$SLDB
Solid Biosciences Inc.

2021 Form 10-K Financial Statement

#000156459022009963 Filed on March 14, 2022

View on sec.gov

Income Statement

Concept 2021 2020 Q4 2020
Revenue $13.62M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $27.14M $5.620M $21.58M
YoY Change 25.74% 6.84% -12.21%
% of Gross Profit
Research & Development $58.74M $15.72M $64.88M
YoY Change -9.47% -41.93% -31.51%
% of Gross Profit
Depreciation & Amortization $2.964M $790.0K $3.922M
YoY Change -24.43% -1.25% 38.88%
% of Gross Profit
Operating Expenses $85.87M $21.35M $88.41M
YoY Change -2.86% -33.96% -25.91%
Operating Profit -$72.25M -$88.41M
YoY Change -18.27% -25.91%
Interest Expense $64.00K -$20.00K $120.0K
YoY Change -46.67% -106.67% -92.41%
% of Operating Profit
Other Income/Expense, Net $2.000K $0.00 $116.0K
YoY Change -98.28% -100.0% -94.46%
Pretax Income -$72.19M -$21.36M -$88.29M
YoY Change -18.24% -32.96% -24.68%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$72.19M -$21.36M -$88.29M
YoY Change -18.24% -32.96% -24.68%
Net Earnings / Revenue -530.01%
Basic Earnings Per Share -$10.14 -$25.50
Diluted Earnings Per Share -$676.1K -$337.8K -$1.700M
COMMON SHARES
Basic Shares Outstanding 7.118M 3.462M
Diluted Shares Outstanding 7.118M 3.462M

Balance Sheet

Concept 2021 2020 Q4 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $207.8M $154.7M $154.7M
YoY Change 34.31% 85.22% 85.27%
Cash & Equivalents $119.1M $154.7M $154.7M
Short-Term Investments $88.64M $0.00 $0.00
Other Short-Term Assets $14.72M $4.200M $4.200M
YoY Change 250.55% 50.0% 50.0%
Inventory
Prepaid Expenses
Receivables $110.0K
Other Receivables $0.00
Total Short-Term Assets $222.6M $158.9M $158.9M
YoY Change 40.1% 84.12% 84.13%
LONG-TERM ASSETS
Property, Plant & Equipment $7.604M $8.153M $11.70M
YoY Change -35.01% -29.99% -29.52%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.164M $209.0K $500.0K
YoY Change 332.8% 0.0% 0.0%
Total Long-Term Assets $9.768M $12.27M $12.30M
YoY Change -20.59% -28.55% -28.49%
TOTAL ASSETS
Total Short-Term Assets $222.6M $158.9M $158.9M
Total Long-Term Assets $9.768M $12.27M $12.30M
Total Assets $232.4M $171.2M $171.2M
YoY Change 35.74% 65.43% 65.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.463M $3.274M $3.300M
YoY Change 35.24% -54.04% -53.52%
Accrued Expenses $10.79M $8.640M $10.60M
YoY Change 1.8% -5.86% -2.75%
Deferred Revenue $10.36M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $232.0K $200.0K $200.0K
YoY Change 16.0% 0.0% 0.0%
Total Short-Term Liabilities $23.60M $24.48M $24.50M
YoY Change -3.67% 33.95% 33.88%
LONG-TERM LIABILITIES
Long-Term Debt $293.0K $500.0K $500.0K
YoY Change -41.4% -28.57% -28.57%
Other Long-Term Liabilities $275.0K $1.300M $14.10M
YoY Change -98.05% -70.45% 220.45%
Total Long-Term Liabilities $568.0K $1.300M $14.60M
YoY Change -96.11% -74.51% 186.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.60M $24.48M $24.50M
Total Long-Term Liabilities $568.0K $1.300M $14.60M
Total Liabilities $24.17M $39.08M $39.10M
YoY Change -38.19% 66.86% 67.09%
SHAREHOLDERS EQUITY
Retained Earnings -$404.6M
YoY Change 27.92%
Common Stock $536.7M
YoY Change 35.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $208.2M $132.1M $132.1M
YoY Change
Total Liabilities & Shareholders Equity $232.4M $171.2M $171.2M
YoY Change 35.74% 65.43% 65.41%

