$VIR
Vir Biotechnology, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020024651 Filed on May 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $5.718M $3.661M
YoY Change 56.19% 50.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.65M $8.560M
YoY Change 47.78%
% of Gross Profit
Research & Development $64.98M $25.87M
YoY Change 151.16%
% of Gross Profit
Depreciation & Amortization $1.000M $700.0K
YoY Change 42.86%
% of Gross Profit
Operating Expenses $77.63M $34.43M
YoY Change 125.46% -1.59%
Operating Profit -$71.91M -$30.77M
YoY Change 133.7%
Interest Expense $1.760M $2.250M
YoY Change -21.78%
% of Operating Profit
Other Income/Expense, Net -$5.314M $2.100M
YoY Change -353.05%
Pretax Income -$77.22M -$28.67M
YoY Change 169.35%
Income Tax $16.00K $0.00
% Of Pretax Income
Net Earnings -$77.24M -$28.67M
YoY Change 169.41% -9.24%
Net Earnings / Revenue -1350.82% -783.12%
Basic Earnings Per Share -$0.71 -$3.19
Diluted Earnings Per Share -$0.71 -$3.19
COMMON SHARES
Basic Shares Outstanding 109.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $355.6M
YoY Change
Cash & Equivalents $168.4M $64.72M
Short-Term Investments $187.2M
Other Short-Term Assets $21.90M
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $377.5M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $16.24M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.100M
YoY Change
Other Assets $8.900M
YoY Change
Total Long-Term Assets $99.60M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $377.5M
Total Long-Term Assets $99.60M
Total Assets $477.1M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.80M
YoY Change
Accrued Expenses $21.70M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $200.0K
YoY Change
Total Short-Term Liabilities $56.40M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $800.0K
YoY Change
Other Long-Term Liabilities $36.30M
YoY Change
Total Long-Term Liabilities $37.10M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $56.40M
Total Long-Term Liabilities $37.10M
Total Liabilities $96.80M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$445.8M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $380.3M -$205.2M
YoY Change
Total Liabilities & Shareholders Equity $477.1M
YoY Change

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$77.24M -$28.67M
YoY Change 169.41% -9.24%
Depreciation, Depletion And Amortization $1.000M $700.0K
YoY Change 42.86%
Cash From Operating Activities -$48.41M -$29.49M
YoY Change 64.16%
INVESTING ACTIVITIES
Capital Expenditures $1.302M $3.476M
YoY Change -62.54%
Acquisitions
YoY Change
Other Investing Activities $105.5M -$270.7M
YoY Change -138.98%
Cash From Investing Activities $104.2M -$274.2M
YoY Change -138.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 85.00K 317.4M
YoY Change -99.97%
NET CHANGE
Cash From Operating Activities -48.41M -29.49M
Cash From Investing Activities 104.2M -274.2M
Cash From Financing Activities 85.00K 317.4M
Net Change In Cash 55.90M 13.76M
YoY Change 306.33%
FREE CASH FLOW
Cash From Operating Activities -$48.41M -$29.49M
Capital Expenditures $1.302M $3.476M
Free Cash Flow -$49.71M -$32.97M
YoY Change 50.8%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the 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 condensed consolidated financial statements and the reported amounts of revenue and expense 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. </p>
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Embedded Derivatives</p> <p style="margin-bottom:0pt;margin-top:6pt;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 evaluates certain of its financial and business development transactions to determine if embedded components of these contracts meet the definition of a derivative under Topic 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. The embedded derivatives are reported on the condensed consolidated balance sheets at their estimated fair values. Any change in estimated fair values, as determined at each measurement period, are recorded in the condensed consolidated statements of operations.<span style="font-size:12pt;"> </span></p>
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ResearchAndDevelopmentExpensesCurrent
6784000
CY2019Q4 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
12530000
CY2020Q1 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
3671000
CY2019Q4 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
9410000
CY2020Q1 vir Restricted Stock Liability Current
RestrictedStockLiabilityCurrent
1007000
CY2019Q4 vir Restricted Stock Liability Current
RestrictedStockLiabilityCurrent
1434000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3165000
CY2020Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
240000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
237000
CY2020Q1 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
4184000
CY2019Q4 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
94000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2093000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1634000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
774000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1156000
CY2020Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
21918000
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
26495000
CY2020Q1 vir Lease Arrangement Contractual Expiration Beginning Year
LeaseArrangementContractualExpirationBeginningYear
2020
CY2020Q1 vir Lease Arrangement Contractual Expiration Ending Year
LeaseArrangementContractualExpirationEndingYear
2028
CY2020Q1 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain lease agreements also provide the Company with the option to renew for additional periods ranging from one to five years.
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1140000
CY2020Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
155000
CY2020Q1 us-gaap Variable Lease Cost
VariableLeaseCost
594000
CY2020Q1 us-gaap Lease Cost
LeaseCost
1889000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.077
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3285000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4139000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4207000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4259000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2996000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
1047000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
19933000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3237000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16696000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
16007000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3165000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
13531000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
16696000
CY2020Q1 vir Operating And Finance Rent Expense
OperatingAndFinanceRentExpense
1000000.0
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due Next Twelve Months
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueNextTwelveMonths
4525000
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due Year Two
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearTwo
4145000
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due Year Three
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearThree
4206000
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due Year Four
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFour
4250000
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due Year Four And Thereafter
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDueYearFourAndThereafter
4005000
CY2019Q4 vir Lessee Operating And Finance Lease Liability Payments Due
LesseeOperatingAndFinanceLeaseLiabilityPaymentsDue
21131000
CY2016Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2026-09-11
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.894
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.025
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2967000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2453000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9661292

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