Deciphera Pharmaceuticals, Inc(NASDAQ:DCPH) 
Deciphera Pharmaceuticals, Inc., a biopharmaceutical company, develops drugs to enhance the lives of cancer patients by addressing key mechanisms of drug resistance that limit the rate and durability of response to existing cancer therapies. Its lead drug candidate is QINLOCK used for the treatment ...
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At a glance:
Bull Thesis:
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Income Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
revenues: | |||||||||||||||||||||||||||
product revenues | 42,550,000 | 46,712,000 | 41,820,000 | 37,320,000 | 33,222,000 | 32,880,000 | 32,318,000 | 31,497,000 | 28,809,000 | 23,697,000 | 21,682,000 | 22,048,000 | 19,962,000 | 19,472,000 | 15,164,000 | 4,825,000 | |||||||||||
collaboration revenues | 2,449,000 | 1,582,000 | 1,493,000 | 984,000 | 223,000 | 3,465,000 | 3,656,000 | 997,000 | 414,000 | 502,000 | 1,538,000 | 1,525,000 | 5,194,000 | 14,000 | 285,000 | 2,265,000 | |||||||||||
total revenues | 44,999,000 | 48,294,000 | 43,313,000 | 38,304,000 | 33,445,000 | 36,345,000 | 35,974,000 | 32,494,000 | 29,223,000 | 24,199,000 | 23,220,000 | 23,573,000 | 25,156,000 | 19,486,000 | 15,449,000 | 7,090,000 | |||||||||||
yoy | 34.55% | 32.88% | 20.40% | 17.88% | 14.45% | 50.19% | 54.93% | 37.84% | 16.17% | 24.19% | 50.30% | 232.48% | |||||||||||||||
qoq | -6.82% | 11.50% | 13.08% | 14.53% | -7.98% | 1.03% | 10.71% | 11.19% | 20.76% | 4.22% | -1.50% | -6.29% | 29.10% | 26.13% | 117.90% | ||||||||||||
cost and operating expenses: | |||||||||||||||||||||||||||
cost of sales | 2,088,000 | 1,785,000 | 1,286,000 | 173,000 | 488,000 | 3,245,000 | 3,344,000 | 1,799,000 | 382,000 | 518,000 | 917,000 | 1,275,000 | 222,000 | 127,000 | 90,000 | 8,000 | |||||||||||
research and development | 57,834,000 | 58,599,000 | 62,463,000 | 58,296,000 | 54,765,000 | 48,066,000 | 47,485,000 | 44,858,000 | 47,412,000 | 74,931,000 | 66,444,000 | 59,984,000 | 55,681,000 | 52,288,000 | 49,213,000 | 46,081,000 | 51,388,000 | 46,636,000 | 40,374,000 | 34,811,000 | 35,789,000 | 27,356,000 | 20,630,000 | 17,976,000 | 16,925,000 | 15,658,000 | 9,751,000 |
selling, general, and administrative | 33,924,000 | 39,148,000 | 33,252,000 | 32,610,000 | 31,449,000 | 32,195,000 | 30,026,000 | 29,625,000 | 28,321,000 | 37,151,000 | 35,527,000 | 32,828,000 | 30,747,000 | 30,070,000 | 30,143,000 | 29,933,000 | 23,936,000 | ||||||||||
total cost and operating expenses | 93,846,000 | 99,532,000 | 97,001,000 | 91,079,000 | 86,702,000 | 83,506,000 | 80,855,000 | 76,282,000 | 76,115,000 | 112,600,000 | 102,888,000 | 94,087,000 | 86,650,000 | 82,485,000 | 79,446,000 | 76,022,000 | |||||||||||
income from operations | -48,847,000 | -51,238,000 | -53,688,000 | -52,775,000 | -53,257,000 | -47,161,000 | -44,881,000 | -43,788,000 | -46,892,000 | -88,401,000 | -79,668,000 | -70,514,000 | -61,494,000 | -62,999,000 | -63,997,000 | -68,932,000 | -75,262,000 | -70,373,000 | -58,353,000 | -22,975,000 | -49,025,000 | -33,830,000 | -25,889,000 | -22,429,000 | -21,951,000 | -20,338,000 | -12,181,000 |
yoy | -8.28% | 8.64% | 19.62% | 20.52% | 13.57% | -46.65% | -43.66% | -37.90% | -23.75% | 40.32% | 24.49% | 2.30% | -18.29% | -10.48% | 9.67% | 200.03% | 53.52% | 108.02% | 125.40% | 2.43% | 123.34% | 66.34% | 112.54% | ||||
qoq | -4.67% | -4.56% | 1.73% | -0.91% | 12.93% | 5.08% | 2.50% | -6.62% | -46.96% | 10.96% | 12.98% | 14.67% | -2.39% | -1.56% | -7.16% | -8.41% | 6.95% | 20.60% | 153.98% | -53.14% | 44.92% | 30.67% | 15.43% | 2.18% | 7.93% | 66.96% | |
operating margin % | -108.55% | -106.10% | -123.95% | -137.78% | -159.24% | -129.76% | -124.76% | -134.76% | -160.46% | -365.31% | -343.10% | -299.13% | -244.45% | -323.30% | -414.25% | -972.24% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% |
other income: | |||||||||||||||||||||||||||
interest and other income | 3,764,000 | 4,479,000 | 4,107,000 | 4,213,000 | 3,648,000 | 1,948,000 | 1,838,000 | 727,000 | 6,000 | -170,000 | 81,000 | 196,000 | 259,000 | 296,000 | 1,691,000 | 2,455,000 | 3,169,000 | 2,174,000 | 1,540,000 | 1,654,000 | 1,551,000 | 1,475,000 | 760,000 | 543,000 | |||
total other income | 3,764,000 | 4,479,000 | 4,107,000 | 4,213,000 | 3,648,000 | 1,948,000 | 1,838,000 | 727,000 | 6,000 | -170,000 | 81,000 | 196,000 | 259,000 | 296,000 | 1,691,000 | 2,455,000 | 3,157,000 | 2,157,000 | 1,515,000 | 1,641,000 | 1,531,000 | 1,454,000 | 739,000 | 521,000 | 426,000 | 143,000 | |
