$XBIT
XBiotech Inc

2020 Q4 Form 10-Q Financial Statement

#000117184320007826 Filed on November 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q3
Revenue $5.270M $10.55M $0.00
YoY Change
Cost Of Revenue $2.250M $9.426M $0.00
YoY Change
Gross Profit $3.020M $1.123M $0.00
YoY Change
Gross Profit Margin 57.31% 10.65%
Selling, General & Admin $4.480M $3.450M $1.580M
YoY Change 50.84% 118.35% 33.9%
% of Gross Profit 148.34% 307.21%
Research & Development $3.460M $2.346M $4.533M
YoY Change -66.54% -48.25% 15.05%
% of Gross Profit 114.57% 208.9%
Depreciation & Amortization $590.0K $550.0K $600.0K
YoY Change 5.36% -8.33% -3.23%
% of Gross Profit 19.54% 48.98%
Operating Expenses $7.940M $5.793M $6.111M
YoY Change -40.35% -5.2% 19.47%
Operating Profit -$4.922M -$4.670M -$6.111M
YoY Change -63.02% -23.58% 19.47%
Interest Expense $2.830M $1.480M -$40.00K
YoY Change -864.86% -3800.0% -166.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $1.476M -$39.00K
YoY Change -3884.62% -160.94%
Pretax Income -$2.090M -$3.194M -$6.150M
YoY Change -100.28% -48.07% 21.78%
Income Tax -$250.0K -$668.0K $0.00
% Of Pretax Income
Net Earnings -$1.838M -$2.526M -$6.150M
YoY Change -100.27% -58.93% 21.76%
Net Earnings / Revenue -34.88% -23.95%
Basic Earnings Per Share -$0.15
Diluted Earnings Per Share -$62.88K -$87.12K -$0.15
COMMON SHARES
Basic Shares Outstanding 29.26M 28.99M 41.01M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $237.4M $238.4M $40.30M
YoY Change -66.78% 491.56% 93.75%
Cash & Equivalents $237.4M $238.4M $40.34M
Short-Term Investments
Other Short-Term Assets $2.800M $1.000M $600.0K
YoY Change 64.71% 66.67% 20.0%
Inventory
Prepaid Expenses
Receivables $4.113M $6.062M
Other Receivables $81.70M $6.100M
Total Short-Term Assets $325.9M $251.7M $40.91M
YoY Change -54.5% 515.2% 92.02%
LONG-TERM ASSETS
Property, Plant & Equipment $27.34M $26.21M $25.73M
YoY Change 8.6% 1.85% -7.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $500.0K $400.0K
YoY Change 25.0%
Total Long-Term Assets $27.87M $101.7M $25.73M
YoY Change -72.3% 295.26% -7.9%
TOTAL ASSETS
Total Short-Term Assets $325.9M $251.7M $40.91M
Total Long-Term Assets $27.87M $101.7M $25.73M
Total Assets $353.7M $353.4M $66.64M
YoY Change -56.7% 430.28% 35.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.491M $3.870M $1.061M
YoY Change 15.91% 264.75% 20.84%
Accrued Expenses $1.351M $2.306M $960.0K
YoY Change -67.68% 140.21% -32.49%
Deferred Revenue $0.00 $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.984M $6.198M $2.021M
YoY Change -93.38% 206.68% -12.13%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.100M $0.00
YoY Change 0.0%
Total Long-Term Liabilities $1.100M $1.100M $0.00
YoY Change 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.984M $6.198M $2.021M
Total Long-Term Liabilities $1.100M $1.100M $0.00
Total Liabilities $5.105M $7.254M $2.021M
YoY Change -91.66% 258.93% -12.4%
SHAREHOLDERS EQUITY
Retained Earnings $97.57M $94.79M -$255.6M
YoY Change -77.36% -137.09% 10.35%
Common Stock $249.8M $251.8M $320.1M
YoY Change -23.09% -21.35% 14.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $348.6M $346.1M $64.62M
YoY Change
Total Liabilities & Shareholders Equity $353.7M $353.4M $66.64M
YoY Change -56.7% 430.28% 35.33%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q3
OPERATING ACTIVITIES
Net Income -$1.838M -$2.526M -$6.150M
YoY Change -100.27% -58.93% 21.76%
Depreciation, Depletion And Amortization $590.0K $550.0K $600.0K
YoY Change 5.36% -8.33% -3.23%
Cash From Operating Activities -$390.0K $7.480M -$4.980M
YoY Change -89.6% -250.2% 24.81%
INVESTING ACTIVITIES
Capital Expenditures -$2.220M -$690.0K -$160.0K
YoY Change 331.25% 433.33%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$2.220M -$690.0K -$160.0K
YoY Change -100.33% 331.25% 433.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -150.0K 2.230M 280.0K
YoY Change -104.72% 696.43%
NET CHANGE
Cash From Operating Activities -390.0K 7.480M -4.980M
Cash From Investing Activities -2.220M -690.0K -160.0K
Cash From Financing Activities -150.0K 2.230M 280.0K
Net Change In Cash -2.760M 9.020M -4.860M
YoY Change -100.41% -285.6% 20.9%
FREE CASH FLOW
Cash From Operating Activities -$390.0K $7.480M -$4.980M
Capital Expenditures -$2.220M -$690.0K -$160.0K
Free Cash Flow $1.830M $8.170M -$4.820M
YoY Change -148.8% -269.5% 21.72%

