2021 Q4 Form 10-K Financial Statement

#000095017022002303 Filed on February 28, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q1 2021
Revenue $0.00 $0.00 $300.0K
YoY Change -100.0% -30.23%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.040M $8.370M $38.42M
YoY Change 17.92% -1919.57% 262.42%
% of Gross Profit
Research & Development $16.45M $10.42M $58.27M
YoY Change 56.8% 527.51% 192.35%
% of Gross Profit
Depreciation & Amortization $314.0K $309.0K $1.330M
YoY Change 8.28% 43.06% 31.94%
% of Gross Profit
Operating Expenses $23.49M $18.80M $96.69M
YoY Change 42.7% 1469.03% 216.73%
Operating Profit -$18.80M -$96.44M
YoY Change 1594.95% 220.41%
Interest Expense $96.00K $2.000K $3.000K
YoY Change 60.0% -99.63% -99.78%
% of Operating Profit
Other Income/Expense, Net $2.000K $96.00K $1.038M
YoY Change -119.39% -118.04%
Pretax Income -$23.39M -$18.70M -$95.40M
YoY Change 42.62% 1068.75% 166.11%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$23.39M -$18.70M -$95.40M
YoY Change 42.62% 1065.9% 166.09%
Net Earnings / Revenue -31800.67%
Basic Earnings Per Share -$2.76
Diluted Earnings Per Share -$632.3K -$555.6K -$2.760M
COMMON SHARES
Basic Shares Outstanding 34.56M
Diluted Shares Outstanding 34.56M

Balance Sheet

Concept 2021 Q4 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $245.0M $221.2M $245.0M
YoY Change 2.67% 2.67%
Cash & Equivalents $245.0M $221.2M $245.0M
Short-Term Investments
Other Short-Term Assets $2.313M $3.400M $2.313M
YoY Change 10.14% 10.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $247.3M $224.6M $247.3M
YoY Change 2.75% 2.74%
LONG-TERM ASSETS
Property, Plant & Equipment $3.676M $4.351M $6.976M
YoY Change -10.39% 70.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $154.0K $154.0K $154.0K
YoY Change 0.0% -23.0%
Total Long-Term Assets $7.130M $4.505M $7.130M
YoY Change 67.53% 69.76%
TOTAL ASSETS
Total Short-Term Assets $247.3M $224.6M $247.3M
Total Long-Term Assets $7.130M $4.505M $7.130M
Total Assets $254.4M $229.1M $254.4M
YoY Change 3.87% 3.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.179M $2.505M $1.179M
YoY Change -52.0% -52.84%
Accrued Expenses $4.060M $800.0K $4.060M
YoY Change 45.0% 45.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $19.81M $30.53M $19.81M
YoY Change -38.59% -38.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $700.0K $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $23.79M $2.000M $23.79M
YoY Change 1089.4% 1089.4%
Total Long-Term Liabilities $23.79M $2.700M $23.79M
YoY Change 781.04% 781.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.81M $30.53M $19.81M
Total Long-Term Liabilities $23.79M $2.700M $23.79M
Total Liabilities $43.60M $33.17M $43.60M
YoY Change 24.71% 24.57%
SHAREHOLDERS EQUITY
Retained Earnings -$186.3M -$109.6M
YoY Change 104.93%
Common Stock $4.000K $3.000K
YoY Change 33.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.8M $195.9M $210.8M
YoY Change
Total Liabilities & Shareholders Equity $254.4M $229.1M $254.4M
YoY Change 3.87% 3.89%

Cashflow Statement

Concept 2021 Q4 2021 Q1 2021
OPERATING ACTIVITIES
Net Income -$23.39M -$18.70M -$95.40M
YoY Change 42.62% 1065.9% 166.09%
Depreciation, Depletion And Amortization $314.0K $309.0K $1.330M
YoY Change 8.28% 43.06% 31.94%
Cash From Operating Activities -$20.95M -$14.99M -$62.21M
YoY Change 49.64% 293.13% 71.23%
INVESTING ACTIVITIES
Capital Expenditures -$89.00K -$500.0K -$924.0K
YoY Change -77.18% -2600.0% 56.61%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$89.00K -$501.0K -$924.0K
YoY Change -77.18% 2405.0% 56.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $70.99M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.908M -1.911M 69.51M
YoY Change -101.99% -482.2% -74.43%
NET CHANGE
Cash From Operating Activities -20.95M -14.99M -62.21M
Cash From Investing Activities -89.00K -501.0K -924.0K
Cash From Financing Activities -3.908M -1.911M 69.51M
Net Change In Cash -24.95M -17.41M 6.374M
YoY Change -113.72% 422.08% -97.29%
FREE CASH FLOW
Cash From Operating Activities -$20.95M -$14.99M -$62.21M
Capital Expenditures -$89.00K -$500.0K -$924.0K
Free Cash Flow -$20.86M -$14.49M -$61.29M
YoY Change 53.27% 278.04% 71.47%

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IncreaseDecreaseInAccruedInterestReceivableNet
-1276000
CY2021 bcab Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
0
CY2020 bcab Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
150000
CY2019 bcab Increase Decrease In Deferred Rent
IncreaseDecreaseInDeferredRent
-230000
CY2021 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
237000
CY2020 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1273000
CY2019 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-939000
CY2021 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
7992000
CY2020 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1660000
CY2019 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
3218000
CY2021 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
0
CY2019 us-gaap Increase Decrease In Accounts Payable Related Parties
IncreaseDecreaseInAccountsPayableRelatedParties
-88000
CY2021 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
0
CY2020 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-429000
CY2019 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
19757000
CY2021 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-331000
CY2020 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0
CY2019 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
0
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-62214000
CY2020 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-36334000
CY2019 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9645000