net income | -45,083,000 | -47,190,000 | -49,581,000 | -48,562,000 | -49,609,000 | -45,935,000 | -43,043,000 | -43,061,000 | -46,892,000 | -88,395,000 | -79,838,000 | -70,433,000 | -61,298,000 | -62,740,000 | -63,701,000 | -67,241,000 | -72,807,000 | -67,216,000 | -56,196,000 | -21,460,000 | -47,384,000 | ||||||
yoy | -9.12% | 2.73% | 15.19% | 12.77% | 5.79% | -48.03% | -46.09% | -38.86% | -23.50% | 40.89% | 25.33% | 4.75% | -15.81% | -6.66% | 13.36% | 213.33% | 53.65% | ||||||||||
qoq | -4.46% | -4.82% | 2.10% | -2.11% | 8.00% | 6.72% | -0.04% | -8.17% | -46.95% | 10.72% | 13.35% | 14.90% | -2.30% | -1.51% | -5.26% | -7.64% | 8.32% | 19.61% | 161.86% | -54.71% | |||||||
net income margin % | -100.19% | -97.71% | -114.47% | -126.78% | -148.33% | -126.39% | -119.65% | -132.52% | -160.46% | -365.28% | -343.83% | -298.79% | -243.67% | -321.97% | -412.33% | -948.39% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | -Infinity% | NaN% | NaN% | NaN% | NaN% | NaN% | NaN% |
net income per share | -0.52 | -0.54 | -0.58 | -0.57 | -0.6 | -0.55 | -0.55 | -0.6 | -0.8 | -1.51 | -1.37 | -1.21 | -1.06 | -1.1 | -1.13 | -1.2 | -1.36 | -1.36 | -1.28 | -0.56 | -1.25 | -0.87 | -0.65 | -0.65 | -0.66 | 11.77 | -5.85 |
weighted-average common shares outstanding—basic and diluted | 87,388,106 | 85,059,962 | 85,788,613 | 85,020,344 | 82,676,624 | 75,500,148 | 78,206,647 | 72,133,428 | 58,616,458 | 58,084,325 | 58,107,611 | 57,987,095 | 57,747,168 | 55,780,982 | 56,390,748 | 55,920,122 | 53,567,434 | 42,869,058 | 43,803,508 | 38,200,288 | 38,057,018 | 35,390,480 | 37,654,324 | 33,567,314 | 32,594,074 | 16,792,179 | |
comprehensive loss: | |||||||||||||||||||||||||||
other comprehensive income: | |||||||||||||||||||||||||||
unrealized gains on marketable securities | -206 | 978 | 250 | -540 | -246 | -9 | 30 | -28 | 47 | -771 | 652 | 50 | -114 | 154 | 21 | ||||||||||||
currency translation adjustment | -273 | 495 | -179 | 108 | 93 | 432 | -352 | -48 | -74 | 132 | 148 | 36 | 2 | ||||||||||||||
total other comprehensive income | -479 | 1,473 | 71 | -786 | 802 | 1,059 | -774 | -705 | -614 | -114 | 139 | -17 | 32 | -28 | 47 | -771 | 652 | 50 | -114 | 154 | 21 | ||||||
total comprehensive loss | -45,562 | -45,717 | -49,510 | -49,348 | -48,807 | -44,876 | -43,817 | -43,766 | -47,506 | -88,509 | -79,699 | -70,450 | -61,266 | -62,768 | -63,654 | -68,012 | -72,155 | -67,166 | -56,310 | -21,306 | -47,363 | ||||||
unrealized losses on marketable securities | -894 | 709 | 627 | -422 | -657 | -53 | |||||||||||||||||||||
interest expense | -12,000 | -17,000 | -25,000 | -13,000 | -20,000 | -21,000 | -21,000 | -22,000 | -23,000 | -23,000 | |||||||||||||||||
revenues | 62,000 | ||||||||||||||||||||||||||
operating expenses: | |||||||||||||||||||||||||||
total operating expenses | 75,324,000 | 70,373,000 | 58,353,000 | 47,975,000 | 49,025,000 | 33,830,000 | 25,889,000 | 22,429,000 | 21,951,000 | 20,338,000 | 12,181,000 | ||||||||||||||||
general and administrative | 11,094,750 | 17,979,000 | 13,164,000 | 13,236,000 | 6,474,000 | 5,259,000 | 4,453,000 | 5,026,000 | 4,680,000 | 2,430,000 | |||||||||||||||||
revenue | 25,000,000 | ||||||||||||||||||||||||||
net income and comprehensive loss | -32,299,000 | -24,435,000 | -21,690,000 | -21,430,000 | -19,912,000 | -12,038,000 | |||||||||||||||||||||
other income | 74,250 | 166,000 | |||||||||||||||||||||||||
net income attributable to series a convertible preferred shareholders—basic and diluted | -7,593,000 | -12,038,000 | |||||||||||||||||||||||||
weighted-average series a convertible preferred shares outstanding—basic and diluted | 2,057,750 |
Balance Sheets:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 | 2017-09-30 |
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assets | |||||||||||||||||||||||||||
current assets: | |||||||||||||||||||||||||||
cash and cash equivalents | 91,228,000 | 83,507,000 | 108,087,000 | 81,394,000 | 114,637,000 | 64,741,000 | 82,538,000 | 109,698,000 | 95,332,000 | 87,063,000 | 53,189,000 | 90,947,000 | 201,648,000 | 135,897,000 | 111,154,000 | 155,446,000 | 229,652,000 | 120,320,000 | 173,712,000 | 57,237,000 | 82,228,000 | 293,764,000 | 320,875,000 | 346,527,000 | 179,873,000 | 196,754,000 | 82,149,000 |
