$VIR
Vir Biotechnology, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020052966 Filed on November 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $1.928M $1.403M $2.047M
YoY Change 37.42% -51.37% -7.96%
Cost Of Revenue $0.00
YoY Change
Gross Profit $1.928M
YoY Change
Gross Profit Margin 100.0%
Selling, General & Admin $18.86M $9.220M $8.010M
YoY Change 104.54% 24.76%
% of Gross Profit 978.16%
Research & Development $70.68M $39.86M $29.21M
YoY Change 77.32% 33.59%
% of Gross Profit 3666.18%
Depreciation & Amortization $1.100M $900.0K $800.0K
YoY Change 22.22% 125.0% -28.57%
% of Gross Profit 57.05%
Operating Expenses $89.54M $49.08M $37.82M
YoY Change 82.43% 31.83% 38.94%
Operating Profit -$87.62M
YoY Change
Interest Expense $410.0K $2.010M $2.310M
YoY Change -79.6% 183.1%
% of Operating Profit
Other Income/Expense, Net $3.028M -$647.0K -$450.0K
YoY Change -568.01% -172.7%
Pretax Income -$84.59M -$48.33M -$33.91M
YoY Change 75.03% 44.45%
Income Tax $22.00K -$13.00K $20.00K
% Of Pretax Income
Net Earnings -$84.61M -$48.31M -$33.93M
YoY Change 75.12% 44.41% 38.79%
Net Earnings / Revenue -4388.43% -3443.62% -1657.45%
Basic Earnings Per Share -$0.67 -$4.60 -$3.64
Diluted Earnings Per Share -$0.67 -$4.60 -$3.64
COMMON SHARES
Basic Shares Outstanding 125.8M
Diluted Shares Outstanding 125.8M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $826.6M $320.2M $356.5M
YoY Change 158.15%
Cash & Equivalents $462.5M $93.70M $80.68M
Short-Term Investments $364.1M $226.5M $275.9M
Other Short-Term Assets $23.00M $17.50M $20.80M
YoY Change 31.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $849.6M $337.7M $377.4M
YoY Change 151.58%
LONG-TERM ASSETS
Property, Plant & Equipment $16.95M $15.45M $15.40M
YoY Change 9.71%
Goodwill $16.90M
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $11.10M $16.50M $10.80M
YoY Change -32.73%
Total Long-Term Assets $93.70M $84.94M $79.40M
YoY Change 10.31%
TOTAL ASSETS
Total Short-Term Assets $849.6M $337.7M $377.4M
Total Long-Term Assets $93.70M $84.94M $79.40M
Total Assets $943.3M $422.6M $456.8M
YoY Change 123.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.800M $5.815M $4.100M
YoY Change 16.94%
Accrued Expenses $44.10M $22.95M $18.40M
YoY Change 92.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $300.0K $200.0K
YoY Change 50.0%
Total Short-Term Liabilities $77.00M $44.32M $40.70M
YoY Change 73.75%
LONG-TERM LIABILITIES
Long-Term Debt $300.0K $900.0K $0.00
YoY Change -66.67%
Other Long-Term Liabilities $50.30M $3.030M $13.20M
YoY Change 1560.07%
Total Long-Term Liabilities $50.60M $3.030M $13.20M
YoY Change 1569.97%
TOTAL LIABILITIES
Total Short-Term Liabilities $77.00M $44.32M $40.70M
Total Long-Term Liabilities $50.60M $3.030M $13.20M
Total Liabilities $130.9M $66.83M $57.20M
YoY Change 95.88%
SHAREHOLDERS EQUITY
Retained Earnings -$561.5M -$304.7M
YoY Change 84.28%
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $812.4M -$280.8M -$237.0M
YoY Change
Total Liabilities & Shareholders Equity $943.3M $422.6M $456.8M
YoY Change 123.19%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$84.61M -$48.31M -$33.93M
YoY Change 75.12% 44.41% 38.79%
Depreciation, Depletion And Amortization $1.100M $900.0K $800.0K
YoY Change 22.22% 125.0% -28.57%
Cash From Operating Activities -$49.84M -$36.96M -$24.30M
YoY Change 34.85% 6.79% -18.95%
INVESTING ACTIVITIES
Capital Expenditures -$1.470M -$1.260M -$2.650M
YoY Change 16.67% -17.11% -52.76%
Acquisitions
YoY Change
Other Investing Activities -$183.9M $48.55M $47.14M
YoY Change -478.81% 144.09% -152.79%
Cash From Investing Activities -$185.4M $47.29M $44.48M
YoY Change -492.01% 157.43% -146.87%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 324.3M 1.730M 0.000
YoY Change 18645.66% -21.72% -100.0%
NET CHANGE
Cash From Operating Activities -49.84M -36.96M -24.30M
Cash From Investing Activities -185.4M 47.29M 44.48M
Cash From Financing Activities 324.3M 1.730M 0.000
Net Change In Cash 89.08M 12.06M 20.18M
YoY Change 638.64% -185.96% -117.93%
FREE CASH FLOW
Cash From Operating Activities -$49.84M -$36.96M -$24.30M
Capital Expenditures -$1.470M -$1.260M -$2.650M
Free Cash Flow -$48.37M -$35.70M -$21.65M
YoY Change 35.49% 7.89% -11.16%

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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us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<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 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 condensed consolidated balance sheets at their estimated fair values. Contingent consideration related to asset acquisitions that meet the definition of an embedded derivative are classified as contingent consideration on the condensed consolidated balance sheets. Any change in estimated fair values, as determined at each measurement period, are recorded in the condensed consolidated statements of operations based on the nature of the related contingencies.<span style="font-size:8pt;"> </span>Changes in fair values of embedded derivatives related to achievement of various milestones for product candidates are recorded within research and development expense. Otherwise, changes in fair values are recorded within other income (expense), net.</p>
CY2020Q3 vir Financial Assets Amortized Cost Basis
FinancialAssetsAmortizedCostBasis
836112000
CY2020Q3 vir Financial Assets Gross Unrealized Holding Gains
FinancialAssetsGrossUnrealizedHoldingGains
235000
CY2020Q3 vir Financial Assets Gross Unrealized Holding Losses
FinancialAssetsGrossUnrealizedHoldingLosses
1000
