2022 Q4 Form 10-Q Financial Statement

#000143774922026628 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $2.001M $2.252M $2.366M
YoY Change -16.73% -4.82% 2.78%
Cost Of Revenue $1.318M $1.462M $1.566M
YoY Change -22.06% -6.64% 2.69%
Gross Profit $683.0K $790.0K $800.0K
YoY Change -4.07% -1.25% 2.96%
Gross Profit Margin 34.13% 35.08% 33.81%
Selling, General & Admin $3.359M $3.384M $3.892M
YoY Change -13.2% -13.05% 12.45%
% of Gross Profit 491.8% 428.35% 486.5%
Research & Development $1.146M $1.086M $1.397M
YoY Change -18.03% -22.26% -1.41%
% of Gross Profit 167.79% 137.47% 174.63%
Depreciation & Amortization $63.00K $54.00K $158.0K
YoY Change -61.11% -65.82% -31.3%
% of Gross Profit 9.22% 6.84% 19.75%
Operating Expenses $4.505M $4.470M $5.289M
YoY Change -14.48% -15.48% 8.43%
Operating Profit -$3.822M -$3.680M -$4.489M
YoY Change -16.11% -18.02% 9.46%
Interest Expense -$379.0K $407.0K $419.0K
YoY Change -12.67% -2.86% -3.23%
% of Operating Profit
Other Income/Expense, Net $19.00K -$4.000K
YoY Change -416.67% -150.0%
Pretax Income -$4.182M -$4.087M -$4.912M
YoY Change -16.29% -16.8% 8.43%
Income Tax
% Of Pretax Income
Net Earnings -$5.311M -$4.087M -$4.912M
YoY Change 6.31% -16.8% 8.55%
Net Earnings / Revenue -265.42% -181.48% -207.61%
Basic Earnings Per Share -$0.77 -$1.25
Diluted Earnings Per Share -$0.70 -$601.2K -$1.030M
COMMON SHARES
Basic Shares Outstanding 7.436M 7.040M 95.35M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.60M $17.34M $23.08M
YoY Change -25.1% -24.85% -8.89%
Cash & Equivalents $14.60M $17.30M $23.10M
Short-Term Investments
Other Short-Term Assets $362.0K $652.0K $668.0K
YoY Change 20.67% -2.4% 28.46%
Inventory $4.965M $5.047M $4.519M
Prepaid Expenses
Receivables $1.057M $1.554M $1.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $20.99M $24.60M $29.67M
YoY Change -18.63% -17.09% -4.87%
LONG-TERM ASSETS
Property, Plant & Equipment $702.0K $574.0K $213.0K
YoY Change 638.95% 169.48% -77.39%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $312.0K $333.0K $452.0K
YoY Change -25.71% -26.33% -17.82%
Total Long-Term Assets $3.208M $3.356M $4.073M
YoY Change -13.16% -17.6% -29.3%
TOTAL ASSETS
Total Short-Term Assets $20.99M $24.60M $29.67M
Total Long-Term Assets $3.208M $3.356M $4.073M
Total Assets $24.20M $27.95M $33.74M
YoY Change -17.94% -17.15% -8.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $631.0K $612.0K $1.178M
YoY Change -54.73% -48.05% 86.39%
Accrued Expenses $657.0K $669.0K $791.0K
YoY Change -8.5% -15.42% 15.81%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.17M $0.00
YoY Change -100.0%
Total Short-Term Liabilities $17.95M $7.072M $7.439M
YoY Change 281.34% -4.93% -58.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $13.67M $11.85M
YoY Change -100.0% 15.31% 1202.53%
Other Long-Term Liabilities $1.001M $881.0K $431.0K
YoY Change 74.09% 104.41% 4688.89%
Total Long-Term Liabilities $1.001M $881.0K $431.0K
YoY Change 74.09% 104.41% 4688.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.95M $7.072M $7.439M
Total Long-Term Liabilities $1.001M $881.0K $431.0K
Total Liabilities $20.05M $23.01M $22.17M
YoY Change 1.45% 3.76% -1.42%
SHAREHOLDERS EQUITY
Retained Earnings -$402.4M -$398.2M -$379.8M
YoY Change 4.59% 4.84% 4.71%
Common Stock $406.5M $403.1M $391.3M
YoY Change 3.05% 3.02% 3.75%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.146M $4.946M $11.57M
YoY Change
Total Liabilities & Shareholders Equity $24.20M $27.95M $33.74M
YoY Change -17.94% -17.15% -8.68%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.311M -$4.087M -$4.912M
YoY Change 6.31% -16.8% 8.55%
Depreciation, Depletion And Amortization $63.00K $54.00K $158.0K
YoY Change -61.11% -65.82% -31.3%
Cash From Operating Activities -$2.717M -$3.496M -$3.622M
YoY Change -23.05% -3.48% 10.76%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $0.00 $0.00
YoY Change -225.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.00K $0.00 $0.00
YoY Change 25.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.000K 4.799M 0.000
YoY Change -94.12% -100.0%
NET CHANGE
Cash From Operating Activities -2.717M -3.496M -3.622M
Cash From Investing Activities -20.00K 0.000 0.000
Cash From Financing Activities -2.000K 4.799M 0.000
Net Change In Cash -2.739M 1.303M -3.622M
YoY Change -23.51% -135.97% -141.25%
FREE CASH FLOW
Cash From Operating Activities -$2.717M -$3.496M -$3.622M
Capital Expenditures $20.00K $0.00 $0.00
Free Cash Flow -$2.737M -$3.496M -$3.622M
YoY Change -22.13% -3.48%

Facts In Submission

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us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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us-gaap Adjustments To Additional Paid In Capital Dividends In Excess Of Retained Earnings
AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings
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NetIncomeLoss
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CY2022Q3 us-gaap Stockholders Equity
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
133000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
525000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
63000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
65000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
127000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
893000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
19497000 usd
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
22185000 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
