$XBIT
XBiotech Inc

2023 Q3 Form 10-Q Financial Statement

#000117184323005261 Filed on August 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $1.530M
YoY Change -100.0% -100.0% -66.19%
Cost Of Revenue $0.00 $0.00 $207.0K
YoY Change -100.0% -100.0% -84.78%
Gross Profit $0.00 $0.00 $1.323M
YoY Change -100.0% -100.0% -58.2%
Gross Profit Margin 86.47%
Selling, General & Admin $970.0K $1.990M $3.023M
YoY Change 15.48% -34.17% -33.06%
% of Gross Profit 228.5%
Research & Development $7.547M $11.27M $10.39M
YoY Change 7.6% 8.39% 12.32%
% of Gross Profit 785.64%
Depreciation & Amortization $430.0K $440.0K $727.0K
YoY Change -41.42% -39.48% 13.77%
% of Gross Profit 54.95%
Operating Expenses $8.520M $13.26M $13.42M
YoY Change 8.48% -1.19% -2.56%
Operating Profit -$8.520M -$13.26M -$12.09M
YoY Change 33.35% 9.62% 14.04%
Interest Expense $1.460M $3.840M -$2.039M
YoY Change -137.75% -288.33% -322.6%
% of Operating Profit
Other Income/Expense, Net $1.464M $4.587M -$119.0K
YoY Change -137.85% -3954.62% -113.02%
Pretax Income -$7.056M -$8.671M -$14.25M
YoY Change -31.21% -39.16% 47.06%
Income Tax $308.0K $71.00K -$2.608M
% Of Pretax Income
Net Earnings -$7.364M -$8.742M -$11.64M
YoY Change -41.82% -24.92% 127.51%
Net Earnings / Revenue -761.05%
Basic Earnings Per Share -$0.24 -$0.29 -$0.38
Diluted Earnings Per Share -$0.24 -$0.29 -$382.5K
COMMON SHARES
Basic Shares Outstanding 30.44M 30.44M 30.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.2M $204.8M $225.8M
YoY Change -8.13% -9.3% -28.38%
Cash & Equivalents $202.2M $143.4M $225.8M
Short-Term Investments $0.00 $61.40M
Other Short-Term Assets $900.0K $900.0K $545.0K
YoY Change 44.93% 65.14% -62.95%
Inventory
Prepaid Expenses
Receivables $881.0K $3.200M
Other Receivables $400.0K $600.0K
Total Short-Term Assets $204.4M $209.5M $238.8M
YoY Change -8.52% -12.25% -26.5%
LONG-TERM ASSETS
Property, Plant & Equipment $25.20M $25.62M $27.28M
YoY Change -5.4% -6.06% -4.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $422.0K
YoY Change -34.27%
Total Long-Term Assets $25.20M $25.62M $27.70M
YoY Change -8.06% -7.49% -4.79%
TOTAL ASSETS
Total Short-Term Assets $204.4M $209.5M $238.8M
Total Long-Term Assets $25.20M $25.62M $27.70M
Total Assets $229.6M $235.1M $266.5M
YoY Change -8.47% -11.76% -24.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.468M $1.816M $2.454M
YoY Change 6.69% -26.0% 64.59%
Accrued Expenses $3.667M $2.634M $5.588M
YoY Change 84.46% -52.86% 232.42%
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 $5.294M $4.450M $8.235M
YoY Change 47.96% -45.96% 111.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.600M $1.600M $1.559M
YoY Change 1.59% 2.63% 11.92%
Total Long-Term Liabilities $1.600M $1.600M $1.559M
YoY Change 1.59% 2.63% 11.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.294M $4.450M $8.235M
Total Long-Term Liabilities $1.600M $1.600M $1.559M
Total Liabilities $6.940M $6.073M $10.67M
YoY Change 15.19% -43.07% 97.83%
SHAREHOLDERS EQUITY
Retained Earnings -$47.67M -$40.31M
YoY Change 94.21%
Common Stock $269.9M $268.9M
YoY Change 1.35%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $222.7M $229.1M $255.8M
YoY Change
Total Liabilities & Shareholders Equity $229.6M $235.1M $266.5M
YoY Change -8.47% -11.76% -24.72%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$7.364M -$8.742M -$11.64M
YoY Change -41.82% -24.92% 127.51%
Depreciation, Depletion And Amortization $430.0K $440.0K $727.0K
YoY Change -41.42% -39.48% 13.77%
Cash From Operating Activities -$1.480M -$9.000M -$6.377M
YoY Change -75.44% 41.13% -108.76%
INVESTING ACTIVITIES
Capital Expenditures $40.00K $200.0K -$82.00K
YoY Change -119.05% -343.9% -95.2%
Acquisitions
YoY Change
Other Investing Activities $61.86M
YoY Change -203.91%
Cash From Investing Activities $61.82M -$200.0K -$82.00K
YoY Change -203.48% 143.9% -95.2%
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 -10.00K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -1.480M -9.000M -6.377M
Cash From Investing Activities 61.82M -200.0K -82.00K
Cash From Financing Activities 0.000 -10.00K 0.000
Net Change In Cash 60.34M -9.210M -6.459M
YoY Change -191.75% 42.59% -108.6%
FREE CASH FLOW
Cash From Operating Activities -$1.480M -$9.000M -$6.377M
Capital Expenditures $40.00K $200.0K -$82.00K
Free Cash Flow -$1.520M -$9.200M -$6.295M
YoY Change -73.87% 46.15% -108.45%

