$TECX
Tectonic Therapeutic, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021054522 Filed on November 04, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q4 2020 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 $9.577M $8.480M $8.210M
YoY Change 16.65% 36.55% 63.55%
% of Gross Profit
Research & Development $23.04M $19.59M $28.51M
YoY Change -19.17% 13.76% 118.59%
% of Gross Profit
Depreciation & Amortization $374.0K $310.0K $301.0K
YoY Change 24.25% 29.17% 40.0%
% of Gross Profit
Operating Expenses $32.62M $28.06M $36.72M
YoY Change -11.16% 19.76% 103.27%
Operating Profit -$32.62M -$36.72M
YoY Change -11.16% 103.27%
Interest Expense $7.000K -$70.00K -$60.00K
YoY Change -111.67% -109.09% -106.52%
% of Operating Profit
Other Income/Expense, Net $5.000K -$74.00K
YoY Change -106.76% -108.05%
Pretax Income -$32.61M -$28.13M -$36.78M
YoY Change -11.33% 24.14% 114.46%
Income Tax
% Of Pretax Income
Net Earnings -$32.61M -$28.13M -$36.78M
YoY Change -11.33% 24.14% 114.52%
Net Earnings / Revenue
Basic Earnings Per Share -$0.75
Diluted Earnings Per Share -$747.6K -$728.8K -$1.009M
COMMON SHARES
Basic Shares Outstanding 43.62K
Diluted Shares Outstanding 43.62K

Balance Sheet

Concept 2021 Q3 2020 Q4 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $201.4M $259.7M $219.5M
YoY Change -8.26% 38.88% 6.35%
Cash & Equivalents $201.4M $259.7M $219.5M
Short-Term Investments
Other Short-Term Assets $522.0K $275.0K $1.163M
YoY Change -55.12% -20.06% 370.85%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $211.7M $267.2M $229.0M
YoY Change -7.57% 36.56% 7.16%
LONG-TERM ASSETS
Property, Plant & Equipment $4.219M $3.064M $3.312M
YoY Change 27.39% -17.1% 23.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $576.0K $436.0K $465.0K
YoY Change 23.87% -30.24% -43.64%
Total Long-Term Assets $4.795M $3.992M $4.255M
YoY Change 12.69% -17.06% 21.64%
TOTAL ASSETS
Total Short-Term Assets $211.7M $267.2M $229.0M
Total Long-Term Assets $4.795M $3.992M $4.255M
Total Assets $216.5M $271.2M $233.3M
YoY Change -7.2% 35.27% 7.39%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.966M $2.682M $2.311M
YoY Change 28.34% -32.08% 64.13%
Accrued Expenses $19.56M $13.69M $22.53M
YoY Change -13.15% 38.96% 164.94%
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 $22.79M $16.61M $25.05M
YoY Change -9.01% 18.53% 152.8%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $90.00K $300.0K $300.0K
YoY Change -70.0% -40.0% -40.0%
Total Long-Term Liabilities $90.00K $300.0K $300.0K
YoY Change -70.0% -40.0% -40.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.79M $16.61M $25.05M
Total Long-Term Liabilities $90.00K $300.0K $300.0K
Total Liabilities $22.88M $16.89M $25.38M
YoY Change -9.85% 16.47% 143.02%
SHAREHOLDERS EQUITY
Retained Earnings -$355.3M -$264.4M -$236.3M
YoY Change 50.38% 82.73%
Common Stock $518.8M $444.2M
YoY Change 56.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $193.6M $254.3M $207.9M
YoY Change
Total Liabilities & Shareholders Equity $216.5M $271.2M $233.3M
YoY Change -7.2% 35.27% 7.39%

Cashflow Statement

Concept 2021 Q3 2020 Q4 2020 Q3
OPERATING ACTIVITIES
Net Income -$32.61M -$28.13M -$36.78M
YoY Change -11.33% 24.14% 114.52%
Depreciation, Depletion And Amortization $374.0K $310.0K $301.0K
YoY Change 24.25% 29.17% 40.0%
Cash From Operating Activities -$24.82M -$30.48M -$24.87M
YoY Change -0.18% 64.05% 85.74%
INVESTING ACTIVITIES
Capital Expenditures -$267.0K -$80.00K -$30.00K
YoY Change 790.0% -89.61% -62.5%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$267.0K -$80.00K -$30.00K
YoY Change 790.0% -89.61% -62.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 22.00K 70.71M 60.00K
YoY Change -63.33% 235600.0% -99.95%
NET CHANGE
Cash From Operating Activities -24.82M -30.48M -24.87M
Cash From Investing Activities -267.0K -80.00K -30.00K
Cash From Financing Activities 22.00K 70.71M 60.00K
Net Change In Cash -25.07M 40.15M -24.84M
YoY Change 0.92% -307.82% -121.41%
FREE CASH FLOW
Cash From Operating Activities -$24.82M -$30.48M -$24.87M
Capital Expenditures -$267.0K -$80.00K -$30.00K
Free Cash Flow -$24.56M -$30.40M -$24.84M
YoY Change -1.14% 70.69% 86.63%

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 “Company” or “AVROBIO”) is a clinical-stage gene therapy company focused on developing potentially curative <span style="font-style:italic;">ex vivo</span> lentiviral gene therapies to treat rare diseases following a single dose treatment regimen. </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 clinical-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, developing and scaling a clinical and commercial supply chain, 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’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. <span style="font-size:12pt;">              </span></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 has incurred recurring losses since its inception, including net losses of $90,899<span style="font-size:12pt;"> </span>and $91,581 for the nine months ended September 30, 2021 and 2020, respectively. In addition, as of September 30, 2021, the Company had an accumulated deficit of $355,315. The Company has primarily funded these losses through the proceeds from sales of common and preferred stock. 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 and cash equivalents on hand as of September 30, 2021 of $201,369 will be sufficient to fund current planned operations and capital expenditure requirements for at least the next twelve months from the filing date of this Quarterly Report on Form 10-Q with the Securities and Exchange Commission (“SEC”). However, the future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’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.<span style="font-size:12pt;">   </span></p>
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2634000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2812685
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
13.45
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2593000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1760000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
595000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.12
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.98
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
7000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
44000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5169000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4805000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14494000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11526000
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
52327000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M28D

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