17342000 usd
avgr Change In Rightofuse Asset
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102000 usd
us-gaap Inventory Write Down
InventoryWriteDown
156000 usd
us-gaap Inventory Write Down
InventoryWriteDown
97000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-3000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-2155000 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-0 usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
2353000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
198000 usd
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-82000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
1182000 usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
733000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
352000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
318000 usd
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
484000 usd
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
-49000 usd
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
122000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
306000 usd
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
431000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
31000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
18000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-31000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
11919000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13077000 usd
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23078000 usd
avgr Accretion Of Preferred Stock Dividends
AccretionOfPreferredStockDividends
3381000 usd
avgr Accretion Of Preferred Stock Dividends
AccretionOfPreferredStockDividends
3132000 usd
avgr Reclassification Of Right Of Use Asset To Prepaid Rent
ReclassificationOfRightOfUseAssetToPrepaidRent
-72000 usd
avgr Reclassification Of Right Of Use Asset To Prepaid Rent
ReclassificationOfRightOfUseAssetToPrepaidRent
-102000 usd
avgr Transfers Between Inventory And Property And Equipment
TransfersBetweenInventoryAndPropertyAndEquipment
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avgr Transfers Between Inventory And Property And Equipment
TransfersBetweenInventoryAndPropertyAndEquipment
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us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b><em style="font: inherit;">1.</em> Organization</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b>Organization, Nature of Business</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">Avinger, Inc. (the “Company”), a Delaware corporation, was incorporated in <em style="font: inherit;"> March </em><em style="font: inherit;">2007.</em> The Company designs, manufactures and sells image-guided, catheter-based systems that are used by physicians to treat patients with peripheral artery disease (“PAD”). Patients with PAD have a build-up of plaque in the arteries that supply blood to areas away from the heart, particularly the pelvis and legs. The Company manufactures and sells a suite of products in the United States (“U.S.”) and in select international markets. The Company has developed its Lumivascular platform, which integrates optical coherence tomography (<em style="font: inherit;"> “OCT”) </em>visualization with interventional catheters and is the industry’s only system that provides real-time intravascular imaging during the treatment portion of PAD procedures. The Company’s Lumivascular platform consists of a capital component, Lightbox consoles, as well as a variety of disposable catheter products. The Company’s current catheter products include Ocelot and Tigereye, which are designed to allow physicians to penetrate a total blockage in an artery, known as a chronic total occlusion (“CTO”). The Company also has image-guided atherectomy products, Pantheris and Pantheris SV, which are designed to allow physicians to precisely remove arterial plaque in PAD patients. The Company is in the process of developing next-generation CTO crossing devices to target coronary CTO markets. The Company is located in Redwood City, California.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b>Liquidity Matters</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">In the course of its activities, the Company has incurred losses and negative cash flows from operations since its inception. As of <em style="font: inherit;"> September 30, 2022, </em>the Company had an accumulated deficit of $398.2 million. The Company expects to incur losses for the foreseeable future. The Company believes that its cash and cash equivalents of $17.3 million at <em style="font: inherit;"> September 30, 2022 </em>and expected revenues from operations will be sufficient to allow the Company to fund its current operations partially through the <em style="font: inherit;">fourth</em> quarter of <em style="font: inherit;">2023.</em> The Company received net proceeds of approximately $4.4 million from the sale of its common stock in <em style="font: inherit;"> August 2022, </em>$0.8 million from the sale of its common stock under an At The Market Offering Agreement during the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2022, </em>$6.7 million from the <em style="font: inherit;"> January 2022 </em>Series D preferred stock equity financing and $13.0 million from the sale of its common stock in <em style="font: inherit;"> February 2021. </em>The Company <em style="font: inherit;"> may </em>seek to raise additional funds in future equity offerings to meet its operational needs and capital requirements for product development, clinical trials and commercialization or other strategic objectives.