$UBX
Unity Biotechnology, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019694 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.433M $4.818M $5.806M
YoY Change 9.96% -17.02% -6.75%
% of Gross Profit
Research & Development $6.529M $5.835M $12.46M
YoY Change -13.56% -53.17% 42.95%
% of Gross Profit
Depreciation & Amortization $314.0K $329.0K $627.0K
YoY Change -48.44% -47.53% -17.17%
% of Gross Profit
Operating Expenses $11.96M $10.65M $18.27M
YoY Change -4.26% -41.68% 22.24%
Operating Profit -$11.96M -$10.65M -$18.27M
YoY Change -2.41% -41.68% 22.24%
Interest Expense $979.0K $1.002M $808.0K
YoY Change 9.51% 24.01% 4.26%
% of Operating Profit
Other Income/Expense, Net -$69.00K -$65.00K $131.0K
YoY Change 60.47% -149.62% -277.03%
Pretax Income -$12.21M -$10.87M -$18.92M
YoY Change -7.09% -42.56% 20.05%
Income Tax
% Of Pretax Income
Net Earnings -$12.21M -$10.87M -$18.92M
YoY Change -7.09% -42.56% 20.05%
Net Earnings / Revenue
Basic Earnings Per Share -$0.85 -$0.76 -$2.80
Diluted Earnings Per Share -$0.85 -$0.76 -$280.1K
COMMON SHARES
Basic Shares Outstanding 14.37M 14.34M 6.753M
Diluted Shares Outstanding 14.43M 14.31M 6.753M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.09M $83.39M $79.16M
YoY Change 7.11% 5.34% -21.2%
Cash & Equivalents $19.12M $22.97M $16.45M
Short-Term Investments $49.97M $60.42M $62.72M
Other Short-Term Assets $3.874M $2.989M $2.320M
YoY Change 16.86% 28.84% 46.65%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $72.97M $86.38M $81.48M
YoY Change 7.58% 6.01% -20.15%
LONG-TERM ASSETS
Property, Plant & Equipment $25.24M $7.496M $30.01M
YoY Change 190.24% -75.02% 151.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.899M $896.0K $0.00
YoY Change -100.0%
Other Assets $901.0K $29.00K $972.0K
YoY Change 1353.23% -97.02% -32.78%
Total Long-Term Assets $28.04M $27.87M $30.99M
YoY Change -5.81% -10.04% -32.85%
TOTAL ASSETS
Total Short-Term Assets $72.97M $86.38M $81.48M
Total Long-Term Assets $28.04M $27.87M $30.99M
Total Assets $101.0M $114.3M $112.5M
YoY Change 3.5% 1.59% -24.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.449M $1.470M $3.323M
YoY Change 0.84% -55.76% 68.25%
Accrued Expenses $7.069M $5.343M $9.529M
YoY Change 53.54% -43.93% 47.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $13.70M $13.06M $4.837M
YoY Change 93.37% 170.04%
Total Short-Term Liabilities $22.22M $21.86M $17.91M
YoY Change 35.34% 22.08% 74.36%
LONG-TERM LIABILITIES
Long-Term Debt $4.082M $7.619M $14.53M
YoY Change -67.78% -47.58% -41.16%
Other Long-Term Liabilities $25.30M $26.15M $29.34M
YoY Change -10.87% -11.8%
Total Long-Term Liabilities $29.38M $7.619M $14.53M
YoY Change 131.88% -47.58% -41.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.22M $21.86M $17.91M
Total Long-Term Liabilities $29.38M $7.619M $14.53M
Total Liabilities $51.60M $55.63M $61.78M
YoY Change -10.51% -9.96% -9.46%
SHAREHOLDERS EQUITY
Retained Earnings -$483.0M -$470.8M -$418.9M
YoY Change 11.78% 12.39% 17.97%
Common Stock $532.6M $529.6M
YoY Change 12.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.41M $58.63M $50.69M
YoY Change
Total Liabilities & Shareholders Equity $101.0M $114.3M $112.5M
YoY Change 3.5% 1.59% -24.1%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$12.21M -$10.87M -$18.92M
YoY Change -7.09% -42.56% 20.05%
Depreciation, Depletion And Amortization $314.0K $329.0K $627.0K
YoY Change -48.44% -47.53% -17.17%
Cash From Operating Activities -$11.08M -$11.30M -$15.00M
YoY Change -25.29% -24.67% -0.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $9.854M $21.28M -$5.817M
YoY Change -44.34% -465.79% -141.33%
Cash From Investing Activities $9.854M $21.28M -$5.817M
YoY Change -44.31% -465.79% -141.37%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.625M 274.0K 4.330M
YoY Change -2002.17% -93.67% -56.98%
NET CHANGE
Cash From Operating Activities -11.08M -11.30M -15.00M
Cash From Investing Activities 9.854M 21.28M -5.817M
Cash From Financing Activities -2.625M 274.0K 4.330M
Net Change In Cash -3.854M 10.24M -16.46M
YoY Change -228.64% -162.19% -282.17%
FREE CASH FLOW
Cash From Operating Activities -$11.08M -$11.30M -$15.00M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$11.08M -$15.00M
YoY Change -25.24% -0.75%

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
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CY2023Q1 ubx Issuance Of Common Stock In Payment Of Debt
IssuanceOfCommonStockInPaymentOfDebt
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CY2022Q1 ubx Issuance Of Common Stock In Payment Of Debt
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2023Q1 us-gaap Restricted Cash
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CY2022Q1 us-gaap Restricted Cash
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23868000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17892000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-10900000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11300000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
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CY2023Q1 ubx Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
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CY2023Q1 us-gaap Substantial Doubt About Going Concern Within One Year
SubstantialDoubtAboutGoingConcernWithinOneYear
true
CY2023Q1 ubx Substantial Doubt About Going Concern Percentage Of Reduction In Force
SubstantialDoubtAboutGoingConcernPercentageOfReductionInForce
