$UBX
Unity Biotechnology, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019030066 Filed on August 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q4
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 $5.690M $4.970M $4.330M
YoY Change 29.61% 29.43% 67.83%
% of Gross Profit
Research & Development $17.78M $18.47M $16.33M
YoY Change 23.86% 21.52% 40.9%
% of Gross Profit
Depreciation & Amortization $640.0K $640.0K $600.0K
YoY Change 14.29% 23.08% 30.43%
% of Gross Profit
Operating Expenses $22.35M $24.47M $22.81M
YoY Change 15.36% 17.66% 60.97%
Operating Profit -$22.35M -$24.47M -$22.81M
YoY Change 15.36% 17.66% 78.37%
Interest Expense $756.0K $900.0K $1.070M
YoY Change -29.21% 8.96% 234.38%
% of Operating Profit
Other Income/Expense, Net -$112.0K -$103.0K -$180.0K
YoY Change 180.0% 243.33% 125.0%
Pretax Income -$21.71M -$23.67M -$21.92M
YoY Change 18.31% 18.35% 74.8%
Income Tax
% Of Pretax Income
Net Earnings -$21.71M -$23.67M -$21.92M
YoY Change 18.34% 18.35% 74.72%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$5.05 -$5.58 -$5.24
COMMON SHARES
Basic Shares Outstanding 43.20M 42.32M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $113.0M $128.0M $171.1M
YoY Change -36.45% -31.18%
Cash & Equivalents $38.21M $23.11M $15.40M
Short-Term Investments $76.20M $104.9M $155.7M
Other Short-Term Assets $2.200M $2.800M $1.800M
YoY Change 10.0% 64.71%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $125.9M $141.4M $173.0M
YoY Change -29.98% -24.62% 94.61%
LONG-TERM ASSETS
Property, Plant & Equipment $5.400M $5.658M $6.238M
YoY Change -14.89% -14.21% -10.35%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.400M $4.000M $0.00
YoY Change 15.63% -66.94%
Other Assets $1.647M $1.639M $1.622M
YoY Change 1.42% -25.5% 213.13%
Total Long-Term Assets $15.78M $12.78M $8.410M
YoY Change 5.86% -38.78% -36.02%
TOTAL ASSETS
Total Short-Term Assets $125.9M $141.4M $173.0M
Total Long-Term Assets $15.78M $12.78M $8.410M
Total Assets $141.7M $154.2M $181.4M
YoY Change -27.24% -26.04% 77.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.578M $5.381M $4.847M
YoY Change 74.47% 183.21% 103.83%
Accrued Expenses $4.912M $4.840M $4.990M
YoY Change 6.37% -0.33% 49.49%
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 $14.30M $15.23M $16.58M
YoY Change 22.33% 62.04% 109.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.60M $7.000K $45.00K
YoY Change 19587.5% -91.46% -61.86%
Total Long-Term Liabilities $12.60M $7.000K $45.00K
YoY Change 19587.5% -91.46% -61.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.30M $15.23M $16.58M
Total Long-Term Liabilities $12.60M $7.000K $45.00K
Total Liabilities $26.96M $27.16M $20.68M
YoY Change 77.32% 102.88% 84.97%
SHAREHOLDERS EQUITY
Retained Earnings -$205.7M -$163.3M
YoY Change 87.94%
Common Stock $333.3M $324.7M
YoY Change 7871.2%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.7M $127.1M $160.7M
YoY Change
Total Liabilities & Shareholders Equity $141.7M $154.2M $181.4M
YoY Change -27.23% -26.04% 77.78%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q4
OPERATING ACTIVITIES
Net Income -$21.71M -$23.67M -$21.92M
YoY Change 18.34% 18.35% 74.72%
Depreciation, Depletion And Amortization $640.0K $640.0K $600.0K
YoY Change 14.29% 23.08% 30.43%
Cash From Operating Activities -$16.83M -$19.30M -$12.80M
YoY Change 21.17% 6.93% 10.34%
INVESTING ACTIVITIES
Capital Expenditures $540.0K $230.0K $440.0K
YoY Change 86.21% -46.51% 33.33%
Acquisitions
YoY Change
Other Investing Activities $25.62M $7.510M -$540.0K
YoY Change 187.22% -108.13% -105.83%
Cash From Investing Activities $25.09M $7.280M -$990.0K
YoY Change 190.73% -107.84% -111.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.410M 880.0K 300.0K
YoY Change -54200.0% -98.93% -3100.0%
NET CHANGE
Cash From Operating Activities -16.83M -19.30M -12.80M
Cash From Investing Activities 25.09M 7.280M -990.0K
Cash From Financing Activities 5.410M 880.0K 300.0K
Net Change In Cash 13.67M -11.14M -13.49M
YoY Change -359.39% -61.05% 405.24%
FREE CASH FLOW
Cash From Operating Activities -$16.83M -$19.30M -$12.80M
Capital Expenditures $540.0K $230.0K $440.0K
Free Cash Flow -$17.37M -$19.53M -$13.24M
YoY Change 22.5% 5.68% 10.98%

Facts In Submission

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us-gaap Concentration Risk Credit Risk
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<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 June 30, 2019, 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>
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us-gaap Use Of Estimates
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<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 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, common stock valuation, contingent consideration liability and stock-based compensation. Actual results could differ from such estimates or assumptions.</p>
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RestrictedCashAndCashEquivalents
550000
us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of June 30, 2019, the Company had no off-balance sheet concentrations of credit risk.
CY2019Q2 ubx Concentration Risk Credit Risk Off Balance Sheet Risk
ConcentrationRiskCreditRiskOffBalanceSheetRisk
0
ubx Capital Lease Term Of Contract
CapitalLeaseTermOfContract
P3Y
CY2018Q4 us-gaap Shares Subject To Mandatory Redemption Settlement Terms Fair Value Of Shares
SharesSubjectToMandatoryRedemptionSettlementTermsFairValueOfShares
2000000
ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0
ubx Compound Library And Option Agreement Execution Month And Year
CompoundLibraryAndOptionAgreementExecutionMonthAndYear
2016-02
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1014000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
99000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
169867000
ubx Available For Sale Securities Maximum Remaining Contractual Maturity
AvailableForSaleSecuritiesMaximumRemainingContractualMaturity
P2Y
CY2018 ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2019Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
126689000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
115000
CY2019Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2019Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
126802000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
169962000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5373000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6230000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5859000
CY2019Q2 ubx Operating Leases Future Minimum Payments Due2023 And Later
OperatingLeasesFutureMinimumPaymentsDue2023AndLater
33658000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
52134000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7581925
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7693464
CY2019Q2 ubx Number Of Executive Officer
NumberOfExecutiveOfficer
2
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1944000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2838000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3941000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4208000

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