$UBX
Unity Biotechnology, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021055945 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.747M $6.530M $6.320M
YoY Change -11.99% 14.76% 27.16%
% of Gross Profit
Research & Development $9.081M $18.83M $16.12M
YoY Change -51.77% 5.92% -12.7%
% of Gross Profit
Depreciation & Amortization $708.0K $830.0K $910.0K
YoY Change -14.7% 29.69% 42.19%
% of Gross Profit
Operating Expenses $14.83M $18.83M $23.35M
YoY Change -21.25% -15.76% -4.58%
Operating Profit -$14.83M -$24.64M -$23.35M
YoY Change -39.83% 10.24% -4.58%
Interest Expense -$772.0K -$270.0K $0.00
YoY Change 185.93% -135.71% -100.0%
% of Operating Profit
Other Income/Expense, Net -$850.0K -$2.637M $4.342M
YoY Change -67.77% 2254.46% -4315.53%
Pretax Income -$16.45M -$27.55M -$18.67M
YoY Change -40.29% 26.9% -21.12%
Income Tax
% Of Pretax Income
Net Earnings -$16.45M -$27.55M -$18.67M
YoY Change -40.29% 26.91% -21.15%
Net Earnings / Revenue
Basic Earnings Per Share -$2.97
Diluted Earnings Per Share -$296.7K -$5.25 -$3.76
COMMON SHARES
Basic Shares Outstanding 5.544M
Diluted Shares Outstanding 5.544M

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.97M $132.2M $119.5M
YoY Change -38.75% 16.99% -6.64%
Cash & Equivalents $21.99M $48.58M $39.59M
Short-Term Investments $58.97M $83.60M $79.90M
Other Short-Term Assets $3.759M $3.500M $4.000M
YoY Change 7.4% 59.09% 42.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $84.73M $135.7M $123.5M
YoY Change -37.56% 7.78% -12.68%
LONG-TERM ASSETS
Property, Plant & Equipment $32.46M $37.80M $39.10M
YoY Change -14.12% 600.0% 591.06%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.500M $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $1.001M $1.400M $598.0K
YoY Change -28.5% -15.0% -63.51%
Total Long-Term Assets $40.97M $39.30M $41.20M
YoY Change 4.24% 149.08% 222.29%
TOTAL ASSETS
Total Short-Term Assets $84.73M $135.7M $123.5M
Total Long-Term Assets $40.97M $39.30M $41.20M
Total Assets $125.7M $175.0M $164.7M
YoY Change -28.18% 23.52% 6.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.773M $4.300M $3.952M
YoY Change -58.77% -6.07% -26.56%
Accrued Expenses $10.26M $12.70M $6.250M
YoY Change -19.22% 158.55% 29.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $945.0K
YoY Change
Total Short-Term Liabilities $12.98M $16.90M $15.67M
YoY Change -23.21% 18.18% 2.87%
LONG-TERM LIABILITIES
Long-Term Debt $24.14M $24.31M $0.00
YoY Change -0.7%
Other Long-Term Liabilities $30.84M $35.60M $36.80M
YoY Change -13.38% 182.54% 525614.29%
Total Long-Term Liabilities $24.14M $24.31M $36.80M
YoY Change -0.7% 92.96% 525614.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.98M $16.90M $15.67M
Total Long-Term Liabilities $24.14M $24.31M $36.80M
Total Liabilities $67.95M $76.87M $52.44M
YoY Change -11.6% 185.12% 93.07%
SHAREHOLDERS EQUITY
Retained Earnings -$389.3M -$319.7M -$292.2M
YoY Change 21.77% 42.04%
Common Stock $447.1M $418.0M $404.8M
YoY Change 6.96% 21.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.74M $98.10M $112.3M
YoY Change
Total Liabilities & Shareholders Equity $125.7M $175.0M $164.7M
YoY Change -28.18% 23.5% 6.8%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income -$16.45M -$27.55M -$18.67M
YoY Change -40.29% 26.91% -21.15%
Depreciation, Depletion And Amortization $708.0K $830.0K $910.0K
YoY Change -14.7% 29.69% 42.19%
Cash From Operating Activities -$11.56M -$17.26M -$19.29M
YoY Change -33.05% 2.55% -0.05%
INVESTING ACTIVITIES
Capital Expenditures -$98.00K $90.00K $350.0K
YoY Change -208.89% -83.33% 52.17%
Acquisitions
YoY Change
Other Investing Activities $17.25M -$6.510M $12.65M
YoY Change -364.98% -125.41% 68.44%
Cash From Investing Activities $17.15M -$6.610M $12.31M
YoY Change -359.49% -126.35% 69.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.900M 32.86M 21.51M
YoY Change -91.17% 507.39% 2344.32%
NET CHANGE
Cash From Operating Activities -11.56M -17.26M -19.29M
Cash From Investing Activities 17.15M -6.610M 12.31M
Cash From Financing Activities 2.900M 32.86M 21.51M
Net Change In Cash 8.496M 8.990M 14.53M
YoY Change -5.49% -34.24% -230.43%
FREE CASH FLOW
Cash From Operating Activities -$11.56M -$17.26M -$19.29M
Capital Expenditures -$98.00K $90.00K $350.0K
Free Cash Flow -$11.46M -$17.35M -$19.64M
YoY Change -33.96% -0.12% 0.56%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;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="margin-bottom:0pt;margin-top:12pt;text-align:justify;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’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, contingent consideration liability, the fair value of right-of-use assets and lease liabilities, and stock-based compensation. Actual results could differ from such estimates or assumptions.</p>
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CY2021Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1446000
CY2020Q4 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1446000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23440000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19253000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;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="margin-bottom:0pt;margin-top:12pt;text-align:justify;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’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="margin-bottom:0pt;margin-top:12pt;text-align:justify;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’s investment policy limits investments in marketable securities 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, 2021, the Company had no off-balance sheet concentrations of credit risk. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-align:justify;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> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To date, the Company’s operations have not been significantly impacted by the COVID-19 pandemic. However, the Company cannot at this time predict the specific extent, duration, or full impact that the COVID-19 pandemic will have on its financial condition and results of operations, including ongoing and planned clinical studies. The impact of the COVID-19 pandemic on the financial performance of the Company will depend on future developments. These developments and the impact of the COVID-19 pandemic on the financial markets and the overall economy are highly uncertain. <span style="color:#000000;">The Company continues to monitor the impact the COVID-19 pandemic may have on the clinical development of its product candidates, including potential delays or modifications to its ongoing and planned studies. </span></p>
us-gaap Concentration Risk Credit Risk Financial Instruments Off Balance Sheet Risk
ConcentrationRiskCreditRiskFinancialInstrumentsOffBalanceSheetRisk
As of September 30, 2021, the Company had no off-balance sheet concentrations of credit risk.
