2018 Q4 Form 10-Q Financial Statement

#000119312518325511 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 $3.870M $3.000M $960.0K
YoY Change 298.97% 212.5%
% of Gross Profit
Research & Development $12.81M $9.232M $5.410M
YoY Change 97.99% 70.65%
% of Gross Profit
Depreciation & Amortization $180.0K $130.0K $10.00K
YoY Change 800.0% 1200.0%
% of Gross Profit
Operating Expenses $16.68M $12.23M $6.370M
YoY Change 124.5% 92.03%
Operating Profit -$12.23M
YoY Change
Interest Expense $660.0K $640.0K -$70.00K
YoY Change -512.5% -1014.29%
% of Operating Profit
Other Income/Expense, Net $0.00 $641.0K -$10.00K
YoY Change -100.0% -6510.0%
Pretax Income -$16.02M -$11.59M -$6.440M
YoY Change 110.79% 79.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.02M -$11.59M -$6.440M
YoY Change 110.79% 79.98%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$668.9K -$487.8K -$288.7K
COMMON SHARES
Basic Shares Outstanding 23.96M shares 23.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $126.3M $138.6M
YoY Change
Cash & Equivalents $126.3M $138.6M $903.0K
Short-Term Investments
Other Short-Term Assets $795.0K $469.0K
YoY Change 1225.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $130.0M $140.1M
YoY Change 1961.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.634M $2.306M
YoY Change 654.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $825.0K $888.0K
YoY Change 126.03%
Total Long-Term Assets $3.459M $3.194M
YoY Change 384.45%
TOTAL ASSETS
Total Short-Term Assets $130.0M $140.1M
Total Long-Term Assets $3.459M $3.194M
Total Assets $133.5M $143.3M
YoY Change 1800.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.784M $1.582M
YoY Change 428.27%
Accrued Expenses $7.822M $3.845M
YoY Change 272.83%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.61M $5.427M
YoY Change 304.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $700.0K $700.0K
YoY Change 40.0%
Total Long-Term Liabilities $700.0K $700.0K
YoY Change 40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.61M $5.427M
Total Long-Term Liabilities $700.0K $700.0K
Total Liabilities $11.30M $6.163M
YoY Change 208.86%
SHAREHOLDERS EQUITY
Retained Earnings -$71.74M -$55.72M
YoY Change 205.61%
Common Stock $193.9M $192.8M
YoY Change 57104.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $122.2M $137.1M
YoY Change
Total Liabilities & Shareholders Equity $133.5M $143.3M
YoY Change 1800.87%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$16.02M -$11.59M -$6.440M
YoY Change 110.79% 79.98%
Depreciation, Depletion And Amortization $180.0K $130.0K $10.00K
YoY Change 800.0% 1200.0%
Cash From Operating Activities -$11.44M -$11.98M -$3.100M
YoY Change 29.71% 286.45%
INVESTING ACTIVITIES
Capital Expenditures -$490.0K -$920.0K -$240.0K
YoY Change 512.5% 283.33%
Acquisitions
YoY Change
Other Investing Activities -$280.0K $0.00
YoY Change
Cash From Investing Activities -$230.0K -$1.200M -$240.0K
YoY Change 187.5% 400.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -140.0K -3.250M -40.00K
YoY Change -101.0% 8025.0%
NET CHANGE
Cash From Operating Activities -11.44M -11.98M -3.100M
Cash From Investing Activities -230.0K -1.200M -240.0K
Cash From Financing Activities -140.0K -3.250M -40.00K
Net Change In Cash -11.81M -16.43M -3.380M
YoY Change -332.94% 386.09%
FREE CASH FLOW
Cash From Operating Activities -$11.44M -$11.98M -$3.100M
Capital Expenditures -$490.0K -$920.0K -$240.0K
Free Cash Flow -$10.95M -$11.06M -$2.860M
YoY Change 25.29% 286.71%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The Company has no significant <font style="WHITE-SPACE: nowrap">off-balance</font> sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash and cash equivalents in financial institutions that it believes have high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> </div>
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-0.49
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y5M1D
dei Entity Registrant Name
EntityRegistrantName
AVROBIO, INC.
