$SLDB
Solid Biosciences Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020050874 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.180M $6.930M $5.360M
YoY Change -25.25% 55.03% 17.03%
% of Gross Profit
Research & Development $16.05M $22.79M $21.61M
YoY Change -29.57% 55.25% 58.97%
% of Gross Profit
Depreciation & Amortization $766.0K $764.0K $658.0K
YoY Change 0.26% 40.18% 110.22%
% of Gross Profit
Operating Expenses $21.23M $29.72M $26.97M
YoY Change -28.56% 55.18% 48.36%
Operating Profit -$29.72M -$26.97M
YoY Change 55.18% 48.36%
Interest Expense -$20.00K $406.0K $370.0K
YoY Change -104.93% 351.11% 362.5%
% of Operating Profit
Other Income/Expense, Net $0.00 $60.00K $444.0K
YoY Change -100.0% 50.0% 124.24%
Pretax Income -$21.25M -$29.26M -$26.53M
YoY Change -27.38% 53.84% 47.55%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$21.25M -$29.26M -$26.53M
YoY Change -27.38% 53.81% 47.53%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$440.0K -$673.1K -$761.5K
COMMON SHARES
Basic Shares Outstanding 46.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.80M $105.7M $67.39M
YoY Change -76.53% -27.33% -58.61%
Cash & Equivalents $24.80M $94.72M $51.84M
Short-Term Investments $0.00 $10.94M $15.55M
Other Short-Term Assets $2.400M $7.800M $10.90M
YoY Change -69.23% 151.61% 541.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.20M $113.5M $78.32M
YoY Change -76.03% -23.54% -52.38%
LONG-TERM ASSETS
Property, Plant & Equipment $8.869M $11.37M $11.83M
YoY Change -21.99% 43.28% 80.57%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $209.0K $209.0K
YoY Change 139.23% 0.0% 0.0%
Total Long-Term Assets $13.30M $17.43M $17.98M
YoY Change -23.71% 108.02% 157.01%
TOTAL ASSETS
Total Short-Term Assets $27.20M $113.5M $78.32M
Total Long-Term Assets $13.30M $17.43M $17.98M
Total Assets $40.50M $130.9M $96.30M
YoY Change -69.07% -16.51% -43.84%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.100M $3.210M $5.600M
YoY Change 27.73% -33.18% 49.69%
Accrued Expenses $8.550M $11.47M $6.007M
YoY Change -25.43% 96.57% 21.65%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K $200.0K
YoY Change 0.0%
Total Short-Term Liabilities $14.80M $16.75M $13.67M
YoY Change -11.64% 57.47% 57.52%
LONG-TERM LIABILITIES
Long-Term Debt $600.0K $800.0K $800.0K
YoY Change -25.0%
Other Long-Term Liabilities $2.900M $4.900M $5.300M
YoY Change -40.82% 344.65% 962.12%
Total Long-Term Liabilities $3.500M $5.700M $6.100M
YoY Change -38.6% 417.24% 1122.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.80M $16.75M $13.67M
Total Long-Term Liabilities $3.500M $5.700M $6.100M
Total Liabilities $18.30M $22.40M $19.81M
YoY Change -18.31% 90.83% 115.83%
SHAREHOLDERS EQUITY
Retained Earnings -$383.2M -$255.2M
YoY Change 61.38%
Common Stock $405.4M $331.7M
YoY Change 3.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $22.23M $108.5M $76.50M
YoY Change
Total Liabilities & Shareholders Equity $40.52M $130.9M $96.30M
YoY Change -69.05% -16.52% -43.84%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$21.25M -$29.26M -$26.53M
YoY Change -27.38% 53.81% 47.53%
Depreciation, Depletion And Amortization $766.0K $764.0K $658.0K
YoY Change 0.26% 40.18% 110.22%
Cash From Operating Activities -$15.57M -$19.24M -$26.30M
YoY Change -19.07% 25.83% 61.05%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$650.0K -$1.140M
YoY Change -87.69% -69.34% -64.6%
Acquisitions
YoY Change
Other Investing Activities $0.00 $4.610M $25.28M
YoY Change -100.0% 540.28% 3363.01%
Cash From Investing Activities -$80.00K $3.960M $24.15M
YoY Change -102.02% -382.86% -1069.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 58.16M 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -15.57M -19.24M -26.30M
Cash From Investing Activities -80.00K 3.960M 24.15M
Cash From Financing Activities 58.16M 0.000
Net Change In Cash -15.65M 42.88M -2.150M
YoY Change -136.5% -356.92% -88.69%
FREE CASH FLOW
Cash From Operating Activities -$15.57M -$19.24M -$26.30M
Capital Expenditures -$80.00K -$650.0K -$1.140M
Free Cash Flow -$15.49M -$18.59M -$25.16M
YoY Change -16.68% 41.15% 91.91%

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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;">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’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. 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. </p>
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8550000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9178000
CY2019Q3 sldb Gross Proceeds From Issuance Of Private Placement
GrossProceedsFromIssuanceOfPrivatePlacement
59977000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2764000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3392000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9111000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10803000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3357495
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21246000
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-29255000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-66927000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-85362000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
48295468
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43467618
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
48172686
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37727640
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.44
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.67
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.39
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.26
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4682183
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4682183
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3357495
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.30
CY2020Q3 us-gaap Severance Costs1
SeveranceCosts1
0
us-gaap Severance Costs1
SeveranceCosts1
1944000
CY2020Q3 us-gaap Payments For Restructuring
PaymentsForRestructuring
246000
us-gaap Payments For Restructuring
PaymentsForRestructuring
1671000
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
273000

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