2022 Q1 Form 10-Q Financial Statement

#000162828022012630 Filed on May 05, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $468.0K $6.582M
YoY Change -92.89% 442.62%
Cost Of Revenue $85.00K $1.000M
YoY Change -91.5%
Gross Profit $383.0K $5.582M
YoY Change -93.14% 360.18%
Gross Profit Margin 81.84% 84.81%
Selling, General & Admin $19.34M $17.13M
YoY Change 12.89% 139.93%
% of Gross Profit 5049.35% 306.9%
Research & Development $8.851M $20.46M
YoY Change -56.73% 29.11%
% of Gross Profit 2310.97% 366.46%
Depreciation & Amortization $232.0K $422.0K
YoY Change -45.02% -14.23%
% of Gross Profit 60.57% 7.56%
Operating Expenses $28.19M $37.59M
YoY Change -25.0% 137.23%
Operating Profit -$27.81M -$32.01M
YoY Change -13.12% 47.02%
Interest Expense $746.0K $1.100M
YoY Change -32.18% -18.94%
% of Operating Profit
Other Income/Expense, Net $484.0K -$49.00K
YoY Change -1087.76% -106.51%
Pretax Income -$28.07M -$33.15M
YoY Change -15.34% 48.19%
Income Tax $2.000K $1.000K
% Of Pretax Income
Net Earnings -$28.07M -$33.16M
YoY Change -15.33% 48.19%
Net Earnings / Revenue -5998.08% -503.72%
Basic Earnings Per Share -$0.21 -$0.34
Diluted Earnings Per Share -$0.21 -$0.34
COMMON SHARES
Basic Shares Outstanding 130.9M shares 97.18M shares
Diluted Shares Outstanding 130.9M shares 97.18M shares

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $89.70M $178.2M
YoY Change -49.66% -20.16%
Cash & Equivalents $47.08M $84.07M
Short-Term Investments $42.63M $94.14M
Other Short-Term Assets $16.64M $21.40M
YoY Change -22.24% 365.22%
Inventory $3.487M
Prepaid Expenses
Receivables $4.394M $5.783M
Other Receivables $0.00 $0.00
Total Short-Term Assets $114.2M $205.4M
YoY Change -44.38% -10.16%
LONG-TERM ASSETS
Property, Plant & Equipment $2.045M $2.292M
YoY Change -10.78% -64.19%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00
YoY Change
Other Assets $1.228M $958.0K
YoY Change 28.18% 219.33%
Total Long-Term Assets $15.18M $4.917M
YoY Change 208.79% -26.61%
TOTAL ASSETS
Total Short-Term Assets $114.2M $205.4M
Total Long-Term Assets $15.18M $4.917M
Total Assets $129.4M $210.3M
YoY Change -38.46% -10.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.030M $5.378M
YoY Change -6.47% 437.8%
Accrued Expenses $16.67M $17.00M
YoY Change -1.92% 46.55%
Deferred Revenue $2.723M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $26.14M $16.70M
YoY Change 56.52% 125.68%
Total Short-Term Liabilities $47.84M $41.79M
YoY Change 14.48% 78.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $34.30M
YoY Change -100.0% -19.86%
Other Long-Term Liabilities $17.38M $3.300M
YoY Change 426.52% 135.71%
Total Long-Term Liabilities $0.00 $37.60M
YoY Change -100.0% -14.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $47.84M $41.79M
Total Long-Term Liabilities $0.00 $37.60M
Total Liabilities $65.22M $79.48M
YoY Change -17.95% 17.58%
SHAREHOLDERS EQUITY
Retained Earnings -$741.0M -$587.9M
YoY Change 26.04%
Common Stock $805.3M $718.7M
YoY Change 12.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $64.19M $130.8M
YoY Change
Total Liabilities & Shareholders Equity $129.4M $210.3M
YoY Change -38.46% -10.63%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$28.07M -$33.16M
YoY Change -15.33% 48.19%
Depreciation, Depletion And Amortization $232.0K $422.0K
YoY Change -45.02% -14.23%
Cash From Operating Activities -$27.62M -$44.22M
YoY Change -37.54% 77.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $778.0K
YoY Change -100.0% 3012.0%
Acquisitions
YoY Change
Other Investing Activities $2.332M $3.260M
YoY Change -28.47% -106.41%
Cash From Investing Activities $2.332M $2.485M
YoY Change -6.16% -104.88%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.921M $34.27M
YoY Change -82.72%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$63.00K $34.77M
YoY Change -100.18% 5783.25%
NET CHANGE
Cash From Operating Activities -$27.62M -$44.22M
Cash From Investing Activities $2.332M $2.485M
Cash From Financing Activities -$63.00K $34.77M
Net Change In Cash -$25.35M -$6.962M
YoY Change 264.13% -90.75%
FREE CASH FLOW
Cash From Operating Activities -$27.62M -$44.22M
Capital Expenditures $0.00 $778.0K
Free Cash Flow -$27.62M -$45.00M
YoY Change -38.62% 80.19%

