$XBIT
XBiotech Inc

2022 Q4 Form 10-Q Financial Statement

#000117184322007285 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $300.0K $1.700M $4.500M
YoY Change -93.33% -62.22% -57.34%
Cost Of Revenue $16.00K $215.0K $1.110M
YoY Change -98.47% -80.63% -88.22%
Gross Profit $284.0K $1.465M $3.409M
YoY Change -91.78% -57.03% 203.56%
Gross Profit Margin 94.67% 86.18% 75.76%
Selling, General & Admin $1.129M $840.0K $1.541M
YoY Change -39.5% -45.49% -55.33%
% of Gross Profit 397.54% 57.34% 45.2%
Research & Development $7.317M $7.014M $5.599M
YoY Change -16.68% 25.27% 138.66%
% of Gross Profit 2576.41% 478.77% 164.24%
Depreciation & Amortization $443.0K $734.0K $687.0K
YoY Change -36.89% 6.84% 24.91%
% of Gross Profit 155.99% 50.1% 20.15%
Operating Expenses $8.446M $7.854M $7.139M
YoY Change -20.68% 10.02% 23.23%
Operating Profit -$8.162M -$6.389M -$3.731M
YoY Change 13.47% 71.24% -20.11%
Interest Expense $5.539M -$3.868M -$1.203M
YoY Change -1268.57% 221.53% -181.28%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$3.868M -$1.324M
YoY Change 192.15% -189.7%
Pretax Income -$2.625M -$10.26M -$5.055M
YoY Change -65.77% 102.91% 58.27%
Income Tax $578.0K $2.401M -$1.800M
% Of Pretax Income
Net Earnings -$3.203M -$12.66M -$3.261M
YoY Change -50.47% 288.16% 29.1%
Net Earnings / Revenue -1067.67% -744.59% -72.47%
Basic Earnings Per Share -$0.10 -$0.42 -$0.11
Diluted Earnings Per Share -$0.11 -$415.8K -$107.5K
COMMON SHARES
Basic Shares Outstanding 30.44M 30.44M 30.38M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.5M $220.1M $238.9M
YoY Change -8.23% -7.86% 0.2%
Cash & Equivalents $157.3M $160.6M $238.9M
Short-Term Investments $60.17M $59.53M
Other Short-Term Assets $601.0K $621.0K $919.0K
YoY Change -35.65% -32.43% -8.1%
Inventory
Prepaid Expenses
Receivables $1.216M $1.530M $44.00K
Other Receivables $548.0K $1.176M $10.40M
Total Short-Term Assets $219.8M $223.4M $250.2M
YoY Change -10.95% -10.71% -0.58%
LONG-TERM ASSETS
Property, Plant & Equipment $26.26M $26.64M $28.64M
YoY Change -7.23% -7.0% 9.28%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $772.0K $642.0K
YoY Change 20.25% 60.5%
Total Long-Term Assets $26.26M $27.41M $29.28M
YoY Change -7.23% -6.4% -71.21%
TOTAL ASSETS
Total Short-Term Assets $219.8M $223.4M $250.2M
Total Long-Term Assets $26.26M $27.41M $29.28M
Total Assets $246.1M $250.8M $279.5M
YoY Change -10.57% -10.26% -20.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.408M $1.376M $1.012M
YoY Change 16.38% 35.97% -73.85%
Accrued Expenses $1.603M $1.988M $1.643M
YoY Change 16.67% 21.0% -28.75%
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 $4.066M $3.578M $3.861M
YoY Change 17.75% -7.33% -37.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.576M $1.575M $1.393M
YoY Change 7.5% 13.07% 26.64%
Total Long-Term Liabilities $1.576M $1.575M $1.393M
YoY Change 7.5% 13.07% 26.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.066M $3.578M $3.861M
Total Long-Term Liabilities $1.576M $1.575M $1.393M
Total Liabilities $5.701M $6.025M $5.362M
YoY Change -1.57% 12.36% -26.08%
SHAREHOLDERS EQUITY
Retained Earnings -$27.75M -$24.55M $11.62M
YoY Change -638.71% -311.28% -87.74%
Common Stock $267.3M $266.3M $260.9M
YoY Change 1.93% 2.07% 3.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.4M $244.8M $274.2M
YoY Change
Total Liabilities & Shareholders Equity $246.1M $250.8M $279.5M
YoY Change -10.57% -10.26% -20.9%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.203M -$12.66M -$3.261M
YoY Change -50.47% 288.16% 29.1%
Depreciation, Depletion And Amortization $443.0K $734.0K $687.0K
YoY Change -36.89% 6.84% 24.91%
Cash From Operating Activities $2.703M -$6.027M -$3.402M
YoY Change -253.67% 77.16% -145.48%
INVESTING ACTIVITIES
Capital Expenditures $132.0K -$210.0K -$700.0K
YoY Change -127.73% -70.0% 1.45%
Acquisitions
YoY Change
Other Investing Activities -$3.775M -$59.53M
YoY Change
Cash From Investing Activities -$3.907M -$59.74M -$700.0K
YoY Change 720.8% 8434.57% 1.45%
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 0.000 -72.04M
YoY Change -100.0% -100.0% -3330.45%
NET CHANGE
Cash From Operating Activities 2.703M -6.027M -3.402M
Cash From Investing Activities -3.907M -59.74M -700.0K
Cash From Financing Activities 0.000 0.000 -72.04M
Net Change In Cash -1.204M -65.77M -76.14M
YoY Change -45.32% -13.62% -944.14%
FREE CASH FLOW
Cash From Operating Activities $2.703M -$6.027M -$3.402M
Capital Expenditures $132.0K -$210.0K -$700.0K
Free Cash Flow $2.571M -$5.817M -$2.702M
YoY Change -300.39% 115.28% -133.07%

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xbit Increase Decrease In Deferred Cost Of Goods Sold
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xbit Amount Held In Escrow
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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xbit Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
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IncreaseDecreaseInDeferredTaxAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
614000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
292000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
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314000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
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IncreaseDecreaseInDeferredTaxLiability
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IncreaseDecreaseInDeferredTaxLiability
108000 usd
us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
453000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3049000 usd
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
59532000 usd
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Payments Of Dividends
PaymentsOfDividends
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
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ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
7962000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1097000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
397000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-76415000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1511000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
236983000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
160568000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
238877000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
46000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
202000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
160600000 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>
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30439277
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29921048
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.11
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.37
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1128000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1133000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4024000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3109000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83 pure
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.71
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
16.69
us-gaap Concentration Risk Credit Risk
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<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>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1700000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3700000 usd
CY2022Q3 us-gaap Property Plant And Equipment Net
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26635000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28307000 usd
CY2022Q3 us-gaap Net Income Loss
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CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
1100000
CY2021 us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
151600
xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
137650
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5327425
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
162000
xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y3M3D
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-3261000 usd
us-gaap Net Income Loss
NetIncomeLoss
-29697000 usd
us-gaap Net Income Loss
NetIncomeLoss
-10947000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30439277
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30341470
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.234 pure
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.355 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.041 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.385 pure

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