short-term marketable securities | 181,299,000 | 222,709,000 | 230,988,000 | 247,346,000 | 283,996,000 | 259,745,000 | 282,039,000 | 274,149,000 | 161,221,000 | 198,571,000 | 289,081,000 | 304,405,000 | 300,527,000 | 416,033,000 | 434,171,000 | 454,890,000 | |||||||||||
accounts receivable | 32,684,000 | 31,952,000 | 27,549,000 | 23,200,000 | 22,439,000 | 22,429,000 | 23,278,000 | 25,851,000 | 23,151,000 | 20,595,000 | 18,049,000 | 18,608,000 | 21,821,000 | 13,896,000 | 11,814,000 | 7,384,000 | 20,000,000 | ||||||||||
inventory | 21,098,000 | 21,210,000 | 27,105,000 | 25,343,000 | 25,528,000 | 20,561,000 | 19,129,000 | 20,889,000 | 19,627,000 | 14,125,000 | 7,253,000 | 8,206,000 | 7,090,000 | 5,716,000 | 4,596,000 | 1,389,000 | |||||||||||
prepaid expenses and other current assets | 23,628,000 | 21,718,000 | 23,847,000 | 27,767,000 | 29,559,000 | 25,482,000 | 13,895,000 | 17,944,000 | 20,504,000 | 18,660,000 | 17,722,000 | 14,977,000 | 15,546,000 | 12,489,000 | 9,723,000 | 13,977,000 | 11,979,000 | 13,832,000 | 7,700,000 | 6,010,000 | 4,103,000 | 7,273,000 | 4,734,000 | 2,221,000 | 1,241,000 | 1,428,000 | 596,000 |
total current assets | 349,937,000 | 381,096,000 | 417,576,000 | 405,050,000 | 476,159,000 | 392,958,000 | 420,879,000 | 448,531,000 | 319,835,000 | 339,014,000 | 385,294,000 | 437,143,000 | 546,632,000 | 584,031,000 | 571,458,000 | 633,086,000 | 703,479,000 | 593,408,000 | 642,295,000 | 256,426,000 | 266,445,000 | 301,037,000 | 325,609,000 | 348,748,000 | 181,114,000 | 198,182,000 | 82,745,000 |
long-term marketable securities | 26,778,000 | 46,699,000 | 37,850,000 | 60,683,000 | 27,627,000 | 14,550,000 | 7,006,000 | 9,208,000 | 18,853,000 | 41,950,000 | 49,926,000 | 55,605,000 | 9,375,000 | 38,989,000 | 21,431,000 | ||||||||||||
other long-term assets and long-term investments—restricted | 8,133,000 | ||||||||||||||||||||||||||
property and equipment | 5,155,000 | 5,421,000 | 5,864,000 | 6,213,000 | 6,511,000 | 6,707,000 | 7,152,000 | 7,353,000 | 7,821,000 | 8,610,000 | 10,820,000 | 9,588,000 | 9,633,000 | 9,583,000 | 9,925,000 | 9,567,000 | 6,693,000 | 6,333,000 | 5,274,000 | 1,595,000 | 1,504,000 | 13,453,000 | 19,238,000 | 18,264,000 | 952,000 | 838,000 | 731,000 |
operating lease assets | 30,925,000 | 32,073,000 | 33,209,000 | 34,333,000 | 35,445,000 | 36,547,000 | 37,639,000 | 38,676,000 | 35,846,000 | 36,800,000 | 34,276,000 | 35,128,000 | 35,879,000 | 36,341,000 | 37,171,000 | 20,096,000 | 20,630,000 | 21,158,000 | 522,000 | ||||||||
total assets | 420,928,000 | 473,566,000 | 497,836,000 | 509,618,000 | 549,019,000 | 454,039,000 | 475,952,000 | 507,037,000 | 385,464,000 | 429,484,000 | 483,418,000 | 540,566,000 | 595,246,000 | 642,432,000 | 659,668,000 | 686,305,000 | 732,927,000 | 622,409,000 | 649,601,000 | 260,007,000 | 269,688,000 | 315,559,000 | 345,916,000 | 368,156,000 | 182,141,000 | 199,095,000 | 87,867,000 |
liabilities and stockholders' equity | |||||||||||||||||||||||||||
current liabilities: | |||||||||||||||||||||||||||
accounts payable | 19,459,000 | 26,476,000 | 21,453,000 | 18,211,000 | 19,670,000 | 18,612,000 | 12,800,000 | 16,229,000 | 17,801,000 | 13,130,000 | 13,502,000 | 14,022,000 | 11,905,000 | 12,308,000 | 10,237,000 | 12,582,000 | 11,337,000 | 19,575,000 | 14,770,000 | 13,900,000 | 10,937,000 | 8,308,000 | 6,051,000 | 6,938,000 | 5,556,000 | 4,395,000 | 3,104,000 |
accrued expenses and other current liabilities | 60,396,000 | 70,295,000 | 68,005,000 | 59,455,000 | 60,942,000 | 64,622,000 | 59,498,000 | 55,214,000 | 65,938,000 | 80,773,000 | 59,625,000 | 49,428,000 | 49,344,000 | 55,227,000 | 48,941,000 | 37,333,000 | 32,234,000 | 38,716,000 | 26,884,000 | 20,935,000 | 16,333,000 | 14,248,000 | 11,406,000 | 11,790,000 | |||
operating lease liabilities | 3,574,000 | 3,504,000 | 3,436,000 | 3,368,000 | 3,301,000 | 3,235,000 | 3,170,000 | 3,102,000 | 2,931,000 | 2,870,000 | 2,662,000 | 2,604,000 | 2,540,000 | 2,457,000 | 2,010,000 | 1,424,000 | 1,501,000 | 1,747,000 | 415,000 | 313,000 | 434,000 | ||||||
total current liabilities | 83,429,000 | 100,275,000 | 92,894,000 | 81,034,000 | 83,913,000 | 86,469,000 | 75,468,000 | 74,545,000 | 86,670,000 | 96,773,000 | 75,789,000 | 66,054,000 | 63,789,000 | 69,992,000 | 61,188,000 | 51,339,000 | 45,072,000 | 60,038,000 | 42,256,000 | 35,335,000 | 27,891,000 | 22,743,000 | 17,644,000 | 18,915,000 | 16,295,000 | 13,815,000 | 10,080,000 |
