$BCDA
BioCardia, Inc.

2023 Q4 Form 10-Q Financial Statement

#000143774923030938 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $13.00K $357.0K
YoY Change -87.74% 68.4%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $941.0K $1.083M
YoY Change 1.84% -3.99%
% of Gross Profit
Research & Development $1.156M $1.872M
YoY Change -47.45% -12.69%
% of Gross Profit
Depreciation & Amortization $24.00K $21.00K
YoY Change 14.29% -27.59%
% of Gross Profit
Operating Expenses $2.097M $2.955M
YoY Change -32.87% -9.69%
Operating Profit -$2.598M
YoY Change -15.1%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $12.00K $24.00K
YoY Change -220.0% 700.0%
Pretax Income -$2.072M -$2.570M
YoY Change -31.57% -15.93%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.072M -$2.574M
YoY Change -31.57% -15.8%
Net Earnings / Revenue -15938.46% -721.01%
Basic Earnings Per Share -$0.12
Diluted Earnings Per Share -$0.09 -$0.12
COMMON SHARES
Basic Shares Outstanding 21.62M 21.62M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.103M $1.840M
YoY Change -85.02% -72.4%
Cash & Equivalents $4.900M $1.800M
Short-Term Investments
Other Short-Term Assets $295.0K $180.0K
YoY Change -1.67% -3.74%
Inventory
Prepaid Expenses
Receivables $63.00K $104.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.461M $2.116M
YoY Change -81.42% -70.42%
LONG-TERM ASSETS
Property, Plant & Equipment $94.00K $114.0K
YoY Change -44.71% -39.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $171.0K $171.0K
YoY Change 0.0% -0.58%
Total Long-Term Assets $1.526M $1.631M
YoY Change -20.89% -19.46%
TOTAL ASSETS
Total Short-Term Assets $1.461M $2.116M
Total Long-Term Assets $1.526M $1.631M
Total Assets $2.987M $3.747M
YoY Change -69.5% -59.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $890.0K $507.0K
YoY Change 30.31% -42.84%
Accrued Expenses $75.00K $36.00K
YoY Change -52.23% -68.7%
Deferred Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.608M $3.330M
YoY Change 0.64% -9.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $982.0K $1.080M
YoY Change -25.38% -22.75%
Total Long-Term Liabilities $982.0K $1.080M
YoY Change -25.38% -22.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.608M $3.330M
Total Long-Term Liabilities $982.0K $1.080M
Total Liabilities $4.590M $4.407M
YoY Change -6.35% -13.28%
SHAREHOLDERS EQUITY
Retained Earnings -$144.1M -$150.1M
YoY Change 2.49% 9.1%
Common Stock $24.00K $22.00K
YoY Change 20.0% 22.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.603M -$660.0K
YoY Change
Total Liabilities & Shareholders Equity $2.987M $3.747M
YoY Change -69.5% -59.18%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$2.072M -$2.574M
YoY Change -31.57% -15.8%
Depreciation, Depletion And Amortization $24.00K $21.00K
YoY Change 14.29% -27.59%
Cash From Operating Activities -$1.854M -$2.410M
YoY Change -38.14% 20.14%
INVESTING ACTIVITIES
Capital Expenditures $2.000K $0.00
YoY Change 0.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$2.000K $0.00
YoY Change 0.0% -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 1.116M -60.00K
YoY Change -69.8% -182.19%
NET CHANGE
Cash From Operating Activities -1.854M -2.410M
Cash From Investing Activities -2.000K 0.000
Cash From Financing Activities 1.116M -60.00K
Net Change In Cash -740.0K -2.470M
YoY Change -206.32% 26.86%
FREE CASH FLOW
Cash From Operating Activities -$1.854M -$2.410M
Capital Expenditures $2.000K $0.00
Free Cash Flow -$1.856M -$2.410M
YoY Change -38.11% 20.98%

