$BDSX
BIODESIX INC

2022 Q3 Form 10-Q Financial Statement

#000095017022014433 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $11.11M $10.95M $6.548M
YoY Change 70.07% -7.87% -77.32%
Cost Of Revenue $3.633M $3.980M $3.235M
YoY Change 33.47% -43.82% -82.24%
Gross Profit $7.474M $6.970M $3.313M
YoY Change 96.22% 45.21% -68.89%
Gross Profit Margin 67.29% 63.65% 50.6%
Selling, General & Admin $15.11M $15.24M $14.49M
YoY Change 11.08% 33.35% 21.46%
% of Gross Profit 202.22% 218.58% 437.28%
Research & Development $2.970M $3.361M $3.206M
YoY Change -9.81% 1.14% -3.46%
% of Gross Profit 39.74% 48.22% 96.77%
Depreciation & Amortization $400.0K $400.0K $400.0K
YoY Change 33.33% 100.0% 33.33%
% of Gross Profit 5.35% 5.74% 12.07%
Operating Expenses $21.72M $22.58M $21.01M
YoY Change 28.5% 0.46% -39.01%
Operating Profit -$10.61M -$11.63M -$14.46M
YoY Change -18.95% 9.81% 159.02%
Interest Expense $3.039M $100.0K $1.137M
YoY Change -296.57% -87.73% 74.65%
% of Operating Profit
Other Income/Expense, Net -$3.089M -$4.198M -$1.125M
YoY Change 415.09% -18.36%
Pretax Income -$13.70M -$15.82M -$15.59M
YoY Change 18.98% 38.78% 123.94%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$13.70M -$15.82M -$15.59M
YoY Change 18.98% 38.78% 123.9%
Net Earnings / Revenue -123.34% -144.51% -238.03%
Basic Earnings Per Share -$0.34 -$0.40 -$0.50
Diluted Earnings Per Share -$0.34 -$403.3K -$501.6K
COMMON SHARES
Basic Shares Outstanding 39.98M 39.79M 31.31M
Diluted Shares Outstanding 40.45M 39.24M 31.07M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.18M $23.59M $16.43M
YoY Change -68.33% -58.14% -70.29%
Cash & Equivalents $15.18M $23.59M $16.40M
Short-Term Investments
Other Short-Term Assets $4.494M $6.019M $7.032M
YoY Change -21.82% -11.74% -6.24%
Inventory
Prepaid Expenses
Receivables $4.449M $5.452M $3.774M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $24.12M $35.06M $27.23M
YoY Change -57.27% -48.78% -66.46%
LONG-TERM ASSETS
Property, Plant & Equipment $4.259M $3.950M $4.028M
YoY Change -3.9% 16.93% 18.93%
Goodwill $15.03M $15.03M $15.03M
YoY Change 0.0%
Intangibles $10.22M $10.69M $11.13M
YoY Change -14.75% -13.81% -13.18%
Long-Term Investments
YoY Change
Other Assets $6.092M $1.551M $2.009M
YoY Change 190.51% -39.06% -33.03%
Total Long-Term Assets $39.08M $40.17M $34.42M
YoY Change 16.48% 20.44% 0.34%
TOTAL ASSETS
Total Short-Term Assets $24.12M $35.06M $27.23M
Total Long-Term Assets $39.08M $40.17M $34.42M
Total Assets $63.20M $75.23M $61.65M
YoY Change -29.78% -26.1% -46.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.100M $1.791M $2.120M
YoY Change 31.25% 54.4% -42.7%
Accrued Expenses $6.677M $6.667M $6.173M
YoY Change 6.34% 7.57% -15.0%
Deferred Revenue $1.600M $2.200M $2.500M
YoY Change -11.11% 0.0% 4.17%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.33M $11.77M $51.00K
YoY Change 71570.0% 278.98% -98.11%
Total Short-Term Liabilities $37.42M $33.07M $29.81M
YoY Change 64.19% 55.48% 84.89%
LONG-TERM LIABILITIES
Long-Term Debt $4.880M $8.596M $10.06M
YoY Change -83.72% -71.3% -66.82%
Other Long-Term Liabilities $60.00K $70.00K $615.0K
YoY Change -99.72% -95.59% -63.54%
Total Long-Term Liabilities $28.69M $34.48M $24.06M
YoY Change -43.95% -37.03% -61.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $37.42M $33.07M $29.81M
Total Long-Term Liabilities $28.69M $34.48M $24.06M
Total Liabilities $66.10M $67.56M $53.87M
YoY Change -10.63% -11.14% -31.86%
SHAREHOLDERS EQUITY
Retained Earnings -$347.1M -$333.4M -$317.6M
YoY Change 20.28% 19.48%
Common Stock $41.00K $40.00K $32.00K
YoY Change 48.15% 18.52%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.903M $7.671M $7.781M
YoY Change
Total Liabilities & Shareholders Equity $63.20M $75.23M $61.65M
YoY Change -29.78% -26.1% -46.62%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$13.70M -$15.82M -$15.59M
YoY Change 18.98% 38.78% 123.9%
Depreciation, Depletion And Amortization $400.0K $400.0K $400.0K
YoY Change 33.33% 100.0% 33.33%
Cash From Operating Activities -$10.33M -$9.594M -$13.10M
YoY Change 32.62% -976.97% 15.65%
INVESTING ACTIVITIES
Capital Expenditures -$815.0K -$380.0K $262.0K
YoY Change -21.79% 10.47% -43.78%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$815.0K -$380.0K -$352.0K
