2023 Q2 Form 10-Q Financial Statement

#000160062023000012 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $41.49M $34.41M
YoY Change 47.19% 59.12%
Cost Of Revenue $1.563M $421.0K
YoY Change -2.25% 64.45%
Gross Profit $39.93M $33.99M
YoY Change 50.16% 59.05%
Gross Profit Margin 96.23% 98.78%
Selling, General & Admin $47.08M $50.12M
YoY Change -8.64% 10.9%
% of Gross Profit 117.91% 147.48%
Research & Development $12.65M $13.16M
YoY Change 9.76% 4.26%
% of Gross Profit 31.68% 38.71%
Depreciation & Amortization $620.0K $623.0K
YoY Change -37.44% -9.32%
% of Gross Profit 1.55% 1.83%
Operating Expenses $56.10M $13.16M
YoY Change 386.78% 4.26%
Operating Profit -$16.17M -$29.58M
YoY Change -55.07% -21.9%
Interest Expense $4.036M $3.814M
YoY Change 735.61% 1355.73%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.13M -$25.77M
YoY Change -65.83% -31.5%
Income Tax -$642.0K $436.0K
% Of Pretax Income
Net Earnings -$11.49M -$26.21M
YoY Change -67.64% -30.36%
Net Earnings / Revenue -27.7% -76.16%
Basic Earnings Per Share -$0.08 -$0.18
Diluted Earnings Per Share -$0.08 -$0.18
COMMON SHARES
Basic Shares Outstanding 143.0M shares 142.6M shares
Diluted Shares Outstanding 142.8M shares 142.6M shares

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $350.7M $361.5M
YoY Change -10.47% -13.66%
Cash & Equivalents $81.71M $88.33M
Short-Term Investments $269.0M $272.5M
Other Short-Term Assets $12.54M $1.227M
YoY Change 1052.57% -69.06%
Inventory $33.16M $31.75M
Prepaid Expenses $11.33M $10.10M
Receivables $19.50M $19.05M
Other Receivables $0.00 $0.00
Total Short-Term Assets $415.9M $423.6M
YoY Change -8.23% -11.3%
LONG-TERM ASSETS
Property, Plant & Equipment $125.8M $3.842M
YoY Change 2907.22% -11.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.518M $13.36M
YoY Change -87.71% 12.83%
Total Long-Term Assets $133.0M $28.11M
YoY Change 359.31% -4.0%
TOTAL ASSETS
Total Short-Term Assets $415.9M $423.6M
Total Long-Term Assets $133.0M $28.11M
Total Assets $548.9M $451.8M
YoY Change 13.84% -10.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.808M $3.680M
YoY Change 485.63% 12.64%
Accrued Expenses $37.38M $32.17M
YoY Change 14.97% 6.99%
Deferred Revenue $3.228M $3.157M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $14.02M
YoY Change
Total Short-Term Liabilities $61.66M $42.05M
YoY Change 78.08% 24.26%
LONG-TERM LIABILITIES
Long-Term Debt $79.42M $0.00
YoY Change
Other Long-Term Liabilities $15.53M $12.30M
YoY Change -4.75% -29.31%
Total Long-Term Liabilities $94.95M $12.30M
YoY Change 482.5% -29.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $61.66M $42.05M
Total Long-Term Liabilities $94.95M $12.30M
Total Liabilities $156.6M $61.35M
YoY Change 168.26% 4.38%
SHAREHOLDERS EQUITY
Retained Earnings -$902.0M -$890.5M
YoY Change 8.77% 12.19%
Common Stock $98.83M $88.89M
YoY Change 33.55% 37.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $392.3M $390.4M
YoY Change
Total Liabilities & Shareholders Equity $548.9M $451.8M
YoY Change 13.84% -10.88%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$11.49M -$26.21M
YoY Change -67.64% -30.36%
Depreciation, Depletion And Amortization $620.0K $623.0K
YoY Change -37.44% -9.32%
Cash From Operating Activities -$2.826M -$31.67M
YoY Change -89.86% -32.25%
INVESTING ACTIVITIES
Capital Expenditures $227.0K $509.0K
YoY Change -682.05% -744.3%
Acquisitions
YoY Change
Other Investing Activities -$5.381M $25.37M
YoY Change -111.78% -147.92%
Cash From Investing Activities -$5.608M $24.86M
YoY Change -112.29% -146.89%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.140M $1.639M
YoY Change -14.93% 304.69%
NET CHANGE
Cash From Operating Activities -2.826M -$31.67M
Cash From Investing Activities -5.608M $24.86M
Cash From Financing Activities 1.140M $1.639M
Net Change In Cash -7.294M -$5.171M
YoY Change -138.21% -94.8%
FREE CASH FLOW
Cash From Operating Activities -$2.826M -$31.67M
Capital Expenditures $227.0K $509.0K
Free Cash Flow -$3.053M -$32.18M
YoY Change -89.03% -31.05%

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<div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Major Customers:</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> The Company currently has two main customers for U.S. commercial sales of LUPKYNIS and a collaboration partnership with Otsuka for sales of semi-finished product in the Otsuka Territories. Revenues from the two main customers in the U.S. accounted in total of approximately 99% for the three months ended March 31, 2023 and March 31, 2022.</span></div><div style="margin-top:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In late March 2022, the Company provided a nominal additional discount to both of its two main U.S. customers, applicable for the 2022 calendar year, in connection with holding additional amounts of LUPKYNIS on hand due to supply chain concerns. In December 2022, the Company extended the nominal discount to the end of 2023. Such discounts, or any future discounts, may result in reduced sales to these customers in subsequent periods and substantial fluctuations in our revenues from period to period. The Company monitors economic conditions, the creditworthiness of customers and government regulations and funding, both domestically and abroad. The Company regularly communicates with its customers regarding the status of receivable balances. Global economic conditions and customer specific factors may require the Company to periodically reevaluate the collectability of its receivables and based on this evaluation the Company could potentially incur credit losses. The Company has had no historical write-offs related to our customers or receivables.</span></div>
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5350000 usd
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3680000 usd
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3087000 usd
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3194000 usd
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1060000 usd
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625000 usd
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35965000 usd
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CY2023Q1 us-gaap Net Income Loss
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-26206000 usd
CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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142641000 shares
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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20582000 shares
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0.71
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2022Q1 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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