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">The Company can provide <em style="font: inherit;">no</em> assurance that it will be successful in raising funds pursuant to additional equity or debt financings or that such funds will be raised at prices that do <em style="font: inherit;">not</em> create substantial dilution for its existing stockholders. Given the volatility in the Company’s stock price, any financing that the Company <em style="font: inherit;"> may </em>undertake in the next <em style="font: inherit;">twelve</em> months could cause substantial dilution to its existing stockholders, and there can be <em style="font: inherit;">no</em> assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its various endeavors. In addition, the COVID-<em style="font: inherit;">19</em> pandemic and responses thereto have resulted in reduced consumer and investor confidence, instability in the credit and financial markets, volatile corporate profits, restrictions on elective medical procedures, and reduced business and consumer spending, which could increase the cost of capital and/or limit the availability of capital to the Company.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">If the Company is unable to raise additional capital in sufficient amounts or on terms acceptable to it, the Company <em style="font: inherit;"> may </em>have to significantly reduce its operations or delay, scale back or discontinue the development and sale of <em style="font: inherit;">one</em> or more of its products. The financial statements do <em style="font: inherit;">not</em> include any adjustments that might result from the outcome of this uncertainty. The Company’s ultimate success will largely depend on its continued development of innovative medical technologies, its ability to successfully commercialize its products and its ability to raise significant additional funding.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><b>Public Offerings</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><i>Past Offerings</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">On <em style="font: inherit;"> February 2, 2021, </em>under the shelf registration statement, the Company completed a bought deal offering of 500,000 shares of common stock at an offering price of $28.80 per share. As a result, the Company received aggregate net proceeds of approximately $13.0 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:9pt;"><i><em style="font: inherit;"> January 2022 </em>Offering</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">On <em style="font: inherit;"> January 14, 2022, </em>the Company entered into a securities purchase agreement with several institutional investors pursuant to which the Company agreed to sell and issue, in a registered direct offering (<em style="font: inherit;"> “January 2022 </em>Offering”), an aggregate of 7,600 shares of the Company’s Series D Convertible Preferred Stock, par value of $0.001 per share, at an offering price of $1,000 per share which was convertible into common stock at a conversion price of $8.00 per share. Concurrently, the Company agreed to issue to these investors warrants to purchase up to an aggregate of 807,500 shares of the Company’s common stock (the “Common Warrants”). As a result, the Company received aggregate net proceeds of approximately $6.7 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">The 807,500 Common Warrants have an exercise price of $9.60 per share and became exercisable beginning <em style="font: inherit;"> July 14, 2022. </em>The Common Warrants will expire <span style="-sec-ix-hidden:c90907233">five</span> years following the time they become exercisable, or <em style="font: inherit;"> July 14, 2027. </em>The Company also issued to the Placement Agent or its designees warrants to purchase up to an aggregate of 66,500 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants are subject to the same terms as the Common Warrants, except that the Placement Agent Warrants have an exercise price of $10.00 per share and a term of <span style="-sec-ix-hidden:c90907236">five</span> years from the commencement of the sales pursuant to the <em style="font: inherit;"> January 2022 </em>Offering, or <em style="font: inherit;"> January 12, 2027.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 8pt;"><i><em style="font: inherit;"> August 2022 </em>Offering</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">On <em style="font: inherit;"> August 4, 2022, </em>the Company entered into a securities purchase agreement with a single institutional investor for the issuance and sale of 1,484,019 shares of its common stock in a registered direct offering (“RD” or “Registered Direct”) at a purchase price of $1.752 per share, or pre-funded warrants in lieu thereof. In a concurrent private placement, the Company also agreed to issue and sell to the investor 1,369,864 shares of common stock at the same purchase price as in the registered direct offering, or pre-funded warrants in lieu thereof (“Private Placement” and together with the Registered Direct offering the <em style="font: inherit;"> “August 2022 </em>Offering”). As a result, the Company received aggregate net proceeds of approximately $4.4 million after underwriting discounts, commissions, legal and accounting fees, and other ancillary expenses.