dei Entity Small Business
EntitySmallBusiness
true
dei Document Period End Date
DocumentPeriodEndDate
2018-09-30
dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
dei Entity Ex Transition Period
EntityExTransitionPeriod
false
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
162000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1629000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
7281000
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
235000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
829000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1509000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1138000
us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
259000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
383000
us-gaap Investment Income Interest
InvestmentIncomeInterest
1038000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2017-02-28
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-773000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1598000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
160426000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-26214000
us-gaap Net Income Loss
NetIncomeLoss
-30340000
us-gaap Operating Expenses
OperatingExpenses
29567000
us-gaap Operating Income Loss
OperatingIncomeLoss
-29567000
us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
58258000
us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
2243000
us-gaap Profit Loss
ProfitLoss
-30340000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
22286000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
0
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
0
us-gaap Share Based Compensation
ShareBasedCompensation
1117000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M25D
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0273 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y25D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
92268 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
39000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
0.42
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8342 pure
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3000000
us-gaap Investment Income Interest
InvestmentIncomeInterest
646000
avro Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-6441000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
922878 shares
dei Trading Symbol
TradingSymbol
AVRO
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <b><i>Use of Estimates</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates 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 revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for research and development expenses, stock-based compensation expense, the valuation of equity and derivative instruments and the recoverability of the Company&#x2019;s net deferred tax assets and related valuation allowance. 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 materially from those estimates.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9945538 shares
avro Upfront License Fees
UpfrontLicenseFees
0
avro Upfront Fees
UpfrontFees
0
avro Deferred Rent Expense
DeferredRentExpense
-63000
avro Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-32583000
avro License Maintenance Fees
LicenseMaintenanceFees
0
avro Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedAndExpirationsInPeriod
0 shares
avro Share Based Compensation Arrangement By Share Based Payment Award Options Unvested Weighted Average Remaining Contractual Term1
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsUnvestedWeightedAverageRemainingContractualTerm1
P9Y3D
avro Share Based Compensation Arrangement By Share Based Payment Award Options Granted In Period Weighted Average Remaining Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantedInPeriodWeightedAverageRemainingContractualTerm
P9Y6M10D
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-71000
us-gaap Net Income Loss
NetIncomeLoss
-6441000
us-gaap Operating Expenses
OperatingExpenses
6370000
us-gaap Operating Income Loss
OperatingIncomeLoss
-6370000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
14000
avro Purchases Of Property And Equipment Paid For By Landlord
PurchasesOfPropertyAndEquipmentPaidForByLandlord
842000
avro Property And Equipment Held For Sale
PropertyAndEquipmentHeldForSale
19000
avro Accretion Of Issuance Costs Related To Redeemable Convertible Preferred Stock
AccretionOfIssuanceCostsRelatedToRedeemableConvertiblePreferredStock
2240000
avro Payment Of Dilution Liability
PaymentOfDilutionLiability
2000000
avro Ipo Issuance Costs Included In Accrued Expenses
IpoIssuanceCostsIncludedInAccruedExpenses
155000
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y11M8D
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
550000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-11591000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5411000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y29D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0188 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8388 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2263195 shares
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
641000
us-gaap Net Income Loss
NetIncomeLoss
-11591000
us-gaap Operating Expenses
OperatingExpenses
12232000
us-gaap Operating Income Loss
OperatingIncomeLoss
-12232000
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
5000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9232000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y7D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0281 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.7915 pure
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23747141 shares
avro Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-11591000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
46000
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6441000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
13000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.85
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
6000
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-58000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
959000
us-gaap Investment Income Interest
InvestmentIncomeInterest
7000

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