2019 Q2 Form 10-Q Financial Statement

#000119312519145337 Filed on May 13, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.350M $5.250M $2.140M
YoY Change 103.27% 145.33% 250.82%
% of Gross Profit
Research & Development $12.27M $12.45M $5.647M
YoY Change 65.61% 120.4% 294.9%
% of Gross Profit
Depreciation & Amortization $200.0K $190.0K $21.00K
YoY Change 300.0% 804.76%
% of Gross Profit
Operating Expenses $16.61M $17.70M $7.788M
YoY Change 74.0% 127.27% 281.76%
Operating Profit -$16.61M -$17.70M -$7.788M
YoY Change 74.0% 127.27%
Interest Expense $560.0K $600.0K -$440.0K
YoY Change -169.14% -236.36% 1366.67%
% of Operating Profit
Other Income/Expense, Net $557.0K $597.0K -$454.0K
YoY Change -158.02% -231.5%
Pretax Income -$16.06M -$17.10M -$8.240M
YoY Change 52.81% 107.52% 296.15%
Income Tax
% Of Pretax Income
Net Earnings -$16.06M -$17.10M -$8.242M
YoY Change 52.8% 107.51% 296.25%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$667.8K -$715.8K -$369.3K
COMMON SHARES
Basic Shares Outstanding 24.15M shares 24.07M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.30M $108.5M $57.90M
YoY Change -41.74% 87.39%
Cash & Equivalents $90.35M $108.5M $57.93M
Short-Term Investments
Other Short-Term Assets $329.0K $475.0K $500.0K
YoY Change 11.9% -5.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $98.19M $113.7M $58.50M
YoY Change -37.12% 94.32%
LONG-TERM ASSETS
Property, Plant & Equipment $2.741M $2.864M $600.0K
YoY Change 33.71% 377.33%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.060M $825.0K $1.100M
YoY Change 98.87% -25.0%
Total Long-Term Assets $3.801M $3.689M $1.700M
YoY Change 47.15% 117.0%
TOTAL ASSETS
Total Short-Term Assets $98.19M $113.7M $58.50M
Total Long-Term Assets $3.801M $3.689M $1.700M
Total Assets $102.0M $117.4M $60.20M
YoY Change -35.75% 94.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.572M $3.458M $2.100M
YoY Change -38.66% 64.67%
Accrued Expenses $6.193M $6.477M $500.0K
YoY Change 13.88% 1195.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.765M $9.935M $5.100M
YoY Change -8.99% 94.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $600.0K $600.0K $1.200M
YoY Change -25.0% -50.0%
Total Long-Term Liabilities $600.0K $600.0K $1.200M
YoY Change -25.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.765M $9.935M $5.100M
Total Long-Term Liabilities $600.0K $600.0K $1.200M
Total Liabilities $9.355M $10.58M $6.200M
YoY Change -10.15% 70.65%
SHAREHOLDERS EQUITY
Retained Earnings -$104.9M -$88.84M
YoY Change 137.72%
Common Stock $197.5M $195.6M
YoY Change 2.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $92.63M $106.8M -$33.51M
YoY Change
Total Liabilities & Shareholders Equity $102.0M $117.4M $60.20M
YoY Change -35.75% 94.96%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$16.06M -$17.10M -$8.242M
YoY Change 52.8% 107.51% 296.25%
Depreciation, Depletion And Amortization $200.0K $190.0K $21.00K
YoY Change 300.0% 804.76%
Cash From Operating Activities -$17.96M -$17.74M -$5.980M
YoY Change 117.7% 196.62% 197.51%
INVESTING ACTIVITIES
Capital Expenditures -$400.0K $340.0K $263.0K
YoY Change 150.0% 29.28% -538.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$400.0K -$340.0K -$263.0K
YoY Change 185.71% 29.28% 338.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 240.0K 252.0K 58.21M
YoY Change -99.77% -99.57% 1567.85%
NET CHANGE
Cash From Operating Activities -17.96M -17.74M -5.980M
Cash From Investing Activities -400.0K -340.0K -263.0K
Cash From Financing Activities 240.0K 252.0K 58.21M
Net Change In Cash -18.12M -17.83M 51.97M
YoY Change -118.67% -134.3% 3559.51%
FREE CASH FLOW
Cash From Operating Activities -$17.96M -$17.74M -$5.980M
Capital Expenditures -$400.0K $340.0K $263.0K
Free Cash Flow -$17.56M -$18.08M -$6.243M
YoY Change 117.06% 189.57% 220.15%