CY2021 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
924000
CY2020 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
590000
CY2019 us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
1509000
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-924000
CY2020 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-590000
CY2019 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1509000
CY2021 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
0
CY2020 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
19000
CY2019 us-gaap Payments To Minority Shareholders
PaymentsToMinorityShareholders
5000
CY2021 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
0
CY2020 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
2750000
CY2019 us-gaap Proceeds From Issuance Of Debt
ProceedsFromIssuanceOfDebt
4000000
CY2021 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0
CY2020 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
68183000
CY2019 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
0
CY2021 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0
CY2020 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
682000
CY2019 us-gaap Proceeds From Issuance Of Other Long Term Debt
ProceedsFromIssuanceOfOtherLongTermDebt
0
CY2021 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2020 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
200229000
CY2019 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
0
CY2021 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
1911000
CY2020 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
0
CY2019 us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
0
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
70994000
CY2020 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2019 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
140000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2019 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0
CY2021 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
289000
CY2020 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0
CY2019 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
0
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69512000
CY2020 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
271825000
CY2019 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
3995000
CY2021 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
6374000
CY2020 bcab Assumption Of Profits Interest Liability By Affiliates
AssumptionOfProfitsInterestLiabilityByAffiliates
991000
CY2019 bcab Assumption Of Profits Interest Liability By Affiliates
AssumptionOfProfitsInterestLiabilityByAffiliates
997000
CY2021 bcab Equity Issuance Costs Included In Accounts Payable And Accrued Expenses
EquityIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
234901000
CY2019 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7159000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
238605000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3704000
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
10863000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
244979000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
238605000
CY2019Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
3704000
CY2021 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
1000
CY2020 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
17000
CY2019 us-gaap Property Plant And Equipment Additions
PropertyPlantAndEquipmentAdditions
172000
CY2021 bcab Fair Value Of Warrants Issued By Affiliates In Connection With Modification Of Convertible Promissory Notes
FairValueOfWarrantsIssuedByAffiliatesInConnectionWithModificationOfConvertiblePromissoryNotes
0
CY2020 bcab Fair Value Of Warrants Issued By Affiliates In Connection With Modification Of Convertible Promissory Notes
FairValueOfWarrantsIssuedByAffiliatesInConnectionWithModificationOfConvertiblePromissoryNotes
0
CY2019 bcab Fair Value Of Warrants Issued By Affiliates In Connection With Modification Of Convertible Promissory Notes
FairValueOfWarrantsIssuedByAffiliatesInConnectionWithModificationOfConvertiblePromissoryNotes
764000
CY2021 bcab Assumption Of Profits Interest Liability By Affiliates
AssumptionOfProfitsInterestLiabilityByAffiliates
0
CY2020 bcab Equity Issuance Costs Included In Accounts Payable And Accrued Expenses
EquityIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
1911000
CY2019 bcab Equity Issuance Costs Included In Accounts Payable And Accrued Expenses
EquityIssuanceCostsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021 bcab Carrying Value Of Convertible Promissory Notes Settled In Connection With Corporate Reorganization
CarryingValueOfConvertiblePromissoryNotesSettledInConnectionWithCorporateReorganization
0
CY2020 bcab Carrying Value Of Convertible Promissory Notes Settled In Connection With Corporate Reorganization
CarryingValueOfConvertiblePromissoryNotesSettledInConnectionWithCorporateReorganization
27711000
CY2019 bcab Carrying Value Of Convertible Promissory Notes Settled In Connection With Corporate Reorganization
CarryingValueOfConvertiblePromissoryNotesSettledInConnectionWithCorporateReorganization
0
CY2021 bcab Fair Value Of Consideration Issued In Connection With Settlement Of Convertible Promissory Notes
FairValueOfConsiderationIssuedInConnectionWithSettlementOfConvertiblePromissoryNotes
0
CY2020 bcab Fair Value Of Consideration Issued In Connection With Settlement Of Convertible Promissory Notes
FairValueOfConsiderationIssuedInConnectionWithSettlementOfConvertiblePromissoryNotes
30594000
CY2019 bcab Fair Value Of Consideration Issued In Connection With Settlement Of Convertible Promissory Notes
