2020 Q3 Form 10-Q Financial Statement

#000156459020054172 Filed on November 16, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.810M $2.330M $1.980M
YoY Change 92.42% 124.04% 141.46%
% of Gross Profit
Research & Development $11.78M $6.800M $7.089M
YoY Change 66.1% 72.59% 85.58%
% of Gross Profit
Depreciation & Amortization $100.0K $130.0K $120.0K
YoY Change -16.67% 8.33% 0.0%
% of Gross Profit
Operating Expenses $15.59M $9.130M $9.070M
YoY Change 71.83% 82.97% 95.9%
Operating Profit -$15.59M -$9.070M
YoY Change 71.83%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$52.00K $0.00 $224.0K
YoY Change -123.21% -100.0% -52.34%
Pretax Income -$15.64M -$8.940M -$10.19M
YoY Change 53.51% 91.85% 144.27%
Income Tax $1.000K $0.00 $2.000K
% Of Pretax Income
Net Earnings -$15.64M -$8.940M -$10.19M
YoY Change 53.49% 91.85% 144.32%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$549.4K -$47.73K -$54.41K
COMMON SHARES
Basic Shares Outstanding 38.15M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $370.7M $43.90M $53.70M
YoY Change 590.32%
Cash & Equivalents $370.7M $43.93M $53.66M
Short-Term Investments
Other Short-Term Assets $4.000K $79.00K $900.0K
YoY Change -99.56%
Inventory
Prepaid Expenses $2.375M $310.0K
Receivables
Other Receivables
Total Short-Term Assets $373.6M $45.41M $54.70M
YoY Change 582.95%
LONG-TERM ASSETS
Property, Plant & Equipment $2.039M $2.138M $2.200M
YoY Change -7.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $2.354M $1.700M
YoY Change -100.0%
Total Long-Term Assets $2.039M $4.492M $3.900M
YoY Change -47.72%
TOTAL ASSETS
Total Short-Term Assets $373.6M $45.41M $54.70M
Total Long-Term Assets $2.039M $4.492M $3.900M
Total Assets $375.6M $49.90M $58.60M
YoY Change 540.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.954M $2.371M $2.600M
YoY Change 52.08%
Accrued Expenses $4.649M $2.194M $2.200M
YoY Change 111.32%
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 $8.988M $4.931M $5.100M
YoY Change 76.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.100M $1.400M $1.500M
YoY Change -26.67%
Total Long-Term Liabilities $1.100M $1.400M $1.500M
YoY Change -26.67%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.988M $4.931M $5.100M
Total Long-Term Liabilities $1.100M $1.400M $1.500M
Total Liabilities $10.14M $6.368M $6.700M
YoY Change 51.27%
SHAREHOLDERS EQUITY
Retained Earnings -$142.8M -$102.6M
YoY Change
Common Stock $38.00K $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $365.5M -$100.5M -$91.76M
YoY Change
Total Liabilities & Shareholders Equity $375.6M $49.90M $58.60M
YoY Change 540.98%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$15.64M -$8.940M -$10.19M
YoY Change 53.49% 91.85% 144.32%
Depreciation, Depletion And Amortization $100.0K $130.0K $120.0K
YoY Change -16.67% 8.33% 0.0%
Cash From Operating Activities -$13.58M -$8.790M -$6.870M
YoY Change 97.67% 80.86% 108.81%
INVESTING ACTIVITIES
Capital Expenditures -$270.0K -$100.0K -$150.0K
YoY Change 80.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$270.0K -$100.0K -$150.0K
YoY Change 80.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 259.8M -840.0K 29.24M
YoY Change 788.44% -101.88%
NET CHANGE
Cash From Operating Activities -13.58M -8.790M -6.870M
Cash From Investing Activities -270.0K -100.0K -150.0K
Cash From Financing Activities 259.8M -840.0K 29.24M
Net Change In Cash 245.9M -9.730M 22.22M
YoY Change 1006.8% -124.37% -775.38%
FREE CASH FLOW
Cash From Operating Activities -$13.58M -$8.790M -$6.870M
Capital Expenditures -$270.0K -$100.0K -$150.0K
Free Cash Flow -$13.31M -$8.690M -$6.720M
YoY Change 98.07% 78.81% 104.26%

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CashAndCashEquivalentsAtCarryingValue
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annx Reclassification Of Redeemable Convertible Preferred Stock To Common Stock Upon Initial Public Offering
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annx Reclassification Of Redeemable Convertible Preferred Stock Liability To Redeemable Convertible Preferred Stock
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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annx Deemed Dividend Arising From Conversion Of Beneficial Conversion Feature
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6219000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;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="text-align:justify;margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including but not limited to the fair value of common stock, redeemable convertible preferred stock, redeemable convertible preferred stock liability, stock options, income taxes and certain accruals. The Company evaluates its estimates and 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 differ from those estimates. </p>
CY2020Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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CY2020Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
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CY2019Q4 us-gaap Deferred Offering Costs
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43621000
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1300000
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LiabilitiesFairValueAdjustment
5670000
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5140000
annx Reclassification To Redeemable Convertible Preferred Stock Upon Settlement
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-10810000
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0
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0
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0
CY2019Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2020Q3 us-gaap Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
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FairValueLiabilitiesLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
CY2019Q4 us-gaap Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Into Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersIntoLevel3
0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
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0
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
0
CY2020Q3 annx Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
510000
CY2019Q4 annx Prepaid Research And Development Costs Current
PrepaidResearchAndDevelopmentCostsCurrent
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PrepaidExpenseCurrent
2375000
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PrepaidExpenseCurrent
310000
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4000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
79000
CY2020Q3 annx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
2630000
CY2019Q4 annx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
459000
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AccruedProfessionalFeesCurrent
168000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
733000
CY2020Q3 annx Accrued Compensation Current
AccruedCompensationCurrent
1514000
CY2019Q4 annx Accrued Compensation Current
AccruedCompensationCurrent
926000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
337000
CY2019Q4 us-gaap Other Accrued Liabilities Current
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76000
CY2020Q3 us-gaap Lessee Operating Lease Term Of Contract
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P7Y
annx Lessee Operating Lease Expiration Month And Year
LesseeOperatingLeaseExpirationMonthAndYear
2024-06-30
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LesseeOperatingLeaseRenewalTerm
P5Y
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
88000
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
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CommonStockCapitalSharesReservedForFutureIssuance
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annx Percentage Of Number Of Shares Of Capital Stock Outstanding On Last Day Of Preceding Year
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0.04
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454110
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4166016
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1519719
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2640
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
264000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
264000
CY2020Q3 us-gaap Loss Contingency Accrual At Carrying Value
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0
CY2020Q3 us-gaap Increase In Carrying Amount Of Redeemable Preferred Stock
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6200000
CY2020Q3 us-gaap Reclassifications Of Temporary To Permanent Equity
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241400000
CY2020Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
6617820
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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3103047
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2007222
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
9528
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3514773
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1179057
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.91
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
14.77
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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2.33
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.67
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.18
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.15
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M3D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y5M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y10M28D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
21623000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
73985000
CY2020Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
30746000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
CY2019Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
8000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1471000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
610000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2897000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1513000
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
20200000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M15D
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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0.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
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0.76
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.93
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.77
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0036
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0033
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.0187
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0145
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.0261
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3514773
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14765505
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3514773

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