$VIR
Vir Biotechnology, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023018789 Filed on May 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $3.797M $62.96M
YoY Change -109.35% -94.89%
Cost Of Revenue $22.00K $1.907M
YoY Change -99.92% -97.88%
Gross Profit $3.775M $61.05M
YoY Change -105.51% -94.66%
Gross Profit Margin 99.42% 96.97%
Selling, General & Admin $47.10M $46.78M
YoY Change 13.25% 22.28%
% of Gross Profit 1247.71% 76.62%
Research & Development $171.9M $157.6M
YoY Change 49.34% 74.72%
% of Gross Profit 4552.58% 258.22%
Depreciation & Amortization $4.600M $5.500M
YoY Change 188.22% 292.86%
% of Gross Profit 121.85% 9.01%
Operating Expenses $219.0M $204.4M
YoY Change 39.76% 59.1%
Operating Profit -$215.2M -$143.4M
YoY Change -4.46% -114.14%
Interest Expense $17.93M $8.204M
YoY Change -295.1% -108.67%
% of Operating Profit
Other Income/Expense, Net $17.56M $183.0K
YoY Change 2441.68% -100.2%
Pretax Income -$197.6M -$143.2M
YoY Change -15.44% -115.53%
Income Tax -$2.848M -$2.232M
% Of Pretax Income
Net Earnings -$194.8M -$141.0M
YoY Change 154.63% -127.18%
Net Earnings / Revenue -5129.71% -223.89%
Basic Earnings Per Share -$1.45 -$1.06
Diluted Earnings Per Share -$1.45 -$1.06
COMMON SHARES
Basic Shares Outstanding 134.0M 133.5M
Diluted Shares Outstanding 134.1M shares 133.6M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.847B $2.250B
YoY Change -15.86% 78.57%
Cash & Equivalents $666.9M $824.9M
Short-Term Investments $1.180B $1.425B
Other Short-Term Assets $13.00M $17.90M
YoY Change -84.81% -78.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.946B $2.359B
YoY Change -14.94% -8.14%
LONG-TERM ASSETS
Property, Plant & Equipment $104.1M $103.8M
YoY Change -39.47% 58.21%
Goodwill $16.94M $16.94M
YoY Change 0.0%
Intangibles $25.59M $32.62M
YoY Change -1.6%
Long-Term Investments $52.36M $49.19M
YoY Change -46.35% -52.49%
Other Assets $23.60M $23.29M
YoY Change 111.25% 93.45%
Total Long-Term Assets $297.5M $307.3M
YoY Change -10.03% -3.84%
TOTAL ASSETS
Total Short-Term Assets $1.946B $2.359B
Total Long-Term Assets $297.5M $307.3M
Total Assets $2.244B $2.666B
YoY Change -14.32% -7.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.36M $12.15M
YoY Change 16.42% 10.9%
Accrued Expenses $197.6M $455.9M
YoY Change -44.2% -21.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $225.6M $485.3M
YoY Change -52.79% -30.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.09M $8.235M
YoY Change -92.91% 6.31%
Total Long-Term Liabilities $12.09M $8.235M
YoY Change -92.91% 6.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $225.6M $485.3M
Total Long-Term Liabilities $12.09M $8.235M
Total Liabilities $433.7M $695.1M
YoY Change -34.98% -21.55%
SHAREHOLDERS EQUITY
Retained Earnings $41.56M $236.3M
YoY Change -37.81%
Common Stock $13.00K $13.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.810B $1.971B
YoY Change
Total Liabilities & Shareholders Equity $2.244B $2.666B
YoY Change -14.32% -7.66%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$194.8M -$141.0M
YoY Change 154.63% -127.18%
Depreciation, Depletion And Amortization $4.600M $5.500M
YoY Change 188.22% 292.86%
Cash From Operating Activities -$389.2M -$125.8M
YoY Change -140.54% -122.87%
INVESTING ACTIVITIES
Capital Expenditures $9.457M $6.867M
YoY Change -145.91% -56.65%
Acquisitions
YoY Change
Other Investing Activities $239.8M $104.9M
YoY Change -195.25% -217.19%
Cash From Investing Activities $230.3M $98.08M
YoY Change -184.57% -193.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.179M 2.344M
YoY Change 3.21% -91.53%
NET CHANGE
Cash From Operating Activities -389.2M -125.8M
Cash From Investing Activities 230.3M 98.08M
Cash From Financing Activities 3.179M 2.344M
Net Change In Cash -155.8M -25.36M
YoY Change -122.54% -105.37%
FREE CASH FLOW
Cash From Operating Activities -$389.2M -$125.8M
Capital Expenditures $9.457M $6.867M
Free Cash Flow -$398.7M -$132.6M
YoY Change -140.65% -124.83%

