$UBX
Unity Biotechnology, Inc.

2019 Q4 Form 10-Q Financial Statement

#000156459019041014 Filed on November 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q4 2019 Q3 2018 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.910M $5.690M $4.390M
YoY Change 13.39% 29.61% 77.02%
% of Gross Profit
Research & Development $18.21M $17.78M $14.35M
YoY Change 11.51% 23.86% 49.53%
% of Gross Profit
Depreciation & Amortization $740.0K $640.0K $560.0K
YoY Change 23.33% 14.29% 24.44%
% of Gross Profit
Operating Expenses $23.09M $22.35M $19.38M
YoY Change 1.23% 15.36% 60.37%
Operating Profit -$23.09M -$22.35M -$19.38M
YoY Change 1.24% 15.36% 60.37%
Interest Expense $630.0K $756.0K $1.068M
YoY Change -41.12% -29.21% 206.9%
% of Operating Profit
Other Income/Expense, Net $4.440M -$112.0K -$40.00K
YoY Change -2566.67% 180.0% 100.0%
Pretax Income -$18.03M -$21.71M -$18.35M
YoY Change -17.75% 18.31% 56.17%
Income Tax
% Of Pretax Income
Net Earnings -$18.03M -$21.71M -$18.35M
YoY Change -17.75% 18.34% 56.14%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$3.86 -$5.05 -$4.47
COMMON SHARES
Basic Shares Outstanding 45.94M 43.20M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 Q3 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.5M $113.0M $177.8M
YoY Change -25.48% -36.45%
Cash & Equivalents $37.47M $38.21M $28.90M
Short-Term Investments $90.00M $76.20M $148.9M
Other Short-Term Assets $2.000M $2.200M $2.000M
YoY Change 11.11% 10.0%
Inventory
Prepaid Expenses
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $129.5M $125.9M $179.8M
YoY Change -25.14% -29.98%
LONG-TERM ASSETS
Property, Plant & Equipment $16.64M $5.400M $6.345M
YoY Change 166.69% -14.89%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $3.000M $7.400M $6.400M
YoY Change 15.63%
Other Assets $627.0K $1.647M $1.624M
YoY Change -61.34% 1.42%
Total Long-Term Assets $21.73M $15.78M $14.91M
YoY Change 158.43% 5.86%
TOTAL ASSETS
Total Short-Term Assets $129.5M $125.9M $179.8M
Total Long-Term Assets $21.73M $15.78M $14.91M
Total Assets $151.2M $141.7M $194.7M
YoY Change -16.63% -27.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.185M $4.578M $2.624M
YoY Change 6.97% 74.47%
Accrued Expenses $4.995M $4.912M $4.618M
YoY Change 0.1% 6.37%
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 $17.22M $14.30M $11.69M
YoY Change 3.82% 22.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.30M $12.60M $64.00K
YoY Change 29455.56% 19587.5%
Total Long-Term Liabilities $0.00 $12.60M $64.00K
YoY Change -100.0% 19587.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.22M $14.30M $11.69M
Total Long-Term Liabilities $0.00 $12.60M $64.00K
Total Liabilities $30.51M $26.96M $15.21M
YoY Change 47.54% 77.32%
SHAREHOLDERS EQUITY
Retained Earnings -$245.5M -$141.4M
YoY Change 50.33%
Common Stock $366.7M $4.000K
YoY Change 12.95%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.7M $114.7M $179.5M
YoY Change
Total Liabilities & Shareholders Equity $151.2M $141.7M $194.7M
YoY Change -16.63% -27.23%

Cashflow Statement

Concept 2019 Q4 2019 Q3 2018 Q3
OPERATING ACTIVITIES
Net Income -$18.03M -$21.71M -$18.35M
YoY Change -17.75% 18.34% 56.14%
Depreciation, Depletion And Amortization $740.0K $640.0K $560.0K
YoY Change 23.33% 14.29% 24.44%
Cash From Operating Activities -$15.69M -$16.83M -$13.89M
YoY Change 22.58% 21.17% 52.3%
INVESTING ACTIVITIES
Capital Expenditures $610.0K $540.0K $290.0K
YoY Change 38.64% 86.21% -23.68%
Acquisitions
YoY Change
Other Investing Activities -$3.860M $25.62M $8.920M
YoY Change 614.81% 187.22% -23.43%
Cash From Investing Activities -$4.480M $25.09M $8.630M
YoY Change 352.53% 190.73% -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 20.87M 5.410M -10.00K
YoY Change 6856.67% -54200.0% -87.5%
NET CHANGE
Cash From Operating Activities -15.69M -16.83M -13.89M
Cash From Investing Activities -4.480M 25.09M 8.630M
Cash From Financing Activities 20.87M 5.410M -10.00K
Net Change In Cash 700.0K 13.67M -5.270M
YoY Change -105.19% -359.39% -354.59%
FREE CASH FLOW
Cash From Operating Activities -$15.69M -$16.83M -$13.89M
Capital Expenditures $610.0K $540.0K $290.0K
Free Cash Flow -$16.30M -$17.37M -$14.18M
YoY Change 23.11% 22.5% 49.26%

Facts In Submission

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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>
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 September 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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1446000
CY2018Q4 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, 2019, the Company had no off-balance sheet concentrations of credit risk.
CY2019Q3 ubx Concentration Risk Credit Risk Off Balance Sheet Risk
ConcentrationRiskCreditRiskOffBalanceSheetRisk
0
ubx Capital Lease Term Of Contract
CapitalLeaseTermOfContract
P3Y
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1
CY2018Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.33898
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
CY2018 ubx Fair Value Assets Hierarchy Levels Transfers Amount
FairValueAssetsHierarchyLevelsTransfersAmount
0
CY2019Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
116782000
CY2019Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
98000
CY2019Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
116879000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
169962000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
4000
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
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
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
507000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
5373000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
6230000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5859000
CY2019Q3 ubx Operating Leases Future Minimum Payments Due2023 And Later
OperatingLeasesFutureMinimumPaymentsDue2023AndLater
33658000
CY2019Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
51627000
CY2019Q3 ubx Number Of Promissory Note
NumberOfPromissoryNote
3
CY2019Q3 ubx Number Of Executive Officer
NumberOfExecutiveOfficer
2
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3823000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2717000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7764000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6925000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7130057
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7522343

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