$XBIT
XBiotech Inc

2021 Q3 Form 10-Q Financial Statement

#000117184321005700 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $4.500M $4.525M $15.50M
YoY Change -57.34% -70.8%
Cost Of Revenue $1.110M $1.360M $13.20M
YoY Change -88.22% -89.7%
Gross Profit $3.409M $3.165M $2.297M
YoY Change 203.56% 37.79%
Gross Profit Margin 75.76% 69.94% 14.82%
Selling, General & Admin $1.541M $4.516M $6.250M
YoY Change -55.33% -27.74% 377.1%
% of Gross Profit 45.2% 142.69% 272.09%
Research & Development $5.599M $9.254M $2.565M
YoY Change 138.66% 260.78% -45.34%
% of Gross Profit 164.24% 292.39% 111.67%
Depreciation & Amortization $687.0K $639.0K $540.0K
YoY Change 24.91% 18.33% -10.0%
% of Gross Profit 20.15% 20.19% 23.51%
Operating Expenses $7.139M $13.77M $8.811M
YoY Change 23.23% 56.28% 46.7%
Operating Profit -$3.731M -$10.61M -$6.514M
YoY Change -20.11% 62.8% 8.46%
Interest Expense -$1.203M $916.0K -$160.0K
YoY Change -181.28% -672.5% -206.67%
% of Operating Profit
Other Income/Expense, Net -$1.324M $914.0K -$662.0K
YoY Change -189.7% -238.07% -529.87%
Pretax Income -$5.055M -$9.691M -$7.176M
YoY Change 58.27% 35.05% 22.62%
Income Tax -$1.800M -$4.570M -$332.0K
% Of Pretax Income
Net Earnings -$3.261M -$5.118M -$6.844M
YoY Change 29.1% -25.22% 16.95%
Net Earnings / Revenue -72.47% -113.1% -44.16%
Basic Earnings Per Share -$0.11 -$0.17
Diluted Earnings Per Share -$107.5K -$170.7K -$237.0K
COMMON SHARES
Basic Shares Outstanding 30.38M 29.98M 28.85M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $238.9M $315.3M $229.7M
YoY Change 0.2% 37.25% 411.58%
Cash & Equivalents $238.9M $315.3M $229.7M
Short-Term Investments
Other Short-Term Assets $919.0K $1.471M $3.000M
YoY Change -8.1% -50.97% 328.57%
Inventory
Prepaid Expenses
Receivables $44.00K $25.00K $20.68M
Other Receivables $10.40M $8.109M $5.000M
Total Short-Term Assets $250.2M $324.9M $258.4M
YoY Change -0.58% 25.73% 466.65%
LONG-TERM ASSETS
Property, Plant & Equipment $28.64M $28.45M $24.88M
YoY Change 9.28% 14.34% -5.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $642.0K $642.0K $400.0K
YoY Change 60.5% 60.5%
Total Long-Term Assets $29.28M $29.09M $100.4M
YoY Change -71.21% -71.02% 281.99%
TOTAL ASSETS
Total Short-Term Assets $250.2M $324.9M $258.4M
Total Long-Term Assets $29.28M $29.09M $100.4M
Total Assets $279.5M $354.0M $358.8M
YoY Change -20.9% -1.34% 399.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.012M $1.491M $5.240M
YoY Change -73.85% -71.55% 238.06%
Accrued Expenses $1.643M $1.681M $4.831M
YoY Change -28.75% -65.2% 429.71%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.861M $3.891M $14.14M
YoY Change -37.71% -72.47% 474.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.393M $1.393M $1.100M
YoY Change 26.64% 26.64%
Total Long-Term Liabilities $1.393M $1.393M $1.100M
YoY Change 26.64% 26.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.861M $3.891M $14.14M
Total Long-Term Liabilities $1.393M $1.393M $1.100M
Total Liabilities $5.362M $5.392M $15.19M
YoY Change -26.08% -64.51% 517.06%
SHAREHOLDERS EQUITY
Retained Earnings $11.62M $89.88M $97.31M
YoY Change -87.74% -7.64% -139.02%
Common Stock $260.9M $256.8M $246.4M
YoY Change 3.61% 4.21% -22.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $274.2M $348.6M $343.6M
YoY Change
Total Liabilities & Shareholders Equity $279.5M $354.0M $358.8M
YoY Change -20.9% -1.34% 399.15%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$3.261M -$5.118M -$6.844M
YoY Change 29.1% -25.22% 16.95%
Depreciation, Depletion And Amortization $687.0K $639.0K $540.0K
YoY Change 24.91% 18.33% -10.0%
Cash From Operating Activities -$3.402M $72.80M -$11.57M
YoY Change -145.48% -729.18% 138.07%
INVESTING ACTIVITIES
Capital Expenditures -$700.0K -$1.709M -$430.0K
YoY Change 1.45% 297.44% 1333.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$700.0K -$1.709M -$430.0K
YoY Change 1.45% 297.44% 1333.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -72.04M 3.978M 280.0K
YoY Change -3330.45% 1320.71% -99.26%
NET CHANGE
Cash From Operating Activities -3.402M 72.80M -11.57M
Cash From Investing Activities -700.0K -1.709M -430.0K
Cash From Financing Activities -72.04M 3.978M 280.0K
Net Change In Cash -76.14M 75.06M -11.72M
YoY Change -944.14% -740.49% -135.5%
FREE CASH FLOW
Cash From Operating Activities -$3.402M $72.80M -$11.57M
Capital Expenditures -$700.0K -$1.709M -$430.0K
Free Cash Flow -$2.702M $74.50M -$11.14M
YoY Change -133.07% -768.81% 130.64%