Cashflow Statement

Concept 2021 2020 Q4 2020
OPERATING ACTIVITIES
Net Income -$72.19M -$21.36M -$88.29M
YoY Change -18.24% -32.96% -24.68%
Depreciation, Depletion And Amortization $2.964M $790.0K $3.922M
YoY Change -24.43% -1.25% 38.88%
Cash From Operating Activities -$77.76M $1.310M -$56.60M
YoY Change 37.39% -106.17% -38.95%
INVESTING ACTIVITIES
Capital Expenditures $1.281M -$60.00K $899.0K
YoY Change 42.49% -90.77% -79.51%
Acquisitions
YoY Change
Other Investing Activities -$89.81M $0.00 $7.500M
YoY Change -1297.4% -100.0% -74.05%
Cash From Investing Activities -$91.09M -$60.00K $6.600M
YoY Change -1480.09% -102.1% -73.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $134.9M $113.2M
YoY Change 19.14% 129.51%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 135.0M 128.7M 128.7M
YoY Change 4.88% -46064.29% 122.38%
NET CHANGE
Cash From Operating Activities -77.76M 1.310M -56.60M
Cash From Investing Activities -91.09M -60.00K 6.600M
Cash From Financing Activities 135.0M 128.7M 128.7M
Net Change In Cash -33.87M 129.9M 78.70M
YoY Change -143.03% -796.41% -862.38%
FREE CASH FLOW
Cash From Operating Activities -$77.76M $1.310M -$56.60M
Capital Expenditures $1.281M -$60.00K $899.0K
Free Cash Flow -$79.05M $1.370M -$57.50M
YoY Change 37.47% -106.65% -40.79%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020 us-gaap Net Cash Provided By Used In Operating Activities
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CY2020 us-gaap Net Cash Provided By Used In Financing Activities
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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ProfitLoss
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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’s 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 consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these 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. </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 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<span style="color:#000000;font-family:Segoe UI;"> </span>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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CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020 us-gaap Depreciation
Depreciation
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Depreciation
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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, cash equivalents and available-for-sale securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains each of its cash, cash equivalents and available-for-sale securities 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 preclinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance products. </p>
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CY2020Q4 us-gaap Preferred Stock Shares Outstanding
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CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
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CY2020Q4 sldb Prepaid Expense And Other Assets Miscellaneous Current
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2020Q4 us-gaap Property Plant And Equipment Gross
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CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2019 us-gaap Allocated Share Based Compensation Expense
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2021Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2021Q4 us-gaap Finance Lease Liability Payments Due
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2021Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
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CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2021Q4 us-gaap Finance Lease Liability
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525000
CY2021Q4 us-gaap Operating Lease Liability
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CY2021 us-gaap Lease Cost
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CY2020 us-gaap Lease Cost
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CY2019 us-gaap Lease Cost
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CY2021 us-gaap Profit Loss
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CY2020 us-gaap Profit Loss
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CY2019 us-gaap Profit Loss
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CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019 us-gaap Earnings Per Share Basic And Diluted
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CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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53321000
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CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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28154000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
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420000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense
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CY2021Q4 sldb Deferred Tax Assets Tax Deferred Accrued Expense
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815000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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6522330
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4106222
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2020 us-gaap Income Tax Expense Benefit
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0
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CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.064
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 sldb Effective Income Tax Rate Reconciliation Permanent Differences
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CY2020 sldb Effective Income Tax Rate Reconciliation Permanent Differences
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
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CY2021 sldb Effective Income Tax Rate Reconciliation Change In Deferred Tax Rate
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CY2020 sldb Effective Income Tax Rate Reconciliation Change In Deferred Tax Rate
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CY2021 sldb Effective Income Tax Rate Reconciliation Share Based Compensation Cancelations Percent
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CY2020 sldb Effective Income Tax Rate Reconciliation Share Based Compensation Cancelations Percent
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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1882000

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