$TECX
Tectonic Therapeutic, Inc.

2019 Q1 Form 10-K Financial Statement

#000119312519085321 Filed on March 25, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 2017 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.250M $11.15M $970.0K
YoY Change 145.33% 248.44%
% of Gross Profit
Research & Development $12.45M $35.10M $6.470M
YoY Change 120.4% 131.02%
% of Gross Profit
Depreciation & Amortization $190.0K $380.0K $20.00K
YoY Change 804.76% 744.44%
% of Gross Profit
Operating Expenses $17.70M $46.24M $7.430M
YoY Change 127.27% 151.51%
Operating Profit -$17.70M -$46.24M
YoY Change 127.27% 151.51%
Interest Expense $600.0K $40.00K -$160.0K
YoY Change -236.36% -116.0%
% of Operating Profit
Other Income/Expense, Net $597.0K -$118.0K -$10.00K
YoY Change -231.5% -54.96%
Pretax Income -$17.10M -$46.36M -$7.600M
YoY Change 107.52% 148.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.10M -$46.36M -$7.600M
YoY Change 107.51% 148.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$715.8K -$1.947M -$340.7K
COMMON SHARES
Basic Shares Outstanding 24.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1 2018 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $108.5M $126.3M
YoY Change 87.39% 2005.0%
Cash & Equivalents $108.5M $126.3M $5.963M
Short-Term Investments
Other Short-Term Assets $475.0K $2.400M $60.00K
YoY Change -5.0% 500.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $113.7M $130.0M $6.308M
YoY Change 94.32% 1963.49%
LONG-TERM ASSETS
Property, Plant & Equipment $2.864M $2.600M $349.0K
YoY Change 377.33% 766.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $825.0K $800.0K $365.0K
YoY Change -25.0% 100.0%
Total Long-Term Assets $3.689M $3.500M $714.0K
YoY Change 117.0% 400.0%
TOTAL ASSETS
Total Short-Term Assets $113.7M $130.0M $6.308M
Total Long-Term Assets $3.689M $3.500M $714.0K
Total Assets $117.4M $133.5M $7.022M
YoY Change 94.96% 1807.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.458M $2.800M $527.0K
YoY Change 64.67% 460.0%
Accrued Expenses $6.477M $2.600M $2.098M
YoY Change 1195.4% 225.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.935M $10.60M $2.625M
YoY Change 94.8% 307.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $700.0K $500.0K
YoY Change -50.0% -30.0%
Total Long-Term Liabilities $600.0K $700.0K $500.0K
YoY Change -50.0% -30.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.935M $10.60M $2.625M
Total Long-Term Liabilities $600.0K $700.0K $500.0K
Total Liabilities $10.58M $11.30M $3.657M
YoY Change 70.65% 205.41%
SHAREHOLDERS EQUITY
Retained Earnings -$88.84M -$23.47M
YoY Change
Common Stock $195.6M $339.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $106.8M $122.2M -$23.14M
YoY Change
Total Liabilities & Shareholders Equity $117.4M $133.5M $7.022M
YoY Change 94.96% 1807.14%

Cashflow Statement

Concept 2019 Q1 2018 2017 Q4
OPERATING ACTIVITIES
Net Income -$17.10M -$46.36M -$7.600M
YoY Change 107.51% 148.61%
Depreciation, Depletion And Amortization $190.0K $380.0K $20.00K
YoY Change 804.76% 744.44%
Cash From Operating Activities -$17.74M -$37.65M -$8.820M
YoY Change 196.62% 129.81%
INVESTING ACTIVITIES
Capital Expenditures $340.0K $1.832M -$80.00K
YoY Change 29.28% 378.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$340.0K -$1.832M -$80.00K
YoY Change 29.28% 378.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $104.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 252.0K 160.3M 13.97M
YoY Change -99.57% 822.73%
NET CHANGE
Cash From Operating Activities -17.74M -37.65M -8.820M
Cash From Investing Activities -340.0K -1.832M -80.00K
Cash From Financing Activities 252.0K 160.3M 13.97M
Net Change In Cash -17.83M 120.8M 5.070M
YoY Change -134.3% 19835.15%
FREE CASH FLOW
Cash From Operating Activities -$17.74M -$37.65M -$8.820M
Capital Expenditures $340.0K $1.832M -$80.00K
Free Cash Flow -$18.08M -$39.48M -$8.740M
YoY Change 189.57% 135.49%