FairValueOfConsiderationIssuedInConnectionWithSettlementOfConvertiblePromissoryNotes
0
CY2021 bcab Tax Related To Net Settlement Of Equity Awards Included In Accounts Payable And Accrued Expenses
TaxRelatedToNetSettlementOfEquityAwardsIncludedInAccountsPayableAndAccruedExpenses
-291000
CY2020 bcab Tax Related To Net Settlement Of Equity Awards Included In Accounts Payable And Accrued Expenses
TaxRelatedToNetSettlementOfEquityAwardsIncludedInAccountsPayableAndAccruedExpenses
0
CY2019 bcab Tax Related To Net Settlement Of Equity Awards Included In Accounts Payable And Accrued Expenses
TaxRelatedToNetSettlementOfEquityAwardsIncludedInAccountsPayableAndAccruedExpenses
0
CY2021 dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
CY2021 bcab Company Formation Date
CompanyFormationDate
2007-03
CY2020Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
6220050
CY2020Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1-for-13
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-left:2.267%;text-indent:0.0%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Risk</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:5.4pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">For the years ended December 31, 2021, 2020, and 2019</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">, BeiGene, as defined and described in Note 9, represented </span><span style="font-size:9.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">0</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">%, </span><span style="font-size:9.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">100</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">% and </span><span style="font-size:9.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">91</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">%, respectively, of total revenues.</span></p>
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.267%;text-indent:0.0%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:5.4pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The Company’s consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to revenue recognition, accruals for research and development costs, equity-based compensation and fair value measurements. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</span></p>
CY2021 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2020 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2019 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021 us-gaap Revenue Recognition Revenue Reductions
RevenueRecognitionRevenueReductions
<p style="margin-left:2.267%;text-indent:0.0%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.0pt;font-family:Times New Roman;font-style:italic;">Revenue Recognition</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:5.4pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The Company recognizes revenue in a manner that depicts the transfer of control of a product or a service to a customer and reflects the amount of the consideration the Company is entitled to receive in exchange for such product or service. In doing so, the Company follows a five-step approach: (i) identify the contract with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations, and (v) recognize revenue when (or as) the customer obtains control of the product or service. The Company considers the terms of a contract and all relevant facts and circumstances when applying the revenue recognition standard.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">A customer is a party that has entered into a contract with the Company, where the purpose of the contract is to obtain a product or a service that is an output of the Company’s ordinary activities in exchange for consideration. To be considered a contract, (i) the contract must be approved (in writing, orally, or in accordance with other customary business practices), (ii) each party’s rights regarding the product or the service to be transferred can be identified, (iii) the payment terms for the product or the service to be transferred can be identified, (iv) the contract must have commercial substance (that is, the risk, timing or amount of future cash flows is expected to change as a result of the contract), and (v) it is probable that the Company will collect substantially all of the consideration to which it is entitled to receive in exchange for the transfer of the product or the service.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">A performance obligation is defined as a promise to transfer a product or a service to a customer. The Company identifies each promise to transfer a product or a service (or a bundle of products or services, or a series of products and services that are substantially the same and have the same pattern of transfer) that is distinct. A product or a service is distinct if both (i) the customer can benefit from the product or the service either on its own or together with other resources that are readily available to the customer and (ii) the Company’s promise to transfer the product or the service to the customer is separately identifiable from other promises in the contract. Each distinct promise to transfer a product or a service is a unit of accounting for revenue recognition. If a promise to transfer a product or a service is not separately identifiable from other promises in the contract, such promises should be combined into a single performance obligation.