operating lease liabilities, net of current portion | 21,449,000 | 22,375,000 | 23,272,000 | 24,154,000 | 25,022,000 | 25,879,000 | 26,708,000 | 27,481,000 | 27,229,000 | 27,991,000 | 27,172,000 | 27,856,000 | 28,444,000 | 28,764,000 | 29,394,000 | 15,282,000 | 15,595,000 | 15,904,000 | 107,000 | 164,000 | 244,000 | ||||||
total liabilities | 104,878,000 | 122,650,000 | 116,166,000 | 105,188,000 | 108,935,000 | 112,348,000 | 102,176,000 | 102,026,000 | 113,899,000 | 124,764,000 | 102,961,000 | 93,910,000 | 92,233,000 | 98,756,000 | 90,582,000 | 66,621,000 | 60,667,000 | 75,942,000 | 44,048,000 | 37,129,000 | 29,692,000 | 35,578,000 | 36,548,000 | 37,059,000 | 17,551,000 | 15,122,000 | 11,439,000 |
commitments and contingencies | |||||||||||||||||||||||||||
stockholders' equity: | |||||||||||||||||||||||||||
preferred stock, 0.01 par value per share... | |||||||||||||||||||||||||||
common stock, 0.01 par value per share... | 821,000 | 805,000 | 799,000 | 788,000 | 785,000 | 676,000 | 674,000 | 668,000 | 586,000 | 585,000 | 583,000 | 580,000 | 579,000 | 576,000 | 566,000 | 561,000 | 557,000 | 516,000 | 510,000 | 382,000 | 382,000 | 377,000 | 377,000 | 376,000 | 326,000 | 326,000 | |
additional paid-in capital | 1,788,519,000 | 1,777,839,000 | 1,762,882,000 | 1,736,143,000 | 1,722,452,000 | 1,575,361,000 | 1,562,572,000 | 1,549,996,000 | 1,372,866,000 | 1,358,516,000 | 1,345,746,000 | 1,332,249,000 | 1,318,157,000 | 1,297,557,000 | 1,260,209,000 | 1,247,158,000 | 1,231,726,000 | 1,033,819,000 | 1,025,745,000 | 586,888,000 | 582,700,000 | 575,327,000 | 572,415,000 | 569,710,000 | 381,563,000 | 379,516,000 | 7,847,000 |
accumulated other comprehensive income | 98,000 | 577,000 | -896,000 | -967,000 | -181,000 | -983,000 | -2,042,000 | -1,268,000 | -563,000 | 51,000 | 165,000 | 26,000 | 43,000 | 11,000 | 39,000 | -8,000 | 763,000 | 111,000 | 61,000 | 175,000 | 21,000 | ||||||
accumulated deficit | -1,473,388,000 | -1,428,305,000 | -1,381,115,000 | -1,331,534,000 | -1,282,972,000 | -1,233,363,000 | -1,187,428,000 | -1,144,385,000 | -1,101,324,000 | -1,054,432,000 | -966,037,000 | -886,199,000 | -815,766,000 | -754,468,000 | -691,728,000 | -628,027,000 | -560,786,000 | -487,979,000 | -420,763,000 | -364,567,000 | -343,107,000 | -295,723,000 | -263,424,000 | -238,989,000 | -217,299,000 | -195,869,000 | -175,957,000 |
total stockholders' equity | 316,050,000 | 350,916,000 | 381,670,000 | 404,430,000 | 440,084,000 | 341,691,000 | 373,776,000 | 405,011,000 | 271,565,000 | 304,720,000 | 380,457,000 | 446,656,000 | 503,013,000 | 543,676,000 | 569,086,000 | 619,684,000 | 672,260,000 | 546,467,000 | |||||||||
total liabilities and stockholders' equity | 420,928,000 | 473,566,000 | 497,836,000 | 509,618,000 | 549,019,000 | 454,039,000 | 475,952,000 | 507,037,000 | 385,464,000 | 429,484,000 | 483,418,000 | 540,566,000 | 595,246,000 | 642,432,000 | 659,668,000 | 686,305,000 | 732,927,000 | 622,409,000 | |||||||||
long-term investments—restricted and other long-term assets | 8,277,000 | 3,337,000 | 3,339,000 | 3,277,000 | 3,277,000 | 3,276,000 | 3,269,000 | ||||||||||||||||||||
long-term investments—restricted | 3,109,000 | 3,110,000 | 3,102,000 | 3,102,000 | 3,102,000 | 3,102,000 | 2,125,000 | 2,125,000 | 1,069,000 | ||||||||||||||||||
marketable securities | 461,848,000 | 459,256,000 | 460,883,000 | 168,179,000 | 180,114,000 | ||||||||||||||||||||||
long-term investment—restricted | 2,125,000 | 1,510,000 | 1,510,000 | 1,510,000 | 1,069,000 | 1,069,000 | 1,069,000 | ||||||||||||||||||||
notes payable to related party | 187,000 | 187,000 | 187,000 | 187,000 | 187,000 | 187,000 | 187,000 | 187,000 | 187,000 | ||||||||||||||||||
notes payable to related party, net of current portion | 967,000 | 1,014,000 | 1,076,000 | 1,107,000 | 1,154,000 | 1,201,000 | 1,248,000 | 1,294,000 | 1,341,000 | ||||||||||||||||||
other long-term liabilities | 718,000 | 616,000 | 481,000 | 381,000 | 212,000 | 47,000 | 8,000 | 13,000 | 18,000 | ||||||||||||||||||
liabilities and stockholders’ equity | |||||||||||||||||||||||||||
stockholders’ equity: | |||||||||||||||||||||||||||
total stockholders’ equity | 605,553,000 | 222,878,000 | 239,996,000 | 279,981,000 | 309,368,000 | 331,097,000 | 164,590,000 | ||||||||||||||||||||
total liabilities and stockholders’ equity | 649,601,000 | 260,007,000 | 269,688,000 | 315,559,000 | 345,916,000 | 368,156,000 | 182,141,000 | ||||||||||||||||||||
unbilled receivable | 5,000,000 | ||||||||||||||||||||||||||
