2024 Q3 Form 10-Q Financial Statement

#000162828024036149 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.73M
YoY Change -41.74%
Cash & Equivalents $15.07M
Short-Term Investments $45.66M
Other Short-Term Assets $5.500M
YoY Change -26.02%
Inventory $13.38M
Prepaid Expenses
Receivables $13.31M
Other Receivables $0.00
Total Short-Term Assets $92.92M
YoY Change -33.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.235M
YoY Change -82.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $187.0K
YoY Change -33.69%
Total Long-Term Assets $5.767M
YoY Change -22.64%
TOTAL ASSETS
Total Short-Term Assets $92.92M
Total Long-Term Assets $5.767M
Total Assets $98.69M
YoY Change -33.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.156M
YoY Change -10.52%
Accrued Expenses $17.08M
YoY Change -30.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $11.40M
YoY Change
Total Short-Term Liabilities $37.50M
YoY Change 10.59%
LONG-TERM LIABILITIES
Long-Term Debt $32.91M
YoY Change -35.4%
Other Long-Term Liabilities $41.00K
YoY Change -99.25%
Total Long-Term Liabilities $32.95M
YoY Change -41.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.50M
Total Long-Term Liabilities $32.95M
Total Liabilities $74.10M
YoY Change -17.98%
SHAREHOLDERS EQUITY
Retained Earnings -$795.7M
YoY Change 5.97%
Common Stock $820.3M
YoY Change 1.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.59M
YoY Change
Total Liabilities & Shareholders Equity $98.69M
YoY Change -33.27%

Cashflow Statement

Concept 2024 Q3 2024 Q2

Facts In Submission

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<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</span></div>The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed financial statements and the accompanying notes. On an ongoing basis, the Company’s management evaluates its estimates which include, but are not limited to, estimates related to accrued expenses, accrued external clinical costs, net product sales, and stock-based compensation expense. Actual results could differ from those estimates.
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<div style="margin-top:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to credit risk consist of cash and cash equivalents. Deposits with financial institutions are insured, up to certain limits, by the Federal Deposit Insurance Corporation (“FDIC”). The Company’s cash deposits often exceed the FDIC insurance limit; however, all deposits are maintained with high credit quality institutions and the Company has not experienced any losses in such accounts. The financial condition of financial institutions is periodically reassessed, and the Company believes the risk of any loss on cash due to credit risk is minimal.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">All of the Company's product sales are made to three distributor organizations, none of which individually contributed more than fifty percent of product sales during the reporting periods ended June 30, 2024 or December 31, 2023. The sales to these three organizations accounted for 97% and 88% of gross accounts receivable, as of June 30, 2024 and December 31, 2023, respectively. Based on an analysis of historical payment patterns for such customers, the Company believes the risk of loss is minimal, as the Company has not experienced any material losses from uncollectible accounts.</span></div>
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