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">As a result, in the Registered Direct offering, the Company issued (i) 700,000 shares of common stock, (ii) and pre-funded warrants in lieu of common stock to purchase up to an aggregate of 784,019 shares of common stock (the “RD Pre-Funded Warrants”) and in the Private Placement, the Company issued pre-funded warrants to purchase up to an aggregate of 1,369,864 shares of common stock (the “Private Pre-Funded Warrants” and together with the RD Pre-Funded Warrants the <em style="font: inherit;"> “August 2022 </em>Pre-Funded Warrants”).</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">In addition, the Company issued to the investor in the <em style="font: inherit;"> August 2022 </em>Offering Series A preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock and Series B preferred investment options to purchase up to 2,853,883 additional shares of the Company’s common stock (the “Preferred Investment Options”). The Series A preferred investment options have an exercise price of $1.502 per share, are immediately exercisable, and will expire <span style="-sec-ix-hidden:c90907247">five</span> and <em style="font: inherit;">one</em>-half years from the date of issuance, or <em style="font: inherit;"> February 8, 2028, </em>and the Series B preferred investment options have an exercise price of $1.502 per share, are immediately exercisable, and will expire <span style="-sec-ix-hidden:c90907250">two</span> years from the date of issuance, or <em style="font: inherit;"> August 8, 2024. </em>The Company also issued to the Placement Agent or its designees preferred investment options to purchase up to an aggregate of 171,233 shares of common stock (the “Placement Agent Preferred Investment Options”). The Placement Agent Preferred Investment Options are subject to the same terms as the Preferred Investment Options, except that the Placement Agent Preferred Investment Options have an exercise price of $2.19 per share and a term of <span style="-sec-ix-hidden:c90907253">five</span> years from the commencement of the sales pursuant to the <em style="font: inherit;"> August 2022 </em>Offering, or <em style="font: inherit;"> August 3, 2027.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:9pt;"><i>At The Market Offering Agreement</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 9pt;text-indent:36pt;">On <em style="font: inherit;"> May 20, 2022, </em>the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright &amp; Co., LLC (the “Agent”), as sales agent, pursuant to which the Company <em style="font: inherit;"> may </em>offer and sell shares of common stock, par value $0.001 per share (the “Shares”) up to an aggregate offering price of $7,000,000 from time to time, in an at the market public offering. Sales of the Shares are to be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of 3.0% of the gross proceeds of any Shares sold under the ATM Agreement. The Shares sold under the ATM Agreement are offered and sold pursuant to the Company’s shelf registration statement on Form S-<em style="font: inherit;">3,</em> which was initially filed with the Securities and Exchange Commission (the “SEC”) on <em style="font: inherit;"> March 29, 2022 </em>and declared effective on <em style="font: inherit;"> April 7, 2022, </em>and a prospectus supplement and the accompanying prospectus relating to the At The Market Offering filed with the SEC on <em style="font: inherit;"> May 20, 2022. </em>During the quarter ended <em style="font: inherit;"> September 30, 2022, </em>the Company sold 259,137 shares of common stock at an average price of $1.56 per share for aggregate proceeds of $0.4 million, of which approximately $12,000 was paid in the form of commissions to the Agent. During the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2022, </em>the Company sold 585,603 shares of common stock pursuant to the ATM Agreement at an average price of $1.67 per share for aggregate proceeds of $1.0 million, of which approximately $29,000 was paid in the form of commissions to the Agent. Other than the ATM Agreement, the Company currently does <em style="font: inherit;">not</em> have any commitments to obtain additional funds. On <em style="font: inherit;"> August 3, 2022, </em>the Company suspended sales under the ATM Agreement. While the Company <em style="font: inherit;"> may </em>resume sales in the future, there can be <em style="font: inherit;">no</em> assurance that the Company will be successful in acquiring additional funding through these means.</p>
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
137000 usd
CY2021Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
231000 usd
CY2021Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
187000 usd
CY2020Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
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CY2022Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
6000 usd
CY2021Q3 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
5000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
10000 usd
us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
46000 usd
CY2022Q3 avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
34000 usd
CY2021Q3 avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
40000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
109000 usd
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