operating lease, right-of-use assets | 476,000 | 670,000 | |||||||||||||||||||||||||
other assets | 75,000 | 75,000 | 75,000 | 75,000 | |||||||||||||||||||||||
lease liability, net of current portion | 11,347,000 | 17,538,000 | 16,896,000 | ||||||||||||||||||||||||
accrued expenses | 10,552,000 | 9,233,000 | 6,789,000 | ||||||||||||||||||||||||
deferred offering costs | 4,316,000 | ||||||||||||||||||||||||||
liabilities, convertible preferred shares and stockholders’ equity/members’ deficit | |||||||||||||||||||||||||||
convertible preferred shares (series a, b-1, b-2, c), no par value; no shares and 3,632,711 authorized as of december 31, 2017 and 2016, respectively; no shares and 3,632,711 shares issued and outstanding as of december 31, 2017 and 2016 | |||||||||||||||||||||||||||
stockholders’ equity/members’ deficit: | |||||||||||||||||||||||||||
common shares, no par value; no shares and 4,366,052 shares authorized as of december 31, 2017 and 2016, respectively; no shares issued or outstanding as of december 31, 2017 and 2016 | |||||||||||||||||||||||||||
total stockholders’ equity/members’ deficit | 183,973,000 | ||||||||||||||||||||||||||
total liabilities, convertible preferred shares and stockholders’ equity/members’ deficit | 199,095,000 | ||||||||||||||||||||||||||
liabilities, convertible preferred shares and members’ deficit | |||||||||||||||||||||||||||
convertible preferred shares (series a, b-1, b-2, c), no par value; 4,455,039 shares authorized at september 30, 2017 and 3,632,711 shares authorized as of december 31, 2016; 4,323,044 shares issued and outstanding as of september 30, 2017, 3,632,711 shares issued and outstanding as of december 31, 2016; aggregate liquidation preference of 246,388 as of september 30, 2017 and 194,088 as of december 31, 2016 | 244,538,000 | ||||||||||||||||||||||||||
members’ deficit: | |||||||||||||||||||||||||||
common shares, no par value; 5,217,929 shares authorized as of september 30, 2017 and 4,366,052 shares authorized as of december 31, 2016; no shares issued or outstanding as of september 30, 2017 or december 31, 2016 | |||||||||||||||||||||||||||
total members’ deficit | -168,110,000 | ||||||||||||||||||||||||||
total liabilities, convertible preferred shares and members’ deficit | 87,867,000 | ||||||||||||||||||||||||||
revenue | |||||||||||||||||||||||||||
operating expenses: | |||||||||||||||||||||||||||
research and development | 9,751,000 | ||||||||||||||||||||||||||
general and administrative | 2,430,000 | ||||||||||||||||||||||||||
total operating expenses | 12,181,000 | ||||||||||||||||||||||||||
income from operations | -12,181,000 | ||||||||||||||||||||||||||
other income: | |||||||||||||||||||||||||||
interest expense | -23,000 | ||||||||||||||||||||||||||
other income | 166,000 | ||||||||||||||||||||||||||
total other income | 143,000 | ||||||||||||||||||||||||||
net income and comprehensive loss | -12,038,000 | ||||||||||||||||||||||||||
net income attributable to series a convertible preferred shareholders—basic and diluted | -12,038,000 | ||||||||||||||||||||||||||
net income per share | -5,850 | ||||||||||||||||||||||||||
weighted-average series a convertible preferred shares outstanding—basic and diluted | 2,057,750,000 |
Cashflow Statements:
Quarterly
Annual
| Unit: USD | 2024-03-31 | 2023-12-31 | 2023-09-30 | 2023-06-30 | 2023-03-31 | 2022-12-31 | 2022-09-30 | 2022-06-30 | 2022-03-31 | 2021-12-31 | 2021-09-30 | 2021-06-30 | 2021-03-31 | 2020-12-31 | 2020-09-30 | 2020-06-30 | 2020-03-31 | 2019-12-31 | 2019-09-30 | 2019-06-30 | 2019-03-31 | 2018-12-31 | 2018-09-30 | 2018-06-30 | 2018-03-31 | 2017-12-31 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
cash flows from operating activities: | ||||||||||||||||||||||||||
net income | -45,083,000 | -47,190,000 | -49,581,000 | -48,562,000 | -49,609,000 | -45,935,000 | -43,043,000 | -43,061,000 | -46,892,000 | -88,395,000 | -79,838,000 | -70,433,000 | -61,298,000 | -62,740,000 | -63,701,000 | -67,241,000 | -72,807,000 | -67,216,000 | -56,196,000 | -21,460,000 | -47,384,000 | -32,299,000 | -24,435,000 | -21,690,000 | -21,430,000 | -19,912,000 |
adjustments to reconcile net income to net cash flows used in operating activities: | ||||||||||||||||||||||||||
stock-based compensation expense | 10,174,000 | 14,073,000 | 11,160,000 | 12,856,000 | 12,514,000 | 12,313,000 | 12,373,000 | 12,988,000 | 14,268,000 | 10,794,000 | 11,794,000 | 12,371,000 | 11,119,000 | 9,706,000 | 9,828,000 | 10,609,000 | 6,994,000 | 5,345,000 | 4,729,000 | 4,107,000 | 6,229,000 | 2,805,000 | 2,614,000 | |||
