2023 Q2 Form 10-Q Financial Statement

#000149315223016278 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $3.500M $346.0K
YoY Change 250.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.021M $3.997M $4.224M
YoY Change 45.12% -5.37% -35.71%
% of Gross Profit
Research & Development $8.523M $8.041M $10.55M
YoY Change 28.01% -23.75% 46.26%
% of Gross Profit
Depreciation & Amortization $615.0K $661.0K $811.0K
YoY Change -20.44% -18.5% -1.1%
% of Gross Profit
Operating Expenses $15.12M $12.04M $14.77M
YoY Change 67.84% -18.49% 1.16%
Operating Profit -$10.55M -$12.04M -$20.59M
YoY Change 31.79% -41.54%
Interest Expense $314.0K $101.0K -$200.0K
YoY Change -0.95% -150.5% -85.82%
% of Operating Profit
Other Income/Expense, Net -$6.414M $2.668M -$1.260M
YoY Change 5335.59% -311.75%
Pretax Income -$16.65M -$9.107M -$20.79M
YoY Change 100.77% -56.2% 29.94%
Income Tax
% Of Pretax Income
Net Earnings -$16.65M -$9.107M -$20.79M
YoY Change 100.77% -56.2% 29.94%
Net Earnings / Revenue -475.83% -6008.96%
Basic Earnings Per Share $0.92 -$0.54 -$3.80
Diluted Earnings Per Share -$0.92 -$0.54 -$3.588M
COMMON SHARES
Basic Shares Outstanding 18.78M shares 17.71M shares 5.795M shares
Diluted Shares Outstanding 18.02M shares 16.90M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.77M $40.36M $31.32M
YoY Change 82.98% 28.9% -63.92%
Cash & Equivalents $6.225M $4.680M $20.33M
Short-Term Investments $30.55M $35.68M $10.99M
Other Short-Term Assets $1.539M $1.961M $7.889M
YoY Change -79.01% -75.14% 338.28%
Inventory
Prepaid Expenses
Receivables $3.500M
Other Receivables $2.227M $519.0K $0.00
Total Short-Term Assets $44.04M $42.84M $39.20M
YoY Change 45.36% 9.28% -55.75%
LONG-TERM ASSETS
Property, Plant & Equipment $9.404M $5.298M $15.95M
YoY Change 26.06% -66.78% -9.9%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $108.0K $99.00K $20.00K
YoY Change 440.0% 395.0% -98.33%
Total Long-Term Assets $9.512M $10.50M $15.97M
YoY Change -34.05% -34.24% -69.76%
TOTAL ASSETS
Total Short-Term Assets $44.04M $42.84M $39.20M
Total Long-Term Assets $9.512M $10.50M $15.97M
Total Assets $53.55M $53.35M $55.17M
YoY Change 19.75% -3.31% -60.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.477M $2.857M $1.601M
YoY Change 100.06% 78.45% -35.96%
Accrued Expenses $5.758M $2.569M $6.028M
YoY Change 8.01% -57.38% 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 $9.440M $7.420M $12.34M
YoY Change -31.02% -39.86% -69.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $34.77M $27.19M $11.39M
YoY Change 17282.5% 138.63% 127.84%
Total Long-Term Liabilities $34.77M $27.19M $11.39M
YoY Change 17282.5% 138.63% 83.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.440M $7.420M $12.34M
Total Long-Term Liabilities $34.77M $27.19M $11.39M
Total Liabilities $44.21M $34.61M $23.73M
YoY Change 79.45% 45.83% -49.51%
SHAREHOLDERS EQUITY
Retained Earnings -$721.1M -$704.4M
YoY Change 5.31%
Common Stock $215.0K $179.0K
YoY Change -85.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.345M $18.74M $31.44M
YoY Change
Total Liabilities & Shareholders Equity $53.55M $53.35M $55.17M
YoY Change 19.75% -3.31% -60.98%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$16.65M -$9.107M -$20.79M
YoY Change 100.77% -56.2% 29.94%
Depreciation, Depletion And Amortization $615.0K $661.0K $811.0K
YoY Change -20.44% -18.5% -1.1%
Cash From Operating Activities -$10.28M -$11.70M -$13.69M
YoY Change 14.1% -14.52% 0.71%
INVESTING ACTIVITIES
Capital Expenditures $32.00K $218.0K -$103.0K
YoY Change -311.65% -76.59%
Acquisitions
YoY Change
Other Investing Activities $5.243M $2.429M $1.178M
YoY Change -475.04% 106.2% -88.0%
Cash From Investing Activities $5.211M $2.211M $1.075M
YoY Change -472.75% 105.67% -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 6.618M -$4.000K
YoY Change -274.99%
NET CHANGE
Cash From Operating Activities -10.28M -$11.70M -13.69M
Cash From Investing Activities 5.211M $2.211M 1.075M
Cash From Financing Activities 6.618M -$4.000K
Net Change In Cash 1.545M -$9.537M $0.00
YoY Change -110.89% -100.0%
FREE CASH FLOW
Cash From Operating Activities -$10.28M -$11.70M -$13.69M
Capital Expenditures $32.00K $218.0K -$103.0K
Free Cash Flow -$10.32M -$11.92M -$13.58M
YoY Change 14.46% -12.26% 3.3%

