2023 Q2 Form 10-Q Financial Statement

#000162828023015212 Filed on May 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $22.33M $11.37M
YoY Change 784.13% 2329.27%
Cost Of Revenue $3.489M $1.537M
YoY Change 2428.26% 1708.24%
Gross Profit $18.84M $9.832M
YoY Change 689.11% 2467.1%
Gross Profit Margin 84.38% 86.48%
Selling, General & Admin $27.19M $26.80M
YoY Change 44.13% 38.6%
% of Gross Profit 144.27% 272.61%
Research & Development $8.282M $9.093M
YoY Change -14.98% 2.73%
% of Gross Profit 43.95% 92.48%
Depreciation & Amortization $639.0K -$3.000K
YoY Change 265.14% -101.29%
% of Gross Profit 3.39% -0.03%
Operating Expenses $35.47M $35.90M
YoY Change 24.0% 27.34%
Operating Profit -$16.62M -$26.06M
YoY Change -36.59% -6.27%
Interest Expense -$1.075M $1.028M
YoY Change -236.59% 37.8%
% of Operating Profit
Other Income/Expense, Net $578.0K $1.302M
YoY Change 725.71% 169.01%
Pretax Income -$17.12M -$26.76M
YoY Change -36.43% -4.67%
Income Tax $0.00 $14.00K
% Of Pretax Income
Net Earnings -$17.12M -$26.77M
YoY Change -36.44% -4.62%
Net Earnings / Revenue -76.66% -235.49%
Basic Earnings Per Share -$0.08 -$0.13
Diluted Earnings Per Share -$0.08 -$0.13
COMMON SHARES
Basic Shares Outstanding 214.5M shares 206.5M shares
Diluted Shares Outstanding 215.0M shares 207.0M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $127.6M $130.4M
YoY Change 57.48% 45.34%
Cash & Equivalents $28.66M $92.49M
Short-Term Investments $97.52M $37.89M
Other Short-Term Assets $17.81M $19.73M
YoY Change -22.36% 18.58%
Inventory $7.617M $44.95M
Prepaid Expenses
Receivables $9.109M $12.12M
Other Receivables $0.00 $0.00
Total Short-Term Assets $162.1M $167.0M
YoY Change 42.08% 46.24%
LONG-TERM ASSETS
Property, Plant & Equipment $8.117M $1.102M
YoY Change 426.74% -46.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.97M $774.0K
YoY Change 734.72% -36.97%
Total Long-Term Assets $49.09M $49.97M
YoY Change 180.44% 229.13%
TOTAL ASSETS
Total Short-Term Assets $162.1M $167.0M
Total Long-Term Assets $49.09M $49.97M
Total Assets $211.2M $217.0M
YoY Change 60.48% 67.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.294M $10.51M
YoY Change 23.29% 109.01%
Accrued Expenses $23.38M $20.13M
YoY Change 29.68% 20.7%
Deferred Revenue $5.959M $5.545M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $27.05M $26.88M
YoY Change 2.57% 2.83%
Total Short-Term Liabilities $61.69M $63.06M
YoY Change 26.67% 31.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.35M $28.54M
YoY Change -11.77% 64.23%
Total Long-Term Liabilities $26.35M $28.54M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $61.69M $63.06M
Total Long-Term Liabilities $26.35M $28.54M
Total Liabilities $88.04M $91.60M
YoY Change 12.06% 40.45%
SHAREHOLDERS EQUITY
Retained Earnings -$824.0M -$806.9M
YoY Change 7.31% 8.89%
Common Stock $947.4M $932.4M
YoY Change 15.38% 15.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $123.2M $125.4M
YoY Change
Total Liabilities & Shareholders Equity $211.2M $217.0M
YoY Change 60.48% 67.7%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$17.12M -$26.77M
YoY Change -36.44% -4.62%
Depreciation, Depletion And Amortization $639.0K -$3.000K
YoY Change 265.14% -101.29%
Cash From Operating Activities -$14.74M -$44.80M
YoY Change -52.89% 62.18%
INVESTING ACTIVITIES
Capital Expenditures $93.00K $14.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$59.11M -$9.763M
YoY Change -482.02% -518.65%
Cash From Investing Activities -$59.21M -$9.777M
YoY Change -482.62% -519.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 11.52M $50.92M
YoY Change -47.99% -80923.81%
NET CHANGE
Cash From Operating Activities -14.74M -$44.80M
Cash From Investing Activities -59.21M -$9.777M
Cash From Financing Activities 11.52M $50.92M
Net Change In Cash -62.43M -$3.653M
YoY Change -1086.08% -85.59%
FREE CASH FLOW
Cash From Operating Activities -$14.74M -$44.80M
Capital Expenditures $93.00K $14.00K
Free Cash Flow -$14.83M -$44.81M
YoY Change -52.59% 62.23%