depreciation expense | 450,000 | 456,000 | 465,000 | 571,000 | 608,000 | 601,000 | 742,000 | 820,000 | 783,000 | 780,000 | 759,000 | 743,000 | 732,000 | 695,000 | 666,000 | 484,000 | 460,000 | |||||||||
noncash lease expense | 1,147,000 | 1,136,000 | 1,124,000 | 1,113,000 | 1,102,000 | 1,091,000 | 1,081,000 | 1,000,000 | 954,000 | 919,000 | 852,000 | 842,000 | 833,000 | 886,000 | 886,000 | |||||||||||
net amortization of (discounts) premium on marketable securities | -1,653,000 | -1,953,000 | -1,566,000 | |||||||||||||||||||||||
changes in operating assets and liabilities: | ||||||||||||||||||||||||||
accounts receivable | -878,000 | -4,167,000 | -4,489,000 | -766,000 | 77,000 | 1,230,000 | 2,383,000 | -2,836,000 | -2,561,000 | -2,546,000 | 559,000 | 3,213,000 | -7,925,000 | -2,082,000 | -4,430,000 | |||||||||||
inventory | -918,000 | 972,000 | 3,531,000 | -3,631,000 | -1,258,000 | -3,363,000 | 3,165,000 | -1,443,000 | -5,468,000 | -6,880,000 | 881,000 | -6,129,000 | 1,973,000 | -786,000 | -1,657,000 | |||||||||||
prepaid expenses and other current assets | -1,967,000 | 2,171,000 | 3,901,000 | 1,797,000 | -4,061,000 | -11,544,000 | 4,026,000 | -148,000 | -1,844,000 | -2,694,000 | -2,751,000 | 568,000 | -3,057,000 | -2,802,000 | 1,176,000 | -1,999,000 | 1,853,000 | -9,894,000 | -1,690,000 | -1,907,000 | 3,170,000 | -2,539,000 | -2,438,000 | -980,000 | 187,000 | -832,000 |
other long-term assets | 140,000 | -4,935,000 | 0 | -1,000 | -7,000 | |||||||||||||||||||||
accounts payable | -6,944,000 | 4,933,000 | 3,272,000 | -1,421,000 | 993,000 | 5,569,000 | -3,386,000 | -1,549,000 | 4,685,000 | -345,000 | -533,000 | 2,144,000 | -433,000 | 2,375,000 | -2,852,000 | 1,455,000 | -8,511,000 | 4,400,000 | 870,000 | 2,963,000 | 2,629,000 | 2,257,000 | -491,000 | 1,083,000 | 1,142,000 | 1,465,000 |
accrued expenses and other current liabilities | -8,196,000 | 5,992,000 | 3,649,000 | 2,234,000 | -7,464,000 | 5,829,000 | 3,199,000 | -10,382,000 | -14,830,000 | 21,462,000 | 10,359,000 | 4,848,000 | -9,384,000 | 5,584,000 | 10,775,000 | 4,364,000 | -6,800,000 | 12,151,000 | 4,799,000 | 4,602,000 | 2,637,000 | 2,640,000 | -435,000 | |||
operating lease liabilities | -857,000 | -829,000 | -813,000 | -803,000 | -791,000 | -763,000 | -749,000 | -720,000 | -702,000 | -661,000 | -626,000 | -616,000 | -607,000 | -203,000 | -185,000 | -390,000 | -555,000 | 127,000 | -97,000 | -201,000 | -148,000 | |||||
net cash flows used in operating activities | -54,585,000 | -28,809,000 | -29,807,000 | -38,626,000 | -49,455,000 | -35,158,000 | -20,828,000 | -45,524,000 | -51,352,000 | -67,176,000 | -53,999,000 | -51,967,000 | -67,682,000 | -49,128,000 | -49,341,000 | -60,844,000 | -80,370,000 | -55,833,000 | ||||||||
cash flows from investing activities: | ||||||||||||||||||||||||||
purchases of marketable securities | -20,264,000 | -59,657,000 | -33,780,000 | -106,275,000 | -122,860,000 | -82,175,000 | -58,707,000 | -21,657,000 | -101,597,000 | -180,296,000 | -31,825,000 | -127,764,000 | -150,823,000 | -614,655,000 | -203,527,000 | -198,952,000 | -364,431,000 | -74,152,000 | -179,607,000 | |||||||
maturities of marketable securities | 83,041,000 | 61,919,000 | 75,245,000 | 110,929,000 | 87,021,000 | 98,460,000 | 53,209,000 | 77,978,000 | 59,652,000 | 108,511,000 | 99,464,000 | 104,242,000 | 156,370,000 | 175,250,000 | 129,400,000 | 120,143,000 | 203,120,000 | |||||||||
sales of marketable securities | 0 | 0 | 0 | 785,000 | 10,996,000 | 22,584,000 | 0 | 24,470,000 | ||||||||||||||||||
purchases of property and equipment | -146,000 | -63,000 | -62,000 | -293,000 | -360,000 | 19,000 | -573,000 | 1,109,000 | -2,010,000 | -432,000 | -637,000 | -430,000 | -1,233,000 | -2,984,000 | -669,000 | -1,725,000 | -2,966,000 | -203,000 | -41,000 | -303,000 | -216,000 | -455,000 | -151,000 | -130,000 | ||
net cash flows from investing activities | 62,631,000 | 2,199,000 | -35,414,000 | 16,304,000 | -6,071,000 | -104,194,000 | 59,652,000 | 98,952,000 | 14,441,000 | -60,453,000 | 123,908,000 | |||||||||||||||
cash flows from financing activities: | ||||||||||||||||||||||||||
proceeds from offerings of common stock, net of underwriting discounts and commissions | 0 | 14,622,000 | 0 | 135,125,000 | 1,000 | 0 | 0 | 8,588,000 | ||||||||||||||||||