196000 usd
avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
88000 usd
avgr Product Warranty Accrual Payments And Release
ProductWarrantyAccrualPaymentsAndRelease
43000 usd
CY2022Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
109000 usd
CY2021Q3 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
196000 usd
CY2021Q4 us-gaap Inventory Net
InventoryNet
4601000 usd
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21933000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15548000 usd
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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6798000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4769000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5804000
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4704000
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2021Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.31
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5605361
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
205674
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2557846
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
209468
CY2022Q3 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2863000 usd
CY2021Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
2503000 usd
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
333000 usd
CY2021Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
1000 usd
CY2022Q3 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1851000 usd
CY2021Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
2097000 usd
CY2022Q3 us-gaap Inventory Net
InventoryNet
5047000 usd
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
3179000 usd
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
5800000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2Y2M12D
CY2021Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.065 pure
avgr Operating Lease Expense Excluding Maintenance Fee And Other Expense Monthly
OperatingLeaseExpenseExcludingMaintenanceFeeAndOtherExpenseMonthly
105000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
314000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
942000 usd
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
63000 usd
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
59000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
200000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
177000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
271000 usd
CY2021Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
256000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
802000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
758000 usd
CY2022Q3 us-gaap Prepaid Rent
PrepaidRent
86000 usd
CY2021Q4 us-gaap Prepaid Rent
PrepaidRent
158000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
293000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1203000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1138000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2634000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
185000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2449000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2449000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3179000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2449000 usd
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3179000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1065000 usd
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
985000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
1384000 usd
CY2021Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2194000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
2449000 usd
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
56451
us-gaap Preferred Stock Redemption Discount
PreferredStockRedemptionDiscount
5111000 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
7435644
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
26456895
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
132265
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
51582758
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8652148
CY2022Q3 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
8652148
CY2021Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
132265
CY2022Q3 us-gaap Share Price
SharePrice
1.15
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
39000 usd
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
239000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
127000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
960000 usd

Files In Submission

Name View Source Status
avgr-20220930_cal.xml Edgar Link unprocessable
0001437749-22-026628-index-headers.html Edgar Link pending
0001437749-22-026628-index.html Edgar Link pending
0001437749-22-026628.txt Edgar Link pending
0001437749-22-026628-xbrl.zip Edgar Link pending
avgr-20220930.xsd Edgar Link pending
avgr20220930_10q.htm Edgar Link pending
ex_442420.htm Edgar Link pending
ex_442421.htm Edgar Link pending
ex_442422.htm Edgar Link pending
ex_444647.htm Edgar Link pending
ex_444648.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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avgr-20220930_def.xml Edgar Link unprocessable
avgr-20220930_lab.xml Edgar Link unprocessable
avgr-20220930_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
avgr20220930_10q_htm.xml Edgar Link completed
R6.htm Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending