2020 Q4 Form 10-K Financial Statement

#000143774921007756 Filed on March 31, 2021

View on sec.gov

Income Statement

Concept 2020 Q4 2019 Q4 2019
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.870M $1.720M $10.62M
YoY Change 8.72% 36.51% 47.09%
% of Gross Profit
Research & Development $2.360M $900.0K $6.645M
YoY Change 162.22% 5.88% 57.85%
% of Gross Profit
Depreciation & Amortization $10.00K $10.00K $52.79K
YoY Change 0.0% 0.0% 19.44%
% of Gross Profit
Operating Expenses $4.230M $2.620M $17.27M
YoY Change 61.45% 24.17% 51.0%
Operating Profit -$17.27M
YoY Change 51.0%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$3.260M $0.00 $25.65K
YoY Change -100.0% -12.46%
Pretax Income -$7.480M -$2.620M -$17.24M
YoY Change 185.5% 25.96% 51.16%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.480M -$2.620M -$17.24M
YoY Change 185.5% 25.96% 51.16%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$446.6K -$286.7K -$2.028M
COMMON SHARES
Basic Shares Outstanding 9.131M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.60M $12.60M $12.58M
YoY Change 214.29% 21.15% 21.19%
Cash & Equivalents $39.55M $12.58M $12.58M
Short-Term Investments
Other Short-Term Assets $657.0K $26.13K $1.000M
YoY Change 2414.35% -15.55% 53.85%
Inventory
Prepaid Expenses $1.814M $862.3K
Receivables
Other Receivables
Total Short-Term Assets $42.77M $14.32M $14.32M
YoY Change 198.69% 23.98% 23.98%
LONG-TERM ASSETS
Property, Plant & Equipment $21.00K $34.35K $80.00K
YoY Change -38.86% -36.96% 60.0%
Goodwill
YoY Change
Intangibles $41.00K $173.5K
YoY Change -76.37% -9.64%
Long-Term Investments
YoY Change
Other Assets $17.00K $17.22K $20.00K
YoY Change -1.27% 0.0% 0.0%
Total Long-Term Assets $69.00K $170.6K $170.0K
YoY Change -59.55% -0.29% 0.0%
TOTAL ASSETS
Total Short-Term Assets $42.77M $14.32M $14.32M
Total Long-Term Assets $69.00K $170.6K $170.0K
Total Assets $42.84M $14.49M $14.49M
YoY Change 195.65% 23.63% 23.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.589M $293.2K $290.0K
YoY Change 442.0% -17.03% -17.14%
Accrued Expenses $93.00K $77.89K $1.020M
YoY Change 19.4% -56.01% -8.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $15.67M $1.323M $1.320M
YoY Change 1084.74% -54.63% -54.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $10.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $15.67M $1.323M $1.320M
Total Long-Term Liabilities $0.00 $0.00 $10.00K
Total Liabilities $15.67M $1.334M $1.330M
YoY Change 1074.87% -54.25% -54.45%
SHAREHOLDERS EQUITY
Retained Earnings -$111.9M -$94.07M
YoY Change 18.95% 22.44%
Common Stock $138.4M $106.6M
YoY Change 29.93% 27.98%
Preferred Stock $671.0K
YoY Change -71.79%
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.17M $13.16M $13.16M
YoY Change
Total Liabilities & Shareholders Equity $42.84M $14.49M $14.49M
YoY Change 195.65% 23.63% 23.63%

Cashflow Statement

Concept 2020 Q4 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$7.480M -$2.620M -$17.24M
YoY Change 185.5% 25.96% 51.16%
Depreciation, Depletion And Amortization $10.00K $10.00K $52.79K
YoY Change 0.0% 0.0% 19.44%
Cash From Operating Activities -$3.430M -$2.710M -$9.128M
YoY Change 26.57% 11.07% 1.86%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $7.625K
YoY Change -100.0% -93.12%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 -$7.625K
YoY Change -100.0% -93.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.88M 0.000 11.34M
YoY Change -7.76%
NET CHANGE
Cash From Operating Activities -3.430M -2.710M -9.128M
Cash From Investing Activities 0.000 0.000 -7.625K
Cash From Financing Activities 33.88M 0.000 11.34M
Net Change In Cash 30.45M -2.710M 2.201M
YoY Change -1223.62% 8.4% -31.62%
FREE CASH FLOW
Cash From Operating Activities -$3.430M -$2.710M -$9.128M
Capital Expenditures $0.00 $0.00 $7.625K
Free Cash Flow -$3.430M -$2.710M -$9.136M
YoY Change 26.57% 13.87% 0.7%

