$XBIT
XBiotech Inc

2023 Q2 Form 10-Q Financial Statement

#000117184323003144 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit $0.00 $0.00
YoY Change -100.0% -100.0%
Gross Profit Margin
Selling, General & Admin $1.990M $915.0K
YoY Change -34.17% -30.37%
% of Gross Profit
Research & Development $11.27M $6.230M
YoY Change 8.39% -8.62%
% of Gross Profit
Depreciation & Amortization $440.0K $443.0K
YoY Change -39.48% -37.61%
% of Gross Profit
Operating Expenses $13.26M $7.145M
YoY Change -1.19% -12.14%
Operating Profit -$13.26M -$7.145M
YoY Change 9.62% -8.92%
Interest Expense $3.840M $3.162M
YoY Change -288.33% 127.32%
% of Operating Profit
Other Income/Expense, Net $4.587M $3.292M
YoY Change -3954.62% 136.66%
Pretax Income -$8.671M -$3.853M
YoY Change -39.16% -40.3%
Income Tax $71.00K -$37.00K
% Of Pretax Income
Net Earnings -$8.742M -$3.816M
YoY Change -24.92% -29.27%
Net Earnings / Revenue
Basic Earnings Per Share -$0.29 -$0.13
Diluted Earnings Per Share -$0.29 -$0.13
COMMON SHARES
Basic Shares Outstanding 30.44M 30.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $204.8M $212.7M
YoY Change -9.3% -8.26%
Cash & Equivalents $143.4M $152.5M
Short-Term Investments $61.40M $60.18M
Other Short-Term Assets $900.0K $703.0K
YoY Change 65.14% 11.23%
Inventory
Prepaid Expenses
Receivables $3.200M $2.371M
Other Receivables $600.0K $548.0K
Total Short-Term Assets $209.5M $216.3M
YoY Change -12.25% -10.99%
LONG-TERM ASSETS
Property, Plant & Equipment $25.62M $25.84M
YoY Change -6.06% -7.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $25.62M $25.84M
YoY Change -7.49% -7.14%
TOTAL ASSETS
Total Short-Term Assets $209.5M $216.3M
Total Long-Term Assets $25.62M $25.84M
Total Assets $235.1M $242.1M
YoY Change -11.76% -10.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.816M $1.357M
YoY Change -26.0% 2.57%
Accrued Expenses $2.634M $2.206M
YoY Change -52.86% 40.69%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.450M $3.618M
YoY Change -45.96% 25.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.600M $1.598M
YoY Change 2.63% 8.05%
Total Long-Term Liabilities $1.600M $1.598M
YoY Change 2.63% 8.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.450M $3.618M
Total Long-Term Liabilities $1.600M $1.598M
Total Liabilities $6.073M $5.216M
YoY Change -43.07% -0.51%
SHAREHOLDERS EQUITY
Retained Earnings -$40.31M -$31.57M
YoY Change 12836.48%
Common Stock $268.9M $268.0M
YoY Change 1.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $229.1M $236.9M
YoY Change
Total Liabilities & Shareholders Equity $235.1M $242.1M
YoY Change -11.76% -10.59%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.742M -$3.816M
YoY Change -24.92% -29.27%
Depreciation, Depletion And Amortization $440.0K $443.0K
YoY Change -39.48% -37.61%
Cash From Operating Activities -$9.000M -$4.808M
YoY Change 41.13% -6.15%
INVESTING ACTIVITIES
Capital Expenditures $200.0K $6.000K
YoY Change -343.9% -96.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$200.0K -$6.000K
YoY Change 143.9% -96.27%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.00K $0.00
YoY Change
NET CHANGE
Cash From Operating Activities -9.000M -$4.808M
Cash From Investing Activities -200.0K -$6.000K
Cash From Financing Activities -10.00K $0.00
Net Change In Cash -9.210M -$4.822M
YoY Change 42.59% -6.59%
FREE CASH FLOW
Cash From Operating Activities -$9.000M -$4.808M
Capital Expenditures $200.0K $6.000K
Free Cash Flow -$9.200M -$4.814M
YoY Change 46.15% -8.89%

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CY2023Q1 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 Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1448000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.82 pure
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y3M
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
705000 usd
CY2023Q1 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>
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
500000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25837000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26260000 usd
CY2023Q1 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4558902
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
698800
CY2023Q1 xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
-0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
88600
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5169102
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3700000 usd
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y3M18D
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-3816000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-5395000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30439275
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30439275
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.18
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.009 pure
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.164 pure
CY2023Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
0 usd
CY2022Q1 us-gaap Income Tax Reconciliation Nondeductible Expense
IncomeTaxReconciliationNondeductibleExpense
0 usd

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