$ACHV
ACHIEVE LIFE SCIENCES, INC.

2023 Q4 Form 10-Q Financial Statement

#000095017023062028 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.272M $2.990M
YoY Change 1.07% 7.94%
% of Gross Profit
Research & Development $2.114M $3.581M
YoY Change -75.46% -63.71%
% of Gross Profit
Depreciation & Amortization $58.00K $60.00K
YoY Change -10.77% 9.09%
% of Gross Profit
Operating Expenses $4.386M $3.581M
YoY Change -59.62% -63.71%
Operating Profit
YoY Change
Interest Expense -$1.107M $781.0K
YoY Change 158.04% 62.37%
% of Operating Profit
Other Income/Expense, Net $17.00K -$536.0K
YoY Change -71.19% 22.37%
Pretax Income -$5.476M -$7.110M
YoY Change -51.25% -45.63%
Income Tax
% Of Pretax Income
Net Earnings -$5.476M -$7.108M
YoY Change -51.25% -45.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.34
Diluted Earnings Per Share -$0.26 -$0.34
COMMON SHARES
Basic Shares Outstanding 21.17M 21.11M
Diluted Shares Outstanding 21.13M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.55M $19.90M
YoY Change -37.24% 9.36%
Cash & Equivalents $15.55M $19.90M
Short-Term Investments
Other Short-Term Assets $1.325M $1.900M
YoY Change -46.01% -27.34%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $16.98M $21.90M
YoY Change -37.86% 4.49%
LONG-TERM ASSETS
Property, Plant & Equipment $66.00K $100.0K
YoY Change 1550.0% 455.56%
Goodwill $1.034M $1.034M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $92.00K $100.0K
YoY Change 39.39% -58.16%
Total Long-Term Assets $2.389M $2.440M
YoY Change -9.54% -11.79%
TOTAL ASSETS
Total Short-Term Assets $16.98M $21.90M
Total Long-Term Assets $2.389M $2.440M
Total Assets $19.37M $24.34M
YoY Change -35.37% 2.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $618.0K $638.0K
YoY Change -62.77% 54.85%
Accrued Expenses $3.005M $3.400M
YoY Change -22.31% -47.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $16.66M $0.00
YoY Change 3.68%
Total Short-Term Liabilities $20.81M $4.082M
YoY Change -3.64% -40.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $16.20M
YoY Change 2.77%
Other Long-Term Liabilities $6.000K $0.00
YoY Change -91.3%
Total Long-Term Liabilities $6.000K $16.20M
YoY Change -91.3% 2.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.81M $4.082M
Total Long-Term Liabilities $6.000K $16.20M
Total Liabilities $20.82M $20.30M
YoY Change -3.92% -10.49%
SHAREHOLDERS EQUITY
Retained Earnings -$165.8M -$160.3M
YoY Change 22.0% 28.55%
Common Stock $164.3M $164.3M
YoY Change 13.91% 30.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.448M $4.038M
YoY Change
Total Liabilities & Shareholders Equity $19.37M $24.34M
YoY Change -35.37% 2.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.476M -$7.108M
YoY Change -51.25% -45.65%
Depreciation, Depletion And Amortization $58.00K $60.00K
YoY Change -10.77% 9.09%
Cash From Operating Activities -$4.359M -$5.140M
YoY Change -60.88% -54.54%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000K -$20.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000K 0.000
YoY Change -100.01% -100.0%
NET CHANGE
Cash From Operating Activities -4.359M -5.140M
Cash From Investing Activities -1.000K -20.00K
Cash From Financing Activities -2.000K 0.000
Net Change In Cash -4.362M -5.160M
YoY Change -166.39% -53.85%
FREE CASH FLOW
Cash From Operating Activities -$4.359M -$5.140M
Capital Expenditures $1.000K $20.00K
Free Cash Flow -$4.360M -$5.160M
YoY Change

Facts In Submission

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CY2022Q2 achv Stock Issued During Period Value Restricted Stock Unit Settlement Withheld And Retired To Treasury
StockIssuedDuringPeriodValueRestrictedStockUnitSettlementWithheldAndRetiredToTreasury
-47000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-10468000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
13166000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
829000
CY2022Q3 us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
126000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-13077000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
1044000
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-160300000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19900000
CY2023Q3 achv Working Capital Balance
WorkingCapitalBalance
-17800000
us-gaap Net Income Loss
NetIncomeLoss
-24300000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20100000
CY2015Q2 us-gaap Finite Lived Intangible Assets Fair Value Disclosure
FiniteLivedIntangibleAssetsFairValueDisclosure
3100000
CY2015Q2 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P14Y
CY2023Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2022Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
56000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
223000
CY2023Q3 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
223000
CY2023Q3 achv Finite Lived Intangible Assets Amortization Expense After Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearTwo
750000
CY2023Q3 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1252000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
17916000
CY2023Q3 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
17916000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
50000
CY2023Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
50000
achv Maximum Maturity Period Of Cash And Cash Equivalents
MaximumMaturityPeriodOfCashAndCashEquivalents
P90D
CY2023Q3 us-gaap Cash
Cash
1000000
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000
CY2023Q3 us-gaap Convertible Debt
ConvertibleDebt
16195000
CY2023Q3 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
16193000
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
16071000
CY2022Q4 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
16987000
CY2023Q2 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.0225
CY2023Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.07
CY2023Q3 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000
CY2022Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
15000000
CY2023Q3 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
11000
CY2022Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
67000
CY2023Q3 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
2012000
CY2022Q4 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
1138000
CY2023Q3 achv Discount On Modification Of Debt
DiscountOnModificationOfDebt
1074000
CY2023Q3 achv Accretion Of Discount On Modification Debt
AccretionOfDiscountOnModificationDebt
268000
CY2023Q3 us-gaap Convertible Debt
ConvertibleDebt
16195000
CY2022Q4 us-gaap Convertible Debt
ConvertibleDebt
16071000
CY2023Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2023Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
139750
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
139750
CY2022Q3 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
26625
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
26625
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
822515
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.57
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
639500
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
33
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
26045.33
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1461982
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0360
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0165
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y9M18D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.1519
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2280
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
16000
us-gaap Operating Lease Payments
OperatingLeasePayments
43000
us-gaap Operating Lease Payments
OperatingLeasePayments
45000
CY2023Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1174000
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
829000
us-gaap Share Based Compensation
ShareBasedCompensation
3449000
us-gaap Share Based Compensation
ShareBasedCompensation
2492000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4100000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7090100
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2315337
CY2023Q3 us-gaap Contractual Obligation
ContractualObligation
90000
CY2023Q3 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
67000
CY2023Q3 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
23000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
29000
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
25000
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
15000
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M29D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M29D
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M29D
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y3M29D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0898
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0997
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0898
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0997
CY2023Q3 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0
achv Indemnification Expense
IndemnificationExpense
0

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