$XBIT
XBiotech Inc

2021 Q2 Form 10-Q Financial Statement

#000117184321003353 Filed on May 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 Q1
Revenue $4.525M $4.850M $12.68M
YoY Change -70.8% -61.75%
Cost Of Revenue $1.360M $2.304M $9.674M
YoY Change -89.7% -76.18%
Gross Profit $3.165M $2.546M $3.007M
YoY Change 37.79% -15.33%
Gross Profit Margin 69.94% 52.49% 23.71%
Selling, General & Admin $4.516M $1.470M $4.020M
YoY Change -27.74% -63.43% 214.06%
% of Gross Profit 142.69% 57.74% 133.69%
Research & Development $9.254M $4.634M $1.155M
YoY Change 260.78% 301.21% -74.49%
% of Gross Profit 292.39% 182.01% 38.41%
Depreciation & Amortization $639.0K $621.0K $558.0K
YoY Change 18.33% 11.29% -7.31%
% of Gross Profit 20.19% 24.39% 18.56%
Operating Expenses $13.77M $6.099M $5.178M
YoY Change 56.28% 17.79% -10.8%
Operating Profit -$10.61M -$3.553M -$2.171M
YoY Change 62.8% 63.66% -62.6%
Interest Expense $916.0K $520.0K $1.810M
YoY Change -672.5% -71.27% -2685.71%
% of Operating Profit
Other Income/Expense, Net $914.0K $508.0K $1.805M
YoY Change -238.07% -71.86% -3159.32%
Pretax Income -$9.691M -$3.045M -$366.0K
YoY Change 35.05% 731.97% -93.76%
Income Tax -$4.570M -$477.0K -$352.0K
% Of Pretax Income
Net Earnings -$5.118M -$2.568M -$14.00K
YoY Change -25.22% 18242.86% -99.76%
Net Earnings / Revenue -113.1% -52.95% -0.11%
Basic Earnings Per Share -$0.17 -$0.09
Diluted Earnings Per Share -$170.7K -$87.36K -$276.50
COMMON SHARES
Basic Shares Outstanding 29.98M 29.42M 28.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $315.3M $239.9M $241.5M
YoY Change 37.25% -0.66% 1912.5%
Cash & Equivalents $315.3M $239.9M $241.5M
Short-Term Investments
Other Short-Term Assets $1.471M $7.900M $2.900M
YoY Change -50.97% 172.41% 190.0%
Inventory
Prepaid Expenses
Receivables $25.00K $1.688M $9.681M
Other Receivables $8.109M $78.40M $3.800M
Total Short-Term Assets $324.9M $327.9M $257.9M
YoY Change 25.73% 27.14% 1886.57%
LONG-TERM ASSETS
Property, Plant & Equipment $28.45M $27.51M $25.03M
YoY Change 14.34% 9.88% -6.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $642.0K $500.0K $400.0K
YoY Change 60.5% 25.0%
Total Long-Term Assets $29.09M $28.04M $100.5M
YoY Change -71.02% -72.09% 274.33%
TOTAL ASSETS
Total Short-Term Assets $324.9M $327.9M $257.9M
Total Long-Term Assets $29.09M $28.04M $100.5M
Total Assets $354.0M $355.9M $358.4M
YoY Change -1.34% -0.68% 799.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.491M $1.238M $5.649M
YoY Change -71.55% -78.08% 203.55%
Accrued Expenses $1.681M $1.341M $1.371M
YoY Change -65.2% -2.19% 39.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.891M $2.721M $10.24M
YoY Change -72.47% -73.41% 260.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.393M $1.100M $1.100M
YoY Change 26.64% 0.0%
Total Long-Term Liabilities $1.393M $1.100M $1.100M
YoY Change 26.64% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.891M $2.721M $10.24M
Total Long-Term Liabilities $1.393M $1.100M $1.100M
Total Liabilities $5.392M $3.842M $11.29M
YoY Change -64.51% -65.97% 297.43%
SHAREHOLDERS EQUITY
Retained Earnings $89.88M $95.00M $104.2M
YoY Change -7.64% -8.79% -142.76%
Common Stock $256.8M $255.5M $242.9M
YoY Change 4.21% 5.17% -13.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $348.6M $352.1M $347.1M
YoY Change
Total Liabilities & Shareholders Equity $354.0M $355.9M $358.4M
YoY Change -1.34% -0.68% 799.89%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$5.118M -$2.568M -$14.00K
YoY Change -25.22% 18242.86% -99.76%
Depreciation, Depletion And Amortization $639.0K $621.0K $558.0K
YoY Change 18.33% 11.29% -7.31%
Cash From Operating Activities $72.80M $1.809M -$60.67M
YoY Change -729.18% -102.98% 1197.26%
INVESTING ACTIVITIES
Capital Expenditures -$1.709M $637.0K $389.0K
YoY Change 297.44% 63.75% 6383.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.709M -$637.0K -$389.0K
YoY Change 297.44% 63.75% 6383.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.000M $7.900M
YoY Change -87.34%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.978M $1.022M -$412.1M
YoY Change 1320.71% -100.25% -55711.61%
NET CHANGE
Cash From Operating Activities 72.80M $1.809M -$60.67M
Cash From Investing Activities -1.709M -$637.0K -$389.0K
Cash From Financing Activities 3.978M $1.022M -$412.1M
Net Change In Cash 75.06M $2.513M -$473.1M
YoY Change -740.49% -100.53% 11900.36%
FREE CASH FLOW
Cash From Operating Activities $72.80M $1.809M -$60.67M
Capital Expenditures -$1.709M $637.0K $389.0K
Free Cash Flow $74.50M $1.172M -$61.06M
YoY Change -768.81% -101.92% 1203.91%

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CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Use of Estimates </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;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';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
936000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3456000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
13.82
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.08
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>Concentrations of Credit Risk </b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;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';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2020Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2020Q1 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
420000000.0 USD
CY2020Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
14000000
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27508000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27336000 USD
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
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1800000
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10300000 USD
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
700000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000.0 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5327425
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
18000
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
678405
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
65833
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4601187
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5100000 USD
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y9M18D
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-2568000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-14000 USD
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29423727
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
36169493
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.09
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.00
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-352000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-477000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2100000 USD
CY2021Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
0 USD

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