$UBX
Unity Biotechnology, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024091903 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $2.787M $3.463M
YoY Change -43.13% -46.96%
% of Gross Profit
Depreciation & Amortization $216.0K $221.0K
YoY Change -30.32% -29.62%
% of Gross Profit
Operating Expenses $6.602M $6.979M
YoY Change -55.78% -41.66%
Operating Profit -$6.602M -$6.979M
YoY Change -55.78% -41.66%
Interest Expense $396.0K $515.0K
YoY Change -15.74% -47.4%
% of Operating Profit
Other Income/Expense, Net -$60.00K -$61.00K
YoY Change -89.6% -11.59%
Pretax Income
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$6.481M -$5.279M
YoY Change -57.61% -56.75%
Net Earnings / Revenue
Basic Earnings Per Share -$0.38 -$0.31
Diluted Earnings Per Share -$0.38 -$0.31
COMMON SHARES
Basic Shares Outstanding 16.85M 16.79M
Diluted Shares Outstanding 16.85M 16.82M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.04M $33.98M
YoY Change -36.74% -50.81%
Cash & Equivalents $8.898M $7.584M
Short-Term Investments $20.14M $26.40M
Other Short-Term Assets $1.226M $1.862M
YoY Change -65.94% -51.94%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $30.26M $35.85M
YoY Change -38.91% -50.87%
LONG-TERM ASSETS
Property, Plant & Equipment $4.414M $4.630M
YoY Change -16.94% -81.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $200.0K $250.0K
YoY Change -72.25%
Total Long-Term Assets $16.87M $17.68M
YoY Change -14.51% -36.97%
TOTAL ASSETS
Total Short-Term Assets $30.26M $35.85M
Total Long-Term Assets $16.87M $17.68M
Total Assets $47.13M $53.52M
YoY Change -31.96% -47.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.804M $1.456M
YoY Change 57.01% 0.48%
Accrued Expenses $5.276M $5.977M
YoY Change 0.34% -15.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.784M $8.818M
YoY Change 1.75% -60.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $24.20M $24.95M
YoY Change -0.8% -1.37%
Total Long-Term Liabilities $24.20M $24.95M
YoY Change -15.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.784M $8.818M
Total Long-Term Liabilities $24.20M $24.95M
Total Liabilities $32.99M $33.77M
YoY Change -0.23% -34.56%
SHAREHOLDERS EQUITY
Retained Earnings -$501.9M -$495.4M
YoY Change 0.72% 2.57%
Common Stock $516.0M $515.2M
YoY Change -3.47% -3.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.14M $19.75M
YoY Change
Total Liabilities & Shareholders Equity $47.13M $53.52M
YoY Change -31.96% -47.01%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$6.481M -$5.279M
YoY Change -57.61% -56.75%
Depreciation, Depletion And Amortization $216.0K $221.0K
YoY Change -30.32% -29.62%
Cash From Operating Activities -$5.193M -$4.584M
YoY Change -26.96% -58.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $6.507M $4.670M
YoY Change -54.37% -52.61%
Cash From Investing Activities $6.507M $4.670M
YoY Change -54.34% -52.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 68.00K
YoY Change -100.0% -102.59%
NET CHANGE
Cash From Operating Activities -5.193M -4.584M
Cash From Investing Activities 6.507M 4.670M
Cash From Financing Activities 0.000 68.00K
Net Change In Cash 1.314M 154.0K
YoY Change -111.69% -104.0%
FREE CASH FLOW
Cash From Operating Activities -$5.193M -$4.584M
Capital Expenditures $0.00
Free Cash Flow -$5.193M
YoY Change -27.06%

Facts In Submission

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Unity Biotechnology, Inc.
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20699000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20014000
us-gaap Interest Paid Net
InterestPaidNet
0
us-gaap Interest Paid Net
InterestPaidNet
1362000
CY2024Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7584000
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19118000
CY2024Q2 us-gaap Restricted Cash
RestrictedCash
896000
CY2023Q2 us-gaap Restricted Cash
RestrictedCash
896000
CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
8480000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20014000
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-495400000
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
-11100000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22400000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0
CY2024Q2 ubx Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
34000000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:-1.764%;padding-left:1.733%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:12pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Estimating fair values of liability-classified financial instruments requires the development of estimates that may, and are likely to, change over the duration of the instrument with related changes in internal and external market factors. As liability-classified financial instruments are initially and subsequently carried at fair value, the Company’s financial results will reflect the volatility in these estimate and assumption changes. Changes in estimated fair value are recognized as a component of "Other income (expense), net" in the Statements of Operations and Comprehensive Loss.</span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2024Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
31768000
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
35000
CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
31733000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
40172000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
5000
CY2023Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
29000
CY2023Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
40148000
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2023 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
CY2024Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
926000
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
930000
us-gaap Operating Lease Cost
OperatingLeaseCost
1864000
us-gaap Operating Lease Cost
OperatingLeaseCost
2151000
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
202000
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
140000
us-gaap Variable Lease Cost
VariableLeaseCost
474000
us-gaap Variable Lease Cost
VariableLeaseCost
707000
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
1472000
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
965000
us-gaap Sublease Income
SubleaseIncome
2944000
us-gaap Sublease Income
SubleaseIncome
2014000
CY2024Q2 ubx Lease Income Cost
LeaseIncomeCost
344000
CY2023Q2 ubx Lease Income Cost
LeaseIncomeCost
-105000
ubx Lease Income Cost
LeaseIncomeCost
606000
ubx Lease Income Cost
LeaseIncomeCost
-844000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2488000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
5123000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5287000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5457000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5633000
CY2024Q2 ubx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
5801000
CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
29789000
CY2024Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4492000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
25297000
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3638000
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
21659000
CY2024Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2023Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
10000000
CY2024Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2023Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2024Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2023Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2023Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2024Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16847622
CY2024Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16847622
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
16784969
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
16784969
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1913345
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
691834
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
206839
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.13
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2398340
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.38
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
974000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2247000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2368000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4422000
CY2024Q2 us-gaap Net Income Loss
NetIncomeLoss
-5279000
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-15456000
us-gaap Net Income Loss
NetIncomeLoss
-11069000
us-gaap Net Income Loss
NetIncomeLoss
-20735000
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16815387
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16815387
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14425775
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14425775
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
16800238
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16800238
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14369643
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14369643
CY2024Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2024Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.66
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.66
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.44
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9395133
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8549186
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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