2022 Q3 Form 10-Q Financial Statement

#000149315222021969 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $1.000M $346.0K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.890M $3.460M $4.224M
YoY Change -36.15% -36.6% -35.71%
% of Gross Profit
Research & Development $5.490M $6.658M $10.55M
YoY Change -31.19% -21.97% 46.26%
% of Gross Profit
Depreciation & Amortization $780.0K $773.0K $811.0K
YoY Change -2.74% -5.85% -1.1%
% of Gross Profit
Operating Expenses $9.380M $9.008M $14.77M
YoY Change -36.93% -34.32% 1.16%
Operating Profit -$9.380M -$8.008M -$20.59M
YoY Change -36.93% -41.61%
Interest Expense $157.0K $317.0K -$200.0K
YoY Change -123.33% -78.87% -85.82%
% of Operating Profit
Other Income/Expense, Net -$19.00K -$118.0K -$1.260M
YoY Change
Pretax Income -$9.484M -$8.295M -$20.79M
YoY Change 34.64% -45.45% 29.94%
Income Tax
% Of Pretax Income
Net Earnings -$9.484M -$8.295M -$20.79M
YoY Change 34.64% -45.45% 29.94%
Net Earnings / Revenue -829.5% -6008.96%
Basic Earnings Per Share -$1.48 -$2.08 -$3.80
Diluted Earnings Per Share -$1.477M -$1.429M -$3.588M
COMMON SHARES
Basic Shares Outstanding 5.950M shares 5.806M shares 5.795M shares
Diluted Shares Outstanding 6.421M shares 5.806M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $18.17M $20.10M $31.32M
YoY Change -72.88% -74.09% -63.92%
Cash & Equivalents $5.733M $6.133M $20.33M
Short-Term Investments $12.43M $13.96M $10.99M
Other Short-Term Assets $6.283M $7.331M $7.889M
YoY Change 592.72% 454.96% 338.28%
Inventory
Prepaid Expenses
Receivables $1.000M
Other Receivables $1.047M $1.869M $0.00
Total Short-Term Assets $25.50M $30.30M $39.20M
YoY Change -62.45% -61.59% -55.75%
LONG-TERM ASSETS
Property, Plant & Equipment $6.606M $7.460M $15.95M
YoY Change -58.91% -55.41% -9.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $20.00K $20.00K $20.00K
YoY Change -98.27% -98.27% -98.33%
Total Long-Term Assets $13.26M $14.42M $15.97M
YoY Change -74.05% -72.15% -69.76%
TOTAL ASSETS
Total Short-Term Assets $25.50M $30.30M $39.20M
Total Long-Term Assets $13.26M $14.42M $15.97M
Total Assets $38.76M $44.72M $55.17M
YoY Change -67.43% -65.78% -60.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.748M $1.738M $1.601M
YoY Change -6.07% 18.31% -35.96%
Accrued Expenses $4.121M $5.331M $6.028M
YoY Change -4.52% 36.34% 31.04%
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 $12.60M $13.69M $12.34M
YoY Change -52.4% -67.31% -69.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $200.0K $200.0K $11.39M
YoY Change -98.44% -95.76% 127.84%
Total Long-Term Liabilities $200.0K $200.0K $11.39M
YoY Change -98.44% -95.76% 83.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.60M $13.69M $12.34M
Total Long-Term Liabilities $200.0K $200.0K $11.39M
Total Liabilities $23.35M $24.63M $23.73M
YoY Change -40.55% -47.13% -49.51%
SHAREHOLDERS EQUITY
Retained Earnings -$694.2M -$684.7M
YoY Change
Common Stock $77.00K $1.467M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.41M $20.09M $31.44M
YoY Change
Total Liabilities & Shareholders Equity $38.76M $44.72M $55.17M
YoY Change -67.43% -65.78% -60.98%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$9.484M -$8.295M -$20.79M
YoY Change 34.64% -45.45% 29.94%
Depreciation, Depletion And Amortization $780.0K $773.0K $811.0K
YoY Change -2.74% -5.85% -1.1%
Cash From Operating Activities -$6.791M -$9.013M -$13.69M
YoY Change -34.28% -21.52% 0.71%
INVESTING ACTIVITIES
Capital Expenditures -$2.000K $0.00 -$103.0K
YoY Change -99.5% -100.0% -76.59%
Acquisitions
YoY Change
Other Investing Activities $1.651M -$1.398M $1.178M
YoY Change -93.92% -106.36% -88.0%
Cash From Investing Activities $1.649M -$1.398M $1.075M
YoY Change -93.84% -106.38% -88.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.189M -3.782M
YoY Change 2321.39% -252.68%
NET CHANGE
Cash From Operating Activities -6.791M -9.013M -13.69M
Cash From Investing Activities 1.649M -1.398M 1.075M
Cash From Financing Activities 4.189M -3.782M
Net Change In Cash -953.0K -14.19M $0.00
YoY Change -105.74% -209.91% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$6.791M -$9.013M -$13.69M
Capital Expenditures -$2.000K $0.00 -$103.0K
Free Cash Flow -$6.789M -$9.013M -$13.58M
YoY Change -31.65% -21.1% 3.3%

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CY2022Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-12081000 usd
CY2021Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-15211000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-32875000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-31200000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
31443000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
724000 usd
CY2022Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
3782000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-8295000 usd
CY2022Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
20086000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
51375000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1586000 usd
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
3782000 usd
us-gaap Net Income Loss
NetIncomeLoss
-29086000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
20086000 usd
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
94390000 usd
CY2021Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2428000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
2455000 usd
CY2021Q2 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
24000 usd
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-15207000 usd
CY2021Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-4000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
84086000 usd
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
