2023 Q3 Form 10-Q Financial Statement

#000101247723000018 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q4
Revenue $7.014M $1.496M $0.00
YoY Change
Cost Of Revenue $117.0K $36.00K
YoY Change
Gross Profit $6.897M $1.460M
YoY Change
Gross Profit Margin 98.33% 97.59%
Selling, General & Admin $39.16M $46.78M $16.98M
YoY Change 177.8% 114.54% -19.24%
% of Gross Profit 567.75% 3203.97%
Research & Development $2.849M $4.223M $6.235M
YoY Change -2.86% -7.0% 195.5%
% of Gross Profit 41.31% 289.25%
Depreciation & Amortization $590.0K $601.0K $586.0K
YoY Change 47.13% 143.32% 191.54%
% of Gross Profit 8.55% 41.16%
Operating Expenses $42.01M $51.00M $23.22M
YoY Change 146.68% 93.59% 0.35%
Operating Profit -$35.11M -$49.54M
YoY Change 107.02% 65.48%
Interest Expense -$1.980M -$2.295M -$3.255M
YoY Change -44.44% -34.54% -21.64%
% of Operating Profit
Other Income/Expense, Net $900.0K $623.0K -$1.072M
YoY Change 100.89% 224.48% -265.94%
Pretax Income -$36.19M -$64.34M -$27.37M
YoY Change 80.24% 93.5% 2.71%
Income Tax $89.00K $90.00K $85.00K
% Of Pretax Income
Net Earnings -$36.27M -$64.43M -$27.45M
YoY Change 80.06% 1.56% 23.09%
Net Earnings / Revenue -517.17% -4306.95%
Basic Earnings Per Share -$0.41 -$0.83
Diluted Earnings Per Share -$0.41 -$0.83 -$0.44
COMMON SHARES
Basic Shares Outstanding 89.37M shares 76.77M shares 61.78M shares
Diluted Shares Outstanding 89.38M shares 77.25M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $153.2M $160.5M $96.50M
YoY Change 43.88% 54.16% -38.62%
Cash & Equivalents $51.81M $49.99M $73.98M
Short-Term Investments $101.4M $110.5M $22.52M
Other Short-Term Assets $779.0K $6.463M $228.0K
YoY Change 37.39% 3083.74% -15.87%
Inventory $5.286M $1.439M $0.00
Prepaid Expenses $5.504M $5.716M $1.523M
Receivables $6.239M $1.775M $276.0K
Other Receivables $1.300M $1.043M $2.317M
Total Short-Term Assets $172.3M $171.2M $100.8M
YoY Change 52.14% 36.21% -47.61%
LONG-TERM ASSETS
Property, Plant & Equipment $648.0K $1.950M $839.0K
YoY Change -27.68% 673.81% 194.39%
Goodwill $16.84M $16.84M $16.84M
YoY Change 0.0% 0.0% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $10.15M $10.54M $11.32M
YoY Change -13.41% -10.45% -66.48%
Total Long-Term Assets $30.85M $29.75M $31.94M
YoY Change -5.2% -7.69% -41.69%
TOTAL ASSETS
Total Short-Term Assets $172.3M $171.2M $100.8M
Total Long-Term Assets $30.85M $29.75M $31.94M
Total Assets $203.1M $201.0M $132.8M
YoY Change 39.34% 27.25% -46.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.26M $11.79M $7.890M
YoY Change 435.01% 61.05% 2.75%
Accrued Expenses $17.96M $18.59M $7.334M
YoY Change 125.45% 92.14% 2.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $21.19M $20.85M $37.67M
YoY Change -19.44% -20.54%
Total Short-Term Liabilities $54.05M $51.50M $55.79M
YoY Change 30.22% 11.44% 165.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $91.61M
YoY Change -100.0% -100.0% -35.66%
Other Long-Term Liabilities $5.818M $6.282M $5.743M
YoY Change 1.59% 9.9% 46.62%
Total Long-Term Liabilities $5.818M $6.282M $97.36M
YoY Change -94.97% -94.48% -33.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $54.05M $51.50M $55.79M
Total Long-Term Liabilities $5.818M $6.282M $97.36M
Total Liabilities $92.95M $57.78M $153.9M
YoY Change -41.24% -64.17% -8.93%
SHAREHOLDERS EQUITY
Retained Earnings -$716.7M -$680.4M -$585.2M
YoY Change 28.5% 26.56% 30.7%
Common Stock $852.8M $849.5M $590.4M
YoY Change 48.76% 51.53% 7.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $110.1M $143.2M -$21.15M
YoY Change
Total Liabilities & Shareholders Equity $203.1M $201.0M $132.8M
YoY Change 39.34% 27.25% -46.3%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q4
OPERATING ACTIVITIES
Net Income -$36.27M -$64.43M -$27.45M
YoY Change 80.06% 1.56% 23.09%
Depreciation, Depletion And Amortization $590.0K $601.0K $586.0K
YoY Change 47.13% 143.32% 191.54%
Cash From Operating Activities -$38.22M -$32.02M -$15.37M
YoY Change 461.81% 127.27% -31.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $9.820M -$92.91M $22.88M
YoY Change 203.09% -871.15% 49.31%
Cash From Investing Activities $9.820M -$92.91M $22.87M
YoY Change 289.06% -871.15% 49.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.46M 91.54M 6.622M
YoY Change 184.27% -2005.98%
NET CHANGE
Cash From Operating Activities -38.22M -32.02M -15.37M
Cash From Investing Activities 9.820M -92.91M 22.87M
Cash From Financing Activities 30.46M 91.54M 6.622M
Net Change In Cash 2.060M -33.39M 14.13M
YoY Change -67.99% 387.76% -296.65%
FREE CASH FLOW
