2020 Q1 Form 10-Q Financial Statement
#000156459020024729 Filed on May 12, 2020
Income Statement
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
Revenue | $8.065M | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $2.590M | $2.530M |
YoY Change | 2.37% | -37.84% |
% of Gross Profit | ||
Research & Development | $3.620M | $3.350M |
YoY Change | 8.06% | -45.53% |
% of Gross Profit | ||
Depreciation & Amortization | $157.0K | $167.0K |
YoY Change | -5.99% | -9.24% |
% of Gross Profit | ||
Operating Expenses | $6.206M | $5.877M |
YoY Change | 5.6% | -42.5% |
Operating Profit | -$5.877M | |
YoY Change | ||
Interest Expense | ||
YoY Change | ||
% of Operating Profit | ||
Other Income/Expense, Net | -$110.0K | -$260.0K |
YoY Change | -57.69% | -41.83% |
Pretax Income | $1.750M | -$6.140M |
YoY Change | -128.5% | -42.46% |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | $1.752M | -$6.137M |
YoY Change | -128.55% | -42.47% |
Net Earnings / Revenue | 21.72% | |
Basic Earnings Per Share | $0.25 | -$2.54 |
Diluted Earnings Per Share | $0.25 | -$2.54 |
COMMON SHARES | ||
Basic Shares Outstanding | 6.882M | 2.419M |
Diluted Shares Outstanding | 6.885M | 2.419M |
Balance Sheet
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $49.80M | $43.00M |
YoY Change | 15.81% | -41.97% |
Cash & Equivalents | $39.45M | $13.00M |
Short-Term Investments | $10.40M | $30.10M |
Other Short-Term Assets | $500.0K | $1.100M |
YoY Change | -54.55% | -42.11% |
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $50.40M | $44.70M |
YoY Change | 12.75% | -41.18% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $3.900M | $5.000M |
YoY Change | -22.0% | 110.61% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $100.0K | $200.0K |
YoY Change | -50.0% | 122.22% |
Total Long-Term Assets | $4.000M | $5.200M |
YoY Change | -23.08% | 110.53% |
TOTAL ASSETS | ||
Total Short-Term Assets | $50.40M | $44.70M |
Total Long-Term Assets | $4.000M | $5.200M |
Total Assets | $54.40M | $49.90M |
YoY Change | 9.02% | -36.41% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $700.0K | $800.0K |
YoY Change | -12.5% | -45.28% |
Accrued Expenses | $2.700M | $1.900M |
YoY Change | 42.11% | -24.99% |
Deferred Revenue | $143.0K | $630.0K |
YoY Change | -77.3% | |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $6.866M | $7.800M |
YoY Change | -11.97% | 11.0% |
Total Short-Term Liabilities | $10.45M | $11.20M |
YoY Change | -6.74% | 1.61% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $6.400M |
YoY Change | -100.0% | -50.58% |
Other Long-Term Liabilities | $2.000M | $2.800M |
YoY Change | -28.57% | |
Total Long-Term Liabilities | $2.000M | $9.200M |
YoY Change | -78.26% | -28.96% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $10.45M | $11.20M |
Total Long-Term Liabilities | $2.000M | $9.200M |
Total Liabilities | $12.30M | $20.40M |
YoY Change | -39.71% | -14.9% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | ||
YoY Change | ||
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $42.10M | $29.49M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $54.45M | $49.90M |
YoY Change | 9.11% | -36.43% |
Cashflow Statement
Concept | 2020 Q1 | 2019 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $1.752M | -$6.137M |
YoY Change | -128.55% | -42.47% |
Depreciation, Depletion And Amortization | $157.0K | $167.0K |
YoY Change | -5.99% | -9.24% |
Cash From Operating Activities | $2.058M | -$6.023M |
YoY Change | -134.17% | -43.06% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $166.0K | $10.00K |
YoY Change | 1560.0% | -97.99% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $11.57M | -$3.350M |
YoY Change | -445.37% | -128.13% |
Cash From Investing Activities | $11.41M | -$3.355M |
YoY Change | -439.97% | -129.39% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | 16.78M | -619.0K |
YoY Change | -2810.66% | -7837.5% |
NET CHANGE | ||
Cash From Operating Activities | 2.058M | -6.023M |
Cash From Investing Activities | 11.41M | -3.355M |
Cash From Financing Activities | 16.78M | -619.0K |
Net Change In Cash | 30.24M | -9.997M |
YoY Change | -402.52% | -1283.08% |
FREE CASH FLOW | ||
Cash From Operating Activities | $2.058M | -$6.023M |
Capital Expenditures | $166.0K | $10.00K |
Free Cash Flow | $1.892M | -$6.033M |
YoY Change | -131.36% | -45.53% |
Facts In Submission
Frame | Concept Type | Concept / XBRL Key | Value | Unit |
---|---|---|---|---|
CY2020Q1 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
|
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CY2019Q4 | us-gaap |
Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2019Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
755000 | |
CY2020Q1 | us-gaap |
Long Term Debt Current
LongTermDebtCurrent
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6866000 | |
CY2020Q1 | us-gaap |
Liabilities Current
LiabilitiesCurrent
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10445000 | |
CY2020Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
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2035000 | |
CY2020Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
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CY2019Q4 | us-gaap |
Preferred Stock Value
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2000 | |
CY2020Q1 | us-gaap |
Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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8065000 | |
CY2020Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
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CY2020Q1 | us-gaap |
Gain Loss On Sale Of Property Plant Equipment
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-6000 | |
CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
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-97000 | |
CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
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-985000 | |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
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-6023000 | |
CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
10000 | |
CY2020Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
3081000 | |
CY2020Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
14650000 | |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
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|
11406000 | |
CY2019Q1 | life |
Proceeds From Issuance Of Common Stock Through At Market Offering Net Of Offering Costs
ProceedsFromIssuanceOfCommonStockThroughAtMarketOfferingNetOfOfferingCosts
|
1381000 | |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
16779000 | |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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30243000 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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9210000 | |
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Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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22962000 | |
CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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39453000 | |
CY2020Q1 | life |
Cash And Cash Equivalents And Available For Sale Investments
CashAndCashEquivalentsAndAvailableForSaleInvestments
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CY2019Q4 | us-gaap |
Common Stock Value
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4000 | |
CY2019Q4 | us-gaap |
Additional Paid In Capital
AdditionalPaidInCapital
|
343524000 | |
CY2019Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-40000 | |