102551000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
4378000 usd
us-gaap Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
7666000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
691000 usd
us-gaap Net Income Loss
NetIncomeLoss
-31209000 usd
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
84086000 usd
us-gaap Net Income Loss
NetIncomeLoss
-29086000 usd
us-gaap Net Income Loss
NetIncomeLoss
-31209000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1584000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1641000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1586000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4378000 usd
us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1355000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1561000 usd
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
1792000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
177000 usd
us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
-266000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
899000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
543000 usd
abeo Noncash Interest
NoncashInterest
402000 usd
us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-106000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-2000000 usd
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
1827000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-937000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1387000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-148000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
22000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-3684000 usd
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4977000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-296000 usd
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
2919000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22700000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-25074000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
103000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
501000 usd
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
1487000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
34442000 usd
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
15164000 usd
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
32735000 usd
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
46965000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-323000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
31300000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7666000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
691000 usd
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
22468000 usd
us-gaap Payments For Repurchase Of Convertible Preferred Stock
PaymentsForRepurchaseOfConvertiblePreferredStock
26250000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-3782000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
8357000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-26805000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14583000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
38829000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13571000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
12024000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28154000 usd
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
6133000 usd
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
27179000 usd
CY2022Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5891000 usd
CY2021Q2 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
975000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12024000 usd
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28154000 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
exchange ratio of 25-to-1 (the “Reverse Stock Split”)
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_847_eus-gaap--BasisOfAccounting_znyAWN7sbSz1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zpnf30QEsZbc">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. Certain information that is normally required by U.S. GAAP has been condensed or omitted in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The December 31, 2021 condensed consolidated balance sheet was derived from the audited statements, but does not include all disclosures required by U.S. GAAP.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
26000000.0 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_847_eus-gaap--UseOfEstimates_zBsGgmX9UH5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_866_zPu982YpXW2d">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
19131000 usd
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22799000 usd
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11671000 usd
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10460000 usd
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7460000 usd
