$SLDB
Solid Biosciences Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018029118 Filed on November 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.620M $4.470M $3.080M
YoY Change 43.48% 45.13%
% of Gross Profit
Research & Development $17.76M $14.68M $10.62M
YoY Change 48.62% 38.24%
% of Gross Profit
Depreciation & Amortization $480.0K $545.0K $110.0K
YoY Change 118.18% 395.45% 450.0%
% of Gross Profit
Operating Expenses $22.39M $19.15M $13.70M
YoY Change 47.66% 39.82%
Operating Profit -$22.39M -$19.15M -$13.70M
YoY Change 47.66% 39.82%
Interest Expense $380.0K $90.00K -$40.00K
YoY Change -34.48% -325.0%
% of Operating Profit
Other Income/Expense, Net $80.00K $40.00K $230.0K
YoY Change -11.11% -82.61%
Pretax Income -$21.92M -$19.02M -$13.51M
YoY Change 51.28% 40.78%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$21.92M -$19.02M -$13.51M
YoY Change 51.31% 40.84%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$632.6K -$550.7K -$419.2K
COMMON SHARES
Basic Shares Outstanding 35.43M 35.43M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $122.5M $145.4M $29.60M
YoY Change 77.24% 391.22%
Cash & Equivalents $86.37M $129.1M $15.02M
Short-Term Investments $36.10M $16.20M $14.60M
Other Short-Term Assets $6.200M $3.100M $1.300M
YoY Change 287.5% 138.46%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $128.6M $148.4M $30.80M
YoY Change 82.06% 381.92%
LONG-TERM ASSETS
Property, Plant & Equipment $10.42M $7.935M $2.300M
YoY Change 329.07% 245.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $209.0K $209.0K $2.400M
YoY Change -93.26% -91.29%
Total Long-Term Assets $10.96M $8.381M $4.600M
YoY Change 97.98% 82.2%
TOTAL ASSETS
Total Short-Term Assets $128.6M $148.4M $30.80M
Total Long-Term Assets $10.96M $8.381M $4.600M
Total Assets $139.6M $156.8M $35.40M
YoY Change 83.21% 342.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.691M $4.804M $6.400M
YoY Change -27.14% -24.94%
Accrued Expenses $8.235M $5.833M $4.600M
YoY Change 37.89% 26.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change
Total Short-Term Liabilities $12.48M $10.64M $11.90M
YoY Change 10.74% -10.61%
LONG-TERM LIABILITIES
Long-Term Debt $900.0K $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.074M $1.102M
YoY Change
Total Long-Term Liabilities $1.074M $1.102M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $12.48M $10.64M $11.90M
Total Long-Term Liabilities $1.074M $1.102M $0.00
Total Liabilities $14.41M $11.74M $11.90M
YoY Change 27.89% -1.35%
SHAREHOLDERS EQUITY
Retained Earnings -$199.1M -$177.1M
YoY Change 60.2%
Common Stock $324.2M $322.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $125.2M $145.1M $23.60M
YoY Change
Total Liabilities & Shareholders Equity $139.6M $156.8M $35.40M
YoY Change 83.21% 342.97%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$21.92M -$19.02M -$13.51M
YoY Change 51.31% 40.84%
Depreciation, Depletion And Amortization $480.0K $545.0K $110.0K
YoY Change 118.18% 395.45% 450.0%
Cash From Operating Activities -$21.41M -$15.29M -$9.440M
YoY Change 53.15% 61.97% -12.27%
INVESTING ACTIVITIES
Capital Expenditures -$1.440M -$2.120M -$1.660M
YoY Change 336.36% 27.71% 690.48%
Acquisitions
YoY Change
Other Investing Activities -$19.83M $720.0K -$5.650M
YoY Change 729.71% -112.74% -313.21%
Cash From Investing Activities -$21.26M -$1.400M -$7.310M
YoY Change 684.5% -80.85% -398.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K 0.000 -940.0K
YoY Change -100.02% -100.0%
NET CHANGE
Cash From Operating Activities -21.41M -15.29M -9.440M
Cash From Investing Activities -21.26M -1.400M -7.310M
Cash From Financing Activities -10.00K 0.000 -940.0K
Net Change In Cash -42.68M -16.69M -17.69M
YoY Change -215.13% -5.65% 112.88%
FREE CASH FLOW
Cash From Operating Activities -$21.41M -$15.29M -$9.440M
Capital Expenditures -$1.440M -$2.120M -$1.660M
Free Cash Flow -$19.97M -$13.17M -$7.780M
YoY Change 46.3% 69.28% -26.26%

Facts In Submission

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<div> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;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&#8217;s estimates. </p></div>
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<div> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk and of Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including clinical and pre-clinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance products. </p></div>
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
20.13
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1797000
CY2017Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
790000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3925000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4507000
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.047
CY2018Q3 sldb Fair Value Assets Level1 To Level3 Transfers Amount
FairValueAssetsLevel1ToLevel3TransfersAmount
0
CY2017Q4 sldb Fair Value Assets Level1 To Level3 Transfers Amount
FairValueAssetsLevel1ToLevel3TransfersAmount
0
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
16238000
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
17027000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
13000
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
16238000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
17027000
CY2018Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
16232000
CY2017Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
17014000
sldb Available For Sale Securities Weighted Average Maturity Period
AvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P3M18D
CY2017 sldb Available For Sale Securities Weighted Average Maturity Period
AvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P4M24D
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9442000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2933000
CY2018Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1507000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
504000
CY2018Q3 us-gaap Depreciation
Depreciation
545000
CY2017Q3 us-gaap Depreciation
Depreciation
110000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1049846
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
32009
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1017837
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
28.84
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
20.80
us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
-0.103
us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0.025
sldb Effective Income Tax Rate Reconciliation Change In Filling Status Of Corporation
EffectiveIncomeTaxRateReconciliationChangeInFillingStatusOfCorporation
0.007
us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
-0.001
us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.313
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2018Q3 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
9900000
CY2018Q3 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
5432000
CY2018Q3 sldb Deferred Tax Assets Intangible Assets
DeferredTaxAssetsIntangibleAssets
105000
CY2018Q3 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
45000
CY2018Q3 us-gaap Deferred Tax Assets Tax Deferred Expense
DeferredTaxAssetsTaxDeferredExpense
370000
CY2018Q3 sldb Deferred Tax Assets Tax Deferred Accrued Expense
DeferredTaxAssetsTaxDeferredAccruedExpense
713000
CY2018Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
445000
CY2018Q3 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
21000
CY2018Q3 sldb Deferred Tax Liabilities Depreciation
DeferredTaxLiabilitiesDepreciation
374000
CY2018Q3 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
17031000
CY2018Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1851664
CY2018Q3 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
16657000
CY2018Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2018Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2018Q2 us-gaap Litigation Settlement Amount Awarded To Other Party
LitigationSettlementAmountAwardedToOtherParty
1320000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
419000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1929000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2012000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2050000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1018000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
271000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
7699000
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2093346
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1851664
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2093346

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