$SLDB
Solid Biosciences Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518158375 Filed on May 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.580M $4.040M $5.380M
YoY Change 39.63% -24.91% 367.83%
% of Gross Profit
Research & Development $13.59M $11.93M $8.733M
YoY Change 57.94% 36.6% 199.08%
% of Gross Profit
Depreciation & Amortization $313.0K $227.0K $51.00K
YoY Change 389.06% 345.1%
% of Gross Profit
Operating Expenses $18.18M $15.97M $14.11M
YoY Change 52.92% 13.18% 246.76%
Operating Profit -$18.18M -$15.97M -$14.11M
YoY Change 52.92% 13.18%
Interest Expense $80.00K $70.00K $60.00K
YoY Change 14.29% 16.67% -94.44%
% of Operating Profit
Other Income/Expense, Net $198.0K $96.00K $238.0K
YoY Change -65.63% -59.66%
Pretax Income -$17.98M -$15.88M -$13.88M
YoY Change 58.97% 14.41% 364.21%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.98M -$15.88M -$12.82M
YoY Change 58.96% 23.89% 378.17%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$507.3K -$447.6K -$397.8K
COMMON SHARES
Basic Shares Outstanding 35.46M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $162.8M $182.4M $52.00M
YoY Change 250.77%
Cash & Equivalents $145.8M $164.8M $29.27M
Short-Term Investments $16.90M $17.60M $22.70M
Other Short-Term Assets $1.700M $2.000M $2.100M
YoY Change -4.76%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $164.5M $184.4M $54.10M
YoY Change 240.81%
LONG-TERM ASSETS
Property, Plant & Equipment $6.551M $4.418M $500.0K
YoY Change 783.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $209.0K $209.0K $400.0K
YoY Change -47.75%
Total Long-Term Assets $6.997M $4.864M $900.0K
YoY Change 440.44%
TOTAL ASSETS
Total Short-Term Assets $164.5M $184.4M $54.10M
Total Long-Term Assets $6.997M $4.864M $900.0K
Total Assets $171.5M $189.2M $55.00M
YoY Change 244.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.741M $5.835M $4.200M
YoY Change 38.93%
Accrued Expenses $4.938M $4.092M $2.700M
YoY Change 51.56%
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 $8.679M $9.927M $7.900M
YoY Change 25.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $499.0K $365.0K
YoY Change
Total Long-Term Liabilities $499.0K $365.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $8.679M $9.927M $7.900M
Total Long-Term Liabilities $499.0K $365.0K $0.00
Total Liabilities $9.178M $10.29M $7.900M
YoY Change 30.28%
SHAREHOLDERS EQUITY
Retained Earnings -$158.1M -$140.1M
YoY Change
Common Stock $320.4M $319.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $162.3M $179.0M $47.10M
YoY Change
Total Liabilities & Shareholders Equity $171.5M $189.2M $55.00M
YoY Change 244.08%

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$17.98M -$15.88M -$12.82M
YoY Change 58.96% 23.89% 378.17%
Depreciation, Depletion And Amortization $313.0K $227.0K $51.00K
YoY Change 389.06% 345.1%
Cash From Operating Activities -$16.33M -$17.17M -$10.20M
YoY Change 70.1% 68.42% 169.02%
INVESTING ACTIVITIES
Capital Expenditures -$3.220M $1.001M $248.0K
YoY Change 7950.0% 303.63% -1340.0%
Acquisitions
YoY Change
Other Investing Activities $730.0K -$610.0K $7.210M
YoY Change -94.65% -108.46% -158.67%
Cash From Investing Activities -$2.490M -$1.611M $6.962M
YoY Change -118.3% -123.14% -156.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -190.0K 131.7M 24.82M
YoY Change -66.07% 430.63%
NET CHANGE
Cash From Operating Activities -16.33M -17.17M -10.20M
Cash From Investing Activities -2.490M -1.611M 6.962M
Cash From Financing Activities -190.0K 131.7M 24.82M
Net Change In Cash -19.01M 112.9M 21.59M
YoY Change -651.01% 423.11% -234.0%
FREE CASH FLOW
Cash From Operating Activities -$16.33M -$17.17M -$10.20M
Capital Expenditures -$3.220M $1.001M $248.0K
Free Cash Flow -$13.11M -$18.17M -$10.44M
YoY Change 37.13% 74.0% 177.03%

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4592000
CY2018Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-5000
CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1479000
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk and of Significant Suppliers</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to significant credit risk. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including clinical and <font style="WHITE-SPACE: nowrap">pre-clinical</font> testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance products.</p> </div>
CY2018Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15887000
CY2018Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-15887000
CY2018Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Depreciation
Depreciation
227000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.54
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.00 pure
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.082 pure
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y10M25D
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210 pure
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.199 pure
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.031 pure
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
131713000
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
Solid Biosciences Inc.
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001707502
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001 pure
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.064 pure
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
4044000
CY2018Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-354000
CY2018Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1351000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
641000
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
65000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15877000
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
15973000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1611000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17172000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-15877000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15973000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
96000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-10000
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
31000
CY2018Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
9119000
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1001000
CY2018Q1 us-gaap Payments For Proceeds From Availableforsale Securities Shortterm
PaymentsForProceedsFromAvailableforsaleSecuritiesShortterm
-8509000
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1975000
CY2018Q1 us-gaap Profit Loss
ProfitLoss
-15877000
CY2018Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
133688000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11929000
CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Units
StockIssuedDuringPeriodValueConversionOfUnits
124179000
CY2018Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
129096000
CY2018Q1 dei Trading Symbol
TradingSymbol
sldb
CY2018Q1 us-gaap Revenues
Revenues
0
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
26.23
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.738 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
558105 shares
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
819000
CY2018Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.0000 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0277 pure
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.68
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29354650 shares
CY2018Q1 sldb Available For Sale Securities Weighted Average Maturity Period
AvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P4M24D
CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of the Company&#x2019;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 expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, 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&#x2019;s estimates.</p> </div>
CY2018Q1 sldb Deferred Offering Costs Included In Accounts Payable
DeferredOfferingCostsIncludedInAccountsPayable
193000
CY2018Q1 sldb Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.023 pure
CY2018Q1 sldb Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecrease
112930000

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