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CY2017 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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218000
CY2017 us-gaap Investment Income Interest
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57000
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44000
CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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383000
CY2018 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2018 dei Entity Filer Category
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Non-accelerated Filer
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85000
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CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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1.50
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
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55000
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0.8454 pure
CY2017 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
85000
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0
CY2017 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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19000
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0
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CY2017 avro Deferred Offering Costs Included In Accrued Expenses
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85000
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85000
CY2017 avro Temporary Equity Issuance Of Redeemable Convertible Preferred Stock Net Of Issuance Costs
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85000
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-0.003 pure
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197000
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2196000
CY2018 dei Amendment Flag
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false
CY2018 us-gaap Amortization Of Deferred Charges
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37000
CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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2196000
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
256000
CY2018 us-gaap Concentration Risk Credit Risk
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<div> <p style="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"> <b><i>Concentrations of Credit Risk</i></b></p> <p style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"> 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>
CY2018 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2018 us-gaap Comprehensive Income Net Of Tax
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CY2018 dei Current Fiscal Year End Date
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--12-31
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0
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11991000
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115000
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1726000
CY2018 us-gaap Lease Expiration Date1
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2017-02-28
CY2018 us-gaap Depreciation Depletion And Amortization
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380000
CY2018 us-gaap Dividends Cash
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0
CY2018 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
FY
CY2018 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018 dei Document Type
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10-K
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380000
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-3.62
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0.00 pure
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0.21 pure
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-0.265 pure
CY2018 us-gaap Effective Income Tax Rate Reconciliation Prior Year Income Taxes
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-0.002 pure
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CY2018 dei Entity Central Index Key
EntityCentralIndexKey
0001681087
CY2018 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
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CY2018 dei Entity Registrant Name
EntityRegistrantName
AVROBIO, INC.
CY2018 dei Entity Shell Company
EntityShellCompany
false
CY2018 dei Entity Small Business
EntitySmallBusiness
true
CY2018 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2018 dei Document Period End Date
DocumentPeriodEndDate
2018-12-31
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0.002 pure
CY2018 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2018 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
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GainLossOnDerivativeInstrumentsNetPretax
-1629000
CY2018 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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235000
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IncreaseDecreaseInAccountsPayable
2018000
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5313000
CY2018 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
3037000
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IncomeTaxReconciliationTaxCreditsResearch
250000
CY2018 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1295000
CY2018 us-gaap Line Of Credit Facility Expiration Date1
LineOfCreditFacilityExpirationDate1
2018-10-31
CY2018 us-gaap Nature Of Operations
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b>1. Nature of the Business</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> AVROBIO, Inc. (the &#x201C;Company&#x201D; or &#x201C;AVROBIO&#x201D;) is a clinical stage gene therapy company focused on developing potentially curative&#xA0;<i>ex vivo</i>&#xA0;lentiviral gene therapies to treat rare diseases following a single dose.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company&#x2019;s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Through December&#xA0;31, 2018, the Company has funded its operations primarily with proceeds from the sale of series Seed redeemable convertible preferred stock (the &#x201C;Series Seed Preferred Stock&#x201D;), series A redeemable convertible preferred stock (the &#x201C;Series A Preferred Stock&#x201D;), series B redeemable convertible preferred stock (the &#x201C;Series B Preferred Stock&#x201D;) (the Series Seed Preferred Stock, the Series A Preferred Stock and the Series B Preferred Stock are collectively referred to as the &#x201C;Preferred Stock&#x201D;) and common stock through the Company&#x2019;s initial public offering (&#x201C;IPO&#x201D;). The Company has incurred recurring losses since its inception, including net losses of $46,361 and $18,648 for the years ended December&#xA0;31, 2018 and 2017, respectively. In addition, as of December&#xA0;31, 2018, the Company had an accumulated deficit of $71,739. The Company expects to continue to generate operating losses for the near future. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company&#x2019;s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. The Company believes the cash and cash equivalents on hand as of December&#xA0;31, 2018 of $126,302 will be sufficient to fund its operations and capital expenditure requirements through at least the next twelve months from the filing date of this Annual Report on&#xA0;<font style="WHITE-SPACE: nowrap">Form&#xA0;10-K</font>&#xA0;with the SEC.</p> </div>
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NetCashProvidedByUsedInInvestingActivities
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NetCashProvidedByUsedInFinancingActivities
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NetCashProvidedByUsedInOperatingActivities
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NetIncomeLoss
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CY2018 us-gaap Operating Expenses
OperatingExpenses
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OperatingIncomeLoss
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OtherNonoperatingExpense
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CY2018 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1832000
CY2018 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
104013000
CY2018 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
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17000
CY2018 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
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ResearchAndDevelopmentExpense
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ShareBasedCompensation
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CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
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CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
52000
CY2018 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
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8160 pure
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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TemporaryEquityAccretionToRedemptionValueAdjustment
2243000
CY2018 dei Trading Symbol
TradingSymbol
AVRO
CY2018 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.78
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0
CY2018 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2018 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2018 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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87500000
CY2018 us-gaap Use Of Estimates
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 0pt"> <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>
CY2018 avro Increase Decrease In Deferred Tax Assets
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CY2018 avro Foreign Exchange Loss
ForeignExchangeLoss
51000
CY2018 avro Fair Value Of Warrants At Issuance
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18000
CY2018 avro Issuance Of Common Stock Net Of Issuance Costs
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35000
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CY2018 avro Exercisable Warrants To Purchase Common Stock
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P9Y14D
CY2018 avro Operating Loss And Tax Credit Carryforwards Limitations Period Over Which Cumulative Changes In Ownership Interest Of Significant Shareholders Considered
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CY2018 avro Tax Credit Carryforwards Expiration Period
TaxCreditCarryforwardsExpirationPeriod
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CY2018 avro Operating Loss And Tax Credit Carryforwards Limitations Threshold Percentage Of Cumulative Changes In Ownership Interest Of Significant Shareholders Considered
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0.50 pure
CY2018 avro Purchases Of Property And Equipment Paid For By Landlord
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842000
CY2018 avro Property And Equipment Held For Sale
PropertyAndEquipmentHeldForSale
19000
CY2018 avro Accretion Of Issuance Costs Related To Redeemable Convertible Preferred Stock
AccretionOfIssuanceCostsRelatedToRedeemableConvertiblePreferredStock
2243000
CY2018 avro Payment Of Dilution Liability
PaymentOfDilutionLiability
2000000
CY2018 avro Temporary Equity Issuance Of Redeemable Convertible Preferred Stock Net Of Issuance Costs
TemporaryEquityIssuanceOfRedeemableConvertiblePreferredStockNetOfIssuanceCosts
2243000
CY2018 avro Effective Income Tax Rate Reconciliation Permanent Difference
EffectiveIncomeTaxRateReconciliationPermanentDifference
-0.008 pure
CY2016 us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-39000

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