proceeds from pre-funded warrant exercise | 9,000 | 0 | 0 | 24,000 | 6,000 | |||||||||||||||||||||
payments of offering costs | 0 | 0 | -634,000 | 0 | 0 | |||||||||||||||||||||
proceeds from stock option exercises and employee stock purchase plan | 513,000 | 890,000 | 968,000 | 838,000 | 171,000 | 478,000 | 203,000 | 868,000 | 83,000 | 1,977,000 | 1,706,000 | |||||||||||||||
net cash flows from financing activities | 522,000 | 890,000 | 15,590,000 | 838,000 | 134,686,000 | 478,000 | 209,000 | 164,224,000 | 83,000 | 1,978,000 | 1,706,000 | 1,682,000 | 9,524,000 | 27,792,000 | 3,228,000 | 4,389,000 | 191,392,000 | 761,000 | ||||||||
net increase in cash and cash equivalents | 8,568,000 | -25,720,000 | 27,186,000 | -33,427,000 | 49,817,000 | 14,506,000 | 8,383,000 | -110,738,000 | 65,750,000 | 24,743,000 | -44,292,000 | -74,206,000 | 109,332,000 | -53,392,000 | 116,475,000 | -27,111,000 | -25,652,000 | 114,605,000 | ||||||||
effect of exchange rate changes on cash and cash equivalents | -847,000 | 1,140,000 | -493,000 | 184,000 | 79,000 | 579,000 | -470,000 | -140,000 | -114,000 | 120,000 | 94,000 | 37,000 | 1,000 | |||||||||||||
cash and cash equivalents at beginning of period | 83,507,000 | 0 | 0 | 0 | 64,741,000 | 0 | 0 | 0 | 87,063,000 | 0 | 0 | 0 | 135,897,000 | 0 | 0 | 0 | 120,320,000 | 0 | 0 | 0 | 293,764,000 | 0 | 0 | 0 | 196,754,000 | 0 |
cash and cash equivalents at end of period | 91,228,000 | -24,580,000 | 26,693,000 | -33,243,000 | 114,637,000 | -17,797,000 | -27,160,000 | 14,366,000 | 95,332,000 | 33,874,000 | -37,758,000 | -110,701,000 | 201,648,000 | 24,743,000 | -44,292,000 | -74,206,000 | 229,652,000 | -53,392,000 | 116,475,000 | -24,991,000 | 82,228,000 | -27,111,000 | -25,652,000 | 166,654,000 | 179,873,000 | 114,605,000 |
adjustments to reconcile net income to net cash from operating activities: | ||||||||||||||||||||||||||
acquired in-process research and development | 0 | |||||||||||||||||||||||||
net amortization (accretion) of premiums (discounts) on marketable securities | ||||||||||||||||||||||||||
income tax liabilities | ||||||||||||||||||||||||||
increase in restricted investments | -977,000 | 0 | -1,000 | -614,000 | 0 | 0 | 0 | 0 | ||||||||||||||||||
proceeds from pre-funded warrants | ||||||||||||||||||||||||||
payments of public offering costs | -163,000 | 0 | -300,000 | -352,000 | -267,000 | 0 | ||||||||||||||||||||
net accretion of discounts on marketable securities | 239,000 | 160,000 | -478,000 | -1,532,000 | -1,729,000 | -973,000 | -811,000 | -486,000 | ||||||||||||||||||
net cash flows used in investing activities | 1,821,000 | -17,751,000 | -1,690,000 | 1,680,000 | ||||||||||||||||||||||
gain on disposal of equipment | ||||||||||||||||||||||||||
proceeds from sale of equipment | 0 | |||||||||||||||||||||||||
proceeds from offerings of common stock and pre-funded warrants, net of underwriting discounts and commissions | 0 | |||||||||||||||||||||||||
net decrease in cash and cash equivalents | -211,536,000 | -16,881,000 | ||||||||||||||||||||||||
net amortization (accretion) of premium (discounts) on marketable securities | -33,000 | 255,000 | 545,000 | 482,000 | 365,000 | |||||||||||||||||||||
other long-term liabilities | 13,000 | 102,000 | 135,000 | 100,000 | 169,000 | 165,000 | 39,000 | -5,000 | -5,000 | |||||||||||||||||
repayment of notes payable to related party | -1,154,000 | -47,000 | -62,000 | -31,000 | -47,000 | -47,000 | -47,000 | -46,000 | -47,000 | |||||||||||||||||
supplemental disclosure of cash flow information: | ||||||||||||||||||||||||||
cash paid for interest | 12,000 | 17,000 | 25,000 | 13,000 | 20,000 | 21,000 | 21,000 | 22,000 | 23,000 | |||||||||||||||||
addition of operating lease asset included in accrued expenses and other current liabilities | ||||||||||||||||||||||||||
supplemental disclosure of non-cash investing and financing activities: | ||||||||||||||||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses and other current liabilities | ||||||||||||||||||||||||||
unsettled exercise of stock options | ||||||||||||||||||||||||||
(gain) loss on disposal of equipment | ||||||||||||||||||||||||||
operating lease liabilities arising from obtaining operating lease assets | ||||||||||||||||||||||||||
proceeds from exercise of stock options | 936,000 | 3,228,000 | 4,827,000 | 2,569,000 | 2,182,000 | 2,476,000 | 81,000 | 1,149,000 | 107,000 | 91,000 | 707,000 | 10,000 | ||||||||||||||