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p id="xdx_843_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z4r4vwRIqKN8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_zp5F6oiSHzag">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain comparative figures have been reclassified to conform to the current year presentation. The Company reclassified depreciation and amortization costs of $<span id="xdx_90A_eus-gaap--DepreciationDepletionAndAmortization_pn5n6_c20210401__20210630__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zMsQz5I80qLa" title="Depreciation and amortization costs">0.8</span> million and $<span id="xdx_90E_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20210401__20210630__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zNVxVgavIv0f" title="Depreciation and amortization costs">16,000</span> to research and development and general and administrative expenses, respectively, on the condensed consolidated statements of operations and comprehensive loss during the three months ended June 30, 2021. The Company reclassified depreciation and amortization costs of $<span id="xdx_902_eus-gaap--DepreciationDepletionAndAmortization_pn5n6_c20210101__20210630__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zYofeTUlCIAa" title="Depreciation and amortization costs">1.6</span> million and $<span id="xdx_907_eus-gaap--DepreciationDepletionAndAmortization_pp0d_c20220101__20220630__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_z5sDTwWj2eIa" title="Depreciation and amortization costs">32,000</span> to research and development and general and administrative expenses, respectively, on the condensed consolidated statements of operations and comprehensive loss during the six months ended June 30, 2021. The Company also reclassified certain rent expenses of $<span id="xdx_905_ecustom--RentExpense_pn5n6_c20210401__20210630__us-gaap--ReclassificationTypeAxis__custom--GeneralAndAdministrativeToResearchAndDevelopmentExpensesMember_zMvCkv02xGn5" title="Reclassification of Rent expense">0.3</span> million and $<span id="xdx_90B_ecustom--RentExpense_pn5n6_c20210101__20210630__us-gaap--ReclassificationTypeAxis__custom--GeneralAndAdministrativeToResearchAndDevelopmentExpensesMember_zDJmMiaQLFw5" title="Reclassification of Rent expense">0.6</span> million from general and administrative to research and development expenses on the condensed consolidated statements of operations and comprehensive loss during the three and six months ended June 30, 2021, respectively. Additionally, the Company also reclassified $<span id="xdx_904_eus-gaap--RestrictedCash_iI_pn6n6_c20211231__us-gaap--ReclassificationTypeAxis__custom--PrepaidExpensesOtherCurrentAssetsToRestrictedCashMember_z739P300Azs4" title="Restricted cash">5.0</span> million of restricted cash from prepaid expenses, other current assets and restricted cash and $<span id="xdx_90D_eus-gaap--RestrictedCash_iI_pn5n6_c20211231__us-gaap--ReclassificationTypeAxis__custom--OtherAssetsAndRestrictedCashToRestrictedCashMember_zCqszO3A7MJf" title="Restricted cash">0.9</span> million of restricted cash from other assets and restricted cash to restricted cash on the condensed consolidated balance sheets as of December 31, 2021.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
1400000 usd
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3476000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3091000 usd
CY2021Q4 abeo Accrued Sublicense Fee Owed To Licensor
AccruedSublicenseFeeOwedToLicensor
700000 usd
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5331000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5585000 usd
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1600000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2114519 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
437784 shares
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
13970000 usd
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
7000 usd
CY2022Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
13963000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
12077000 usd
CY2021 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
9000 usd
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
12086000 usd
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12339000 usd
CY2022Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000 usd
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
800000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1600000 usd
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1600000 usd
CY2022Q1 us-gaap Impairment Of Ongoing Project
ImpairmentOfOngoingProject
3300000 usd
CY2022Q2 us-gaap Receivables Long Term Contracts Or Programs
ReceivablesLongTermContractsOrPrograms
1500000 usd
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
1500000 usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
1800000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2156000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
2156000 usd
CY2022Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
801000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
772000 usd
CY2022Q2 abeo Finite Lived Impairment Charge
FiniteLivedImpairmentCharge
1355000 usd
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1384000 usd
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_801_eus-gaap--LossContingencyDisclosures_zGXqy5JTDzma" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 5 – <span id="xdx_82C_zD8WPAtRfhbj">SETTLEMENT LIABILITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On November 12, 2021, the Company entered into a settlement agreement (“Settlement Agreement”) with the Company’s prior licensor REGENXBIO Inc. (“REGENXBIO”) to resolve all existing disputes between the parties. In accordance with the Settlement Agreement, the Company agreed to pay REGENXBIO a total of $<span id="xdx_902_eus-gaap--SettlementLiabilitiesCurrent_c20211112__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_pn6n6" title="Settlement Liabilities, Current">30.0</span> million, payable as follows:<span id="xdx_90D_eus-gaap--LossContingencySettlementAgreementTerms_c20211111__20211112__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember" title="Loss Contingency, Settlement Agreement, Terms"> (1) $20.0 million paid in November 2021 after execution of the Settlement Agreement, (2) $5.0 million on the first anniversary of the effective date of the Settlement Agreement, and (3) $5.0 million upon the earlier of (i) the third anniversary of the effective date of the Settlement Agreement or (ii) the closing of a Strategic Transaction, as defined in the Settlement Agreement.