasting disease predominantly affecting boys.
sldb Medicine Description
MedicineDescription
In March 2022, the Company reported two-year interim safety and efficacy data from the first three patients treated with SGT-001 in the 2E14 vg/kg dose cohort of IGNITE DMD, which results suggested durable benefit compared with natural history trajectories 24 months post-administration of SGT-001 across functional, pulmonary and patient reported outcome measures. In addition, no new drug-related safety findings have been identified in patients treated with SGT-001 in IGNITE DMD in post-dosing periods of approximately six months to four years. In April 2022, the Company announced that it had concluded enrollment in IGNITE DMD.
sldb Development Activity Description
DevelopmentActivityDescription
Development activities, including manufacturing scale-up, testing and regulatory discussions with the Food and Drug Administration (FDA) are ongoing. The company expects to continue dosing patients using SGT-001 in 2023 with product made using the new transient-based process. The company also expects to share additional data from IGNITE DMD in early 2023, including the study’s primary one-year analysis of all treated patients as well as three-year longitudinal data from Patients Four through Six.
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
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AvailableForSaleSecuritiesWeightedAverageMaturityPeriod
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CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, estimates related to revenue recognition, the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from the Company’s estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including clinical trials and employee-related amounts, will depend on future developments that are highly uncertain, including new information that may emerge concerning COVID-19 and the actions taken to contain it or treat its impact. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. Actual results could differ from the Company’s estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2021Q4 us-gaap Deposit Assets
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CY2022Q2 us-gaap Restricted Cash Current
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6542000
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CY2021Q2 us-gaap Related Party Costs
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us-gaap Related Party Costs
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CY2021Q4 sldb Fair Value Asset Level1 To Level2 Transfers Amount
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PrepaidResearchAndDevelopmentExpensesCurrent
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CY2022Q2 sldb Prepaid Expense And Other Assets Miscellaneous Current
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CY2022Q2 us-gaap Income Tax Expense Benefit
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q2 us-gaap Earnings Per Share Basic
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CY2022Q2 us-gaap Earnings Per Share Diluted
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CY2021Q2 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5928270
CY2022Q2 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
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CY2022Q2 us-gaap Severance Costs1
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us-gaap Severance Costs1
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CY2022Q2 us-gaap Payments For Restructuring
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us-gaap Payments For Restructuring
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CY2022Q2 sldb Remaining Accrued Restructuring Charges To Be Paid In Next Six Months
RemainingAccruedRestructuringChargesToBePaidInNextSixMonths
792000

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