Facts In Submission

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CY2018Q1 avro Deferred Offering Costs Included In Accrued Expenses
DeferredOfferingCostsIncludedInAccruedExpenses
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CY2019Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
190000
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.72
CY2018Q1 avro Purchases Of Property And Equipment Paid For By Landlord
PurchasesOfPropertyAndEquipmentPaidForByLandlord
181000
CY2018Q1 avro Property And Equipment Held For Sale
PropertyAndEquipmentHeldForSale
19000
CY2018Q1 avro Accretion Of Issuance Costs Related To Redeemable Convertible Preferred Stock
AccretionOfIssuanceCostsRelatedToRedeemableConvertiblePreferredStock
2240000
CY2018Q1 avro Temporary Equity Issuance Of Redeemable Convertible Preferred Stock Net Of Issuance Costs
TemporaryEquityIssuanceOfRedeemableConvertiblePreferredStockNetOfIssuanceCosts
2243000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1455000
CY2019Q1 dei Amendment Flag
AmendmentFlag
false
CY2019Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1455000
CY2019Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
336000
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-17826000
CY2019Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-17103000
CY2019Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
190000
CY2019Q1 us-gaap Dividends Cash
DividendsCash
0
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2019
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001681087
CY2019Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7M9D
CY2019Q1 dei Entity Registrant Name
EntityRegistrantName
AVROBIO, INC.
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q1 dei Document Period End Date
DocumentPeriodEndDate
2019-03-31
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
true
CY2019Q1 dei Entity Ex Transition Period
EntityExTransitionPeriod
false
CY2019Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2019Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5254000
CY2019Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
671000
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-1426000
CY2019Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1485000
CY2019Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
657000
CY2019Q1 us-gaap Nature Of Operations
NatureOfOperations
<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: 8%; 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: 8%; 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: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> On June&#xA0;20, 2018, the Company&#x2019;s registration statement&#xA0;<font style="WHITE-SPACE: nowrap">on&#xA0;Form&#xA0;S-1&#xA0;relating</font>&#xA0;to its initial public offering (&#x201C;IPO&#x201D;) was declared effective by the SEC. The IPO closed on June&#xA0;25, 2018 and the Company issued and sold 5,247,958 common shares at a public offering price of $19.00 per share for net proceeds of $90,103 after deducting underwriting discounts and commissions of $6,980 and other offering expenses of approximately $2,628. Simultaneously, on June&#xA0;25, 2018, the Company issued and sold 787,193 additional common shares, pursuant to the full exercise of the underwriters&#x2019; option to purchase additional shares, for net proceeds of $13,910 after deducting underwriting discounts and commissions of $1,047. Thus, the aggregate net proceeds to the Company from the IPO, after deducting underwriting discounts and commissions and other offering costs, were $104,013. Upon the closing of the IPO, all series Seed redeemable convertible preferred stock (the &#x201C;Series Seed Preferred Stock&#x201D;), series&#xA0;A redeemable convertible preferred stock (the &#x201C;Series&#xA0;A Preferred Stock&#x201D;) and series&#xA0;B redeemable convertible preferred stock (the &#x201C;Series&#xA0;B Preferred Stock&#x201D;), (the Series Seed Preferred Stock, the Series&#xA0;A Preferred Stock and the Series&#xA0;B Preferred Stock are collectively referred to as the &#x201C;Preferred Stock&#x201D;) then outstanding converted into an aggregate of 15,320,213 shares of common stock.</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: 8%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Through March&#xA0;31, 2019, the Company has funded its operations primarily with proceeds from the sale of the Preferred Stock and common stock through the Company&#x2019;s IPO. The Company has incurred recurring losses since its inception, including net losses of $17,103 and $8,242 for the three months ended March&#xA0;31, 2019 and 2018, respectively. In addition, as of March&#xA0;31, 2019, the Company had an accumulated deficit of $88,842. Although the Company has incurred recurring losses and expects to continue to incur losses for the foreseeable future, the Company expects that its existing cash, cash equivalents and marketable securities will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the date of issuance of the financial statements contained in&#xA0;<font style="WHITE-SPACE: nowrap">this&#xA0;Form&#xA0;10-Q.</font>&#xA0;However, 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.</p> </div>
CY2019Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
597000
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-340000
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
252000
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-17738000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-17103000
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
17700000
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-17700000
CY2019Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
60000
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
340000
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
252000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.23
CY2019Q1 us-gaap Profit Loss
ProfitLoss
-17103000
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12446000
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1455000
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y8M19D
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.16
CY2019Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
252000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0253 pure
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M23D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
63773 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.41
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2300 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
30754 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
13000
CY2019Q1 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
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.8057 pure
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y8M19D
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.65
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1002579 shares
CY2019Q1 dei Trading Symbol
TradingSymbol
AVRO
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
16.30
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
0
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
116859 shares
CY2019Q1 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>
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
23893696 shares
CY2019Q1 avro Deferred Rent Expense
DeferredRentExpense
-40000
CY2019Q1 avro Net Income Loss Available To Common Stockholders Basic And Diluted
NetIncomeLossAvailableToCommonStockholdersBasicAndDiluted
-17103000
CY2019Q1 avro Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedAndExpirationsInPeriod
0 shares
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M7D
us-gaap Gain Loss On Derivative Instruments Net Pretax
GainLossOnDerivativeInstrumentsNetPretax
-1629000

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