CY2019Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-322304000 | |
CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
21186000 | |
CY2020Q1 | us-gaap |
Minority Interest
MinorityInterest
|
-161000 | |
CY2019Q4 | us-gaap |
Minority Interest
MinorityInterest
|
-160000 | |
CY2020Q1 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
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41967000 | |
CY2020Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
54447000 | |
CY2020Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2020Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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5000000 | |
CY2020Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
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0.001 | |
CY2020Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
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10714286 | |
CY2020Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
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9352498 | |
CY2020Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
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9352498 | |
CY2020Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
6206000 | |
CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
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-5877000 | |
CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-6137000 | |
CY2020Q1 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
-1000 | |
CY2019Q1 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.54 | |
CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2019Q1 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.54 | |
CY2019Q1 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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2418674 | |
CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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Issuance Of Common Stock From Underwritten Follow On Offering Net Of Offering Costs
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Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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423000 | |
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Stockholders Equity
StockholdersEquity
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33650000 | |
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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166000 | |
CY2019Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
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|
13995000 | |
CY2019Q1 | us-gaap |
Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
|
10650000 | |
CY2020Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
3000 | |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3355000 | |
CY2020Q1 | life |
Proceeds From Issuance Of Common Stock Through Underwritten Follow On Offering Net Of Offering Costs
ProceedsFromIssuanceOfCommonStockThroughUnderwrittenFollowOnOfferingNetOfOfferingCosts
|
18779000 | |
CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
29485000 | |
CY2020Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
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157000 | |
CY2019Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
167000 | |
CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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423000 | |
CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
571000 | |
CY2020Q1 | us-gaap |
Accretion Expense
AccretionExpense
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129000 | |
CY2019Q1 | us-gaap |
Accretion Expense
AccretionExpense
|
201000 | |
CY2020Q1 | us-gaap |
Repayments Of Debt
RepaymentsOfDebt
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2000000 | |
CY2019Q1 | us-gaap |
Repayments Of Debt
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2000000 | |
CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
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|
-619000 | |
CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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|
-9997000 | |
CY2019Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
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106000 | |
CY2020Q1 | life |
Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
|
201000 | |
CY2019Q1 | life |
Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
|
169000 | |
CY2019Q1 | life |
Increase Decrease In Collaboration Receivables
IncreaseDecreaseInCollaborationReceivables
|
630000 | |
CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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-236000 | |
CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-578000 | |
CY2020Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-65000 | |
CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
630000 | |
CY2020Q1 | life |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-179000 | |
CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
2058000 | |
CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:5%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed consolidated financial statements relate to the clinical trials and research and development expenses. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. Though the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty, we continue to use the best information available to us in our critical accounting estimates.</p> | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
38932 | |
CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
51.34 | |
CY2019Q2 | us-gaap |
Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
|
1-for-14 | |
CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
502004 | |
CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1471671 | |
CY2020Q1 | us-gaap |
Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions1
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositions1
|
10 | |
CY2020Q1 | us-gaap |
Available For Sale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Less Than One Year
AvailableForSaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsLessThanOneYear
|
4 | |
CY2020Q1 | life |
Upfront Payment Received
UpfrontPaymentReceived
|
8000000 | |
CY2020Q1 | us-gaap |
Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
|
Issuable in three separate tranches (the Term Loans), $10.0 million of which was funded in November 2016, $5.0 million of which was funded in June 2017 and $5.0 million of which was funded in December 2017. | |
CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
754000 | |
CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
1031000 | |
CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
1062000 | |
CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
404000 | |
CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
436000 | |
CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2815000 | |
CY2020Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
200000 | |
CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
200000 | |
CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P3Y2M12D | |
CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.096 | |
CY2020Q1 | us-gaap |
Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
|
714474 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
162434 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
4.51 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
111.43 | |
CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
30.38 |