2020 Q4 Form 10-K Financial Statement

#000156459021009857 Filed on March 01, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2018
Revenue $2.220M $4.893M $14.30M
YoY Change -54.63% 42.24% 88.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.23M $7.270M $12.93M
YoY Change 68.23% 24.91% 264.23%
% of Gross Profit
Research & Development $33.20M $20.41M $45.19M
YoY Change 62.63% 40.19% 56.96%
% of Gross Profit
Depreciation & Amortization $1.060M $540.0K $706.0K
YoY Change 96.3% 134.78% 103.23%
% of Gross Profit
Operating Expenses $45.43M $27.68M $58.13M
YoY Change 64.11% 35.81% 79.74%
Operating Profit -$22.79M -$43.80M
YoY Change 34.5% 76.9%
Interest Expense $500.0K $16.25K $57.44K
YoY Change 2976.92% -34.04% -61.71%
% of Operating Profit
Other Income/Expense, Net $1.160M $1.742M $2.322M
YoY Change -33.42% 103.59% 318.94%
Pretax Income -$41.55M -$21.05M -$41.48M
YoY Change 97.39% 30.83% 72.47%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$41.55M -$21.05M -$41.48M
YoY Change 97.41% 30.83% 72.48%
Net Earnings / Revenue -1871.62% -430.14% -290.07%
Basic Earnings Per Share
Diluted Earnings Per Share -$994.5K -$583.4K -$1.328M
COMMON SHARES
Basic Shares Outstanding 33.75M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $688.5M $280.9M $187.8M
YoY Change 145.11% 49.57% 379.08%
Cash & Equivalents $588.4M $9.211M $3.200M
Short-Term Investments $100.2M $271.7M $184.6M
Other Short-Term Assets $6.100M $3.700M $2.800M
YoY Change 64.86% 32.14% 833.33%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $2.800M
Other Receivables $7.400M $6.281M $2.200M
Total Short-Term Assets $703.1M $290.9M $195.7M
YoY Change 141.71% 48.65% 198.78%
LONG-TERM ASSETS
Property, Plant & Equipment $12.30M $8.455M $3.600M
YoY Change 45.47% 135.98% 176.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change
Other Assets $0.00 $26.76K $0.00
YoY Change -100.0% 28.89%
Total Long-Term Assets $14.30M $10.76M $3.600M
YoY Change 32.89% 198.6% 176.92%
TOTAL ASSETS
Total Short-Term Assets $703.1M $290.9M $195.7M
Total Long-Term Assets $14.30M $10.76M $3.600M
Total Assets $717.4M $301.6M $199.3M
YoY Change 137.83% 51.36% 198.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.100M $4.557M $2.800M
YoY Change 55.81% 65.21% 366.67%
Accrued Expenses $18.90M $7.603M $4.000M
YoY Change 148.59% 90.01% 14.29%
Deferred Revenue $22.20M $19.98M
YoY Change 11.11% 24.36%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $200.0K
YoY Change -100.0% 0.0%
Total Short-Term Liabilities $49.20M $32.81M $23.00M
YoY Change 49.94% 42.79% 28.49%
LONG-TERM LIABILITIES
Long-Term Debt $2.000M $2.000M $2.000M
YoY Change 0.0% 0.0% 900.0%
Other Long-Term Liabilities $24.00M $40.10M $37.60M
YoY Change -40.15% 26633.33% -22.63%
Total Long-Term Liabilities $2.000M $2.000M $39.60M
YoY Change 0.0% -6.98% -18.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.20M $32.81M $23.00M
Total Long-Term Liabilities $2.000M $2.000M $39.60M
Total Liabilities $75.20M $74.96M $62.60M
YoY Change 0.33% 19.71% -6.01%
SHAREHOLDERS EQUITY
Retained Earnings -$491.9M -$372.6M
YoY Change 32.03% 23.26%
Common Stock $0.00 $38.46K
YoY Change -100.0% 23.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $642.2M $226.6M $136.7M
YoY Change
Total Liabilities & Shareholders Equity $717.4M $301.6M $199.3M
YoY Change 137.83% 51.36% 198.35%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2018
OPERATING ACTIVITIES
Net Income -$41.55M -$21.05M -$41.48M
YoY Change 97.41% 30.83% 72.48%
Depreciation, Depletion And Amortization $1.060M $540.0K $706.0K
YoY Change 96.3% 134.78% 103.23%
Cash From Operating Activities -$29.02M -$16.18M -$16.12M
YoY Change 79.36% 31.97% -415.22%
INVESTING ACTIVITIES
Capital Expenditures -$1.860M -$1.780M $2.831M
YoY Change 4.49% 187.1% 179.59%
Acquisitions
YoY Change
Other Investing Activities $58.72M -$93.64M -$176.8M
YoY Change -162.71% -7.51% -908.18%
Cash From Investing Activities $56.86M -$95.43M -$179.7M
YoY Change -159.58% -6.32% -960.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.6M
YoY Change
Debt Paid & Issued, Net $173.9K
YoY Change 7.76%
Cash From Financing Activities 471.5M 108.7M 168.1M
YoY Change 333.88% -2.19% -104250.7%
NET CHANGE
Cash From Operating Activities -29.02M -16.18M -16.12M
Cash From Investing Activities 56.86M -95.43M -179.7M
Cash From Financing Activities 471.5M 108.7M 168.1M
Net Change In Cash 499.4M -2.930M -27.72M
YoY Change -17143.69% -2.98% -207.35%
FREE CASH FLOW
Cash From Operating Activities -$29.02M -$16.18M -$16.12M
Capital Expenditures -$1.860M -$1.780M $2.831M
Free Cash Flow -$27.16M -$14.40M -$18.95M
YoY Change 88.61% 23.71% -562.08%

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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.67%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts and disclosures in the financial statements and notes. While management believes that estimates and assumptions used in the preparation of the consolidated financial statements and notes are appropriate, actual results could differ from those estimates. The most significant estimates are those used in determination of the Company’s revenue recognition, research and development expenses, fair value of its common and preferred units, preferred unit warrant liability, incentive equity compensation, and fair value of its investment in a joint venture, Oerth Bio LLC (Oerth). </p>
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<p style="margin-bottom:0pt;margin-top:18pt;margin-left:5.67%;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company maintains its cash in financial institution accounts that, at times during the year, may exceed federally insured limits. The cash balances in the financial institutions are insured by the Federal Deposit Insurance Corporation (FDIC) up to $250,000. Cash may also be maintained at commercial institutions that are not insured by the FDIC. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:5.67%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the year ended December 31, 2020, 100% of the Company’s revenue was attributable to three collaborators representing 37%, 32% and 31%, respectively, and one collaborator accounted for the entire accounts receivable balance. For the year ended December 31, 2019, 57% of the Company’s revenue was attributable to a license contributed to Oerth, and two collaborators represented 19% and 16% of total revenue. For the year ended December 31, 2018, two collaborators each represented over 45% of total revenue.  </p>
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