2022 Q3 Form 10-Q Financial Statement

#000095017022014810 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $14.85M $79.85M $24.47M
YoY Change -91.86% 1115.76% 495.47%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.25M $15.84M $15.55M
YoY Change 9.48% 12.55% 41.27%
% of Gross Profit
Research & Development $48.35M $54.53M $53.04M
YoY Change 12.26% 14.04% 15.98%
% of Gross Profit
Depreciation & Amortization $1.347M $1.384M $1.589M
YoY Change -16.07% -15.09% 5.93%
% of Gross Profit
Operating Expenses $62.60M $70.38M $68.60M
YoY Change 11.62% 13.71% 20.89%
Operating Profit -$47.75M $9.475M -$44.12M
YoY Change -137.8% -117.13% -16.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $2.333M $1.450M $264.0K
YoY Change 770.52% 714.61% -43.1%
Pretax Income -$45.42M $10.93M -$43.86M
YoY Change -135.87% -119.81% -15.93%
Income Tax $733.0K $1.042M $758.0K
% Of Pretax Income 9.54%
Net Earnings -$46.15M $9.883M -$44.62M
YoY Change -136.45% -117.92% -14.48%
Net Earnings / Revenue -310.72% 12.38% -182.3%
Basic Earnings Per Share -$0.56 $0.12 -$0.54
Diluted Earnings Per Share -$0.56 $0.12 -$543.4K
COMMON SHARES
Basic Shares Outstanding 82.56M 82.39M 82.04M
Diluted Shares Outstanding 82.60M 82.59M 82.10M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $758.3M $808.9M $868.6M
YoY Change -2.51% 153.11% 139.47%
Cash & Equivalents $184.2M $172.3M $454.6M
Short-Term Investments $574.1M $636.6M $414.0M
Other Short-Term Assets $10.17M $9.350M $9.536M
YoY Change 18.42% -4.2% -20.53%
Inventory
Prepaid Expenses
Receivables $6.491M $8.816M $12.82M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $775.0M $827.0M $890.9M
YoY Change -1.66% 151.12% 137.75%
LONG-TERM ASSETS
Property, Plant & Equipment $26.29M $26.03M $26.23M
YoY Change -5.77% -9.29% -11.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.784M $5.919M $5.932M
YoY Change 1.19% -1.23% 44.68%
Total Long-Term Assets $62.08M $62.65M $63.53M
YoY Change -6.24% -7.57% -3.25%
TOTAL ASSETS
Total Short-Term Assets $775.0M $827.0M $890.9M
Total Long-Term Assets $62.08M $62.65M $63.53M
Total Assets $837.0M $889.7M $954.5M
YoY Change -2.01% 124.03% 116.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.546M $4.646M $6.752M
YoY Change 94.19% -61.1% 27.4%
Accrued Expenses $23.23M $23.71M $20.04M
YoY Change 12.82% 7.26% -44.48%
Deferred Revenue $119.7M $107.0M $95.61M
YoY Change 26.4% 320.95%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $160.9M $149.4M $142.9M
YoY Change 21.14% 100.84% 122.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $233.0K $233.0K $158.0K
YoY Change 47.47% 47.47% -99.89%
Total Long-Term Liabilities $233.0K $233.0K $158.0K
YoY Change 47.47% 47.47% -99.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $160.9M $149.4M $142.9M
Total Long-Term Liabilities $233.0K $233.0K $158.0K
Total Liabilities $583.9M $601.2M $686.9M
YoY Change 12.66% 182.77% 223.26%
SHAREHOLDERS EQUITY
Retained Earnings -$527.3M -$481.1M -$491.0M
YoY Change 34.93% -7.01% 6.23%
Common Stock $8.000K $8.000K $8.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $253.1M $288.5M $267.5M
YoY Change
Total Liabilities & Shareholders Equity $837.0M $889.7M $954.5M
YoY Change -2.01% 124.03% 116.74%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$46.15M $9.883M -$44.62M
YoY Change -136.45% -117.92% -14.48%
Depreciation, Depletion And Amortization $1.347M $1.384M $1.589M
YoY Change -16.07% -15.09% 5.93%
Cash From Operating Activities -$49.05M -$57.44M $135.1M
YoY Change -111.02% 28.98% -356.37%
INVESTING ACTIVITIES
Capital Expenditures -$1.915M -$744.0K $692.0K
YoY Change 109.29% -14.97% -26.93%
Acquisitions
YoY Change
Other Investing Activities $62.44M -$225.1M -$11.41M
YoY Change -191.64% -491.99% -110.33%
Cash From Investing Activities $60.53M -$225.8M -$12.11M
YoY Change -187.66% -499.37% -111.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 489.0K 906.0K 2.483M
YoY Change -96.7% -69.14% -35.91%
NET CHANGE
Cash From Operating Activities -49.05M -57.44M 135.1M
Cash From Investing Activities 60.53M -225.8M -12.11M
Cash From Financing Activities 489.0K 906.0K 2.483M
Net Change In Cash 11.97M -282.4M 125.5M
YoY Change -96.94% -1989.42% 106.59%
FREE CASH FLOW
Cash From Operating Activities -$49.05M -$57.44M $135.1M
Capital Expenditures -$1.915M -$744.0K $692.0K
Free Cash Flow -$47.14M -$56.70M $134.4M
YoY Change -110.57% 29.86% -350.56%

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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
2279000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1557000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-530000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
9148000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
-6175000
alec Increase Decrease In Accrued Liabilities And Accrued Clinical Supply Costs
IncreaseDecreaseInAccruedLiabilitiesAndAccruedClinicalSupplyCosts
-4225000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
95675000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-10678000
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-2064000
alec Increase Decrease In Lease Liabilities
IncreaseDecreaseInLeaseLiabilities
-2014000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
75000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-314000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
77649000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-97236000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1436000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1775000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
321290000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
5081000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
84801000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
173000000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-237925000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
166144000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2524000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-156887000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
5867000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
865000
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
969000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3389000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
6836000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
75744000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
330624000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51441000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173737000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
127185000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
945000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
348000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expense during the reporting period. The Company evaluates its estimates, including those related to revenue recognition, manufacturing accruals, clinical accruals, fair value of assets and liabilities, income taxes uncertainties, stock-based compensation, and related assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and short-term marketable securities. Cash and cash equivalents are deposited in checking and sweep accounts at financial institutions. Such deposits may, at times, exceed federally insured limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
127185000
CY2022Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
683000000.0
CY2022Q2 alec Available For Sale Securities Debt Maturities Within One Through Two Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneThroughTwoYearFairValue
74300000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
465400000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
172265000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
125713000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2021Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1472000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
173737000
CY2021Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
307900
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12478000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9078000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24417000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17878000
CY2021Q2 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.013
us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
-0.012
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
9883000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-55147000
us-gaap Net Income Loss
NetIncomeLoss
-34734000
us-gaap Net Income Loss
NetIncomeLoss
-107318000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82394784
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79790036
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
82248880
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
79598188
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
193584
CY2021Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82588368
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79790036
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
82248880
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
79598188
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.12
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.42
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.35
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.12
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.42
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.35
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14084153
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13558443
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15202999
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13558443

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