2020 Q3 Form 10-Q Financial Statement

#000155837020010231 Filed on August 10, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.330M $7.240M $2.450M
YoY Change 103.54% 195.51% 0.41%
% of Gross Profit
Research & Development $14.80M $10.54M $11.00M
YoY Change -6.57% -4.18% 98.25%
% of Gross Profit
Depreciation & Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
% of Gross Profit
Operating Expenses $21.13M $17.78M $13.45M
YoY Change 11.5% 32.2% 68.31%
Operating Profit -$21.13M -$17.78M -$13.45M
YoY Change 11.5% 32.2%
Interest Expense -$550.0K -$550.0K -$310.0K
YoY Change 66.67% 77.42% 6.9%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$22.92M -$18.33M -$13.76M
YoY Change 19.75% 33.21% 66.18%
Income Tax
% Of Pretax Income
Net Earnings -$22.92M -$18.33M -$13.76M
YoY Change 19.8% 33.17% 66.21%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$614.3K -$494.1K -$407.1K
COMMON SHARES
Basic Shares Outstanding 37.28M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $202.4M $190.7M $53.80M
YoY Change 364.22% 254.46% 163.73%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets $900.0K $100.0K $800.0K
YoY Change 50.0% -87.5% -33.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $203.3M $190.8M $54.60M
YoY Change 359.89% 249.49% 153.95%
LONG-TERM ASSETS
Property, Plant & Equipment $39.75K $30.42K $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $317.4K $139.9K $200.0K
YoY Change 58.69% -30.06% 100.0%
Total Long-Term Assets $357.1K $170.3K $200.0K
YoY Change 78.56% -14.85% 0.0%
TOTAL ASSETS
Total Short-Term Assets $203.3M $190.8M $54.60M
Total Long-Term Assets $357.1K $170.3K $200.0K
Total Assets $203.6M $191.0M $54.80M
YoY Change 358.62% 248.52% 152.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.32M $9.363M $6.100M
YoY Change 20.37% 53.5% 90.63%
Accrued Expenses $9.000M $7.100M $4.800M
YoY Change 7.14% 47.92% 60.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.547M $2.200M
YoY Change -100.0% 197.6% -33.33%
Total Short-Term Liabilities $20.34M $23.00M $13.10M
YoY Change 9.95% 75.59% 37.89%
LONG-TERM LIABILITIES
Long-Term Debt $48.03M $13.74M $17.40M
YoY Change 151.45% -21.01% 234.62%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $48.03M $13.74M $17.40M
YoY Change 151.45% -21.01% 234.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $20.34M $23.00M $13.10M
Total Long-Term Liabilities $48.03M $13.74M $17.40M
Total Liabilities $68.37M $36.75M $30.50M
YoY Change 81.83% 20.48% 107.48%
SHAREHOLDERS EQUITY
Retained Earnings -$249.6M -$226.7M
YoY Change
Common Stock $3.733K $3.726K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $135.3M $154.2M $24.28M
YoY Change
Total Liabilities & Shareholders Equity $203.6M $191.0M $54.80M
YoY Change 358.62% 248.52% 152.53%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$22.92M -$18.33M -$13.76M
YoY Change 19.8% 33.17% 66.21%
Depreciation, Depletion And Amortization $10.00K $0.00 $10.00K
YoY Change 0.0% -100.0% 0.0%
Cash From Operating Activities -$15.73M -$18.90M -$8.680M
YoY Change 47.98% 117.74% 13.17%
INVESTING ACTIVITIES
Capital Expenditures -$20.00K $0.00 -$10.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K $0.00 -$10.00K
YoY Change -100.0% 0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.42M 12.27M 19.83M
YoY Change 5173.08% -38.12% 1326.62%
NET CHANGE
Cash From Operating Activities -15.73M -18.90M -8.680M
Cash From Investing Activities -20.00K 0.000 -10.00K
Cash From Financing Activities 27.42M 12.27M 19.83M
Net Change In Cash 11.67M -6.630M 11.14M
YoY Change -215.43% -159.52% -277.11%
FREE CASH FLOW
Cash From Operating Activities -$15.73M -$18.90M -$8.680M
Capital Expenditures -$20.00K $0.00 -$10.00K
Free Cash Flow -$15.71M -$18.90M -$8.670M
YoY Change 47.79% 117.99% 13.19%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Management considers many factors in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these financial statements, management used significant estimates in the following areas, among others: stock-based compensation expense; the determination of the fair value of the warrants; the accounting for research and development costs; and the recoverability of the Company’s net deferred tax assets and related valuation allowance.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Concentration of Credit Risk</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"/>Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash. The Company maintains its cash at financial institutions, which at times, exceed federally insured limits. At June 30, 2020, the majority of the Company’s cash was held by one financial institution and the amount on deposit was in excess of Federal Deposit Insurance Corporation insurance limits. The Company has not recognized any losses from credit risks on such accounts since inception. The Company believes it is not exposed to significant credit risk on cash.</p>
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EmployeeRelatedLiabilitiesCurrent
2056356
CY2020Q2 us-gaap Other Accrued Liabilities Current
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CY2019Q4 us-gaap Other Accrued Liabilities Current
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683178
CY2020Q2 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
7091470
CY2019Q4 us-gaap Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
10949128
CY2019Q1 axsm Debt Instrument Number Of Loan Tranches
DebtInstrumentNumberOfLoanTranches
2
CY2016Q4 axsm Debt Instrument Prepayment Premium Percent Of Oustanding Principal Condition One
DebtInstrumentPrepaymentPremiumPercentOfOustandingPrincipalConditionOne
0.030
CY2016Q4 axsm Debt Instrument Prepayment Premium Condition One Term
DebtInstrumentPrepaymentPremiumConditionOneTerm
P2Y
