2020 Q1 Form 10-Q Financial Statement

#000156459020023862 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.810M $3.140M
YoY Change -10.51% 7.53%
% of Gross Profit
Research & Development $4.069M $4.174M
YoY Change -2.52% -13.87%
% of Gross Profit
Depreciation & Amortization $70.00K $31.00K
YoY Change 125.81% -32.61%
% of Gross Profit
Operating Expenses $6.876M $7.313M
YoY Change -5.98% -5.8%
Operating Profit -$6.876M -$7.313M
YoY Change -5.98% -5.8%
Interest Expense $62.00K $101.0K
YoY Change -38.61% -42.29%
% of Operating Profit
Other Income/Expense, Net $62.00K $101.0K
YoY Change -38.61%
Pretax Income -$6.750M -$7.210M
YoY Change -6.38% -5.01%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.748M -$7.212M
YoY Change -6.43% -4.96%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$242.7K -$486.5K
COMMON SHARES
Basic Shares Outstanding 27.81M 14.88M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.70M $13.27M
YoY Change -4.3% -69.35%
Cash & Equivalents $11.29M $11.87M
Short-Term Investments $2.000M $2.000M
Other Short-Term Assets $1.000M $1.120M
YoY Change -10.71% -3.45%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.69M $14.39M
YoY Change -4.86% -67.63%
LONG-TERM ASSETS
Property, Plant & Equipment $6.120M $6.940M
YoY Change -11.82% 5238.46%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $570.0K $501.0K
YoY Change 13.77% -59.92%
Total Long-Term Assets $6.680M $8.009M
YoY Change -16.59% 480.36%
TOTAL ASSETS
Total Short-Term Assets $13.69M $14.39M
Total Long-Term Assets $6.680M $8.009M
Total Assets $20.37M $22.40M
YoY Change -9.06% -51.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.090M $858.0K
YoY Change 27.04% -52.33%
Accrued Expenses $5.060M $3.770M
YoY Change 34.22% 23.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.140M $4.623M
YoY Change 32.81% -4.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.460M $4.930M
YoY Change -9.53%
Total Long-Term Liabilities $4.460M $4.930M
YoY Change -9.53%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.140M $4.623M
Total Long-Term Liabilities $4.460M $4.930M
Total Liabilities $10.60M $9.552M
YoY Change 10.97% 96.71%
SHAREHOLDERS EQUITY
Retained Earnings -$176.0M
YoY Change
Common Stock $188.8M
YoY Change 1.76%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.769M $12.85M
YoY Change
Total Liabilities & Shareholders Equity $20.37M $22.40M
YoY Change -9.06% -51.13%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$6.748M -$7.212M
YoY Change -6.43% -4.96%
Depreciation, Depletion And Amortization $70.00K $31.00K
YoY Change 125.81% -32.61%
Cash From Operating Activities -$5.672M -$7.501M
YoY Change -24.38% 8.26%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $127.0K
YoY Change -100.0% 1714.29%
Acquisitions
YoY Change
Other Investing Activities $11.06M $8.100M
YoY Change 36.54% 236.1%
Cash From Investing Activities $11.06M $7.973M
YoY Change 38.69% 232.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 165.0K
YoY Change -100.0% 931.25%
NET CHANGE
Cash From Operating Activities -5.672M -7.501M
Cash From Investing Activities 11.06M 7.973M
Cash From Financing Activities 0.000 165.0K
Net Change In Cash 5.386M 637.0K
YoY Change 745.53% -114.11%
FREE CASH FLOW
Cash From Operating Activities -$5.672M -$7.501M
Capital Expenditures $0.00 $127.0K
Free Cash Flow -$5.672M -$7.628M
YoY Change -25.64% 9.98%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:8pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:8pt;text-indent:4.31%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. <font style="Background-color:#FFFFFF;">The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company&#8217;s business, results of operations and financial condition, including sales, expenses, reserves and allowances, manufacturing, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain it or treat COVID-19, as well as the economic impact on local, regional, national and international customers and markets. The Company has made estimates of the impact of COVID-19 within its financial statements and there may be changes to those estimates in future periods. </font>As of the date of issuance of these unaudited condensed consolidated financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update estimates, judgments or revise the carrying value of any assets or liabilities.<font style="Background-color:#FFFFFF;"> </font>Actual results could differ from the Company&#8217;s estimates.</p>
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CY2020Q1 alrn Nasdaq Listing Minimum Bid Price Closing Requirement Description
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On July 12, 2019, the Company received a deficiency letter from the Listing Qualifications Department of the Nasdaq Stock Market notifying it that, for the last 30 consecutive business days, the bid price for the Company’s common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Global Market, (the “Bid Price Rule”). In accordance with Nasdaq Listing Rule 5810(c)(3)(A) (the “Compliance Period Rule”), the Company was provided an initial period of 180 calendar days, or until January 8, 2020, to regain compliance with the Bid Price Rule. On December 20, 2019, the Company applied to transfer the listing of its stock from the Nasdaq Global Market to the Nasdaq Capital Market. The Nasdaq Capital Market is a continuous trading market that operates in substantially the same manner as the Nasdaq Global Market and listed companies must meet certain financial requirements and comply with Nasdaq’s corporate governance requirements.
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CY2020Q1 alrn Nasdaq Effective Minimum Bid Price Opening Requirement Description
NasdaqEffectiveMinimumBidPriceOpeningRequirementDescription
On December 27, 2019, Nasdaq approved the Company’s transfer application. This transfer became effective at the opening of business on December 30, 2019. The Company’s common stock continues to trade under the symbol “ALRN.” Nasdaq has advised the Company that following the effectiveness of transfer of its listing, the Company was granted an additional 180-day period, or until July 6, 2020, to regain compliance with Bid Price Rule. On April 17, 2020 Nasdaq notified the Company that its date to regain compliance with the Bid Price Rule was extended to September 21, 2020 (the “Compliance Date”), pursuant to Nasdaq’s proposed rule change to extend the period of time for companies to regain compliance with the bid price and market value of publicly held shares continued listing requirements by tolling the compliance periods through and including June 30, 2020. If, at any time before the Compliance Date, the bid price for the Company’s common stock closes at $1.00 or more for a minimum of 10 consecutive business days as required under the Compliance Period Rule, the Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this 10 day period pursuant to Nasdaq Listing Rule 5810(c)(3)(F).
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0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
109000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
505000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
563000
CY2020Q1 alrn Share Based Compensation Expense Estimated Forfeiture Rate
ShareBasedCompensationExpenseEstimatedForfeitureRate
0.0243
CY2019Q1 alrn Share Based Compensation Expense Estimated Forfeiture Rate
ShareBasedCompensationExpenseEstimatedForfeitureRate
0.0243
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3235000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2020Q1 alrn Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
27810358
CY2019Q1 alrn Weighted Average Number Of Shares Outstanding
WeightedAverageNumberOfSharesOutstanding
14816253
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17829172
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2446487
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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