CY2020Q3 vir Financial Assets Fair Value
FinancialAssetsFairValue
836346000
CY2019Q4 vir Financial Assets Amortized Cost Basis
FinancialAssetsAmortizedCostBasis
406883000
CY2019Q4 vir Financial Assets Gross Unrealized Holding Gains
FinancialAssetsGrossUnrealizedHoldingGains
140000
CY2019Q4 vir Financial Assets Gross Unrealized Holding Losses
FinancialAssetsGrossUnrealizedHoldingLosses
5000
CY2019Q4 vir Financial Assets Fair Value
FinancialAssetsFairValue
407018000
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
200000
CY2020Q1 vir Fair Value Reclassification Of Derivative Liability To Additional Paid In Capital Upon Achievement Of Development Milestone
FairValueReclassificationOfDerivativeLiabilityToAdditionalPaidInCapitalUponAchievementOfDevelopmentMilestone
29200000
CY2020Q3 us-gaap Goodwill
Goodwill
16900000
CY2020Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2019Q3 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24965000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21140000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8017000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4832000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16948000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
16308000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1100000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3200000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
900000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2400000
CY2019Q3 vir Sale Leaseback Transaction Proceeds From Financing Obligations
SaleLeasebackTransactionProceedsFromFinancingObligations
1200000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
300000
CY2020Q3 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
700000
CY2020Q3 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
23227000
CY2019Q4 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
12530000
CY2020Q3 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
9607000
CY2019Q4 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
9410000
CY2020Q3 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
3893000
CY2019Q4 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
94000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3459000
CY2020Q3 vir Restricted Stock Liability Current
RestrictedStockLiabilityCurrent
119000
CY2019Q4 vir Restricted Stock Liability Current
RestrictedStockLiabilityCurrent
1434000
CY2020Q3 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
253000
CY2019Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
237000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2894000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1634000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
887000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1156000
CY2020Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
44339000
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
26495000
vir Lease Arrangement Contractual Expiration Beginning Year
LeaseArrangementContractualExpirationBeginningYear
2021
vir Lease Arrangement Contractual Expiration Ending Year
LeaseArrangementContractualExpirationEndingYear
2028
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.
CY2020Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
1151000
us-gaap Operating Lease Cost
OperatingLeaseCost
3432000
CY2020Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
118000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
435000
CY2020Q3 us-gaap Variable Lease Cost
VariableLeaseCost
460000
us-gaap Variable Lease Cost
VariableLeaseCost
1700000
CY2020Q3 us-gaap Lease Cost
LeaseCost
1729000
us-gaap Lease Cost
LeaseCost
5567000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M18D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.077
us-gaap Operating Lease Payments
OperatingLeasePayments
3400000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1155000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4472000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4219000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4271000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3007000
CY2020Q3 vir Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
1095000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18219000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2668000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15551000
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
14762000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3459000
CY2020Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12092000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
15551000
CY2019Q3 vir Operating And Finance Rent Expense
OperatingAndFinanceRentExpense
1200000
vir Operating And Finance Rent Expense
OperatingAndFinanceRentExpense
3200000
CY2016Q3 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2026-09-11
CY2020Q2 vir Common Stock Shares Issued For Conversion Of Warrants
CommonStockSharesIssuedForConversionOfWarrants
211774
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.885
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.019
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8582000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2188000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17299000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6040000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9742646
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
97364888

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