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><div style="display: inline; font-weight: bold;"><div style="display: inline;" title="notes"></div>NOTE <div style="display: inline; font-style: italic; font: inherit;">1:</div> NATURE OF OPERATIONS</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:0pt;margin-right:7.2pt;margin-top:0pt;text-align:left;text-indent:72pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 14.4pt 0pt 5.2pt; text-align: left; text-indent: 54pt;">On <div style="display: inline; font-style: italic; font: inherit;"> January 6, 2020, </div>we changed our corporate name from Atossa Genetics Inc. to Atossa Therapeutics, Inc. Atossa Therapeutics, Inc. (the &#x201c;Company&#x201d;) was incorporated on <div style="display: inline; font-style: italic; font: inherit;"> April 30, 2009, </div>in the State of Delaware. The Company was initially formed to develop and market medical devices, laboratory tests and therapeutics to address breast health conditions. The Company's fiscal year ends on <div style="display: inline; font-style: italic; font: inherit;"> December 31. </div>The Company is currently focused on development of its pharmaceuticals for the treatment of the novel coronavirus ("COVID-<div style="display: inline; font-style: italic; font: inherit;">19"</div>), breast cancer and other breast conditions.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:14.4pt;margin-top:0pt;text-align:left;text-indent:54pt;"><div style="display: inline; font-style: italic;">&nbsp;</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:7.2pt;margin-right:14.4pt;margin-top:0pt;text-align:left;text-indent:54pt;"><div style="display: inline; font-style: italic;">Impact of the Novel Coronavirus </div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:28.8pt;margin-right:14.4pt;margin-top:0pt;text-align:left;text-indent:28.8pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 14.4pt 0pt 7pt; text-align: left; text-indent: 55.8pt;">The continued spread of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic is affecting the United States and global economies and <div style="display: inline; font-style: italic; font: inherit;"> may </div>affect the Company's operations and those of <div style="display: inline; font-style: italic; font: inherit;">third</div> parties on which the Company relies, including causing possible disruptions in the supply of the Company's Endoxifen, AT-<div style="display: inline; font-style: italic; font: inherit;">H201,</div> AT-<div style="display: inline; font-style: italic; font: inherit;">301</div> and the conduct of current and future clinical trials. In addition, the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic <div style="display: inline; font-style: italic; font: inherit;"> may </div>affect the operations of the U.S. Food and Drug Administration and other health authorities including similar entities/agencies in Sweden and Australia, which could result in delays in meetings, reviews and approvals. The evolving COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic could also directly or indirectly impact the pace of enrollment in the Company's clinical trials for at least the next several months and possibly longer as patients <div style="display: inline; font-style: italic; font: inherit;"> may </div>avoid or <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be able to travel to healthcare facilities and physicians' offices except for a health emergency. Such facilities and offices <div style="display: inline; font-style: italic; font: inherit;"> may </div>also be required to focus limited resources on non-clinical trial activities, including treatment of COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> patients, and <div style="display: inline; font-style: italic; font: inherit;"> may </div><div style="display: inline; font-style: italic; font: inherit;">not</div> be available, in whole or in part, for clinical trial activities related to the Company's products under development. Additionally, while the potential economic impact brought by, and the duration of, the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic is difficult to assess or predict, the impact of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic on the global financial markets <div style="display: inline; font-style: italic; font: inherit;"> may </div>reduce the Company's ability to access capital, which could negatively impact the Company's short-term and long-term liquidity. The ultimate impact of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic is highly uncertain and subject to change. The Company does <div style="display: inline; font-style: italic; font: inherit;">not</div> yet know the full extent of potential delays or impacts on its business, financing or clinical trial activities or on healthcare systems or the global economy as a whole. However, these effects could have a material adverse impact on the Company's liquidity, capital resources, operations, financial position and business and those of the <div style="display: inline; font-style: italic; font: inherit;">third</div> parties on which we rely. The Company has <div style="display: inline; font-style: italic; font: inherit;">not</div> experienced any delay in drug supply for its ongoing and planned clinical studies, including studies of Endoxifen, AT-<div style="display: inline; font-style: italic; font: inherit;">301</div> and AT-<div style="display: inline; font-style: italic; font: inherit;">H201.</div> The Company anticipates commencing the MBD Endoxifen trial soon after receiving all necessary regulatory approvals; subject to COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> related restrictions that are in place in Stockholm being lifted which could take several months or longer. The Company will continue to monitor future enrollment in studies for potential restrictions on site visits, mammograms or the impositions of new restrictions on trials as a result of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> pandemic.</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 45pt;">In response to the Coronavirus pandemic, the Coronavirus Aid, Relief and Economic Security Act (&#x201c;CARES Act&#x201d;) was signed into law on <div style="display: inline; font-style: italic; font: inherit;"> March 27, 2020.&nbsp; </div>The CARES Act, among other things, includes provisions related to refundable payroll tax credits, deferment of employer side social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations, increased limitations on&nbsp;qualified charitable contributions, and technical corrections to tax depreciation methods for qualified improvement property.&nbsp; The CARES Act had <div style="display: inline; font-style: italic; font: inherit;">no</div> material impact on the Company's income tax provision for the&nbsp;year ended <div style="display: inline; font-style: italic; font: inherit;"> December&nbsp;</div><div style="display: inline; font-style: italic; font: inherit;">31,</div> <div style="display: inline; font-style: italic; font: inherit;">2020.</div>&nbsp; The Company continues to examine the elements of the CARES Act and the impact it <div style="display: inline; font-style: italic; font: inherit;"> may </div>have on its financial position, results of operations and cash flows.</div></div>
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