$SLDB
Solid Biosciences Inc.

2019 Q1 Form 10-Q Financial Statement

#000156459019018869 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.030M $4.040M
YoY Change 74.01% -24.91%
% of Gross Profit
Research & Development $23.27M $11.93M
YoY Change 95.06% 36.6%
% of Gross Profit
Depreciation & Amortization $596.0K $227.0K
YoY Change 162.56% 345.1%
% of Gross Profit
Operating Expenses $30.30M $15.97M
YoY Change 89.71% 13.18%
Operating Profit -$30.30M -$15.97M
YoY Change 89.71% 13.18%
Interest Expense $510.0K $70.00K
YoY Change 628.57% 16.67%
% of Operating Profit
Other Income/Expense, Net $720.0K $96.00K
YoY Change 650.0% -59.66%
Pretax Income -$29.58M -$15.88M
YoY Change 86.27% 14.41%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$29.58M -$15.88M
YoY Change 86.32% 23.89%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$850.5K -$447.6K
COMMON SHARES
Basic Shares Outstanding 35.42M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.70M $182.4M
YoY Change -48.08% 250.77%
Cash & Equivalents $54.32M $164.8M
Short-Term Investments $40.80M $17.60M
Other Short-Term Assets $7.000M $2.000M
YoY Change 250.0% -4.76%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $101.8M $184.4M
YoY Change -44.79% 240.81%
LONG-TERM ASSETS
Property, Plant & Equipment $12.00M $4.418M
YoY Change 171.5% 783.6%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $209.0K $209.0K
YoY Change 0.0% -47.75%
Total Long-Term Assets $18.41M $4.864M
YoY Change 278.56% 440.44%
TOTAL ASSETS
Total Short-Term Assets $101.8M $184.4M
Total Long-Term Assets $18.41M $4.864M
Total Assets $120.2M $189.2M
YoY Change -36.48% 244.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.400M $5.835M
YoY Change -7.46% 38.93%
Accrued Expenses $8.700M $4.092M
YoY Change 112.61% 51.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change
Total Short-Term Liabilities $14.57M $9.927M
YoY Change 46.79% 25.66%
LONG-TERM LIABILITIES
Long-Term Debt $800.0K $0.00
YoY Change
Other Long-Term Liabilities $5.700M $365.0K
YoY Change 1461.64%
Total Long-Term Liabilities $6.500M $365.0K
YoY Change 1680.82%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.57M $9.927M
Total Long-Term Liabilities $6.500M $365.0K
Total Liabilities $21.10M $10.29M
YoY Change 105.01% 30.28%
SHAREHOLDERS EQUITY
Retained Earnings -$228.6M -$140.1M
YoY Change 63.16%
Common Stock $327.7M $319.1M
YoY Change 2.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $99.11M $179.0M
YoY Change
Total Liabilities & Shareholders Equity $120.2M $189.2M
YoY Change -36.47% 244.08%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$29.58M -$15.88M
YoY Change 86.32% 23.89%
Depreciation, Depletion And Amortization $596.0K $227.0K
YoY Change 162.56% 345.1%
Cash From Operating Activities -$25.93M -$17.17M
YoY Change 50.98% 68.42%
INVESTING ACTIVITIES
Capital Expenditures $1.953M $1.001M
YoY Change 95.1% 303.63%
Acquisitions
YoY Change
Other Investing Activities -$4.490M -$610.0K
YoY Change 636.07% -108.46%
Cash From Investing Activities -$6.445M -$1.611M
YoY Change 300.06% -123.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 131.7M
YoY Change -100.0% 430.63%
NET CHANGE
Cash From Operating Activities -25.93M -17.17M
Cash From Investing Activities -6.445M -1.611M
Cash From Financing Activities 0.000 131.7M
Net Change In Cash -32.37M 112.9M
YoY Change -128.67% 423.11%
FREE CASH FLOW
Cash From Operating Activities -$25.93M -$17.17M
Capital Expenditures $1.953M $1.001M
Free Cash Flow -$27.88M -$18.17M
YoY Change 53.41% 74.0%

Facts In Submission

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CY2019Q1 us-gaap Use Of Estimates
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<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>
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<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>
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FinanceLeaseLiabilityUndiscountedExcessAmount
252000
CY2019Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.107
CY2019Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29582000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15877000
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3280497
CY2019Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
991000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1504000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2409000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2445000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1423000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
686000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
777000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9244000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2230000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7014000
CY2018Q4 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
276000
CY2018Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
276000
CY2018Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
276000
CY2018Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
485000
CY2018Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
1313000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1934000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2017000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2056000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1023000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
278000
CY2018Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7308000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
522000
CY2019Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
52000
CY2019Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
28000
CY2019Q1 us-gaap Lease Cost
LeaseCost
602000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
787000
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y1M6D
CY2019Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P3Y9M18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.123

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