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us-gaap Share Based Compensation
ShareBasedCompensation
9787000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
1853000 USD
xbit Increase Decrease In Deferred Cost Of Goods Sold
IncreaseDecreaseInDeferredCostOfGoodsSold
643000 USD
xbit Increase Decrease In Deferred Cost Of Goods Sold
IncreaseDecreaseInDeferredCostOfGoodsSold
-0 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
6062000 USD
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-0 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
6110000 USD
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
-0 USD
xbit Amount Held In Escrow
AmountHeldInEscrow
-58000 USD
xbit Amount Held In Escrow
AmountHeldInEscrow
0 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1230000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-620000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
542000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1874000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-331000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-4500000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
USD
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
0 USD
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-3000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-49339000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-64758000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-14524000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1509000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
198000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1509000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-198000 USD
xbit Proceeds From Payments For Repurchase Of Common Stock And Warrants Net
ProceedsFromPaymentsForRepurchaseOfCommonStockAndWarrantsNet
-420000000 USD
xbit Proceeds From Payments For Repurchase Of Common Stock And Warrants Net
ProceedsFromPaymentsForRepurchaseOfCommonStockAndWarrantsNet
37487000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
10426000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
1135000 USD
xbit Subscription Receivable
SubscriptionReceivable
-0 USD
xbit Subscription Receivable
SubscriptionReceivable
-302000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-409574000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
38924000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-322000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
313000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-476163000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
797000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9787000 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Use of Estimates </b></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The preparation of financial statements in accordance with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported values of amounts in the financial statements and accompanying notes. Actual results could differ from those estimates.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p>
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3155000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1853000 USD
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.87 pure
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.46
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.66
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.05
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.14
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b>Concentrations of Credit Risk </b></p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. The Company holds these investments in highly-rated financial institutions, and limits the amounts of credit exposure to any <em style="font: inherit;">one</em> financial institution. These amounts at times <em style="font: inherit;"> may </em>exceed federally insured limits. The Company has <em style="font: inherit;">not</em> experienced any credit losses in such accounts and does <em style="font: inherit;">not</em> believe it is exposed to any significant credit risk on these funds. The Company has <em style="font: inherit;">no</em> off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"> </p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26207000 USD
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25171000 USD
CY2019 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
771000
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3800000 USD
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
420000000.0 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
14000000
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q1 xbit Stock Repurchased During Period Price Per Share
StockRepurchasedDuringPeriodPricePerShare
30
CY2020Q1 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
420000000.0 USD
CY2020Q1 xbit Percentage Of Outstanding Shares Repurchased
PercentageOfOutstandingSharesRepurchased
0.3267 pure
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1700000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10400000 USD
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5418283
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
9000000.0 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M4D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6965730
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
214500
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1704905
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
57042
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
-2526000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-6150000 USD
us-gaap Net Income Loss
NetIncomeLoss
-9383000 USD
us-gaap Net Income Loss
NetIncomeLoss
-17866000 USD
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29037074
CY2019Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
41019230
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31345760
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
38190584
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2019Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.15
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.47
CY2019Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
0 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-668000 USD
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.209 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.126 pure
CY2019Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0 pure
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1400000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.126 pure

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