YoY Change -21.79% 10.47% -31.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $1.599M
YoY Change
Debt Paid & Issued, Net $11.00K
YoY Change -99.96%
Cash From Financing Activities -2.265M 22.13M -2.834M
YoY Change -671.97% 7832.97% -157.24%
NET CHANGE
Cash From Operating Activities -10.33M -9.594M -13.10M
Cash From Investing Activities -815.0K -380.0K -352.0K
Cash From Financing Activities -2.265M 22.13M -2.834M
Net Change In Cash -13.41M 12.16M -16.29M
YoY Change 58.97% 1081.63% 136.32%
FREE CASH FLOW
Cash From Operating Activities -$10.33M -$9.594M -$13.10M
Capital Expenditures -$815.0K -$380.0K $262.0K
Free Cash Flow -$9.516M -$9.214M -$13.36M
YoY Change 41.02% -740.75% 13.31%

Facts In Submission

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BIODESIX, INC.
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-5871000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1806000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1523000
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
728000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-2952000
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-728000
us-gaap Share Based Compensation
ShareBasedCompensation
2714000
us-gaap Share Based Compensation
ShareBasedCompensation
2291000
us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1622000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
-39000
us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
193000
bdsx Accrued Interest Amortization Of Debt Issuance Costs And Other
AccruedInterestAmortizationOfDebtIssuanceCostsAndOther
2174000
bdsx Accrued Interest Amortization Of Debt Issuance Costs And Other
AccruedInterestAmortizationOfDebtIssuanceCostsAndOther
502000
us-gaap Inventory Write Down
InventoryWriteDown
535000
us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
81000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
1757000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-9830000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-690000
us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
-1794000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-933000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-447000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1195000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-9453000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-392000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1350000
us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-513000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22693000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10236000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
591000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
747000
bdsx Payments For Proceeds From Patent Costs And Intangible Asset Acquisition Net
PaymentsForProceedsFromPatentCostsAndIntangibleAssetAcquisitionNet
141000
bdsx Payments For Proceeds From Patent Costs And Intangible Asset Acquisition Net
PaymentsForProceedsFromPatentCostsAndIntangibleAssetAcquisitionNet
117000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-732000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-864000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
16135000
bdsx Proceeds From Issuance Of Common Stock Under Employee Stock Purchase Plan
ProceedsFromIssuanceOfCommonStockUnderEmployeeStockPurchasePlan
202000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
92000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
679000
us-gaap Payment For Contingent Consideration Liability Financing Activities
PaymentForContingentConsiderationLiabilityFinancingActivities
6625000
bdsx Proceeds From Issuance Of Term Loan And Notes Payable
ProceedsFromIssuanceOfTermLoanAndNotesPayable
15102000
bdsx Proceeds From Issuance Of Term Loan And Notes Payable
ProceedsFromIssuanceOfTermLoanAndNotesPayable
30078000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
3025000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
25419000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
2115000
us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
109000
bdsx Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
129000
