2020 Q1 Form 10-K Financial Statement

#000156459020006408 Filed on February 25, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q4 2019
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $11.59M $10.27M $29.56M
YoY Change 98.8% 129.24% 137.81%
% of Gross Profit
Research & Development $18.29M $16.58M $61.86M
YoY Change 21.11% 50.32% 85.83%
% of Gross Profit
Depreciation & Amortization $400.0K $390.0K $1.500M
YoY Change 0.0% 550.0% 650.0%
% of Gross Profit
Operating Expenses $18.29M $26.85M $91.42M
YoY Change -12.62% 73.11% 99.95%
Operating Profit -$29.87M -$26.85M -$91.42M
YoY Change 42.75% 73.08% 99.95%
Interest Expense $1.989M $2.310M $6.201M
YoY Change 93.11% 126.47% 161.09%
% of Operating Profit
Other Income/Expense, Net $60.00K -$80.00K -$155.0K
YoY Change -207.14% 100.0% -19.27%
Pretax Income -$27.82M -$24.62M -$85.37M
YoY Change 39.45% 69.44% 96.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$27.82M -$24.62M -$85.37M
YoY Change 39.45% 69.43% 96.09%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$571.4K -$505.6K -$1.889M
COMMON SHARES
Basic Shares Outstanding 48.71M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $479.8M $495.9M $495.9M
YoY Change 186.96% 177.19% 177.19%
Cash & Equivalents $135.9M $38.37M $38.40M
Short-Term Investments $343.9M $457.5M $457.5M
Other Short-Term Assets $4.000M $4.000M $4.000M
YoY Change 166.67% 48.15% 48.15%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $483.8M $499.9M $499.9M
YoY Change 186.76% 175.25% 175.28%
LONG-TERM ASSETS
Property, Plant & Equipment $8.072M $8.410M $14.20M
YoY Change -46.19% -4.95% 61.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.839M $2.839M $2.800M
YoY Change 253.99% 253.99% 250.0%
Total Long-Term Assets $16.62M $17.02M $17.00M
YoY Change 5.1% 76.41% 75.26%
TOTAL ASSETS
Total Short-Term Assets $483.8M $499.9M $499.9M
Total Long-Term Assets $16.62M $17.02M $17.00M
Total Assets $500.4M $516.9M $516.9M
YoY Change 171.19% 170.26% 170.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.062M $5.963M $6.000M
YoY Change 139.17% 185.04% 185.71%
Accrued Expenses $5.273M $7.098M $7.000M
YoY Change 18.68% 124.34% 133.33%
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 $14.34M $13.06M $13.10M
YoY Change 74.14% 148.5% 147.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $7.995M $8.112M $8.100M
YoY Change -4.69% 303.78% 305.0%
Total Long-Term Liabilities $7.995M $8.112M $8.100M
YoY Change -4.69% 303.78% 305.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.34M $13.06M $13.10M
Total Long-Term Liabilities $7.995M $8.112M $8.100M
Total Liabilities $22.33M $21.17M $21.20M
YoY Change 34.36% 191.44% 190.41%
SHAREHOLDERS EQUITY
Retained Earnings -$217.3M -$189.5M
YoY Change 75.15% 82.0%
Common Stock $693.3M $685.1M
YoY Change 137.51% 137.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $478.0M $495.7M $495.7M
YoY Change
Total Liabilities & Shareholders Equity $500.4M $516.9M $516.9M
YoY Change 171.19% 170.26% 170.2%

Cashflow Statement

Concept 2020 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$27.82M -$24.62M -$85.37M
YoY Change 39.45% 69.43% 96.09%
Depreciation, Depletion And Amortization $400.0K $390.0K $1.500M
YoY Change 0.0% 550.0% 650.0%
Cash From Operating Activities -$18.60M -$19.11M -$63.01M
YoY Change 40.07% 51.07% 63.88%
INVESTING ACTIVITIES
Capital Expenditures $48.00K -$70.00K $770.0K
YoY Change -60.33% -97.4% -88.91%
Acquisitions
YoY Change
Other Investing Activities $115.5M -$249.8M -$311.2M
YoY Change 1027.44% 9361.74% 115.96%
Cash From Investing Activities $115.4M -$249.9M -$312.0M
YoY Change 1040.32% 4587.8% 106.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $377.5M
YoY Change 172.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 789.0K 0.000 381.2M
YoY Change -18.07% 174.71%
NET CHANGE
Cash From Operating Activities -18.60M -19.11M -63.01M
Cash From Investing Activities 115.4M -249.9M -312.0M
Cash From Financing Activities 789.0K 0.000 381.2M
Net Change In Cash 97.58M -269.0M 6.180M
YoY Change -4543.31% 1395.94% -112.18%
FREE CASH FLOW
Cash From Operating Activities -$18.60M -$19.11M -$63.01M
Capital Expenditures $48.00K -$70.00K $770.0K
Free Cash Flow -$18.65M -$19.04M -$63.78M
YoY Change 39.16% 91.16% 40.5%

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CY2017 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2017 us-gaap Payments To Acquire Property Plant And Equipment
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CY2018 allk Conversion Of Convertible Promissory Notes Payable To Related Parties
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CY2019 us-gaap Use Of Estimates
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5.24%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management uses significant judgment when making estimates related to common stock valuation and related stock-based compensation expense, accrued expenses related to clinical trials and deferred tax valuation allowances. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates under different assumptions or conditions, and those differences could be material to the financial position and results of operations.</p>
CY2019 us-gaap Concentration Risk Credit Risk
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<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to credit risk principally consist of cash, cash equivalents and marketable securities. These financial instruments are held in accounts at a single financial institution that management believes possesses high credit quality. Amounts on deposit with this financial institution have and will continue to exceed federally-insured limits. The Company has not experienced any losses on its cash deposits. Additionally, the Company’s investment policy limits its investments to certain types of securities issued by the United States government and its agencies. </p> <p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is subject to a number of risks similar to that of other early-stage biopharmaceutical companies, including, but not limited to, the need to obtain adequate additional funding, possible failure of current or future clinical trials, its reliance on third-parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitive developments, the need to successfully commercialize and gain market acceptance of the Company’s product candidates, its right to develop and commercialize its product candidates pursuant to the terms and conditions of the licenses granted to the Company, protection of proprietary technology, the ability to make milestone, royalty or other payments due under licensing agreements, and the need to secure and maintain adequate manufacturing arrangements with third-parties. If the Company does not successfully commercialize or partner its product candidates, it will be unable to generate product revenue or achieve profitability.</p>
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