$XBIT
XBiotech Inc

2022 Q2 Form 10-Q Financial Statement

#000117184322003510 Filed on May 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $1.530M $500.0K $4.500M
YoY Change -66.19% -89.69% -14.61%
Cost Of Revenue $207.0K $213.0K $1.046M
YoY Change -84.78% -90.76% -53.51%
Gross Profit $1.323M $287.0K $3.454M
YoY Change -58.2% -88.73% 14.37%
Gross Profit Margin 86.47% 57.4% 76.76%
Selling, General & Admin $3.023M $1.314M $1.866M
YoY Change -33.06% -10.61% -58.35%
% of Gross Profit 228.5% 457.84% 54.02%
Research & Development $10.39M $6.818M $8.782M
YoY Change 12.32% 47.13% 153.82%
% of Gross Profit 785.64% 2375.61% 254.26%
Depreciation & Amortization $727.0K $710.0K $702.0K
YoY Change 13.77% 14.33% 18.98%
% of Gross Profit 54.95% 247.39% 20.32%
Operating Expenses $13.42M $8.132M $10.65M
YoY Change -2.56% 33.33% 34.11%
Operating Profit -$12.09M -$7.845M -$7.193M
YoY Change 14.04% 120.8% 46.14%
Interest Expense -$2.039M $1.391M -$474.0K
YoY Change -322.6% 167.5% -116.75%
% of Operating Profit
Other Income/Expense, Net -$119.0K $1.391M $0.00
YoY Change -113.02% 173.82%
Pretax Income -$14.25M -$6.454M -$7.668M
YoY Change 47.06% 111.95% 266.89%
Income Tax -$2.608M -$1.059M -$1.201M
% Of Pretax Income
Net Earnings -$11.64M -$5.395M -$6.467M
YoY Change 127.51% 110.09% 251.85%
Net Earnings / Revenue -761.05% -1079.0% -143.71%
Basic Earnings Per Share -$0.38 -$0.18 -$0.21
Diluted Earnings Per Share -$382.5K -$179.6K -$212.7K
COMMON SHARES
Basic Shares Outstanding 30.44M 30.04M 30.40M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $225.8M $231.8M $237.0M
YoY Change -28.38% -3.37% -0.18%
Cash & Equivalents $225.8M $231.8M $237.0M
Short-Term Investments
Other Short-Term Assets $545.0K $632.0K $934.0K
YoY Change -62.95% -92.0% -66.64%
Inventory
Prepaid Expenses
Receivables $500.0K $0.00
Other Receivables $10.03M $8.953M
Total Short-Term Assets $238.8M $243.0M $246.9M
YoY Change -26.5% -25.9% -24.24%
LONG-TERM ASSETS
Property, Plant & Equipment $27.28M $27.82M $28.31M
YoY Change -4.13% 1.15% 3.55%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $422.0K $0.00 $0.00
YoY Change -34.27% -100.0% -100.0%
Total Long-Term Assets $27.70M $27.82M $28.31M
YoY Change -4.79% -0.78% 1.57%
TOTAL ASSETS
Total Short-Term Assets $238.8M $243.0M $246.9M
Total Long-Term Assets $27.70M $27.82M $28.31M
Total Assets $266.5M $270.8M $275.2M
YoY Change -24.72% -23.92% -22.21%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.454M $1.323M $2.069M
YoY Change 64.59% 6.87% -16.94%
Accrued Expenses $5.588M $1.568M $1.374M
YoY Change 232.42% 16.93% 1.7%
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 $8.235M $2.891M $3.453M
YoY Change 111.64% 6.25% -13.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.559M $1.479M $1.466M
YoY Change 11.92% 34.45% 33.27%
Total Long-Term Liabilities $1.559M $1.479M $1.466M
YoY Change 11.92% 34.45% 33.27%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.235M $2.891M $3.453M
Total Long-Term Liabilities $1.559M $1.479M $1.466M
Total Liabilities $10.67M $5.243M $5.792M
YoY Change 97.83% 36.47% 13.46%
SHAREHOLDERS EQUITY
Retained Earnings -$244.0K $5.151M
YoY Change -100.26% -94.72%
Common Stock $263.7M $262.3M
YoY Change 3.21% 4.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $255.8M $265.6M $269.4M
YoY Change
Total Liabilities & Shareholders Equity $266.5M $270.8M $275.2M
YoY Change -24.72% -23.92% -22.21%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$11.64M -$5.395M -$6.467M
YoY Change 127.51% 110.09% 251.85%
Depreciation, Depletion And Amortization $727.0K $710.0K $702.0K
YoY Change 13.77% 14.33% 18.98%
Cash From Operating Activities -$6.377M -$5.123M -$1.759M
YoY Change -108.76% -383.2% 351.03%
INVESTING ACTIVITIES
Capital Expenditures -$82.00K $161.0K -$476.0K
YoY Change -95.2% -74.73% -78.56%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$82.00K -$161.0K -$476.0K
YoY Change -95.2% -74.73% -78.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 33.00K
YoY Change -100.0% -100.0% -122.0%
NET CHANGE
Cash From Operating Activities -6.377M -$5.123M -1.759M
Cash From Investing Activities -82.00K -$161.0K -476.0K
Cash From Financing Activities 0.000 $0.00 33.00K
Net Change In Cash -6.459M -$5.162M -2.202M
YoY Change -108.6% -305.41% -20.22%
FREE CASH FLOW
Cash From Operating Activities -$6.377M -$5.123M -$1.759M
Capital Expenditures -$82.00K $161.0K -$476.0K
Free Cash Flow -$6.295M -$5.284M -$1.283M
YoY Change -108.45% -550.85% -170.11%

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CY2022Q1 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>
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1448000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
936000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022Q1 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>
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-2568000 USD
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
500000 USD
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
27823000 USD
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28307000 USD
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1100000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8000000.0 USD
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4656677
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
14000
CY2022Q1 xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
-0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
31767
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4638910
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6800000 USD
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M6D
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-5395000 USD
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29423727
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.09
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-477000 USD
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-1059000 USD
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.1641 pure
CY2021Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
2400000 USD
CY2022Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
14000 USD

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