2021 Q1 Form 10-Q Financial Statement

#000156459021027606 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $7.430M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.410M
YoY Change
% of Gross Profit
Research & Development $20.53M $16.31M
YoY Change 25.83%
% of Gross Profit
Depreciation & Amortization $451.0K $416.0K
YoY Change 8.41%
% of Gross Profit
Operating Expenses $27.94M $19.15M
YoY Change 45.84%
Operating Profit -$20.51M -$12.34M
YoY Change 66.23%
Interest Expense -$460.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net -$462.0K $259.0K
YoY Change -278.38%
Pretax Income -$20.97M -$12.08M
YoY Change 73.62%
Income Tax $0.00 -$167.0K
% Of Pretax Income
Net Earnings -$20.97M -$11.91M
YoY Change 76.05%
Net Earnings / Revenue -282.25%
Basic Earnings Per Share -$0.49 -$9.59
Diluted Earnings Per Share -$486.8K
COMMON SHARES
Basic Shares Outstanding 43.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.05M
YoY Change
Cash & Equivalents $94.91M $73.86M
Short-Term Investments $135.4K
Other Short-Term Assets $4.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $3.700M
Other Receivables $0.00
Total Short-Term Assets $322.0M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.015M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.50M
YoY Change
Other Assets $2.600M
YoY Change
Total Long-Term Assets $52.01M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $322.0M
Total Long-Term Assets $52.01M
Total Assets $374.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.742M
YoY Change
Accrued Expenses $6.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.65M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $10.23M
YoY Change
Other Long-Term Liabilities $62.40M
YoY Change
Total Long-Term Liabilities $10.23M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.65M
Total Long-Term Liabilities $10.23M
Total Liabilities $110.3M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$204.8M
YoY Change
Common Stock $468.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.7M -$124.5M
YoY Change
Total Liabilities & Shareholders Equity $374.0M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$20.97M -$11.91M
YoY Change 76.05%
Depreciation, Depletion And Amortization $451.0K $416.0K
YoY Change 8.41%
Cash From Operating Activities -$24.93M -$16.67M
YoY Change 49.61%
INVESTING ACTIVITIES
Capital Expenditures $421.0K $184.0K
YoY Change 128.8%
Acquisitions
YoY Change
Other Investing Activities -$61.31M
YoY Change
Cash From Investing Activities -$61.73M -$184.0K
YoY Change 33448.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -151.0K 156.0K
YoY Change -196.79%
NET CHANGE
Cash From Operating Activities -24.93M -16.67M
Cash From Investing Activities -61.73M -184.0K
Cash From Financing Activities -151.0K 156.0K
Net Change In Cash -86.82M -16.69M
YoY Change 420.04%
FREE CASH FLOW
Cash From Operating Activities -$24.93M -$16.67M
Capital Expenditures $421.0K $184.0K
Free Cash Flow -$25.36M -$16.85M
YoY Change 50.47%

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<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the condensed consolidated 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. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company&#8217;s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</p>
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PropertyPlantAndEquipmentGross
8955000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6083000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5632000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M18D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1704000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2340000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2410000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2483000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2557000
CY2021Q1 cccc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6277000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
17771000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5153000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
12618000
CY2021Q1 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3166000
CY2020Q4 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3799000
CY2021Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1376000
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3724000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
831000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1532000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
887000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
469000
CY2021Q1 us-gaap Receivables Net Current
ReceivablesNetCurrent
3656000
CY2021Q1 us-gaap Deferred Revenue
DeferredRevenue
77451000
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4484000
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
81220000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4519000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3496000
CY2021Q1 cccc Transaction Price Allocated To Performance Obligation
TransactionPriceAllocatedToPerformanceObligation
86618000
CY2020Q1 cccc Transaction Price Allocated To Performance Obligation
TransactionPriceAllocatedToPerformanceObligation
100427000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3000000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
9500000
CY2021Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
12500000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2269000
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
10231000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100000
CY2020Q1 cccc Payments For Relinquishment Of Right To Purchase Common Stock Upon Exercise Of Stock Options
PaymentsForRelinquishmentOfRightToPurchaseCommonStockUponExerciseOfStockOptions
700000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3845000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
116000
CY2021Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-8.4335
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.47
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
18.10
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
68400000
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y7M6D
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6291698
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15000367
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5029364
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1001054
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
49328
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
28176
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5952914
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
531248
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5952914
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.72
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
44.48
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.36
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
21.23
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
18.10
CY2021Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.118574732
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.49
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-9.59

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