bdsx Payment Of Equity Financing Costs
PaymentOfEquityFinancingCosts
323000
us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-15000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19299000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5229000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32798000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
62306000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28672000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56435000
bdsx Common Stock Issued For Deferred Offering Costs
CommonStockIssuedForDeferredOfferingCosts
600000
bdsx Deferred Offering Costs Amortized Against Additional Paid In Capital
DeferredOfferingCostsAmortizedAgainstAdditionalPaidInCapital
18000
bdsx Original Issuance Discount
OriginalIssuanceDiscount
1025000
bdsx Deferred Offering Costs Included In Accrued Liabilities
DeferredOfferingCostsIncludedInAccruedLiabilities
118000
bdsx Equity Financing Costs Included In Accrued Liabilities
EquityFinancingCostsIncludedInAccruedLiabilities
47000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4672000
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
123000
us-gaap Interest Paid Net
InterestPaidNet
344000
us-gaap Interest Paid Net
InterestPaidNet
720000
bdsx Number Of Cancer Test
NumberOfCancerTest
5
bdsx Number Of Commercial Blood Based Test
NumberOfCommercialBloodBasedTest
2
bdsx Number Of Sars Co V2 Test
NumberOfSARSCoV2Test
3
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28700000
CY2022Q2 us-gaap Restricted Cash
RestrictedCash
5100
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenue and expenses during the reporting periods. Actual results could differ from those estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk and Other Uncertainties</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Substantially all of the Company’s cash and cash equivalents are deposited with two major financial institutions in the United States. The Company continually monitors its positions with, and the credit quality of, the financial institution with which it holds cash. Periodically throughout the year, the Company has maintained balances in various operating accounts in excess of federally insured limits. The Company has not experienced any losses on its deposits of cash and cash equivalents.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Several of the components for certain of the Company's sample collection kits, test reagents, and test systems are obtained from single-source suppliers. If these single-source suppliers fail to satisfy the Company's requirements on a timely basis, it could suffer delays in being able to deliver its diagnostic solutions, a possible loss of revenue, or incur higher costs, any of which could adversely affect its operating results.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">For a discussion of credit risk concentration of accounts receivable as of June 30, 2022 and December 31, 2021, see </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:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Note 9 – Revenue and Accounts Receivable Credit Concentration</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:10.0pt;font-family:Times New Roman;min-width:fit-content;">.</span></p>
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
1941000
CY2022Q2 bdsx Finite Lived Intangible Assets Amortization Expense Year Five And Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseYearFiveAndThereafter
1763000
CY2022Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
10574000
CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1300000
CY2022Q1 bdsx Offsetting Deferred Rent
OffsettingDeferredRent
100000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
1300000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10928000
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
For lease classification determination, Management continues to use (i) 75% or greater to determine whether the lease term is a major part of the remaining economic life of the underlying asset and (ii) 90% or greater to determine whether the present value of the sum of lease payments is substantially all of the fair value of the underlying asset.
