$UBX
Unity Biotechnology, Inc.

2018 Q4 Form 10-Q Financial Statement

#000156459018028024 Filed on November 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2017 Q3
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 $4.330M $4.390M $2.480M
YoY Change 67.83% 77.02%
% of Gross Profit
Research & Development $16.33M $14.35M $9.599M
YoY Change 40.9% 49.53%
% of Gross Profit
Depreciation & Amortization $600.0K $560.0K $450.0K
YoY Change 30.43% 24.44%
% of Gross Profit
Operating Expenses $22.81M $19.38M $12.08M
YoY Change 60.97% 60.37%
Operating Profit -$22.81M -$19.38M -$12.08M
YoY Change 78.37% 60.37%
Interest Expense $1.070M $1.068M $348.0K
YoY Change 234.38% 206.9%
% of Operating Profit
Other Income/Expense, Net -$180.0K -$40.00K -$20.00K
YoY Change 125.0% 100.0%
Pretax Income -$21.92M -$18.35M -$11.75M
YoY Change 74.8% 56.17%
Income Tax
% Of Pretax Income
Net Earnings -$21.92M -$18.35M -$11.75M
YoY Change 74.72% 56.14%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$5.24 -$4.47 -$36.71
COMMON SHARES
Basic Shares Outstanding 42.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $171.1M $177.8M
YoY Change
Cash & Equivalents $15.40M $28.90M $10.52M
Short-Term Investments $155.7M $148.9M
Other Short-Term Assets $1.800M $2.000M
YoY Change
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $173.0M $179.8M
YoY Change 94.61%
LONG-TERM ASSETS
Property, Plant & Equipment $6.238M $6.345M
YoY Change -10.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $6.400M
YoY Change
Other Assets $1.622M $1.624M
YoY Change 213.13%
Total Long-Term Assets $8.410M $14.91M
YoY Change -36.02%
TOTAL ASSETS
Total Short-Term Assets $173.0M $179.8M
Total Long-Term Assets $8.410M $14.91M
Total Assets $181.4M $194.7M
YoY Change 77.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.847M $2.624M
YoY Change 103.83%
Accrued Expenses $4.990M $4.618M
YoY Change 49.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.58M $11.69M
YoY Change 109.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $45.00K $64.00K
YoY Change -61.86%
Total Long-Term Liabilities $45.00K $64.00K
YoY Change -61.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.58M $11.69M
Total Long-Term Liabilities $45.00K $64.00K
Total Liabilities $20.68M $15.21M
YoY Change 84.97%
SHAREHOLDERS EQUITY
Retained Earnings -$163.3M -$141.4M
YoY Change 87.94%
Common Stock $324.7M $4.000K
YoY Change 7871.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $160.7M $179.5M
YoY Change
Total Liabilities & Shareholders Equity $181.4M $194.7M
YoY Change 77.78%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$21.92M -$18.35M -$11.75M
YoY Change 74.72% 56.14%
Depreciation, Depletion And Amortization $600.0K $560.0K $450.0K
YoY Change 30.43% 24.44%
Cash From Operating Activities -$12.80M -$13.89M -$9.120M
YoY Change 10.34% 52.3%
INVESTING ACTIVITIES
Capital Expenditures $440.0K $290.0K $380.0K
YoY Change 33.33% -23.68%
Acquisitions
YoY Change
Other Investing Activities -$540.0K $8.920M $11.65M
YoY Change -105.83% -23.43%
Cash From Investing Activities -$990.0K $8.630M $11.27M
YoY Change -111.07% -23.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K -10.00K -80.00K
YoY Change -3100.0% -87.5%
NET CHANGE
Cash From Operating Activities -12.80M -13.89M -9.120M
Cash From Investing Activities -990.0K 8.630M 11.27M
Cash From Financing Activities 300.0K -10.00K -80.00K
Net Change In Cash -13.49M -5.270M 2.070M
YoY Change 405.24% -354.59%
FREE CASH FLOW
Cash From Operating Activities -$12.80M -$13.89M -$9.120M
Capital Expenditures $440.0K $290.0K $380.0K
Free Cash Flow -$13.24M -$14.18M -$9.500M
YoY Change 10.98% 49.26%

Facts In Submission

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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, contingent consideration liabilities and stock-based compensation. Actual results could differ from such estimates or assumptions.</p></div>
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 and marketable securities. 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. </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 September 30, 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>
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NumberOfReportableSegments
1
CY2018Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.33898
CY2018Q2 ubx Stockholders Equity Reverse Stock Split Effective Date
StockholdersEquityReverseStockSplitEffectiveDate
2018-04-20
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
550000
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
550000
us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of September 30, 2018, the Company had no off-balance sheet concentrations of credit risk.
CY2018Q3 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
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
ubx Tax Cuts And Jobs Act Of2017 Limitation Of Net Operating Loss Deductions As Percentage Of Current Year Taxable Income
TaxCutsAndJobsActOf2017LimitationOfNetOperatingLossDeductionsAsPercentageOfCurrentYearTaxableIncome
0.80
ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2017 ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2018Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
155422000
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2018Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
120000
CY2018Q3 us-gaap Available For Sale Securities
AvailableForSaleSecurities
155303000
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
ubx Available For Sale Securities Maximum Remaining Contractual Maturity
AvailableForSaleSecuritiesMaximumRemainingContractualMaturity
P2Y
us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
0
ubx Number Of Non Cancelable Operating Leases
NumberOfNonCancelableOperatingLeases
1
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2022-10-31
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
492000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
2012000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2072000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7522343
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2135000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1621000
CY2018Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8332000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1200000
CY2018Q3 ubx Number Of Promissory Note
NumberOfPromissoryNote
3
CY2018Q3 ubx Number Of Executive Officer
NumberOfExecutiveOfficer
2
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
122000000
CY2018Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
140000000
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
91739149
CY2018Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
103283818
CY2018Q2 ubx Convertible Preferred Stock Warrants Converted Into Warrants To Purchase Shares Of Common Stock
ConvertiblePreferredStockWarrantsConvertedIntoWarrantsToPurchaseSharesOfCommonStock
763501
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4196203
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1724893
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
404597
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
252116
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.06
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.41
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.13
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34016104

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