$ACHV
ACHIEVE LIFE SCIENCES, INC.

2021 Q4 Form 10-K Financial Statement

#000156459022009485 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.609M $9.128M $2.370M
YoY Change 10.08% 15.98% 63.45%
% of Gross Profit
Research & Development $4.506M $23.97M $2.347M
YoY Change 91.99% 248.34% 33.13%
% of Gross Profit
Depreciation & Amortization $62.00K $27.00K $70.00K
YoY Change -11.43% -15.63% 16.67%
% of Gross Profit
Operating Expenses $7.115M $33.09M $2.347M
YoY Change 203.15% 124.37% 33.13%
Operating Profit
YoY Change
Interest Expense $3.000K $17.00K $20.00K
YoY Change -85.0% -75.71% -33.33%
% of Operating Profit
Other Income/Expense, Net -$39.00K -$75.00K -$3.000K
YoY Change 1200.0% 50.0% -120.0%
Pretax Income -$7.151M -$33.15M -$4.720M
YoY Change 51.5% 125.06% 47.96%
Income Tax
% Of Pretax Income
Net Earnings -$7.151M -$33.15M -$4.724M
YoY Change 51.38% 125.06% 47.9%
Net Earnings / Revenue
Basic Earnings Per Share -$4.08
Diluted Earnings Per Share -$755.3K -$4.083M -$1.103M
COMMON SHARES
Basic Shares Outstanding 8.120M
Diluted Shares Outstanding 8.120M

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $43.02M $43.02M $35.90M
YoY Change 19.84% 20.01% 114.97%
Cash & Equivalents $43.02M $43.02M $35.85M
Short-Term Investments
Other Short-Term Assets $1.419M $1.419M $1.100M
YoY Change 29.0% 26.7% 57.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $44.59M $44.59M $36.98M
YoY Change 20.61% 20.59% 113.31%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $79.00K $42.00K
YoY Change -64.29% -58.42% -26.32%
Goodwill $1.034M $1.034M
YoY Change 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $168.0K $168.0K $187.0K
YoY Change -10.16% -30.0% 0.0%
Total Long-Term Assets $2.922M $2.922M $3.323M
YoY Change -12.07% -11.99% -11.24%
TOTAL ASSETS
Total Short-Term Assets $44.59M $44.59M $36.98M
Total Long-Term Assets $2.922M $2.922M $3.323M
Total Assets $47.52M $47.52M $40.30M
YoY Change 17.91% 17.91% 91.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $841.0K $841.0K $332.0K
YoY Change 153.31% 154.85% -61.35%
Accrued Expenses $3.709M $3.709M $2.600M
YoY Change 42.65% 42.65% 30.0%
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 $4.550M $4.550M $2.935M
YoY Change 55.03% 54.76% 2.3%
LONG-TERM LIABILITIES
Long-Term Debt $14.92M $14.92M $0.00
YoY Change
Other Long-Term Liabilities $4.000K $4.000K $100.0K
YoY Change -96.0% -95.0% -50.0%
Total Long-Term Liabilities $14.92M $14.92M $100.0K
YoY Change 14824.0% 18555.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.550M $4.550M $2.935M
Total Long-Term Liabilities $14.92M $14.92M $100.0K
Total Liabilities $19.47M $19.47M $3.012M
YoY Change 546.55% 546.98% -0.53%
SHAREHOLDERS EQUITY
Retained Earnings -$93.59M -$60.43M
YoY Change 54.86% 32.23%
Common Stock $121.6M $97.72M
YoY Change 24.47% 53.28%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.04M $28.04M $37.29M
YoY Change
Total Liabilities & Shareholders Equity $47.52M $47.52M $40.30M
YoY Change 17.91% 17.91% 91.19%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$7.151M -$33.15M -$4.724M
YoY Change 51.38% 125.06% 47.9%
Depreciation, Depletion And Amortization $62.00K $27.00K $70.00K
YoY Change -11.43% -15.63% 16.67%
Cash From Operating Activities -$5.218M -$29.40M -$2.480M
YoY Change 110.4% 118.2% -27.49%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 14.93M 36.61M 15.94M
YoY Change -6.35% 12.03% 25.41%
NET CHANGE
Cash From Operating Activities -5.218M -29.40M -2.480M
Cash From Investing Activities 0.000
Cash From Financing Activities 14.93M 36.61M 15.94M
Net Change In Cash 9.710M 7.169M 13.46M
YoY Change -27.86% -62.64% 44.89%
FREE CASH FLOW
Cash From Operating Activities -$5.218M -$29.40M -$2.480M
Capital Expenditures $0.00
Free Cash Flow -$2.480M
YoY Change -27.49%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 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. </p>
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CY2020Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
529000
CY2021Q4 achv Deferred Tax Assets Liabilities Valuation Allowance
DeferredTaxAssetsLiabilitiesValuationAllowance
55500000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
7500000
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
724000
CY2018Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
717000
CY2021 achv Unrecognized Tax Benefits Increases Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreaseResultingFromPriorPeriodTaxPositions
6000
CY2020 achv Unrecognized Tax Benefits Increases Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreaseResultingFromPriorPeriodTaxPositions
-43000
CY2019 achv Unrecognized Tax Benefits Increases Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesDecreaseResultingFromPriorPeriodTaxPositions
-7000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
761000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
767000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
84822
CY2021Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
98.12
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
3400000
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
2200000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
19500
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2020 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.42
CY2019 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-39.76
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1800000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-14730000
CY2019 us-gaap Net Income Loss
NetIncomeLoss
-16395000
CY2021 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8119836
CY2020 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2718909
CY2019 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
412320
CY2021 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-4.08
CY2021Q4 us-gaap Contractual Obligation
ContractualObligation
74000
CY2021Q4 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
51000
CY2021Q4 us-gaap Contractual Obligation Due In Second And Third Year
ContractualObligationDueInSecondAndThirdYear
23000
CY2021 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2020 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2019 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
83000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
186000
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y29D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y9M7D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0997
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0997
CY2021Q4 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
0
CY2021 achv Indemnification Expense
IndemnificationExpense
0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-3320000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-2922000
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-2.15
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.68

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