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3091000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
330000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
651000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-4500000 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0 USD
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
1500000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
848000 USD
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-46796000 USD
xbit Increase Decrease In Deferred Tax Liability
IncreaseDecreaseInDeferredTaxLiability
108000 USD
xbit Increase Decrease In Deferred Tax Liability
IncreaseDecreaseInDeferredTaxLiability
0 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
74606000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-72241000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2349000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
815000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2349000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-815000 USD
xbit Proceeds From Payments For Repurchase Of Common Stock And Warrants Net
ProceedsFromPaymentsForRepurchaseOfCommonStockAndWarrantsNet
0 USD
xbit Proceeds From Payments For Repurchase Of Common Stock And Warrants Net
ProceedsFromPaymentsForRepurchaseOfCommonStockAndWarrantsNet
-420000000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
4998000 USD
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
8258000 USD
xbit Proceeds From Subscription Receivable
ProceedsFromSubscriptionReceivable
0 USD
xbit Proceeds From Subscription Receivable
ProceedsFromSubscriptionReceivable
-62000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4998000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-411804000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
637000 USD
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-31000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
77892000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-484891000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
237366000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
714594000 USD
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
315258000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
229703000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
25000 USD
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0 USD
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
315300000 USD
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>
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1040000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3176000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1976000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6631000 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2020Q2 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
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.88 pure
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.12
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
11.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
14.88
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>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 pure
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28451000 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27336000 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
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
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
743000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
5100000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
130000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
743279
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
88374
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4625772
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
5100000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M29D
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.21
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.17
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.24
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5327425
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-5118000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-6844000 USD
us-gaap Net Income Loss
NetIncomeLoss
-7686000 USD
us-gaap Net Income Loss
NetIncomeLoss
-6858000 USD
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29987917
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28856085
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29707352
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32512789
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-332000 USD
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-4570000 USD
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.3965 pure
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
2400000 USD
us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
271000 USD

Files In Submission

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0001171843-21-005700.txt Edgar Link pending
0001171843-21-005700-xbrl.zip Edgar Link pending
ex_272325.htm Edgar Link pending
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xbit-20210630_cal.xml Edgar Link unprocessable
xbit-20210630_def.xml Edgar Link unprocessable
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xbit-20210630_pre.xml Edgar Link unprocessable
xbit20210630_10q.htm Edgar Link pending
xbit20210630_10q_htm.xml Edgar Link completed