$SYBX
SYNLOGIC, INC.

2019 Q3 Form 10-Q Financial Statement

#000156459019042635 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 Q3
Revenue $305.0K $111.0K $1.801M
YoY Change -83.06% 0.0% 1522.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.880M $3.950M $3.400M
YoY Change 14.12% -7.93% 5.26%
% of Gross Profit
Research & Development $10.56M $8.870M $9.934M
YoY Change 6.34% 14.6% 10.93%
% of Gross Profit
Depreciation & Amortization $1.070M $630.0K $600.0K
YoY Change 78.33% -36.36% -31.03%
% of Gross Profit
Operating Expenses $14.44M $12.82M $13.34M
YoY Change 8.31% 6.57% 9.43%
Operating Profit -$14.14M -$12.71M -$11.53M
YoY Change 22.58% 6.63% -4.48%
Interest Expense $5.000K $780.0K $10.00K
YoY Change -50.0% 290.0% 42.86%
% of Operating Profit
Other Income/Expense, Net $853.0K $0.00 $786.0K
YoY Change 8.52% -100.0% 420.53%
Pretax Income -$13.29M -$11.93M -$10.75M
YoY Change 23.63% 1.97% -9.82%
Income Tax
% Of Pretax Income
Net Earnings -$13.29M -$11.93M -$10.75M
YoY Change 23.6% 2.0% -9.86%
Net Earnings / Revenue -4355.74% -10748.65% -596.78%
Basic Earnings Per Share
Diluted Earnings Per Share -$388.5K -$471.7K -$426.4K
COMMON SHARES
Basic Shares Outstanding 31.72M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $120.3M $122.7M $132.6M
YoY Change -9.3% 41.03% 37.27%
Cash & Equivalents $27.46M $11.25M $18.35M
Short-Term Investments $92.81M $111.5M $115.4M
Other Short-Term Assets $522.0K $388.0K $1.400M
YoY Change -62.71% 30.2% 621.65%
Inventory
Prepaid Expenses $10.53M $1.221M
Receivables $2.000M
Other Receivables $0.00
Total Short-Term Assets $131.3M $124.3M $136.0M
YoY Change -3.44% 40.35% 38.45%
LONG-TERM ASSETS
Property, Plant & Equipment $13.29M $14.84M $14.90M
YoY Change -10.81% 51.7% 203.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $18.40M
YoY Change
Other Assets $64.00K $64.00K $1.200M
YoY Change -94.67% -72.17% 412.82%
Total Long-Term Assets $71.09M $16.00M $16.00M
YoY Change 344.31% 44.03% 156.33%
TOTAL ASSETS
Total Short-Term Assets $131.3M $124.3M $136.0M
Total Long-Term Assets $71.09M $16.00M $16.00M
Total Assets $202.4M $140.3M $152.0M
YoY Change 33.16% 40.76% 45.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.351M $2.421M $3.400M
YoY Change -30.85% -9.63% 255.65%
Accrued Expenses $4.028M $4.993M $4.500M
YoY Change -10.49% 3.52% -18.46%
Deferred Revenue $1.775M $268.0K $378.0K
YoY Change 369.58% -39.64%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $300.0K $300.0K
YoY Change 0.0% -25.0% 0.0%
Total Short-Term Liabilities $10.34M $8.341M $8.900M
YoY Change 16.15% -7.6% 11.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $200.0K $300.0K
YoY Change -100.0% -60.0% 50.0%
Other Long-Term Liabilities $23.40M $7.700M $7.800M
YoY Change 200.0% 48.08% 875.0%
Total Long-Term Liabilities $23.41M $7.901M $8.100M
YoY Change 188.95% 40.24% 758.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.34M $8.341M $8.900M
Total Long-Term Liabilities $23.41M $7.901M $8.100M
Total Liabilities $33.74M $16.24M $17.00M
YoY Change 98.48% 10.78% 90.9%
SHAREHOLDERS EQUITY
Retained Earnings -$119.8M -$107.8M
YoY Change 67.14% 79.85%
Common Stock $243.9M $242.9M
YoY Change 55.66% 1518118.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $168.7M $124.1M $135.0M
YoY Change
Total Liabilities & Shareholders Equity $202.4M $140.3M $152.0M
YoY Change 33.12% 40.76% 45.54%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$13.29M -$11.93M -$10.75M
YoY Change 23.6% 2.0% -9.86%
Depreciation, Depletion And Amortization $1.070M $630.0K $600.0K
YoY Change 78.33% -36.36% -31.03%
Cash From Operating Activities -$10.55M -$8.960M -$9.670M
YoY Change 9.1% -0.78% 29.11%
INVESTING ACTIVITIES
Capital Expenditures -$140.0K -$1.400M -$1.360M
YoY Change -89.71% 2700.0% -35.55%
Acquisitions
YoY Change
Other Investing Activities $20.77M $4.310M $1.680M
YoY Change 1136.31% -137.67% -92.79%
Cash From Investing Activities $20.62M $2.920M $310.0K
YoY Change 6551.61% -125.41% -98.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -60.00K 40.00K -10.00K
YoY Change 500.0% -117.39% -96.55%
NET CHANGE
Cash From Operating Activities -10.55M -8.960M -9.670M
Cash From Investing Activities 20.62M 2.920M 310.0K
Cash From Financing Activities -60.00K 40.00K -10.00K
Net Change In Cash 10.01M -6.000M -9.370M
YoY Change -206.83% -71.08% -169.87%
FREE CASH FLOW
Cash From Operating Activities -$10.55M -$8.960M -$9.670M
Capital Expenditures -$140.0K -$1.400M -$1.360M
Free Cash Flow -$10.41M -$7.560M -$8.310M
YoY Change 25.27% -15.81% 54.46%

