2020 Q1 Form 10-Q Financial Statement
#000144702820000049 Filed on May 11, 2020
Income Statement
Concept | 2020 Q1 | 2019 Q4 | 2019 Q1 |
---|---|---|---|
Revenue | $1.491M | $1.618M | $679.0K |
YoY Change | 119.59% | -3.58% | -52.72% |
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $3.550M | $1.880M | $4.410M |
YoY Change | -19.5% | -68.3% | 20.16% |
% of Gross Profit | |||
Research & Development | $10.42M | $12.42M | $14.71M |
YoY Change | -29.2% | 12.3% | 5.47% |
% of Gross Profit | |||
Depreciation & Amortization | $500.0K | $510.0K | $509.0K |
YoY Change | -1.77% | 2.0% | -15.45% |
% of Gross Profit | |||
Operating Expenses | $14.64M | $14.80M | $19.88M |
YoY Change | -26.35% | -15.43% | 0.17% |
Operating Profit | -$13.15M | -$13.09M | -$19.20M |
YoY Change | -31.51% | -22.58% | 4.3% |
Interest Expense | $1.041M | -$11.57M | $12.00K |
YoY Change | 8575.0% | 386.13% | -88.46% |
% of Operating Profit | |||
Other Income/Expense, Net | -$714.0K | -$4.055M | |
YoY Change | -82.39% | -515.47% | |
Pretax Income | -$13.86M | -$24.65M | -$23.25M |
YoY Change | -40.39% | 35.07% | 33.4% |
Income Tax | $0.00 | $0.00 | $0.00 |
% Of Pretax Income | |||
Net Earnings | -$13.86M | -$24.65M | -$23.25M |
YoY Change | -40.39% | 35.1% | 33.4% |
Net Earnings / Revenue | -929.64% | -1523.73% | -3424.3% |
Basic Earnings Per Share | -$0.25 | -$0.46 | -$0.47 |
Diluted Earnings Per Share | -$0.25 | -$418.0K | -$417.1K |
COMMON SHARES | |||
Basic Shares Outstanding | 67.68M shares | 56.85M shares | 56.12M shares |
Diluted Shares Outstanding | 67.68M shares |
Balance Sheet
Concept | 2020 Q1 | 2019 Q4 | 2019 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $84.90M | $90.83M | $110.6M |
YoY Change | -23.24% | -27.1% | -35.88% |
Cash & Equivalents | $26.42M | $31.80M | $83.97M |
Short-Term Investments | $58.50M | $59.04M | $26.60M |
Other Short-Term Assets | $2.400M | $1.800M | $700.0K |
YoY Change | 242.86% | -35.71% | -53.33% |
Inventory | |||
Prepaid Expenses | |||
Receivables | $1.072M | $1.204M | $923.0K |
Other Receivables | $0.00 | $0.00 | $300.0K |
Total Short-Term Assets | $88.33M | $93.83M | $112.5M |
YoY Change | -21.47% | -27.39% | -35.79% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $8.176M | $8.676M | $9.667M |
YoY Change | -15.42% | -14.48% | -18.28% |
Goodwill | $0.00 | $22.47M | |
YoY Change | -100.0% | -7.77% | |
Intangibles | $0.00 | $43.84M | |
YoY Change | -100.0% | -25.25% | |
Long-Term Investments | $3.200M | $0.00 | $17.68M |
YoY Change | -81.9% | -100.0% | |
Other Assets | $233.0K | $293.0K | |
YoY Change | |||
Total Long-Term Assets | $14.28M | $11.71M | $96.73M |
YoY Change | -85.24% | -88.14% | 1.99% |
TOTAL ASSETS | |||
Total Short-Term Assets | $88.33M | $93.83M | $112.5M |
Total Long-Term Assets | $14.28M | $11.71M | $96.73M |
Total Assets | $102.6M | $105.5M | $209.2M |
YoY Change | -50.95% | -53.69% | -22.52% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $3.600M | $2.400M | $2.300M |
YoY Change | 56.52% | -25.0% | 155.56% |
Accrued Expenses | $400.0K | $5.200M | $6.100M |
YoY Change | -93.44% | -31.58% | -4.69% |
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 | $4.031M | $7.828M | $8.823M |
YoY Change | -54.31% | -30.35% | -15.13% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Other Long-Term Liabilities | $25.30M | $25.00M | $6.500M |
YoY Change | 289.23% | 557.89% | -36.89% |
Total Long-Term Liabilities | $25.30M | $25.00M | $6.500M |
YoY Change | 289.23% | 557.89% | -36.89% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $4.031M | $7.828M | $8.823M |
Total Long-Term Liabilities | $25.30M | $25.00M | $6.500M |
Total Liabilities | $29.36M | $32.79M | $28.01M |
YoY Change | 4.82% | 18.5% | -25.53% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$986.9M | -$970.1M | -$831.2M |
YoY Change | 18.74% | 20.48% | 9.68% |
Common Stock | $911.1M | $898.5M | $882.1M |
YoY Change | 3.28% | 2.18% | 0.67% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $73.26M | $72.74M | $181.2M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $102.6M | $105.5M | $209.2M |
YoY Change | -50.95% | -53.69% | -22.52% |
Cashflow Statement
Concept | 2020 Q1 | 2019 Q4 | 2019 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$13.86M | -$24.65M | -$23.25M |
YoY Change | -40.39% | 35.1% | 33.4% |
Depreciation, Depletion And Amortization | $500.0K | $510.0K | $509.0K |
YoY Change | -1.77% | 2.0% | -15.45% |
Cash From Operating Activities | -$15.45M | -$13.35M | -$16.58M |
YoY Change | -6.8% | -21.84% | -16.96% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $0.00 | -$60.00K | $31.00K |
YoY Change | -100.0% | -73.91% | -87.5% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | -$2.400M | -$58.76M | $61.06M |
YoY Change | -103.93% | -230.55% | -180.96% |
Cash From Investing Activities | -$2.401M | -$58.82M | $61.03M |