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The transaction price is the amount of consideration the Company is entitled to receive in exchange for the transfer of control of a product or a service to a customer. To determine the transaction price, the Company considers the existence of any significant financing component, the effects of any variable elements, noncash consideration and consideration payable to the customer. If a significant financing component exists, the transaction price is adjusted for the time value of money. If an element of variability exists, the Company must estimate the consideration it expects to receive and uses that amount as the basis for recognizing revenue as the product or the service is transferred to the customer. There are two methods for determining the amount of variable consideration: (i) the expected value method, which is the sum of probability-weighted amounts in a range of possible consideration amounts, and (ii) the mostly likely amount method, which identifies the single most likely amount in a range of possible consideration amounts.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">If a contract has multiple performance obligations, the Company allocates the transaction price to each distinct performance obligation in an amount that reflects the consideration the Company is entitled to receive in exchange for satisfying each distinct performance obligation. For each distinct performance obligation, revenue is recognized when the Company transfers control of the product or the service applicable to such performance obligation.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">In those instances where the Company first receives consideration in advance of satisfying its performance obligation, the Company classifies such consideration as deferred revenue until (or as) the Company satisfies such performance obligation. In those instances where the Company first satisfies its performance obligation prior to its receipt of consideration, the consideration is recorded as accounts receivable.</span></p><p style="margin-left:2.32%;text-indent:4.177%;font-size:10.0pt;margin-top:10.8pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.0pt;font-family:Times New Roman;">The Company expenses incremental costs of obtaining and fulfilling a contract as incurred if the expected amortization period of the asset that would be recognized is one year or less, or if the amount of the asset is immaterial. Otherwise, such costs are capitalized as contract assets if they are incremental to the contract and amortized to expense proportionate to revenue recognition of the underlying contract.</span></p>
CY2021Q4 bcab Accrued Clinical Trial Costs
AccruedClinicalTrialCosts
6200000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4100000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1100000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5400000
CY2021Q4 bcab Uncertain Tax Positions Percentage
UncertainTaxPositionsPercentage
0.50
CY2021 us-gaap Preferred Stock Dividend Rate Percentage
PreferredStockDividendRatePercentage
0.10
us-gaap Net Income Loss
NetIncomeLoss
-26877000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8428153
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-3.19
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2213036
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3252817
CY2021Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
1811000
CY2020Q4 bcab Prepaid Research And Development Expense
PrepaidResearchAndDevelopmentExpense
2004000
CY2021Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
502000
CY2020Q4 bcab Other Prepaid Expenses And Current Assets
OtherPrepaidExpensesAndCurrentAssets
72000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2313000
CY2020Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2076000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7933000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7172000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4257000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3070000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3676000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4102000
CY2021Q4 us-gaap Accounts Payable Current
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On March 18, 2021, the Company and Carolyn Anderson Short, its co-founder and former Chief of Intellectual Property & Strategy, mutually agreed that Ms. Short would depart the Company on May 31, 2021 following an agreed upon transition period. The Transition Agreement provides for the following severance benefits in exchange for a release of claims by Ms. Short: (i) a lump sum payment equal to eighteen (18) months of Ms. Short’s current base salary, (ii) a payment at her targeted bonus rate for 2021, pro-rated to the separation date, and (iii) accelerated full vesting of her equity awards including 7,747 stock options and 138,461 restricted stock units. The modification of these equity awards resulted in an incremental fair value of $7.0 million which was recognized on a straight-line basis over the transition service period. For the twelve months ended December 31, 2021, the Company recognized $1.0 million related to the lump sum salary payment and target bonus. The Company also recognized non-cash stock-based compensation charges of $9.4 million related to the modified equity awards for the twelve months ended December 31, 2021. No unrecognized stock-based compensation remained as of December 31, 2021. Ms. Short exercised her 7,747 stock options in 2021, therefore there are no remaining options outstanding related to Ms. Short’s transition agreement as of December 31, 2021.
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Sections 382 and 383, annual use of the Company’s net operating loss carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period.
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