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CY2023Q1 us-gaap Increase Decrease In Deferred Revenue
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CY2023Q1 us-gaap Repayments Of Secured Debt
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CY2023Q1 us-gaap Number Of Operating Segments
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CY2023Q1 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, utilization of inventory, 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>
CY2023Q1 us-gaap Investments And Cash
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CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 ardx Investments And Cash Amortized Cost
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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6000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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CY2022Q4 ardx Investments And Cash Amortized Cost
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6000 usd
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60000 usd
CY2022Q4 us-gaap Investments And Cash
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123909000 usd
CY2023Q1 ardx Available For Sale Securities Debt Securities Current Contractual Maturities Maximum
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P1Y
CY2022 ardx Available For Sale Securities Debt Securities Current Contractual Maturities Maximum
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P1Y
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
0 investment
CY2023Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
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CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
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CY2022Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
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CY2023Q1 us-gaap Inventory Raw Materials
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CY2022Q4 us-gaap Inventory Raw Materials
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22299000 usd
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
22566000 usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
5324000 usd
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
679000 usd
CY2022Q4 us-gaap Inventory Finished Goods
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CY2023Q1 us-gaap Inventory Net
InventoryNet
44947000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
28346000 usd
CY2023Q1 us-gaap Inventory Gross
InventoryGross
4823000 usd
CY2022Q4 us-gaap Inventory Gross
InventoryGross
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CY2023Q1 us-gaap Inventory Noncurrent
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40124000 usd
CY2022Q4 us-gaap Inventory Noncurrent
InventoryNoncurrent
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CY2023Q1 us-gaap Inventory Net
InventoryNet
44947000 usd
CY2022Q4 us-gaap Inventory Net
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CY2023Q1 ardx Prepaid Commercial Manufacturing Current
PrepaidCommercialManufacturingCurrent
13800000 usd
CY2022Q4 ardx Prepaid Commercial Manufacturing Current
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13600000 usd
CY2022Q4 ardx Contract With Customer Gross To Net Sales Accruals
ContractWithCustomerGrossToNetSalesAccruals
2844000 usd
CY2023Q1 ardx Contract With Customer Gross To Net Sales Provisions
ContractWithCustomerGrossToNetSalesProvisions
5760000 usd
CY2023Q1 ardx Contract With Customer Gross To Credits Or Deductions Issued
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CY2023Q1 ardx Contract With Customer Gross To Net Sales Accruals
ContractWithCustomerGrossToNetSalesAccruals
4284000 usd
CY2023Q1 us-gaap Amortization Of Advance Royalty
AmortizationOfAdvanceRoyalty
1000000 usd
CY2023Q1 us-gaap Proceeds From Royalties Received
ProceedsFromRoyaltiesReceived
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CY2023Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
28861000 usd
CY2023Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1282000 usd
CY2023Q1 us-gaap Debt Instrument Fee Amount
DebtInstrumentFeeAmount
699000 usd
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
26880000 usd
CY2023Q1 us-gaap Loans Payable Current
LoansPayableCurrent
26880000 usd
CY2023Q1 us-gaap Long Term Loans Payable
LongTermLoansPayable
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
7972000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9295000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3998000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3894000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4814000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5855000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8812000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
9749000 usd
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P2Y2M12D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
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CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
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CY2023Q1 us-gaap Operating Lease Cost
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1064000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1064000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1098000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1058000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3343000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4589000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1321000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
252000 usd
CY2023Q1 ardx Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
9505000 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
693000 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
8812000 usd
CY2023Q1 us-gaap Operating Lease Liability Current
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3998000 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4814000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2912000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3722000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
13963000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.83
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
6472000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.78
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
56000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.84
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.18
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
9185000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
5.97
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.21
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-26773000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-28071000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
207023000 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
207023000 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
130935000 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
130935000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.13
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.21
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22991000 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17832000 shares
CY2023Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0 usd

Files In Submission

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