2024 Q3 Form 10-Q Financial Statement

#000165575924000118 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $102.4M $76.50M
YoY Change 195.95% 40.37%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $75.80M $31.30M
YoY Change 235.4% 21.79%
% of Gross Profit
Research & Development $86.90M $93.70M
YoY Change 1.16% -9.38%
% of Gross Profit
Depreciation & Amortization $1.100M $1.200M
YoY Change -8.33% 0.0%
% of Gross Profit
Operating Expenses $162.7M $125.0M
YoY Change 49.95% -3.18%
Operating Profit -$60.30M -$48.50M
YoY Change -18.4% -34.99%
Interest Expense $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $11.70M $13.50M
YoY Change 17.0% 50.0%
Pretax Income -$48.60M -$35.00M
YoY Change -23.94% -46.65%
Income Tax $600.0K $200.0K
% Of Pretax Income
Net Earnings -$49.20M -$35.20M
YoY Change -23.13% -47.15%
Net Earnings / Revenue -48.05% -46.01%
Basic Earnings Per Share -$0.68 -$0.49
Diluted Earnings Per Share -$0.68 -$0.49
COMMON SHARES
Basic Shares Outstanding 68.65M shares 68.43M shares
Diluted Shares Outstanding 72.10M shares 71.90M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.122B $1.229B
YoY Change 12.33% 18.28%
Cash & Equivalents $85.20M $154.8M
Short-Term Investments $1.036B $1.074B
Other Short-Term Assets $13.10M $18.00M
YoY Change -5.76% 37.4%
Inventory
Prepaid Expenses
Receivables $7.300M $1.800M
Other Receivables $7.500M $10.00M
Total Short-Term Assets $1.150B $1.257B
YoY Change 11.28% 18.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.800M $9.800M
YoY Change -46.46% -25.76%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.800M $11.60M
YoY Change 2.08% 14.85%
Total Long-Term Assets $17.60M $22.90M
YoY Change -30.43% -14.55%
TOTAL ASSETS
Total Short-Term Assets $1.150B $1.257B
Total Long-Term Assets $17.60M $22.90M
Total Assets $1.167B $1.280B
YoY Change 10.28% 18.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.70M $23.20M
YoY Change -48.4% 246.27%
Accrued Expenses $800.0K $52.70M
YoY Change -98.61% -23.62%
Deferred Revenue $199.2M $267.9M
YoY Change -11.15% 16.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $200.0K $200.0K
YoY Change 0.0% 100.0%
Total Short-Term Liabilities $275.9M $347.2M
YoY Change -13.05% 13.13%
LONG-TERM LIABILITIES
Long-Term Debt $600.0K $700.0K
YoY Change -25.0% -22.22%
Other Long-Term Liabilities $304.6M $331.5M
YoY Change 7.63% 6.22%
Total Long-Term Liabilities $600.0K $700.0K
YoY Change -25.0% -22.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $275.9M $347.2M
Total Long-Term Liabilities $600.0K $700.0K
Total Liabilities $581.1M $679.4M
YoY Change -3.33% 9.6%
SHAREHOLDERS EQUITY
Retained Earnings -$1.487B -$1.437B
YoY Change 26.2% 29.03%
Common Stock $100.0K $100.0K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $586.0M $600.2M
YoY Change
Total Liabilities & Shareholders Equity $1.167B $1.280B
YoY Change 10.28% 18.1%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$49.20M -$35.20M
YoY Change -23.13% -47.15%
Depreciation, Depletion And Amortization $1.100M $1.200M
YoY Change -8.33% 0.0%
Cash From Operating Activities -$128.0M $50.30M
YoY Change 50.94% -156.71%
INVESTING ACTIVITIES
Capital Expenditures $700.0K $700.0K
YoY Change -36.36% 16.67%
Acquisitions
YoY Change
Other Investing Activities $51.20M $13.80M
YoY Change -27.99% -71.95%
Cash From Investing Activities $50.50M $13.10M
YoY Change -27.86% -73.05%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.400M 3.400M
YoY Change -93.67% 580.0%
NET CHANGE
Cash From Operating Activities -128.0M 50.30M
Cash From Investing Activities 50.50M 13.10M
Cash From Financing Activities 2.400M 3.400M
Net Change In Cash -75.10M 66.80M
YoY Change -425.11% -268.69%
FREE CASH FLOW
Cash From Operating Activities -$128.0M $50.30M
Capital Expenditures $700.0K $700.0K
Free Cash Flow -$128.7M $49.60M
YoY Change 49.83% -155.54%

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<div style="margin-top:12pt;text-indent:36pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amount of assets, liabilities, revenue and expenses. These estimates include assumptions and judgments based on historical experience, current conditions, future expectations and other factors the Company considers reasonable. These estimates are reviewed on an ongoing basis and revised as necessary. Actual results could differ from these estimates.</span></div>
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<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Risks and Uncertainties</span></div>The Company is subject to a number of risks similar to other biotechnology companies in a similar stage, including, but not limited to, the need to obtain adequate additional funding, possible failure of preclinical testing or clinical trials, the need to obtain marketing approval for its product candidates, competitors developing new technological innovations, and the need to successfully commercialize and gain market acceptance of the Company’s products and to protect its proprietary technology. If the Company does not successfully obtain regulatory approval of its product candidates, it will be unable to generate revenue from product sales or achieve profitability.
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CY2024Q2 us-gaap Long Term Debt
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us-gaap Interest Expense
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21600000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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arvn Share Based Compensation Arrangement By Share Based Payment Award Inducement Grants
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2024Q2 us-gaap Income Tax Expense Benefit
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CY2024Q2 us-gaap Effective Income Tax Rate Continuing Operations
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CY2023Q2 us-gaap Income Tax Expense Benefit
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CY2024Q2 us-gaap Net Income Loss
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CY2024Q2 us-gaap Earnings Per Share Basic
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2024Q2 us-gaap Loss Contingency Accrual At Carrying Value
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CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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Files In Submission

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