CY2022Q2 bdsx Interest Expense Due To Passage Of Time And Fixed Payment Schedule
InterestExpenseDueToPassageOfTimeAndFixedPaymentSchedule
1100000
CY2022Q2 bdsx Reduction In Contingent Consideration
ReductionInContingentConsideration
1000000.0
CY2022Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10967000
CY2022Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7017000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6749000
CY2022Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3950000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4179000
CY2022Q2 us-gaap Depreciation
Depreciation
400000
us-gaap Depreciation
Depreciation
800000
CY2021Q2 us-gaap Depreciation
Depreciation
200000
us-gaap Depreciation
Depreciation
500000
CY2022Q2 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
18799000
CY2022Q2 bdsx Intangible Assets Accumulated Amortization Excluding Goodwill
IntangibleAssetsAccumulatedAmortizationExcludingGoodwill
8111000
CY2022Q2 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
10688000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
18755000
CY2021Q4 bdsx Intangible Assets Accumulated Amortization Excluding Goodwill
IntangibleAssetsAccumulatedAmortizationExcludingGoodwill
7138000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
11617000
CY2022Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
986000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1970000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
1960000
CY2022Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
1954000
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3570000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4029000
CY2022Q2 bdsx Accrued Clinical Trial Expense Current
AccruedClinicalTrialExpenseCurrent
908000
CY2021Q4 bdsx Accrued Clinical Trial Expense Current
AccruedClinicalTrialExpenseCurrent
870000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2189000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2766000
CY2022Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6667000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7665000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
14616000
CY2022Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2950000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
63000
CY2022Q2 us-gaap Notes Payable
NotesPayable
20367000
CY2021Q4 us-gaap Notes Payable
NotesPayable
10012000
CY2022Q2 us-gaap Notes Payable Current
NotesPayableCurrent
11771000
CY2021Q4 us-gaap Notes Payable Current
NotesPayableCurrent
19000
CY2022Q2 us-gaap Long Term Notes Payable
LongTermNotesPayable
8596000
CY2021Q4 us-gaap Long Term Notes Payable
LongTermNotesPayable
9993000
bdsx Description Of Securities Purchase Agreement
DescriptionOfSecuritiesPurchaseAgreement
(i) purchased a secured promissory note (Promissory Note One) in the aggregate principal amount totaling $16.0 million in exchange for $15.0 million less certain expenses and (ii) agreed to purchase another secured promissory note at the Company’s election (Promissory Note Two and, together with Promissory Note One, the Promissory Notes), subject to certain conditions precedent in aggregate principal amount totaling $10.3 million in exchange for $10.0 million in cash proceeds.
CY2022Q2 us-gaap Derivative Fixed Interest Rate
DerivativeFixedInterestRate
0.06
CY2022Q2 us-gaap Derivative Term Of Contract
DerivativeTermOfContract
P24M
CY2022Q2 bdsx Promissory Notes Early Prepayment Premium Percentage
PromissoryNotesEarlyPrepaymentPremiumPercentage
0.10
CY2022Q2 bdsx Maximum Purchase Percentage Of Investors On Future Equity And Debt Securities Offerings
MaximumPurchasePercentageOfInvestorsOnFutureEquityAndDebtSecuritiesOfferings
30000
us-gaap Debt Instrument Redemption Description
DebtInstrumentRedemptionDescription
The Redemption Conversion Price shall equal 85% multiplied by the lowest daily VWAP during the ten trading days immediately preceding the date the Lender delivers notice electing to redeem a portion of the Promissory Note. The Company’s right to satisfy the redemption amount in shares of Common Stock is subject to certain limitations, including (i) there not being any Equity Conditions Failure (as defined in the Note), (ii) the Lender and its affiliates together not owning more than 9.99% of the outstanding shares of Common Stock, and (iii) the aggregate shares of Common Stock issued upon redemption of the Promissory Notes not exceeding 19.99% of the outstanding Common Stock unless the Company has obtained stockholder approval under NASDAQ rules for such issuance.