proceeds from public offerings, net of underwriting discounts and commissions | 18,194,000 | 0 | -138,000 | 189,175,000 | 0 | |||||||||||||||||||||
amounts capitalized under build-to-suit lease transaction | -5,989,000 | 846,000 | ||||||||||||||||||||||||
property and equipment purchases included in accounts payable and accrued expenses and other current liabilities | -209,000 | 373,000 | 152,000 | |||||||||||||||||||||||
offering costs included in accounts payable and accrued expenses and other current liabilities | 438,000 | |||||||||||||||||||||||||
unbilled receivables | ||||||||||||||||||||||||||
inventory purchases included in accrued expenses and other current liabilities | ||||||||||||||||||||||||||
operating lease assets | 528,000 | 525,000 | ||||||||||||||||||||||||
loss on disposal of property and equipment | 0 | |||||||||||||||||||||||||
proceeds from issuance of convertible preferred shares | 0 | |||||||||||||||||||||||||
payments of convertible preferred share issuance costs | 0 | |||||||||||||||||||||||||
retirement of assets | ||||||||||||||||||||||||||
conversion of convertible preferred shares into common stock | ||||||||||||||||||||||||||
depreciation and amortization expense | 169,000 | 112,000 | 104,000 | 99,000 | 88,000 | 74,000 | 56,000 | 49,000 | ||||||||||||||||||
maturities and sales of marketable securities | 72,587,000 | |||||||||||||||||||||||||
amounts capitalized under build-to-suit lease transactions | ||||||||||||||||||||||||||
property and equipment purchases included in accrued expenses and other current liabilities | ||||||||||||||||||||||||||
offering costs included in accrued expenses and other current liabilities | ||||||||||||||||||||||||||
unbilled receivable | ||||||||||||||||||||||||||
operating lease, right-of-use assets | 194,000 | 143,000 | ||||||||||||||||||||||||
net cash from operating activities | -37,266,000 | -33,006,000 | -26,868,000 | -24,932,000 | -18,289,000 | -16,694,000 | -12,753,000 | |||||||||||||||||||
capital expenditures | -203,000 | -303,000 | -216,000 | -455,000 | -54,000 | -130,000 | ||||||||||||||||||||
free cash flows | -37,469,000 | -27,171,000 | -25,148,000 | -18,744,000 | -16,748,000 | -12,883,000 | ||||||||||||||||||||
net cash from investing activities | 12,256,000 | -179,648,000 | -303,000 | -216,000 | -1,524,000 | -151,000 | -130,000 | |||||||||||||||||||
net cash from financing activities | 19,000 | 1,118,000 | 60,000 | -504,000 | 127,488,000 | |||||||||||||||||||||
supplemental disclosure of non-cash investing activities: | ||||||||||||||||||||||||||
supplemental disclosure of non-cash financing activities: | ||||||||||||||||||||||||||
offering costs included in accounts payable and accrued expenses | ||||||||||||||||||||||||||
purchases of property and equipment included in accounts payable and accrued expenses | ||||||||||||||||||||||||||
other assets | ||||||||||||||||||||||||||
proceeds from follow-on public offering, net of underwriting discounts and commissions | 1,000 | |||||||||||||||||||||||||
purchases of property and equipment included in accounts payable | 97,000 | |||||||||||||||||||||||||
offering costs included in accounts payable or accrued expenses | ||||||||||||||||||||||||||
payments of follow-on public offering costs | ||||||||||||||||||||||||||
payments of initial public offering costs | -1,577,000 | |||||||||||||||||||||||||
share-based compensation expense | 2,037,000 | 2,844,000 | ||||||||||||||||||||||||
accrued expenses | 1,319,000 | 3,638,000 | ||||||||||||||||||||||||
net cash used by financing activities | -36,000 | |||||||||||||||||||||||||
deferred offering costs included in accounts payable or accrued expenses | ||||||||||||||||||||||||||
non-cash interest expense | ||||||||||||||||||||||||||
proceeds from initial public offering, net of underwriting discounts and commissions | ||||||||||||||||||||||||||
proceeds from issuance of convertible notes payable to related parties | ||||||||||||||||||||||||||
conversion of notes payable and accrued interest into convertible preferred shares | ||||||||||||||||||||||||||
conversion of member units into series a convertible preferred shares | ||||||||||||||||||||||||||
gain on extinguishment of notes payable to related party | ||||||||||||||||||||||||||
purchases of property and equipment included in accounts payable or accrued expenses |