</span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2022, the Company recorded the payables due to REGENXBIO in the condensed consolidated balance sheets based on the present value of the remaining payments due to REGENXBIO under the Settlement Agreement using an interest rate of <span id="xdx_902_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zSTjYbGQbxD3" title="Debt Instrument, Interest Rate, Stated Percentage">9.6</span>%. The current portion of the payable due in November 2022 is $<span id="xdx_900_eus-gaap--LongTermDebtCurrent_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_pn5n6" title="Long-Term Debt, Current Maturities">4.8</span> million and the long-term portion due in November 2024 is $<span id="xdx_907_eus-gaap--LongTermDebtNoncurrent_iI_pn6n6_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zPiiPRHoDyud" title="Long-Term Debt, Excluding Current Maturities">4.0</span> million as of June 30, 2022. As of June 30, 2022, the Company recorded $<span id="xdx_90D_eus-gaap--RestrictedCash_iI_pn6n6_c20220630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zeEZp9Wk7Uig" title="Restricted Cash">5.0</span> million of restricted cash in the condensed consolidated balance sheet that serves as collateral for the payment owed to REGENXBIO in November 2022.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
42060000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1877000 usd
CY2022Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1855000 usd
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1794000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
461000 usd
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
434000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
933000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
868000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
116000 usd
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
104000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
212000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
239000 usd
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
20000 usd
CY2021Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
41000 usd
us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
597000 usd
CY2021Q2 us-gaap Lease Cost
LeaseCost
543000 usd
us-gaap Lease Cost
LeaseCost
1186000 usd
us-gaap Lease Cost
LeaseCost
1117000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
892000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1835000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1547000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
871000 usd
CY2022Q2 abeo Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
3663000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
10685000 usd
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
2150000 usd
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
8535000 usd
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P82M
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072 pure
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
724000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2428000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1586000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4378000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
2100000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y7M6D
CY2022Q2 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25000000.0 usd
CY2022Q2 us-gaap Share Price
SharePrice
19.00
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
22500000 usd
us-gaap Dividends Preferred Stock
DividendsPreferredStock
3800000 usd
CY2022Q2 us-gaap Escrow Deposit
EscrowDeposit
26300000 usd
CY2022Q2 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
11.25
us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
The holders of the Series A Preferred Stock and Series B Preferred Stock had the right to require the Company to redeem their shares of preferred stock for cash at 105% of the stated value of such shares commencing after the earlier of the receipt of stockholder approval of an amendment to the Company’s Restated Certificate of Incorporation to effect a reverse stock split and 60 days after the closing of the issuances of the Series A Preferred Stock and Series B Preferred Stock and until 90 days after such closing. The Company had the option to redeem the Series A Preferred Stock for cash at 105% of the stated value commencing after the 90th day following the closing of the issuance of the Series A Preferred Stock, subject to the holders’ rights to convert the shares prior to such redemption.
us-gaap Dividends Preferred Stock
DividendsPreferredStock
3800000 usd
CY2022Q2 us-gaap Stock Redeemed Or Called During Period Value
StockRedeemedOrCalledDuringPeriodValue
26300000 usd
us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
the Company’s stock underwent a 25:1 Reverse Stock Split.
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2021Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1788000 shares
CY2021Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
9.75
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1788000 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
9.75
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
16000000.0 usd
CY2021Q4 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1500000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1788000 shares

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