CY2016Q4 axsm Debt Instrument Prepayment Premium Percent Of Oustanding Principal Condition Two
DebtInstrumentPrepaymentPremiumPercentOfOustandingPrincipalConditionTwo
0.020
CY2016Q4 axsm Debt Instrument Prepayment Premium Percent Of Oustanding Principal Condition Three
DebtInstrumentPrepaymentPremiumPercentOfOustandingPrincipalConditionThree
0.010
CY2020Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
379167
us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
758334
CY2019Q2 us-gaap Interest Expense Debt Excluding Amortization
InterestExpenseDebtExcludingAmortization
379166
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
119014
CY2019Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
126259
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
195924
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2020Q2 axsm Debtinstrument Accreted Liability Of Final Payment Fee
DebtinstrumentAccretedLiabilityOfFinalPaymentFee
642392
CY2019Q4 axsm Debtinstrument Accreted Liability Of Final Payment Fee
DebtinstrumentAccretedLiabilityOfFinalPaymentFee
404364
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
231404
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
DebtInstrumentUnamortizedDiscountNoncurrent
405071
CY2020Q2 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
6666667
CY2019Q4 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
2666667
CY2020Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
13744321
CY2019Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
17332626
CY2020Q2 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
6666667
CY2019Q4 axsm Long Term Debt Current Net Of Noncurrent Debt Discount
LongTermDebtCurrentNetOfNoncurrentDebtDiscount
2666667
CY2020Q2 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
119406
CY2019Q4 us-gaap Debt Instrument Unamortized Discount Current
DebtInstrumentUnamortizedDiscountCurrent
64375
CY2020Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
6547261
CY2019Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2602292
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
2666667
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8000000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
8000000
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
1333333
CY2020Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-18326992
CY2019Q2 us-gaap Net Income Loss
NetIncomeLoss
-13762214
us-gaap Net Income Loss
NetIncomeLoss
-50811138
us-gaap Net Income Loss
NetIncomeLoss
-24402590
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37100770
CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33801749
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
37081064
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
33429178
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.49
CY2019Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.37
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.73
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4166792
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3270873
CY2019Q2 axsm Common Stock Sales Agreement Authorized Amount
CommonStockSalesAgreementAuthorizedAmount
50000000
CY2019Q2 axsm Common Stock Sales Agreement Commission Percentage
CommonStockSalesAgreementCommissionPercentage
0.030
CY2019Q4 axsm Common Stock Sales Agreement Authorized Amount
CommonStockSalesAgreementAuthorizedAmount
80000000
CY2019Q4 axsm Common Stock Sales Agreement Commission Percentage
CommonStockSalesAgreementCommissionPercentage
0.030
axsm Common Stock Sales Agreement Gross Sales
CommonStockSalesAgreementGrossSales
12400000
us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
141678
axsm Common Stock Sales Agreement Net Sales
CommonStockSalesAgreementNetSales
12100000
axsm Equity Instrument Voting Rights Per Share
EquityInstrumentVotingRightsPerShare
1
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3458447
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.19
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
630135
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
53.75
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
80614
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
10.17
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
28361
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
14.23
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3979607
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.06
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y9M18D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
259886170
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3973438
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
17.08
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P7Y9M18D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
259386596
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2177471
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.07
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
159414994
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
11295
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4148025
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
888556
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6281555
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2144866
CY2019Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
69656
CY2019Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.21
axsm Warrants Exercised In Period
WarrantsExercisedInPeriod
32614
axsm Warrants Exercised In Period Weighted Average Exercise Price
WarrantsExercisedInPeriodWeightedAverageExercisePrice
7.41
CY2020Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
37042
CY2020Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
7.03

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