2023 Q4 Form 10-Q Financial Statement

#000095017023061134 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $7.163M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.708M $4.220M
YoY Change 47.67% -19.94%
% of Gross Profit
Research & Development $11.01M $10.82M
YoY Change -31.14% -40.3%
% of Gross Profit
Depreciation & Amortization $80.00K $120.0K
YoY Change -35.48% -10.45%
% of Gross Profit
Operating Expenses $19.71M $15.05M
YoY Change -9.9% -35.7%
Operating Profit -$15.05M
YoY Change -35.7%
Interest Expense $1.622M $630.0K
YoY Change 178.22% 146.09%
% of Operating Profit
Other Income/Expense, Net $628.0K
YoY Change 145.31%
Pretax Income -$10.93M -$14.42M
YoY Change -51.2% -37.7%
Income Tax $33.00K $0.00
% Of Pretax Income
Net Earnings -$10.96M -$14.42M
YoY Change -51.05% -37.7%
Net Earnings / Revenue -153.04%
Basic Earnings Per Share -$0.27
Diluted Earnings Per Share -$2.40 -$0.27
COMMON SHARES
Basic Shares Outstanding 65.71M 52.61M
Diluted Shares Outstanding 52.57M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.2M $46.21M
YoY Change 42.18% -57.47%
Cash & Equivalents $19.84M $26.66M
Short-Term Investments $110.4M $19.55M
Other Short-Term Assets $3.497M $3.500M
YoY Change -20.76% -32.45%
Inventory
Prepaid Expenses
Receivables $43.00K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.8M $49.67M
YoY Change 37.97% -56.84%
LONG-TERM ASSETS
Property, Plant & Equipment $385.0K $561.0K
YoY Change -48.18% -35.29%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $312.0K $552.0K
YoY Change -64.9% -65.78%
Total Long-Term Assets $3.036M $1.957M
YoY Change -37.1% -69.6%
TOTAL ASSETS
Total Short-Term Assets $133.8M $49.67M
Total Long-Term Assets $3.036M $1.957M
Total Assets $136.8M $51.63M
YoY Change 34.41% -57.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $461.0K $758.0K
YoY Change -81.51% -60.97%
Accrued Expenses $5.744M $3.886M
YoY Change -21.5% -31.66%
Deferred Revenue $30.92M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.23M $7.132M
YoY Change 140.7% -53.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $56.50M $2.800M
YoY Change 1893.68% -23.31%
Total Long-Term Liabilities $56.50M $2.800M
YoY Change 1893.68% -23.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.23M $7.132M
Total Long-Term Liabilities $56.50M $2.800M
Total Liabilities $95.73M $9.915M
YoY Change 400.4% -48.12%
SHAREHOLDERS EQUITY
Retained Earnings -$785.7M -$774.8M
YoY Change 8.45% 10.35%
Common Stock $826.9M $816.8M
YoY Change 2.34% 1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.10M $41.71M
YoY Change
Total Liabilities & Shareholders Equity $136.8M $51.63M
YoY Change 34.41% -57.51%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$10.96M -$14.42M
YoY Change -51.05% -37.7%
Depreciation, Depletion And Amortization $80.00K $120.0K
YoY Change -35.48% -10.45%
Cash From Operating Activities $73.64M -$13.84M
YoY Change -482.48% -30.18%
INVESTING ACTIVITIES
Capital Expenditures $75.00K $130.0K
YoY Change -227.45%
Acquisitions
YoY Change
Other Investing Activities -$89.58M $19.02M
YoY Change -640.89% -39.68%
Cash From Investing Activities -$89.66M $18.88M
YoY Change -641.35% -39.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.188M 0.000
YoY Change 2002.52%
NET CHANGE
Cash From Operating Activities 73.64M -13.84M
Cash From Investing Activities -89.66M 18.88M
Cash From Financing Activities 9.188M 0.000
Net Change In Cash -6.827M 5.040M
YoY Change 202.75% -56.59%
FREE CASH FLOW
Cash From Operating Activities $73.64M -$13.84M
Capital Expenditures $75.00K $130.0K
Free Cash Flow $73.57M -$13.97M
YoY Change -482.09% -29.16%