CY2022Q2 us-gaap Interest Expense
InterestExpense
100000
CY2022Q2 us-gaap Interest Receivable
InterestReceivable
100000
CY2022Q2 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-18000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
7023000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1647000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
25000
CY2022Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
6000
CY2022Q2 us-gaap Long Term Debt
LongTermDebt
23317000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
us-gaap Operating Lease Expense
OperatingLeaseExpense
800000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.1140
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
9732000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
8121000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2619000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3710000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3979000
CY2022Q2 bdsx Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
36327000
CY2021Q4 bdsx Operating Leases Future Minimum Payments Due In Six Years And Thereafter
OperatingLeasesFutureMinimumPaymentsDueInSixYearsAndThereafter
0
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
937000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
28782000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
24565000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
4217000
CY2022Q2 bdsx Tenant Improvement Allowances Expected To Be Received
TenantImprovementAllowancesExpectedToBeReceived
20800000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
775000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
149000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
9000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
3000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
1000
bdsx Subscription Agreements Description
SubscriptionAgreementsDescription
On April 7, 2022, the Company entered into subscription agreements (the Subscription Agreements) with a consortium of investors (the Investors), including three members of our Board of Directors and other existing shareholders of the Company, for the issuance and sale by the Company of 6,508,376 shares of the Company’s common stock (the Shares) in an offering (the Private Placement). The three members of our Board of Directors acquired an aggregate of 3,631,284 shares pursuant to the form of a Subscription Agreement that did not include any registration rights. The remaining 2,877,092 shares were acquired by others pursuant to the form of a Subscription Agreement whereby the Company agreed to file, subject to certain exceptions, a shelf registration statement with respect to resales of such shares with the Securities and Exchange Commission no later than 60 days from April 7, 2022, which the Company filed on June 6, 2022.Pursuant to the Subscription Agreements, the Investors purchased shares at a purchase price (determined in accordance with Nasdaq rules relating to the “Minimum Value” of the Company’s common stock) of $1.79 per share, which is equal to the closing price of the Company's common stock on April 7, 2022, for an aggregate purchase price of approximately $11.7 million. The Subscription Agreements include customary representations, warranties and covenants by the parties to the agreement.WarrantsDuring 2018, the Company issued warrants to purchase shares of convertible preferred stock in conjunction with the sale of certain convertible preferred shares and issuance of debt. The Company issued to the lender a warrant to purchase 613,333 shares of Series G convertible preferred stock, at an exercise price of $0.75 per share, subject to adjustment upon specified dilutive issuances. The warrant was immediately exercisable upon issuance and expires on February 23, 2028. Through the effective date of the Company’s initial public offering (IPO) in October 2020, the Series G warrants were remeasured to an estimate of fair value using a Black-Scholes pricing model. As a result of the Company’s IPO, the preferred stock warrants were automatically converted to warrants to purchase 103,326 shares of common stock with a weighted average exercise price of $4.46 and were also transferred to additional paid-in capital. All common stock warrants remain outstanding as of June 30, 2022.
CY2022Q2 us-gaap Warrants And Rights Outstanding Maturity Date
WarrantsAndRightsOutstandingMaturityDate
2028-02-23
bdsx Primary Sources Of Revenue Description
PrimarySourcesOfRevenueDescription
We derive our revenue from two primary sources: (i) providing diagnostic testing in the clinical setting (Diagnostic tests); and (ii) providing biopharmaceutical companies with services that include diagnostic research, clinical research, clinical trial testing, development and testing services generally provided outside the clinical setting and governed by individual contracts with third parties as well as development and commercialization of companion diagnostics (Services).
CY2022Q2 us-gaap Revenues
Revenues
10950000
CY2021Q2 us-gaap Revenues
Revenues
11885000
us-gaap Revenues
Revenues
17498000
us-gaap Revenues
Revenues
40751000
CY2021Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1900000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
800000
CY2022Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
800000
CY2022Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2200000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
29740
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1368000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
539000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2714000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2291000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2878000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.08
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y8M12D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6288000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
277000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.37
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
154000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
8.89
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
130000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.70
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2871000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.92
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y6M
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1094000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1668000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.11
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y9M18D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
782000
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
338106
bdsx Description Of Offering Period Under Plan
DescriptionOfOfferingPeriodUnderPlan
ESPP provides for successive six-month offering periods beginning on September 1st and March 1st of each year.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
142680
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
195426
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-15824000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11402000
us-gaap Net Income Loss
NetIncomeLoss
-31410000
us-gaap Net Income Loss
NetIncomeLoss
-18363000
CY2022Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
39239000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27730000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35177000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27020000
CY2022Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.41
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.89
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.68
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5096000
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3096000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5096000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3096000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
CY2022Q2 us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
0

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