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CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-4386000 usd
CY2023Q1 us-gaap Increase Decrease In Other Current Liabilities
IncreaseDecreaseInOtherCurrentLiabilities
1000 usd
CY2022Q1 us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-296000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11744000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13687000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
218000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
103000 usd
CY2023Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
7964000 usd
CY2022Q1 us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
7487000 usd
CY2023Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
10393000 usd
CY2022Q1 us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
8665000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
2211000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1075000 usd
CY2023Q1 abeo Payments Made For Net Settlement Of Restricted Share Awards
PaymentsMadeForNetSettlementOfRestrictedShareAwards
4000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9537000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-12612000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
14555000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
38829000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5018000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
26217000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4680000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
20326000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
338000 usd
CY2022Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
5891000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
5018000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26217000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
8950000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1631000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
7319000 usd
CY2023Q1 us-gaap Basis Of Accounting
BasisOfAccounting
<p id="xdx_84A_eus-gaap--BasisOfAccounting_zTanklxFKX66" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_864_zQV9dO0ASaC5">Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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, 2022 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 0pt 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 0pt 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 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K/A for the year ended December 31, 2022, which was filed with the SEC on April 10, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
exchange ratio of 25-to-1 (the “Reverse Stock Split”).
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
40700000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-11700000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P73M
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_849_eus-gaap--UseOfEstimates_z1OpwE9CJfil" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_865_zwa9pbwXd2B">Use of Estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1253000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-22044000 usd
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.80
CY2022Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-22047000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-22044000 usd
CY2022Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1253000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13687000 usd
CY2021Q4 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
696563000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
42368000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-22044000 usd
CY2022Q1 us-gaap Additional Paid In Capital
AdditionalPaidInCapital
697426000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
21183000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10562522 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2150017 shares
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.072 pure
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
35720000 usd
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
36000 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
35684000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
38032000 usd
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
100000 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
37932000 usd
CY2023Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2022Q1 us-gaap Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
0 usd
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17838000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17620000 usd
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
12540000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
11879000 usd
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5298000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5741000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
700000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
800000 usd
CY2022Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
3300000 usd
CY2022Q1 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
1400000 usd
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
0 usd
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P4Y8M19D
CY2022Q4 abeo Warrant Liabilities
WarrantLiabilities
19657000 usd
CY2023Q1 us-gaap Derivative Gain On Derivative
DerivativeGainOnDerivative
2265000 usd
CY2023Q1 abeo Warrant Liabilities
WarrantLiabilities
17392000 usd
CY2023Q1 us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p id="xdx_80F_eus-gaap--LossContingencyDisclosures_zoOZIolmYCP4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE 6 – <span id="xdx_827_zSKQipIhuAn">SETTLEMENT LIABILITY</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 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 0pt 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_909_eus-gaap--SettlementLiabilitiesCurrent_iI_pn5n6_c20211112__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zalUZ8VZdmkg" title="Settlement liabilities, current">30.0</span> million, payable as follows: <span id="xdx_909_eus-gaap--LossContingencySettlementAgreementTerms_c20211111__20211112__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_z470flO1PxUb" 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 0pt 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 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of March 31, 2023, the Company recorded the payable 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_c20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zl5YzHlXiGS3" title="Interest rate stated percentage"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember_zqoARM7JdkIj" title="Interest rate stated percentage">9.6%</span></span>. The long-term portion due in <span id="xdx_90C_eus-gaap--DebtInstrumentMaturityDateDescription_c20230101__20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember__us-gaap--AwardDateAxis__custom--DueInNovemberTwoThousandAndTwentyFourMember_zyGW18RlNmKg" title="Debt instrument maturity date"><span id="xdx_904_eus-gaap--DebtInstrumentMaturityDateDescription_c20220101__20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember__us-gaap--AwardDateAxis__custom--DueInNovemberTwoThousandAndTwentyFourMember_zhlnW7PL95C2" title="Debt instrument maturity date">November 2024</span></span> was $<span id="xdx_90F_eus-gaap--LongTermDebt_iI_pn5n6_c20230331__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember__us-gaap--AwardDateAxis__custom--DueInNovemberTwoThousandAndTwentyFourMember_zhzWNy8jMuC6" title="Long term debt">4.3</span> million and $<span id="xdx_904_eus-gaap--LongTermDebt_iI_pn5n6_c20221231__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--REGENXBIOMember__us-gaap--AwardDateAxis__custom--DueInNovemberTwoThousandAndTwentyFourMember_z7UWzbPorjW9" title="Long term debt">4.2</span> million as of March 31, 2023 and December 31, 2022, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
828000 usd
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
838000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2593000 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1731000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1398000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2569000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3991000 usd
CY2022Q1 us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
1600000 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
415000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
472000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
39000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
96000 usd
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18000 usd
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
21000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
472000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
589000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1338000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1815000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1572000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
811000 usd
CY2023Q1 abeo Future Cash Receipts From Operating Sublease Remainder Of Fiscal Year
FutureCashReceiptsFromOperatingSubleaseRemainderOfFiscalYear
313000 usd
CY2023Q1 abeo Future Cash Receipts From Operating Sublease Next Twelve Months
FutureCashReceiptsFromOperatingSubleaseNextTwelveMonths
429000 usd
CY2023Q1 abeo Future Cash Receipts From Operating Sublease Year Two
FutureCashReceiptsFromOperatingSubleaseYearTwo
343000 usd
CY2023Q1 abeo Future Cash Receipts From Operating Sublease
FutureCashReceiptsFromOperatingSublease
1085000 usd
CY2022Q3 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
the Company’s stock underwent a 25:1 Reverse Stock Split
CY2022Q3 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
CY2021Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
7000000.0 usd
CY2022Q4 abeo Fair Value Warrant Liabilities
FairValueWarrantLiabilities
9000000.0 usd
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1788000 shares
CY2023Q1 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2026-12-21
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
770000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
862000 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure

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