$TECX
Tectonic Therapeutic, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019041704 Filed on November 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2018 Q4 2018 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 $5.020M $3.870M $3.000M
YoY Change 67.33% 298.97% 212.5%
% of Gross Profit
Research & Development $13.04M $12.81M $9.232M
YoY Change 41.27% 97.99% 70.65%
% of Gross Profit
Depreciation & Amortization $215.0K $180.0K $130.0K
YoY Change 65.38% 800.0% 1200.0%
% of Gross Profit
Operating Expenses $18.06M $16.68M $12.23M
YoY Change 47.68% 124.5% 92.03%
Operating Profit -$18.06M -$12.23M
YoY Change 47.68%
Interest Expense $920.0K $660.0K $640.0K
YoY Change 43.75% -512.5% -1014.29%
% of Operating Profit
Other Income/Expense, Net $919.0K $0.00 $641.0K
YoY Change 43.37% -100.0% -6510.0%
Pretax Income -$17.15M -$16.02M -$11.59M
YoY Change 47.97% 110.79% 79.97%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$17.15M -$16.02M -$11.59M
YoY Change 47.92% 110.79% 79.98%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$566.0K -$668.9K -$487.8K
COMMON SHARES
Basic Shares Outstanding 23.96M shares 23.94M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2018 Q4 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.4M $126.3M $138.6M
YoY Change 48.92%
Cash & Equivalents $206.4M $126.3M $138.6M
Short-Term Investments
Other Short-Term Assets $247.0K $795.0K $469.0K
YoY Change -47.33% 1225.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $213.7M $130.0M $140.1M
YoY Change 52.56% 1961.19%
LONG-TERM ASSETS
Property, Plant & Equipment $2.673M $2.634M $2.306M
YoY Change 15.92% 654.73%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $825.0K $825.0K $888.0K
YoY Change -7.09% 126.03%
Total Long-Term Assets $3.498M $3.459M $3.194M
YoY Change 9.52% 384.45%
TOTAL ASSETS
Total Short-Term Assets $213.7M $130.0M $140.1M
Total Long-Term Assets $3.498M $3.459M $3.194M
Total Assets $217.2M $133.5M $143.3M
YoY Change 51.6% 1800.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.408M $2.784M $1.582M
YoY Change -11.0% 428.27%
Accrued Expenses $8.502M $7.822M $3.845M
YoY Change 121.12% 272.83%
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 $9.910M $10.61M $5.427M
YoY Change 82.61% 304.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $700.0K $700.0K
YoY Change -28.57% 40.0%
Total Long-Term Liabilities $500.0K $700.0K $700.0K
YoY Change -28.57% 40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.910M $10.61M $5.427M
Total Long-Term Liabilities $500.0K $700.0K $700.0K
Total Liabilities $10.45M $11.30M $6.163M
YoY Change 69.48% 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 $206.8M $122.2M $137.1M
YoY Change
Total Liabilities & Shareholders Equity $217.2M $133.5M $143.3M
YoY Change 51.6% 1800.87%

Cashflow Statement

Concept 2019 Q3 2018 Q4 2018 Q3
OPERATING ACTIVITIES
Net Income -$17.15M -$16.02M -$11.59M
YoY Change 47.92% 110.79% 79.98%
Depreciation, Depletion And Amortization $215.0K $180.0K $130.0K
YoY Change 65.38% 800.0% 1200.0%
Cash From Operating Activities -$13.39M -$11.44M -$11.98M
YoY Change 11.77% 29.71% 286.45%
INVESTING ACTIVITIES
Capital Expenditures -$80.00K -$490.0K -$920.0K
YoY Change -91.3% 512.5% 283.33%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$280.0K
YoY Change -100.0%
Cash From Investing Activities -$80.00K -$230.0K -$1.200M
YoY Change -93.33% 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 129.5M -140.0K -3.250M
YoY Change -4083.69% -101.0% 8025.0%
NET CHANGE
Cash From Operating Activities -13.39M -11.44M -11.98M
Cash From Investing Activities -80.00K -230.0K -1.200M
Cash From Financing Activities 129.5M -140.0K -3.250M
Net Change In Cash 116.0M -11.81M -16.43M
YoY Change -806.03% -332.94% 386.09%
FREE CASH FLOW
Cash From Operating Activities -$13.39M -$11.44M -$11.98M
Capital Expenditures -$80.00K -$490.0K -$920.0K
Free Cash Flow -$13.31M -$10.95M -$11.06M
YoY Change 20.34% 25.29% 286.71%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of the Business </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">AVROBIO, Inc. (the &#8220;Company&#8221; or &#8220;AVROBIO&#8221;) is a clinical stage gene therapy company focused on developing potentially curative <font style="font-style:italic;">ex vivo</font> lentiviral gene therapies to treat rare diseases following a single dose. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;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;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On June&#160;20, 2018, the Company&#8217;s registration statement on&#160;Form&#160;S-1&#160;relating to its initial public offering (&#8220;IPO&#8221;) was declared effective by the Securities and Exchange Commission (the &#8220;SEC&#8221;). The IPO closed on June&#160;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&#160;25, 2018, the Company issued and sold 787,193 additional common shares, pursuant to the full exercise of the underwriters&#8217; 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 &#8220;Series Seed Preferred Stock&#8221;), series&#160;A redeemable convertible preferred stock (the &#8220;Series&#160;A Preferred Stock&#8221;) and series&#160;B redeemable convertible preferred stock (the &#8220;Series&#160;B Preferred Stock&#8221;), (the Series Seed Preferred Stock, the Series&#160;A Preferred Stock and the Series&#160;B Preferred Stock are collectively referred to as the &#8220;Preferred Stock&#8221;) then outstanding converted into an aggregate of 15,320,213 shares of common stock. In July 2019, the Company closed an underwritten public offering of 7,475,000 shares of its common stock at a public offering price of $18.50 per share, which included 975,000 shares of the Company&#8217;s common stock resulting from the full exercise of the underwriters&#8217; option to purchase additional shares at the public offering price, less underwriting discounts and commissions (the &#8220;July 2019 Follow-on Offering&#8221;). The net proceeds to the Company from the July 2019 Follow-on Offering, after deducting underwriting discounts and commissions and other offering expenses payable by the Company, were approximately $129,500.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Through September&#160;30, 2019, the Company has funded its operations primarily with proceeds from the sale of the Preferred Stock and common stock through the Company&#8217;s IPO. The Company has incurred recurring losses since its inception, including net losses of $50,303 and $30,340 for the nine months ended September&#160;30, 2019 and 2018, respectively. In addition, as of September&#160;30, 2019, the Company had an accumulated deficit of $122,042. 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 this&#160;Form&#160;10-Q. However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company&#8217;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>
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