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 45pt;"> </td> <td style="width: 18pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>(c)</i></b></p> </td> <td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>Use of Estimates</i></b></p> </td> </tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: justify;">The preparation of the financial statements in accordance with U.S. GAAP requires management to make certain estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Significant items subject to such estimates and assumptions include share-based compensation, the useful lives of property and equipment, right-of-use assets and related liabilities, incremental borrowing rate, allowances for doubtful accounts and sales returns, clinical accruals and assumptions used for revenue recognition.</p>
us-gaap Concentration Risk Credit Risk
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 45pt;"> </td> <td style="width: 18pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>(e)</i></b></p> </td> <td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b><i>Concentration of Credit Risk</i></b></p> </td> </tr> </tbody></table> <p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin: 0pt 0pt 0pt 63pt; text-align: justify;">Financial instruments that potentially subject us to a concentration of credit risk consist of cash and cash equivalents. Our cash at times exceeds federally insured limits of $250,000 per customer. On September 30, 2023, approximately 98% of our cash and cash equivalents were held by one financial institution and total amounts on deposit were approximately $1.6 million in excess of FDIC insurance limits. We have not recognized any losses from credit risks on such accounts since inception.</p>
CY2023Q3 bcda Cash Percentage Held In One Financial Institution
CashPercentageHeldInOneFinancialInstitution
0.98 pure
CY2023Q3 us-gaap Cash Uninsured Amount
CashUninsuredAmount
1600000 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
788000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
789000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
674000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
619000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
114000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
170000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
21000 usd
us-gaap Depreciation
Depreciation
64000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
29000 usd
us-gaap Depreciation
Depreciation
61000 usd
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
121000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
362000 usd
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
121000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
362000 usd
CY2023Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
117000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
353000 usd
CY2022Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
114000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
287000 usd
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y7M2D
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1074 pure
bcda Class Of Warrant Or Right Exercised During Period
ClassOfWarrantOrRightExercisedDuringPeriod
0
bcda Class Of Warrant Or Right Exercised During Period Weighted Average Exercise Price
ClassOfWarrantOrRightExercisedDuringPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
118000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
485000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
499000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
514000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
44000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1660000 usd
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
262000 usd
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1398000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
36000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
157000 usd
CY2023Q3 bcda Accrued Salaries And Employee Benefits Current
AccruedSalariesAndEmployeeBenefitsCurrent
797000 usd
CY2022Q4 bcda Accrued Salaries And Employee Benefits Current
AccruedSalariesAndEmployeeBenefitsCurrent
899000 usd
CY2023Q3 bcda Accured Clinical Trial Costs
AccuredClinicalTrialCosts
1032000 usd
CY2022Q4 bcda Accured Clinical Trial Costs
AccuredClinicalTrialCosts
548000 usd
CY2023Q3 bcda Grant Liability Current
GrantLiabilityCurrent
491000 usd
CY2022Q4 bcda Grant Liability Current
GrantLiabilityCurrent
534000 usd
CY2023Q3 bcda Customer Deposit Liabilities Current
CustomerDepositLiabilitiesCurrent
90000 usd
CY2022Q4 bcda Customer Deposit Liabilities Current
CustomerDepositLiabilitiesCurrent
90000 usd
CY2023Q3 bcda Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
2502000 usd
CY2022Q4 bcda Accrued Liabilities And Other Liabilities Current
AccruedLiabilitiesAndOtherLiabilitiesCurrent
2246000 usd
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2424724
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
6.36
bcda Class Of Warrant Or Right Issued During Period
ClassOfWarrantOrRightIssuedDuringPeriod
0
bcda Class Of Warrant Or Right Issued During Period Weighted Average Exercise Price
ClassOfWarrantOrRightIssuedDuringPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
251000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
280000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
846000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
903000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2182708
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.04
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
343000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
543513
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.69
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
199
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.49
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
275662
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
6349
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
16.09
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2444011
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.70
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1558484
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.61
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y6M
CY2023Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4868735
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4576190
us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody><tr style="vertical-align: top;"> <td style="width: 36pt;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>(12)</b></p> </td> <td style="width: auto;"> <p style="font-family: 'Times New Roman', Times, serif;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Contingencies and Uncertainties</b></p> </td> </tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 63pt; text-align: justify;"><i>Contingencies</i> - We may be subject to various claims, complaints, and legal actions that arise from time to time in the normal course of business. Management is not aware of any current legal or administrative proceedings that are likely to have an adverse effect on our business, financial position, results of operations, or cash flows.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt 63pt;"><i>Uncertainties</i> - The results for the three and nine months ended September 30, 2023 are not necessarily indicative of the results to be expected for the year ending December 31, 2023 or for any other interim period or for any other future year, particularly in light of COVID-19 and its impact on domestic and global economies. Governmental and business reactions to the pandemic, and resulting economic disruptions, have the potential to materially impact our business and influence our business decisions. While the impact of COVID-19 did not have a material adverse effect on our financial position or results of operations for the periods presented, our future assessment of the magnitude and duration of COVID-19 and related factors, could result in material impacts to our financial statements in future reporting periods.</p>

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