Facts In Submission

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Vir Biotechnology, Inc.
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CY2023Q1 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.</span>
CY2022Q4 vir Excess Funds Payable Under Grant Agreements Current
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CY2023Q1 us-gaap Derivatives Embedded Derivatives
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Embedded Derivatives</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company evaluates its acquisitions, collaborative arrangements and other business development transactions to determine if embedded components of these contracts meet the definition of a derivative under ASC 815, Derivatives and Hedging. In general, embedded derivatives are required to be bifurcated from the host instrument if (i) the embedded feature is not clearly and closely related to the host contract and (ii) the embedded feature, if considered a freestanding instrument, meets the definition of a derivative. Embedded derivatives are reported on the unaudited condensed consolidated balance sheets at their estimated fair values. Contingent consideration related to asset acquisitions that meet the definition of an embedded derivative is classified as contingent consideration on the unaudited condensed consolidated balance sheets. Any changes in estimated fair values, as determined at each measurement period, are recorded in the unaudited condensed consolidated statements of operations based on the nature of the related contingencies.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Changes in fair values of embedded derivatives related to the achievement of various milestones for product candidates are recorded within research and development expenses or selling, general and administrative expenses based on the nature of the relevant underlying activities. Otherwise, changes in fair values are recorded within other income (expense), net.</span></p>
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CY2022Q4 vir Financial Assets Gross Unrealized Holding Gains
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CY2022Q4 vir Financial Assets Gross Unrealized Holding Losses
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us-gaap Financing Receivable Accrued Interest Writeoff
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us-gaap Financing Receivable Accrued Interest Writeoff
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CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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CY2023Q1 vir Profit Sharing Amount
ProfitSharingAmount
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CY2022Q1 vir Profit Sharing Amount
ProfitSharingAmount
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CY2023Q1 vir Profit Sharing Amount Constrained
ProfitSharingAmountConstrained
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CY2022Q1 vir Profit Sharing Amount Constrained
ProfitSharingAmountConstrained
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CY2023Q1 vir Totalcollaboration Revenue
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CY2023Q1 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
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ResearchAndDevelopmentExpensesCurrent
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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CY2023Q1 us-gaap Operating Lease Liability Current
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2023Q1 vir Incremental Common Shares Attributable To Dilutive Effect Of Restricted Share Subject To Future Vesting
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CY2022Q1 vir Incremental Common Shares Attributable To Dilutive Effect Of Restricted Share Subject To Future Vesting
IncrementalCommonSharesAttributableToDilutiveEffectOfRestrictedShareSubjectToFutureVesting
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CY2023Q1 vir Incremental Common Shares Attributableto Share Based Payment Arrangements Employee Stock Purchase Plan
IncrementalCommonSharesAttributabletoShareBasedPaymentArrangementsEmployeeStockPurchasePlan
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CY2022Q1 vir Incremental Common Shares Attributableto Share Based Payment Arrangements Employee Stock Purchase Plan
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CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2023Q1 us-gaap Earnings Per Share Diluted
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CY2022Q1 us-gaap Earnings Per Share Diluted
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12167833
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.437
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
11300000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10600000

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