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CY2022Q1 us-gaap Use Of Estimates
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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes thereto. On an ongoing basis, management evaluates its estimates, including those related to recognition of revenue, clinical trial accruals, contract manufacturing accruals, the fair value of assets and liabilities, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could materially differ from those estimates.</span></div>
CY2022Q1 us-gaap Investments And Cash
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CY2021Q4 ardx Investments And Cash Amortized Cost
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116695000 USD
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CashCashEquivalentsAndInvestmentsGrossUnrealizedGains
1000 USD
CY2021Q4 ardx Cash Cash Equivalents And Investments Gross Unrealized Losses
CashCashEquivalentsAndInvestmentsGrossUnrealizedLosses
7000 USD
CY2021Q4 us-gaap Investments And Cash
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116689000 USD
CY2022Q1 ardx Available For Sale Securities Debt Securities Current Contractual Maturities Maximum
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P1Y
CY2022Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
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0 USD
CY2021Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
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CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0 investment
CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2022Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
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CY2022Q1 us-gaap Inventory Raw Materials
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460000 USD
CY2022Q1 us-gaap Inventory Work In Process
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2507000 USD
CY2022Q1 us-gaap Inventory Finished Goods
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520000 USD
CY2022Q1 us-gaap Inventory Net
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3487000 USD
CY2021Q4 ardx Contract With Customer Gross To Net Sales Accruals
ContractWithCustomerGrossToNetSalesAccruals
0 USD
CY2022Q1 ardx Contract With Customer Gross To Net Sales Accrual Activity During Current Period
ContractWithCustomerGrossToNetSalesAccrualActivityDuringCurrentPeriod
154000 USD
CY2022Q1 ardx Contract With Customer Gross To Net Sales Accruals
ContractWithCustomerGrossToNetSalesAccruals
154000 USD
CY2021Q1 ardx Contract With Customer Gross To Net Sales Accruals
ContractWithCustomerGrossToNetSalesAccruals
0 USD
CY2022Q1 us-gaap Debt Instrument Carrying Amount
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28862000 USD
CY2022Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1399000 USD
CY2022Q1 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
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CY2022Q1 us-gaap Long Term Debt
LongTermDebt
26139000 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12404000 USD
CY2021Q4 us-gaap Operating Lease Liability
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13240000 USD
CY2022Q1 us-gaap Long Term Debt Current
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CY2022Q1 us-gaap Long Term Debt Noncurrent
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
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CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3492000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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CY2021Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022Q1 us-gaap Operating Lease Cost
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CY2021Q1 us-gaap Operating Lease Cost
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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4440000 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2022Q1 us-gaap Operating Lease Liability
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3592000 USD
CY2022Q1 us-gaap Operating Lease Liability Noncurrent
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CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2021Q1 us-gaap Allocated Share Based Compensation Expense
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
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CY2022Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Net Income Loss
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
97179000 shares
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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97179000 shares
CY2022Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Earnings Per Share Diluted
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-0.21
CY2021Q1 us-gaap Earnings Per Share Diluted
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CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 USD
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 USD

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