Cash From Operating Activities -$38.22M -$32.02M -$15.37M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$38.22M -$15.37M
YoY Change 527.9% -31.72%

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Reclassifications<span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain reclassifications are made to prior year amounts whenever necessary to conform with the current year presentation. Certain reclassifications have been made to balances within </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Note 8: Other Assets and Liabilities</span> for the year ended December 31, 2022 to condense line items of the same nature into a single line.
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CY2022Q2 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
0 usd
CY2022Q2 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
0 usd
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
0 usd
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
308000 usd
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
1031000 usd
CY2023Q2 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
InventoryRawMaterialsAndSuppliesNetOfReserves
50000 usd
CY2023Q2 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
799000 usd
CY2023Q2 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
590000 usd
CY2023Q2 us-gaap Inventory Net
InventoryNet
1439000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
0 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
336000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1019000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
20851000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
37668000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
91614000 usd
CY2023Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
2295000 usd
CY2022Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
3506000 usd
CY2023Q2 avdl Coupon Interest Expense
CouponInterestExpense
1708000 usd
CY2022Q2 avdl Coupon Interest Expense
CouponInterestExpense
1589000 usd
CY2023Q2 avdl Operating Lease Right Of Use Asset Contract Manufacturing Noncurrent
OperatingLeaseRightOfUseAssetContractManufacturingNoncurrent
10098000 usd
CY2022Q2 us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
1917000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
5554000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
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avdl Coupon Interest Expense
CouponInterestExpense
3094000 usd
avdl Coupon Interest Expense
CouponInterestExpense
3206000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2460000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2229000 usd
CY2022Q2 avdl Debt Instrument Convertible Embedded Conversion Feature Increase Decrease
DebtInstrumentConvertibleEmbeddedConversionFeatureIncreaseDecrease
5508000 usd
CY2022Q2 avdl Adjustments To Additional Paid In Capital Adjustments In Fair Value Of Convertible Debt Conversion Feature
AdjustmentsToAdditionalPaidInCapitalAdjustmentsInFairValueOfConvertibleDebtConversionFeature
5508000 usd
CY2022Q2 avdl Debt Instrument Convertible Embedded Conversion Feature Increase Decrease
DebtInstrumentConvertibleEmbeddedConversionFeatureIncreaseDecrease
5508000 usd
CY2018Q1 avdl American Depository Shares Conversion Ratio
AmericanDepositorySharesConversionRatio
92.6956 rate
CY2023Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-13129000 usd
CY2023Q2 avdl American Depository Shares Conversion Ratio
AmericanDepositorySharesConversionRatio
116.1846 rate
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2023Q2 us-gaap Debt Conversion Converted Instrument Shares Issued1
DebtConversionConvertedInstrumentSharesIssued1
12347 shares
CY2023Q2 us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
1470000 usd
CY2023Q1 avdl Royalty Financing Quarterly Net Revenue Target
RoyaltyFinancingQuarterlyNetRevenueTarget
25000000 usd
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
90000 usd
CY2023Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
30193000 usd
CY2022Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.908
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-490000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.005
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.404
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
5716000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1523000 usd
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
504000 usd
CY2023Q2 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
69000 usd
CY2022Q4 us-gaap Income Taxes Receivable
IncomeTaxesReceivable
69000 usd
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6532000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2096000 usd
CY2022Q4 avdl Operating Lease Right Of Use Asset Contract Manufacturing Noncurrent
OperatingLeaseRightOfUseAssetContractManufacturingNoncurrent
10686000 usd
CY2023Q2 avdl Other Noncurrent Receivables
OtherNoncurrentReceivables
442000 usd
CY2022Q4 avdl Other Noncurrent Receivables
OtherNoncurrentReceivables
636000 usd
CY2023Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
10540000 usd
CY2022Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
11322000 usd
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
12662000 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4040000 usd
CY2023Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
4405000 usd
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1613000 usd
CY2023Q2 avdl Accrued Trade Discounts And Rebates
AccruedTradeDiscountsAndRebates
280000 usd
CY2022Q4 avdl Accrued Trade Discounts And Rebates
AccruedTradeDiscountsAndRebates
0 usd
CY2023Q2 avdl Accrued Outsource Contract Costs
AccruedOutsourceContractCosts
182000 usd
CY2022Q4 avdl Accrued Outsource Contract Costs
AccruedOutsourceContractCosts
1208000 usd
CY2023Q2 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
53000 usd
CY2022Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
473000 usd
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17582000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7334000 usd
CY2023Q2 avdl Other Liabilities Miscellaneous Current
OtherLiabilitiesMiscellaneousCurrent
275000 usd
CY2022Q4 avdl Other Liabilities Miscellaneous Current
OtherLiabilitiesMiscellaneousCurrent
292000 usd
CY2023Q2 avdl Accrued Interest Current
AccruedInterestCurrent
225000 usd
CY2022Q4 avdl Accrued Interest Current
AccruedInterestCurrent
1649000 usd
CY2023Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
500000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1941000 usd
CY2023Q2 avdl Tax Liabilities And Other Noncurrent Liabilities
TaxLiabilitiesAndOtherNoncurrentLiabilities
5420000 usd
CY2022Q4 avdl Tax Liabilities And Other Noncurrent Liabilities
TaxLiabilitiesAndOtherNoncurrentLiabilities
5246000 usd
CY2023Q2 us-gaap Guaranty Liabilities
GuarantyLiabilities
372000 usd
CY2022Q4 us-gaap Guaranty Liabilities
GuarantyLiabilities
497000 usd
CY2023Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5792000 usd
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
5743000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-64432000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-63444000 usd
us-gaap Net Income Loss
NetIncomeLoss
-95216000 usd
us-gaap Net Income Loss
NetIncomeLoss
-89868000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
77246000 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
59037000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70603000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
58931000 shares
CY2023Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2022Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
77246000 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
59037000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70603000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
58931000 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.83
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.35
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.52
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.83
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.07
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.35
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.52
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2212000 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
22455000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6813000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19042000 shares
CY2023Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
CY2022Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
330000 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 usd
avdl Percentage Of Royalty Payable On Net Sales
PercentageOfRoyaltyPayableOnNetSales
0.15
CY2023Q2 us-gaap Guarantee Obligations Current Carrying Value
GuaranteeObligationsCurrentCarryingValue
639000 usd
CY2023Q2 avdl Guarantee Asset Current Carrying Value
GuaranteeAssetCurrentCarryingValue
633000 usd
CY2023Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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