$UBX
Unity Biotechnology, Inc.

2018 Q2 Form 10-Q Financial Statement

#000156459018015253 Filed on June 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2018 Q1 2017 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 $3.840M $3.460M $2.070M
YoY Change 54.22% 67.15%
% of Gross Profit
Research & Development $15.20M $13.03M $6.970M
YoY Change 64.96% 86.87%
% of Gross Profit
Depreciation & Amortization $520.0K $502.0K $94.00K
YoY Change 73.33% 434.04%
% of Gross Profit
Operating Expenses $20.80M $16.48M $9.040M
YoY Change 77.79% 82.32%
Operating Profit -$20.80M -$16.48M -$9.040M
YoY Change 77.79% 82.32%
Interest Expense $826.0K $352.0K $108.0K
YoY Change 197.12% 225.93%
% of Operating Profit
Other Income/Expense, Net -$30.00K $0.00 $0.00
YoY Change 200.0%
Pretax Income -$20.00M -$16.13M -$8.930M
YoY Change 74.98% 80.63%
Income Tax
% Of Pretax Income
Net Earnings -$20.00M -$16.13M -$8.934M
YoY Change 75.03% 80.58%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$7.61 -$47.44 -$28.80
COMMON SHARES
Basic Shares Outstanding 42.31M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q2 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $186.0M $134.0M
YoY Change
Cash & Equivalents $34.72M $62.75M $30.35M
Short-Term Investments $151.8M $71.30M
Other Short-Term Assets $1.700M $2.400M
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $187.6M $136.4M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $6.595M $6.591M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.10M $0.00
YoY Change
Other Assets $2.200M $522.0K
YoY Change
Total Long-Term Assets $20.88M $7.663M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $187.6M $136.4M
Total Long-Term Assets $20.88M $7.663M
Total Assets $208.5M $144.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.900M $5.037M
YoY Change
Accrued Expenses $4.856M $5.600M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.400M $10.66M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $82.00K $101.0K
YoY Change
Total Long-Term Liabilities $82.00K $101.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $9.400M $10.66M
Total Long-Term Liabilities $82.00K $101.0K
Total Liabilities $13.39M $13.83M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$103.0M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $195.1M -$98.63M
YoY Change
Total Liabilities & Shareholders Equity $208.5M $144.1M
YoY Change

Cashflow Statement

Concept 2018 Q2 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$20.00M -$16.13M -$8.934M
YoY Change 75.03% 80.58%
Depreciation, Depletion And Amortization $520.0K $502.0K $94.00K
YoY Change 73.33% 434.04%
Cash From Operating Activities -$18.05M -$11.88M -$7.860M
YoY Change 84.56% 51.18%
INVESTING ACTIVITIES
Capital Expenditures $430.0K $101.0K $294.0K
YoY Change -37.68% -65.65%
Acquisitions
YoY Change
Other Investing Activities -$92.37M $13.05M -$59.21M
YoY Change 99.37% -122.04%
Cash From Investing Activities -$92.80M $12.95M -$59.51M
YoY Change 97.4% -121.76%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 82.25M 54.39M 7.986M
YoY Change 135.81% 581.09%
NET CHANGE
Cash From Operating Activities -18.05M -11.88M -7.860M
Cash From Investing Activities -92.80M 12.95M -59.51M
Cash From Financing Activities 82.25M 54.39M 7.986M
Net Change In Cash -28.60M 55.46M -59.38M
YoY Change 30.53% -193.39%
FREE CASH FLOW
Cash From Operating Activities -$18.05M -$11.88M -$7.860M
Capital Expenditures $430.0K $101.0K $294.0K
Free Cash Flow -$18.48M -$11.98M -$8.154M
YoY Change 76.5% 46.97%

Facts In Submission

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CY2018Q1 dei Entity Filer Category
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CY2018Q1 dei Entity Registrant Name
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Unity Biotechnology, Inc.
CY2018Q1 dei Entity Central Index Key
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CY2018Q1 dei Current Fiscal Year End Date
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CY2018Q1 dei Trading Symbol
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CY2018Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="text-align:justify;margin-bottom:14pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-bottom:14pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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&#8217;s 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, common stock valuation, and stock-based compensation. Actual results could differ from such estimates or assumptions.</p></div>
CY2018Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="text-align:justify;margin-bottom:14pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Risk </p> <p style="text-align:justify;margin-bottom:14pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, marketable securities and contribution receivable. Substantially all of the Company&#8217;s cash and cash equivalents and restricted cash is deposited in accounts with financial institutions that management believes are of high credit quality. Such deposits have and will continue to exceed federally insured limits. The Company maintains its cash with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash deposits. The contribution receivable is unsecured and is concentrated with one third-party organization, and accordingly the Company may be exposed to credit risk. To date, the Company has not experienced any loss related to its contributions receivable. </p> <p style="text-align:justify;margin-bottom:14pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s investment policy limits investments to certain types of securities issued by the U.S. government, its agencies and institutions with investment-grade credit ratings and places restrictions on maturities and concentration by type and issuer. The Company is exposed to credit risk in the event of a default by the financial institutions holding its cash, cash equivalents, restricted cash and marketable securities and issuers of marketable securities to the extent recorded on the balance sheets. As of March&#160;31, 2018, the Company had no off-balance sheet concentrations of credit risk. </p> <p style="margin-bottom:0pt;text-align:justify;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company depends on third-party suppliers for key raw materials used in its manufacturing processes and is subject to certain risks related to the loss of these third-party suppliers or their inability to supply the Company with adequate raw materials. </p></div>
CY2018Q1 us-gaap Lease Expiration Date1
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550000
CY2018Q1 us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of March 31, 2018, the Company had no off-balance sheet concentrations of credit risk.
CY2018Q1 ubx Concentration Risk Credit Risk Off Balance Sheet Risk
ConcentrationRiskCreditRiskOffBalanceSheetRisk
0
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 ubx Tax Cuts And Jobs Act Of2017 Limitation Of Net Operating Loss Deductions As Percentage Of Current Year Taxable Income
TaxCutsAndJobsActOf2017LimitationOfNetOperatingLossDeductionsAsPercentageOfCurrentYearTaxableIncome
0.80
CY2018Q1 ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2017 ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
84434000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
105000
CY2017Q4 us-gaap Available For Sale Securities
AvailableForSaleSecurities
84330000
CY2018Q1 ubx Available For Sale Securities Maximum Remaining Contractual Maturity
AvailableForSaleSecuritiesMaximumRemainingContractualMaturity
P2Y
CY2018Q1 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
CY2016Q1 ubx Research And Development Cost Related To Funding Period
ResearchAndDevelopmentCostRelatedToFundingPeriod
2020-02
CY2018Q1 ubx Number Of Non Cancelable Operating Leases
NumberOfNonCancelableOperatingLeases
1
CY2017Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
500000
CY2018Q1 ubx Number Of Promissory Note
NumberOfPromissoryNote
3
CY2018Q1 ubx Number Of Executive Officer
NumberOfExecutiveOfficer
2
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
122000000
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
91739149
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
103283818
CY2018Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1370000
CY2017Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
413000
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38727221
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29671866

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