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:-1.764%;padding-left:1.733%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:12.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The condensed financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the condensed financial statements and accompanying notes. The Company bases its estimates on historical experience and market-specific or other relevant assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s condensed balance sheets and the amount of expenses and income reported for each of the periods presented are affected by estimates and assumptions, which are used for, but are not limited to, determining the fair value of assets and liabilities, the fair value of right-of-use assets and lease liabilities, and stock-based compensation. Actual results could differ from such estimates or assumptions.</span></p>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
259000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
87142000
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2022 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023Q1 ubx Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
1500000
CY2022Q1 ubx Employee Retention Credit Receivable
EmployeeRetentionCreditReceivable
0
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
930000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
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CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
203000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
296000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
963000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
1048000
CY2023Q1 us-gaap Lease Cost
LeaseCost
170000
CY2022Q1 us-gaap Lease Cost
LeaseCost
326000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1200000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1704000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
7619000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y9M18D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.060
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3610000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4964000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5123000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5287000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2023Q1 ubx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
11435000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
35876000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6540000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
29336000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3186000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
26150000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
10063000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9937000
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
20000000
CY2023Q1 ubx Term Fee Due At Maturity Amount
TermFeeDueAtMaturityAmount
1563000
CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
21563000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
882000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
20681000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
13062000
CY2023Q1 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2022Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2022Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
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CY2023Q1 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2023Q1 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2022Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
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CY2022Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
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CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14359214
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14215302
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14215302
CY2022Q1 ubx Sale Of Equity Financing Authorized Amount
SaleOfEquityFinancingAuthorizedAmount
125000000.0
CY2022Q4 ubx Sale Of Equity Financing Authorized Amount
SaleOfEquityFinancingAuthorizedAmount
250000000.0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1609938
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.51
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
9000
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.39
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
14980
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
18.92
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1603958
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
27.46
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2270000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2660000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-10865000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-18915000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14312887
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14312887
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6752855
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6752855
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.76
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.76
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.80
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.80
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8210257
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1202349

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