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<p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</span></p><p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant estimates inherent in the preparation of the accompanying unaudited condensed consolidated financial statements include estimates of costs incurred but not yet invoiced for research and development accruals.</span></p><p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible these external factors could have an effect on the Company’s estimates and could cause actual results to differ materially from those estimates and assumptions.</span></p>
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EarningsPerShareDiluted
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EarningsPerShareBasic
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EarningsPerShareDiluted
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EarningsPerShareBasic
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EarningsPerShareDiluted
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CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedGain
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CY2022Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Gross Unrealized Loss
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesGrossUnrealizedLoss
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CY2022Q4 asmb Cash Equivalents At Carrying Value And Available For Sale Debt Securities Estimated Fair Value
CashEquivalentsAtCarryingValueAndAvailableForSaleDebtSecuritiesEstimatedFairValue
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CY2023Q3 asmb Fair Value Assets Between Levels Transfers Amount
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CY2022Q4 asmb Fair Value Assets Between Levels Transfers Amount
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CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2023Q3 asmb Accrued Restructuring Charges Current
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0
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CY2023Q3 us-gaap Accrued Professional Fees Current
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490000
CY2023Q3 us-gaap Accrued Liabilities Current
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3886000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7317000
CY2022Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.30
CY2023Q3 asmb Cumulative Restructuring Charges
CumulativeRestructuringCharges
1100000
CY2022Q3 us-gaap Severance Costs1
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CY2022Q3 asmb Restructuring One Time Termination Cost
RestructuringOneTimeTerminationCost
800000
CY2022Q3 asmb Restructuring Costs Reversal Of Stock Based Compensation Expense
RestructuringCostsReversalOfStockBasedCompensationExpense
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CY2023Q3 us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
RestructuringCharges
0
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
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us-gaap Restructuring Charges
RestructuringCharges
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asmb Schedule Of Accrued Restructuring Charges Table Textblock
ScheduleOfAccruedRestructuringChargesTableTextblock
<p style="text-indent:0;font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">A summary of accrued restructuring charges, included as a component of other accrued expenses on the Company's condensed consolidated balance sheet as of </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">September 30, 2023, is as follows (in thousands):</span></p><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="white-space:pre-wrap;font-size:6pt;font-family:Times New Roman;min-width:fit-content;"> </span></p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:67.783%;"></td> <td style="width:2.771%;"></td> <td style="width:1%;"></td> <td style="width:27.446%;"></td> <td style="width:1%;"></td> </tr> <tr style="height:10pt;"> <td style="background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Accrued balance as of December 31, 2022</span></p></td> <td style="background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> <td style="background-color:#cef1fe;word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span></p></td> <td style="background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">599</span></p></td> <td style="background-color:#cef1fe;word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10pt;"> <td style="background-color:#ffffff;text-indent:10pt;word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="margin-left:10pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Reductions for cash payments</span></p></td> <td style="background-color:#ffffff;text-indent:10pt;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="margin-left:10pt;text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> <td style="background-color:#ffffff;word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> <td style="background-color:#ffffff;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">599</span></p></td> <td style="background-color:#ffffff;word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">)</span></p></td> </tr> <tr style="height:10pt;"> <td style="background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Accrued balance as of September 30, 2023</span></p></td> <td style="background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> <td style="border-top:0.5pt solid #000000;background-color:#cef1fe;word-break:break-word;white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span></p></td> <td style="border-top:0.5pt solid #000000;background-color:#cef1fe;word-break:break-word;white-space:pre-wrap;vertical-align:bottom;border-bottom:2.25pt double #000000;text-align:center;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:right;"><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">—</span></p></td> <td style="border-top:0.5pt solid #000000;background-color:#cef1fe;word-break:break-word;white-space:nowrap;vertical-align:bottom;border-bottom:2.25pt double #000000;"><p style="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p></td> </tr> </table>
CY2022Q4 asmb Accrued Restructuring Charges Current
AccruedRestructuringChargesCurrent
599000
us-gaap Payments For Restructuring
PaymentsForRestructuring
599000
CY2023Q3 asmb Accrued Restructuring Charges Current
AccruedRestructuringChargesCurrent
0
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1135000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1556000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4160000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4580000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
3700000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y6M
CY2023Q3 asmb Share Based Compensation Arrangement Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementFairValueAssumptionsExercisePrice
0.98
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q3 us-gaap Purchase Commitment Remaining Minimum Amount Committed
PurchaseCommitmentRemainingMinimumAmountCommitted
800000
asmb Milestone Payment Diligence Maintenance Fees
MilestonePaymentDiligenceMaintenanceFees
100000
asmb Milestone Payment Diligence Maintenance Fees
MilestonePaymentDiligenceMaintenanceFees
100000
CY2023Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P24M
CY2023Q3 asmb Monthly Sublease Base Rent
MonthlySubleaseBaseRent
100000
CY2023Q3 asmb Lessee Operating Lease Lease Not Yet Commenced Payments Due
LesseeOperatingLeaseLeaseNotYetCommencedPaymentsDue
2600000
CY2023Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Option To Extend
LesseeOperatingLeaseLeaseNotYetCommencedOptionToExtend
The Company has the option to extend the sublease through September 30, 2029.
CY2023Q3 us-gaap Lessee Operating Lease Lease Not Yet Commenced Existence Of Option To Extend
LesseeOperatingLeaseLeaseNotYetCommencedExistenceOfOptionToExtend
true
CY2023Q3 asmb Lessee Operating Lease Lease Not Yet Commenced Right Of Use Asset
LesseeOperatingLeaseLeaseNotYetCommencedRightOfUseAsset
0
CY2023Q3 asmb Lessee Operating Lease Lease Not Yet Commenced Lease Liability
LesseeOperatingLeaseLeaseNotYetCommencedLeaseLiability
0

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