2024 Q1 Form 10-K Financial Statement

#000095017024038049 Filed on March 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.183M $2.272M $11.44M
YoY Change 4.57% 1.07% 6.66%
% of Gross Profit
Research & Development $2.799M $2.114M $15.81M
YoY Change -49.42% -75.46% -47.42%
% of Gross Profit
Depreciation & Amortization $57.00K $58.00K $228.0K
YoY Change -1.72% -10.77% -3.39%
% of Gross Profit
Operating Expenses $2.799M $4.386M $27.25M
YoY Change -49.42% -59.62% -9.4%
Operating Profit
YoY Change
Interest Expense $813.0K -$1.107M -$2.556M
YoY Change 41.88% 158.04% -242.87%
% of Operating Profit
Other Income/Expense, Net -$512.0K $17.00K -$9.000K
YoY Change 23.67% -71.19% -99.42%
Pretax Income -$6.494M -$5.476M -$29.82M
YoY Change -27.78% -51.25% -29.6%
Income Tax
% Of Pretax Income
Net Earnings -$6.500M -$5.476M -$29.82M
YoY Change -27.78% -51.25% -29.6%
Net Earnings / Revenue
Basic Earnings Per Share -$0.26 -$1.50
Diluted Earnings Per Share -$0.26 -$0.26 -$1.50
COMMON SHARES
Basic Shares Outstanding 34.25M 21.17M 19.83M
Diluted Shares Outstanding 25.05M 19.83M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.40M $15.55M $15.55M
YoY Change 302.07% -37.24% -37.24%
Cash & Equivalents $66.40M $15.55M $15.55M
Short-Term Investments
Other Short-Term Assets $1.311M $1.325M $1.325M
YoY Change -19.12% -46.01% -46.01%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $67.71M $16.98M $16.98M
YoY Change 271.54% -37.86% -37.86%
LONG-TERM ASSETS
Property, Plant & Equipment $51.00K $66.00K $79.00K
YoY Change -25.0% 1550.0% -37.8%
Goodwill $1.034M $1.034M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $94.00K $92.00K $79.00K
YoY Change -13.76% 39.39% 27.42%
Total Long-Term Assets $2.320M $2.389M $2.389M
YoY Change -9.87% -9.54% -9.54%
TOTAL ASSETS
Total Short-Term Assets $67.71M $16.98M $16.98M
Total Long-Term Assets $2.320M $2.389M $2.389M
Total Assets $70.03M $19.37M $19.37M
YoY Change 236.71% -35.37% -35.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $373.0K $618.0K $618.0K
YoY Change -64.91% -62.77% -62.77%
Accrued Expenses $2.479M $3.005M $3.005M
YoY Change -13.53% -22.31% -22.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $17.14M $16.66M $16.66M
YoY Change 4.7% 3.68% 3.68%
Total Short-Term Liabilities $20.57M $20.81M $20.81M
YoY Change 1.34% -3.64% -3.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $6.000K $6.000K
YoY Change -100.0% -91.3% -91.3%
Total Long-Term Liabilities $0.00 $6.000K $6.000K
YoY Change -100.0% -91.3% -91.3%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.57M $20.81M $20.81M
Total Long-Term Liabilities $0.00 $6.000K $6.000K
Total Liabilities $20.57M $20.82M $20.82M
YoY Change 1.07% -3.92% -3.92%
SHAREHOLDERS EQUITY
Retained Earnings -$172.2M -$165.8M
YoY Change 18.84% 22.0%
Common Stock $221.7M $164.3M
YoY Change 52.51% 13.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.46M -$1.448M -$1.448M
YoY Change
Total Liabilities & Shareholders Equity $70.03M $19.37M $19.37M
YoY Change 236.71% -35.37% -35.37%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$6.500M -$5.476M -$29.82M
YoY Change -27.78% -51.25% -29.6%
Depreciation, Depletion And Amortization $57.00K $58.00K $228.0K
YoY Change -1.72% -10.77% -3.39%
Cash From Operating Activities -$5.300M -$4.359M -$24.48M
YoY Change -36.14% -60.88% -34.72%
INVESTING ACTIVITIES
Capital Expenditures $1.000K $21.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.000K -$21.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.53M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.11M -2.000K 15.28M
YoY Change 119282.98% -100.01% -20.82%
NET CHANGE
Cash From Operating Activities -5.300M -4.359M -24.48M
Cash From Investing Activities -1.000K -21.00K
Cash From Financing Activities 56.11M -2.000K 15.28M
Net Change In Cash 50.82M -4.362M -9.222M
YoY Change -715.5% -166.39% -49.47%
FREE CASH FLOW
Cash From Operating Activities -$5.300M -$4.359M -$24.48M
Capital Expenditures $1.000K $21.00K
Free Cash Flow -$4.360M -$24.50M
YoY Change

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<p style="font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and notes thereto. Actual results could differ from these estimates. Estimates and assumptions principally relate to estimates of contingent considerations, the initial fair value and forfeiture rates of stock options issued to employees and consultants, the estimated compensation cost on performance restricted stock unit awards, clinical trial and manufacturing accruals, estimated useful lives of property, plant, equipment and intangible assets, estimates and assumptions in contingent liabilities.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2023 achv Future Income Tax Rate Assumed For Deferred Tax Calculations
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1461980
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.12
CY2023Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
1461980
CY2023Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
12.12
CY2023 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P8Y21D
CY2023Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
661118
CY2023Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
19.25
CY2023 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P7Y2M4D
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3400000
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3200000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2023Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-29815000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-42350000
CY2021 us-gaap Net Income Loss
NetIncomeLoss
-33152000
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
19827354
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
19827354
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10593034
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10593034
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8119836
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8119836
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.5
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.5
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-4.08
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-4.08
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7058883000000
CY2023Q4 us-gaap Contractual Obligation
ContractualObligation
74000
CY2023Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
68000
CY2023Q4 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
6000
CY2023 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
57000
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
59000
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
120000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y29D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y29D
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0898
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0898
CY2023Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0
CY2023 achv Indemnification Expense
IndemnificationExpense
0

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