Facts In Submission

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CY2022Q2 us-gaap Stockholders Equity
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255795000 usd
us-gaap Net Income Loss
NetIncomeLoss
-12558000 usd
us-gaap Net Income Loss
NetIncomeLoss
-17039000 usd
us-gaap Depreciation
Depreciation
878000 usd
us-gaap Depreciation
Depreciation
1437000 usd
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
1711000 usd
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-990000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1619000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2896000 usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
29000 usd
us-gaap Increase Decrease In Income Taxes Receivable
IncreaseDecreaseInIncomeTaxesReceivable
3473000 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
2001000 usd
us-gaap Increase Decrease In Accrued Interest Receivable Net
IncreaseDecreaseInAccruedInterestReceivableNet
-0 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
347000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-390000 usd
xbit Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
-0 usd
xbit Increase Decrease In Deferred Tax Assets
IncreaseDecreaseInDeferredTaxAssets
422000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-620000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
221000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1031000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
4215000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
-8000 usd
us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
276000 usd
xbit Increase Decrease In Deferred Tax Liability
IncreaseDecreaseInDeferredTaxLiability
-59000 usd
xbit Increase Decrease In Deferred Tax Liability
IncreaseDecreaseInDeferredTaxLiability
-1000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13805000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10510000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
214000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
243000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-214000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-243000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
14000 usd
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
-0 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-14000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
118000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-437000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13915000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11190000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
157306000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
236983000 usd
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
143391000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
225793000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
27000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
164000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
143400000 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: left;">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>
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
914000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1448000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1619000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2896000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.81 pure
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.83 pure
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.00
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.43
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.11
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.53
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family: &quot;Times New Roman&quot;; 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt; text-align: left;">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>
CY2022Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1500000 usd
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2000000.0 usd
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
25624000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
26260000 usd
CY2023Q2 us-gaap Common Stock No Par Value
CommonStockNoParValue
0
CY2023Q2 xbit Treasury Stock Shares Offered To Be Purchased Value
TreasuryStockSharesOfferedToBePurchasedValue
80000000.0 usd
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Shares
StockRepurchasedAndRetiredDuringPeriodShares
3561
CY2023Q2 xbit Stock Repurchased During Period Price Per Share
StockRepurchasedDuringPeriodPricePerShare
4.00
CY2023Q2 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
14000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4558902
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
800600
xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
-0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
286084
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5073418
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4656677
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
146600
xbit Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercises In Period Net
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisesInPeriodNet
-0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
97308
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4705969
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3100000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y2M12D
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.008 pure
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.183 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.003 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.177 pure

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