Facts In Submission

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NetCashProvidedByUsedInFinancingActivities
79673000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
82439000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
16206000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-41186000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12349000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
59537000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28555000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
18351000
sybx Allowance For Tenant Improvements
AllowanceForTenantImprovements
1654000
sybx Noncash Purchase Of Property Plant And Equipment In Accounts Payable And Accrued Liabilities Adjustments
NoncashPurchaseOfPropertyPlantAndEquipmentInAccountsPayableAndAccruedLiabilitiesAdjustments
-365000
sybx Noncash Purchase Of Property Plant And Equipment In Accounts Payable And Accrued Liabilities Adjustments
NoncashPurchaseOfPropertyPlantAndEquipmentInAccountsPayableAndAccruedLiabilitiesAdjustments
976000
sybx Assets Acquired Under Operating Lease Obligation
AssetsAcquiredUnderOperatingLeaseObligation
2714000
sybx Issuance Costs Included In Accounts Payable And Accrued Expenses
IssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
26000
sybx Assets Acquired Under Finance Leases
AssetsAcquiredUnderFinanceLeases
12000
us-gaap Interest Paid Net
InterestPaidNet
17000
us-gaap Interest Paid Net
InterestPaidNet
35000
CY2019Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
278000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3175000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
111477000
CY2019Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
120300000
CY2019Q3 us-gaap Marketable Securities Noncurrent
MarketableSecuritiesNoncurrent
18400000
us-gaap Lease Practical Expedients Package
LeasePracticalExpedientsPackage
true
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
options to extend the lease when it is reasonably certain that option will be exercised
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
15900000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
24000000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
70000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
111204000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
141000
CY2019Q3 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
5000
us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
17000
CY2019Q3 sybx Finance Lease Cost
FinanceLeaseCost
52000
sybx Finance Lease Cost
FinanceLeaseCost
158000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
CY2019Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1069000
CY2018Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1031000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1069000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1031000
CY2019Q3 us-gaap Lease Cost
LeaseCost
1229000
us-gaap Lease Cost
LeaseCost
3549000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
900000
CY2019Q3 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
4
CY2018Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2018Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position
DebtSecuritiesAvailableForSaleUnrealizedLossPosition
96500000
CY2019Q3 sybx Other Than Temporary Impairment Losses Investments Number Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossesInvestmentsNumberDebtSecuritiesAvailableForSale
0
CY2019Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18306000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17828000
CY2019Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5017000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2987000
CY2019Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
8700000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3094000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3445000
CY2017Q3 sybx Rentable Space Under Lease Agreement
RentableSpaceUnderLeaseAgreement
41346
CY2017Q3 sybx Operating Leases Rent Expense Annual Rental Payments
OperatingLeasesRentExpenseAnnualRentalPayments
3200000
CY2017Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2017Q3 sybx Tenant Improvement Investment Obligation
TenantImprovementInvestmentObligation
1600000
CY2017Q3 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
1000000
CY2017Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2017Q3 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
CY2017Q3 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
1000000
us-gaap Operating Lease Payments
OperatingLeasePayments
2700000
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
907000
us-gaap Operating Lease Cost
OperatingLeaseCost
2437000
CY2019Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
160000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
268000
us-gaap Variable Lease Cost
VariableLeaseCost
794000
CY2019Q3 sybx Operating And Variable Lease Cost
OperatingAndVariableLeaseCost
1177000
sybx Operating And Variable Lease Cost
OperatingAndVariableLeaseCost
3391000
CY2019Q3 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
47000
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y4M24D
CY2019Q3 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.060
CY2019Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1003000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3892000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4236000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4389000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3574000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
18067000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35161000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9851000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
25310000
CY2019Q3 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
72000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
214000
CY2019Q3 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
2000
CY2019Q3 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
288000
CY2019Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
10000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3270000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
3369000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3470000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
3574000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
18067000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
34925000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due Current
CapitalLeasesFutureMinimumPaymentsDueCurrent
287000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
CapitalLeasesFutureMinimumPaymentsDueInTwoYears
214000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Three Years
CapitalLeasesFutureMinimumPaymentsDueInThreeYears
2000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due
CapitalLeasesFutureMinimumPaymentsDue
503000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Interest Included In Payments
CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments
27000
CY2018Q4 us-gaap Capital Leases Future Minimum Payments Present Value Of Net Minimum Payments
CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments
476000
CY2018Q4 us-gaap Capital Lease Obligations Current
CapitalLeaseObligationsCurrent
266000
CY2018Q4 us-gaap Capital Lease Obligations Noncurrent
CapitalLeaseObligationsNoncurrent
210000

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