2022 Q1 Form 10-K Financial Statement

#000095017022004002 Filed on March 17, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $0.00 $18.94M $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.121M $29.15M $12.54M
YoY Change 81.27% 70.25% 962.71%
% of Gross Profit
Research & Development $24.54M $57.75M $16.63M
YoY Change 97.63% 33.65% 337.63%
% of Gross Profit
Depreciation & Amortization $13.00K $53.00K $10.00K
YoY Change -13.33% -14.52% -50.0%
% of Gross Profit
Operating Expenses $32.66M $86.90M $29.17M
YoY Change 85.86% 44.02% 485.74%
Operating Profit -$32.66M -$67.95M
YoY Change -2480.25% 12.63%
Interest Expense $197.0K $477.0K $80.00K
YoY Change 294.0% -46.4% -68.0%
% of Operating Profit
Other Income/Expense, Net $0.00 -$8.000K -$10.00K
YoY Change -100.0% -27.27%
Pretax Income -$32.46M -$67.49M -$29.11M
YoY Change -2387.53% 13.5% 515.43%
Income Tax -$19.60M $0.00
% Of Pretax Income
Net Earnings -$12.10M -$65.57M -$28.35M
YoY Change 17182.86% 26.59% 520.35%
Net Earnings / Revenue -346.14%
Basic Earnings Per Share -$0.27 -$1.52
Diluted Earnings Per Share -$272.3K -$1.522M -$684.8K
COMMON SHARES
Basic Shares Outstanding 44.61M 43.08M
Diluted Shares Outstanding 44.43M 43.08M

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $314.9M $290.5M $210.2M
YoY Change -28.59% 38.19%
Cash & Equivalents $76.12M $59.77M $168.2M
Short-Term Investments $238.7M $230.7M $42.00M
Other Short-Term Assets $7.458M $6.098M $2.100M
YoY Change 16.53% 190.38%
Inventory
Prepaid Expenses $7.458M $2.072M
Receivables
Other Receivables
Total Short-Term Assets $322.3M $296.6M $212.3M
YoY Change -27.94% 39.69%
LONG-TERM ASSETS
Property, Plant & Equipment $64.00K $77.00K $130.0K
YoY Change -36.0% -23.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $94.18M $140.4M
YoY Change 193.39%
Other Assets $147.0K $147.0K $2.300M
YoY Change 47.0% -93.61%
Total Long-Term Assets $115.2M $140.6M $2.430M
YoY Change 255.4% 5759.21%
TOTAL ASSETS
Total Short-Term Assets $322.3M $296.6M $212.3M
Total Long-Term Assets $115.2M $140.6M $2.430M
Total Assets $437.5M $437.2M $214.7M
YoY Change -8.8% 103.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.306M $3.169M $9.679M
YoY Change 61.69% -67.33%
Accrued Expenses $10.43M $8.577M $4.641M
YoY Change 73.87% 86.46%
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 $17.26M $11.75M $14.32M
YoY Change 74.31% -17.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $736.0K $65.00K $100.0K
YoY Change 636.0% -35.0%
Total Long-Term Liabilities $736.0K $65.00K $100.0K
YoY Change 636.0% -35.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.26M $11.75M $14.32M
Total Long-Term Liabilities $736.0K $65.00K $100.0K
Total Liabilities $17.99M $12.21M $14.39M
YoY Change 40.57% -22.2%
SHAREHOLDERS EQUITY
Retained Earnings -$171.0M -$93.34M
YoY Change 124.7%
Common Stock $592.8M $292.4M
YoY Change 111.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $418.7M $425.0M $199.0M
YoY Change
Total Liabilities & Shareholders Equity $437.5M $437.2M $214.7M
YoY Change -8.8% 103.63%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$12.10M -$65.57M -$28.35M
YoY Change 17182.86% 26.59% 520.35%
Depreciation, Depletion And Amortization $13.00K $53.00K $10.00K
YoY Change -13.33% -14.52% -50.0%
Cash From Operating Activities -$21.91M -$43.43M -$9.430M
YoY Change 1346.07% 45.89% 93.63%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $34.71M -$333.8M $11.44M
YoY Change -125.2% 6069.59% -132.33%
Cash From Investing Activities $34.71M -$333.8M $11.44M
YoY Change -125.2% 6058.21% -132.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.541M 268.8M 124.9M
YoY Change -98.66% 91.8% 48.83%
NET CHANGE
Cash From Operating Activities -21.91M -43.43M -9.430M
Cash From Investing Activities 34.71M -333.8M 11.44M
Cash From Financing Activities 3.541M 268.8M 124.9M
Net Change In Cash 16.34M -108.4M 126.9M
YoY Change -86.96% -203.31% 190.61%
FREE CASH FLOW
Cash From Operating Activities -$21.91M -$43.43M -$9.430M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$21.91M -$43.43M -$9.430M
YoY Change 1346.07% 45.84% 93.63%

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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">Use of Estimates</span></p><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;">The preparation of the accompanying consolidated financial statements in accordance with GAAP requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company’s management evaluates the estimates, including those related to expenses and accruals. The Company’s management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the fair value of the royalty transfer agreements, accrued research and development costs, the valuation of acquired in-process research and development asset and the fair value of equity awards issued by the Company and its subsidiaries prior to the IPO. Actual results may differ from these estimates under different assumptions or conditions.</span>
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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;">Concentration of Credit Risk and Other Risks and Uncertainties</span><span style="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;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">The Company has no significant off-balance sheet risk. Cash and cash equivalents are primarily maintained with two major financial institutions in the United States. Deposits at banks may exceed the insurance provided on such deposits. These deposits may be redeemed upon demand, and therefore, bear minimal risk.</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;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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;">The Company is subject to certain risks and uncertainties and believes that changes in any of the following areas could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, product candidates; performance of third-party clinical research organizations and manufacturers upon which the Company relies; protection of the Company’s intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support its growth.</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;"> </span></p><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;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply it with its requirements for drug substance and drug products related to these programs. These programs could be adversely affected by a significant interruption in the supply.</span>
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