YoY Change | -103.93% | -231.35% | -180.66% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $12.32M | $2.248M | |
YoY Change | 447.82% | -96.61% | |
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | $12.48M | 13.90M | $2.536M |
YoY Change | 392.15% | 12536.36% | -95.34% |
NET CHANGE | |||
Cash From Operating Activities | -$15.45M | -13.35M | -$16.58M |
Cash From Investing Activities | -$2.401M | -58.82M | $61.03M |
Cash From Financing Activities | $12.48M | 13.90M | $2.536M |
Net Change In Cash | -$5.383M | -58.27M | $47.03M |
YoY Change | -111.45% | -309.53% | -212.42% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$15.45M | -$13.35M | -$16.58M |
Capital Expenditures | $0.00 | -$60.00K | $31.00K |
Free Cash Flow | -$15.45M | -$13.29M | -$16.61M |
YoY Change | -6.97% | -21.13% | -17.83% |
Facts In Submission
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Wholly Owned Subsidiaries Includedin Financial Statements
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Amendment Flag
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CY2020Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
0 | USD |
CY2019Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
4412000 | USD |
CY2020Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3553000 | USD |
CY2019Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-23251000 | USD |
CY2020Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-13861000 | USD |
CY2019Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
-4651000 | USD |
CY2020Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
0 | USD |
CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-2885000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-3602000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-777000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-132000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-87000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
|
-131000 | USD |
CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-2277000 | USD |
CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
439000 | USD |
CY2019Q1 | us-gaap |
Interest Expense
InterestExpense
|
12000 | USD |
CY2020Q1 | us-gaap |
Interest Expense
InterestExpense
|
1041000 | USD |
CY2019Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
600000 | USD |
CY2020Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
345000 | USD |
CY2019Q4 | us-gaap |
Liabilities
Liabilities
|
32791000 | USD |
CY2020Q1 | us-gaap |
Liabilities
Liabilities
|
29358000 | USD |
CY2019Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
105535000 | USD |
CY2020Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
102614000 | USD |
CY2019Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
7828000 | USD |
CY2020Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
4031000 | USD |
CY2019Q4 | us-gaap |
Long Term Investments
LongTermInvestments
|
0 | USD |
CY2020Q1 | us-gaap |
Long Term Investments
LongTermInvestments
|
3215000 | USD |
CY2020Q1 | us-gaap |
Loss Contingency Estimate Of Possible Loss
LossContingencyEstimateOfPossibleLoss
|
400000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
2536000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
12481000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
61033000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-2401000 | USD |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16580000 | USD |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-15453000 | USD |
CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-23251000 | USD |
CY2020Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-13861000 | USD |
CY2019Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-25966000 | USD |
CY2020Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-16839000 | USD |
CY2019Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-4055000 | USD |
CY2020Q1 | us-gaap |
Nonoperating Income Expense
NonoperatingIncomeExpense
|
-714000 | USD |
CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
19875000 | USD |
CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
14638000 | USD |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-19196000 | USD |
CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13147000 | USD |
CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
340000 | USD |
CY2019Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
293000 | USD |
CY2020Q1 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
233000 | USD |
CY2020Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
408000 | USD |
CY2019Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
3018000 | USD |
CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
2887000 | USD |
CY2019Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
2738000 | USD |
CY2020Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
2657000 | USD |
CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
144000 | USD |
CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
4000 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
-22000 | USD |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
|
0 | USD |
CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-22000 | USD |
CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
252000 | USD |
CY2019Q1 | us-gaap |
Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
|
334000 | USD |
CY2020Q1 | us-gaap |
Payments For Proceeds From Investments
PaymentsForProceedsFromInvestments
|
24369000 | USD |
CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
31000 | USD |
CY2020Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | USD |
CY2019Q1 | us-gaap |
Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
|
0 | USD |
CY2019Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
2715000 | USD |
CY2020Q1 | us-gaap |
Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
|
2978000 | USD |
CY2019Q4 | us-gaap |
Preferred Stock Including Additional Paid In Capital Net Of Discount
PreferredStockIncludingAdditionalPaidInCapitalNetOfDiscount
|
137285000 | USD |
CY2020Q1 | us-gaap |
Preferred Stock Including Additional Paid In Capital Net Of Discount
PreferredStockIncludingAdditionalPaidInCapitalNetOfDiscount
|
140263000 | USD |
CY2019Q4 | us-gaap |
Preferred Stock No Par Value
PreferredStockNoParValue
|
||
CY2020Q1 | us-gaap |
Preferred Stock No Par Value
PreferredStockNoParValue
|
||
CY2019Q4 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1164000 | shares |
CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
1164000 | shares |
CY2019Q4 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
1164000 | shares |
CY2020Q1 | us-gaap |
Preferred Stock Shares Issued
PreferredStockSharesIssued
|
1164000 | shares |
CY2019Q4 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
1164000 | shares |
CY2020Q1 | us-gaap |
Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
|
1164000 | shares |
CY2019Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
1790000 | USD |
CY2020Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
2370000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
2248000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
12315000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
9000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
0 | USD |
CY2019Q1 | us-gaap |
Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
|
61389000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
|
21968000 | USD |
CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
288000 | USD |
CY2020Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
166000 | USD |
CY2019Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
8676000 | USD |
CY2020Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
8176000 | USD |
CY2019Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
14712000 | USD |
CY2020Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
10416000 | USD |
CY2019Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
117000 | USD |
CY2020Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
57000 | USD |
CY2019Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
137000 | USD |
CY2020Q1 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
19000 | USD |
CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-970093000 | USD |
CY2020Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-986932000 | USD |
CY2019Q1 | us-gaap |
Revenues
Revenues
|
679000 | USD |
CY2020Q1 | us-gaap |
Revenues
Revenues
|
1491000 | USD |
CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1522000 | USD |
CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1445000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
2248000 | USD |
CY2020Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
12315000 | USD |
CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
288000 | USD |
CY2020Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
166000 | USD |
CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
200234000 | USD |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
181209000 | USD |
CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
72744000 | USD |
CY2020Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
73256000 | USD |
CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
55740121 | shares |
CY2020Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
67683586 | shares |
CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Nature of business and future operations</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Arbutus Biopharma Corporation (the “Company” or “Arbutus”) is a clinical-stage biopharmaceutical company dedicated to discovering, developing and commercializing a cure for people with chronic hepatitis B virus (“HBV”) infection. The Company is advancing multiple drug product candidates that may be combined into a potentially curative regimen for chronic HBV infection.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company’s pipeline includes: </font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AB-729, a subcutaneously-delivered RNA interference (“RNAi”) product candidate currently in a Phase 1a/1b clinical trial with preliminary results announced in March 2020. Additional Week 12 single-dose results for the 60 mg dose cohort are expected in the second quarter of 2020. Results from a single-dose 90 mg cohort and a multi-dose 60 mg cohort are expected in the second half of 2020;</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">AB-836, a next-generation capsid inhibitor product candidate currently advancing through IND-enabling studies; and</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="padding-top:8px;padding-bottom:0px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">•</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">other compounds early in the development process, including oral compounds that inhibit PD-L1 and next-generation oral HBV RNA destabilizers.</font></div></td></tr></table><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The success of the Company is dependent on obtaining the necessary regulatory approvals to bring its products to market and achieving profitable operations. The Company’s research and development activities and commercialization of its products are dependent on its ability to successfully complete these activities and to obtain adequate financing through a combination of financing activities and operations. It is not possible to predict either the outcome of the Company’s existing or future research and development programs or the Company’s ability to continue to fund these programs in the future.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">COVID-19</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In December 2019, an outbreak of a novel strain of coronavirus (COVID-19) was identified in Wuhan, China. This virus continues to spread globally, has been declared a pandemic by the World Health Organization and has spread to nearly every country in the world. The impact of this pandemic has been, and will likely continue to be, extensive in many aspects of society. The pandemic has resulted in and will likely continue to result in significant disruptions to businesses. A number of countries and other jurisdictions around the world have implemented extreme measures to try and slow the spread of the virus.  These measures include the closing of businesses and requiring people to stay in their homes, the latter of which raises uncertainty regarding the ability to travel to hospitals in order to participate in clinical trials. Additional measures that have had, and will likely continue to have, a major impact on clinical development, at least in the near-term, include shortages and delays in the supply chain, and prohibitions in certain countries on enrolling subjects in new clinical trials.  Despite the challenges of COVID-19, we have not had to alter our objectives for 2020.  However, future disruptions related to the COVID-19 pandemic could negatively impact our plans and timelines, including enrolling and monitoring subjects in the trial.</font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:justify;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">While Arbutus’ core mission is to find a cure for hepatitis B, the magnitude of the coronavirus pandemic is undeniable. Given the Company’s proven expertise in the discovery of new antiviral therapies, Arbutus feels compelled to work towards the discovery of a new treatment. To that end, the Company has assembled an internal team of expert scientists under the direction of Arbutus’ Chief Scientific Officer, Dr. Michael Sofia, to identify novel small molecule therapies to treat COVID-19 and future coronavirus outbreaks. Dr. Sofia, who was awarded the Lasker-DeBakey Award for his discovery of sofosbuvir, brings extensive antiviral drug discovery experience to this new program. The Company has also recently joined forces with the COVID R&D consortium to further support and expedite efforts to address the SARS-CoV-2 pandemic and any future coronavirus outbreaks. At this time, Arbutus’ COVID-19 research program will focus on the discovery and development of new molecular entities that address specific viral targets including the nsp12 viral polymerase and the viral protease. These targets are essential viral proteins which Arbutus has experience in targeting. The establishment of the COVID-19 effort does not impact the Company’s belief that its cash, cash equivalents and investments as of March 31, 2020 are sufficient to fund its operations into the middle of 2021.</font></div></div> |