CY2021Q3 ubx Concentration Risk Credit Risk Off Balance Sheet Risk
ConcentrationRiskCreditRiskOffBalanceSheetRisk
0
ubx Impairment Of Operating Lease Right Of Use Asset
ImpairmentOfOperatingLeaseRightOfUseAsset
1157000
CY2021Q3 ubx Impairment Of Operating Lease Right Of Use Asset
ImpairmentOfOperatingLeaseRightOfUseAsset
0
CY2020Q3 ubx Impairment Of Operating Lease Right Of Use Asset
ImpairmentOfOperatingLeaseRightOfUseAsset
0
ubx Impairment Of Operating Lease Right Of Use Asset
ImpairmentOfOperatingLeaseRightOfUseAsset
0
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
81501000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
8000
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2000
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
81507000
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
111443000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
3000
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
111449000
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
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1087000
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1140000
us-gaap Operating Lease Cost
OperatingLeaseCost
3274000
us-gaap Operating Lease Cost
OperatingLeaseCost
3584000
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
393000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
363000
us-gaap Variable Lease Cost
VariableLeaseCost
1246000
us-gaap Variable Lease Cost
VariableLeaseCost
1004000
CY2021Q3 us-gaap Sublease Income
SubleaseIncome
986000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
0
us-gaap Sublease Income
SubleaseIncome
1521000
us-gaap Sublease Income
SubleaseIncome
0
us-gaap Lease Cost
LeaseCost
5745000
CY2021Q3 us-gaap Lease Cost
LeaseCost
494000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1503000
us-gaap Lease Cost
LeaseCost
2999000
us-gaap Operating Lease Payments
OperatingLeasePayments
4978000
us-gaap Operating Lease Payments
OperatingLeasePayments
4172000
CY2021Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.059
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1678000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
6283000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4810000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4964000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5123000
CY2021Q3 ubx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
22179000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
45037000
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9403000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
35634000
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
4822000
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
30812000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
3838000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
12272000
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8890000
CY2021Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
25000000
CY2021Q3 ubx Term Fee Due At Maturity Amount
TermFeeDueAtMaturityAmount
1562000
CY2021Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
26562000
CY2021Q3 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1475000
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
25087000
CY2021Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
945000
CY2021Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
24142000
CY2019Q2 ubx Sale Of Equity Financing Authorized Amount
SaleOfEquityFinancingAuthorizedAmount
250000000.0
us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
33
us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.32
CY2020 us-gaap Severance Costs1
SeveranceCosts1
1800000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7475472
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.88
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2868238
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.09
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
430047
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
1265863
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.99
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
200000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3086000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3692000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8612000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11113000
CY2021Q3 ubx Share Based Compensation Arrangement By Share Based Payment Expense Related To Liability Award
ShareBasedCompensationArrangementByShareBasedPaymentExpenseRelatedToLiabilityAward
0
ubx Share Based Compensation Arrangement By Share Based Payment Expense Related To Liability Award
ShareBasedCompensationArrangementByShareBasedPaymentExpenseRelatedToLiabilityAward
0
CY2020Q3 ubx Share Based Compensation Arrangement By Share Based Payment Expense Related To Liability Award
ShareBasedCompensationArrangementByShareBasedPaymentExpenseRelatedToLiabilityAward
100000
ubx Share Based Compensation Arrangement By Share Based Payment Expense Related To Liability Award
ShareBasedCompensationArrangementByShareBasedPaymentExpenseRelatedToLiabilityAward
100000
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.91
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.49
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-16450000
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-27552000
us-gaap Net Income Loss
NetIncomeLoss
-50032000
us-gaap Net Income Loss
NetIncomeLoss
-74257000
CY2021Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
55436444
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
52482200
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54826481
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
49926396
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.52
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10997277
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13033490

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