2023 Q1 Form 10-K Financial Statement

#000143774923007531 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.590M $3.152M $12.61M
YoY Change 10.5% 5.03% 11.47%
% of Gross Profit
Research & Development $3.508M $4.986M $15.08M
YoY Change 134.02% 172.95% 63.77%
% of Gross Profit
Depreciation & Amortization $3.000K $2.000K $8.000K
YoY Change 50.0% 15.61% -65.22%
% of Gross Profit
Operating Expenses $7.098M $8.138M $27.69M
YoY Change 49.53% 68.56% 34.94%
Operating Profit -$7.098M -$27.69M
YoY Change 49.53% 34.94%
Interest Expense $821.0K $869.0K $755.0K
YoY Change -2931.03%
% of Operating Profit
Other Income/Expense, Net -$33.00K -$222.0K -$146.0K
YoY Change -15.38% 6015.7% 71.76%
Pretax Income -$6.281M -$7.491M -$26.96M
YoY Change 31.24% 55.04% 30.84%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.281M -$7.491M -$26.96M
YoY Change 31.26% 55.04% 30.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.21
Diluted Earnings Per Share -$0.05 -$0.06 -$0.21
COMMON SHARES
Basic Shares Outstanding 126.6M 126.6M 126.6M
Diluted Shares Outstanding 126.6M 126.6M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $103.9M $110.9M $110.9M
YoY Change -21.0% -18.69% -18.69%
Cash & Equivalents $103.9M $110.9M $110.9M
Short-Term Investments
Other Short-Term Assets $858.0K $2.423M $6.564M
YoY Change 20.85% 103.1% 73.15%
Inventory
Prepaid Expenses $5.295M $4.031M
Receivables
Other Receivables
Total Short-Term Assets $110.9M $118.2M $118.2M
YoY Change -18.98% -16.31% -16.31%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $4.700M $4.700M $4.700M
YoY Change
Other Assets $631.0K $635.0K $635.0K
YoY Change 0.16% 2786.36% 31650.0%
Total Long-Term Assets $5.331M $5.335M $5.335M
YoY Change 746.19% 24150.0% 24150.0%
TOTAL ASSETS
Total Short-Term Assets $110.9M $118.2M $118.2M
Total Long-Term Assets $5.331M $5.335M $5.335M
Total Assets $116.2M $123.5M $123.5M
YoY Change -15.48% -12.55% -12.55%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.444M $2.965M $2.965M
YoY Change -9.52% 72.68% 72.68%
Accrued Expenses $613.0K $1.059M $2.584M
YoY Change 410.83% 419.12% 86.17%
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 $2.944M $5.568M $5.568M
YoY Change 26.79% 78.12% 78.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.944M $5.568M $5.568M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.944M $5.568M $5.568M
YoY Change 26.79% 78.12% 78.12%
SHAREHOLDERS EQUITY
Retained Earnings -$162.5M -$156.2M
YoY Change 21.23% 20.86%
Common Stock $275.1M $273.6M
YoY Change 2.44% 2.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $113.3M $118.0M $118.0M
YoY Change
Total Liabilities & Shareholders Equity $116.2M $123.5M $123.5M
YoY Change -15.48% -12.55% -12.55%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$6.281M -$7.491M -$26.96M
YoY Change 31.26% 55.04% 30.84%
Depreciation, Depletion And Amortization $3.000K $2.000K $8.000K
YoY Change 50.0% 15.61% -65.22%
Cash From Operating Activities -$7.022M -$4.523M -$20.76M
YoY Change 43.95% 23.4% 26.03%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $8.000K $27.00K
YoY Change -100.0% 1900.0% 200.0%
Acquisitions
YoY Change
Other Investing Activities -$2.000M -$4.700M
YoY Change
Cash From Investing Activities $0.00 -$2.008M -$4.727M
YoY Change -100.0% -502100.0% 52422.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 0.000 $0.00
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -$7.022M -4.523M -$20.76M
Cash From Investing Activities $0.00 -2.008M -$4.727M
Cash From Financing Activities $0.00 0.000 $0.00
Net Change In Cash -$7.022M -6.531M -$25.49M
YoY Change 43.57% 78.23% -126.32%
FREE CASH FLOW
Cash From Operating Activities -$7.022M -$4.523M -$20.76M
Capital Expenditures $0.00 $8.000K $27.00K
Free Cash Flow -$7.022M -$4.531M -$20.79M
YoY Change 43.57% 23.6% 26.13%

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:justify;"><b><a href="#" id="notes" title="notes"/>NOTE <em style="font: inherit;">1:</em> NATURE OF OPERATIONS</b></p> <p 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;"> </p> <p 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;">Atossa Therapeutics, Inc. (the Company) was incorporated on <em style="font: inherit;"> April 30, 2009, </em>in the State of Delaware to develop and market medical devices, laboratory tests and therapeutics to address breast health conditions. The Company is currently focused on developing proprietary innovative medicines in areas of significant unmet medical need in oncology, with a current focus on breast cancer and other breast conditions. The Company's fiscal year ends on <em style="font: inherit;"> December 31.</em></p> <p 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;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 6pt; text-indent: 54pt;"><b><i>Impact of the Ongoing Coronavirus Pandemic </i> </b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 7pt; text-indent: 54pt;">The ongoing COVID-<em style="font: inherit;">19</em> pandemic <em style="font: inherit;"> may </em>affect the Company’s operations and those of <em style="font: inherit;">third</em>-parties on which the Company relies, including causing possible disruptions in the supply of the Company’s (Z)-endoxifen, AT-<em style="font: inherit;">H201</em> and the pace of enrollment in the Company’s clinical trials. In addition, the COVID-<em style="font: inherit;">19</em> pandemic <em style="font: inherit;"> may </em>affect the operations of the U.S. FDA and other health authorities, including similar entities/agencies in Sweden and Australia, which could result in delays in meetings, reviews and approvals. As the COVID-<em style="font: inherit;">19</em> pandemic reaches endemic stages, the extent to which it <em style="font: inherit;"> may </em>continue to impact the Company’s operations, including COVID-<em style="font: inherit;">19</em>-related delays or other impacts on the Company’s business, financing or clinical trial activities or on healthcare systems or the global economy as a whole, remains highly uncertain and difficult to predict; however, the Company has <em style="font: inherit;">not</em> experienced a significant delay in the enrollment or the drug supply for its ongoing and planned clinical studies, including studies of (Z)-endoxifen and AT-<em style="font: inherit;">H201.</em> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 14.4pt 0pt -4pt; text-align: left; text-indent: 54pt;"><i> </i></p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;"><b><i>Reclassification</i></b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;">Interest income has been reclassified from prior period amounts to conform to the current year presentation.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;"> </p>
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;"><i><b>Use of Estimates</b></i></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt 7.2pt;text-align:left;text-indent:36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt 7.2pt; text-align: left; text-indent: 54pt;">The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
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