2024 Q4 Form 10-Q Financial Statement

#000095017024125425 Filed on November 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $1.038M
YoY Change 20.84%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $1.038M
YoY Change 44.77%
Gross Profit Margin 100.0%
Selling, General & Admin $2.844M
YoY Change 7.73%
% of Gross Profit 273.99%
Research & Development $4.128M
YoY Change -19.59%
% of Gross Profit 397.69%
Depreciation & Amortization $75.00K
YoY Change 275.0%
% of Gross Profit 7.23%
Operating Expenses $4.128M
YoY Change -47.83%
Operating Profit -$5.934M
YoY Change -15.88%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.092M
YoY Change -20.15%
Pretax Income -$7.688M
YoY Change -17.07%
Income Tax
% Of Pretax Income
Net Earnings -$7.688M
YoY Change -17.04%
Net Earnings / Revenue -740.66%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10
COMMON SHARES
Basic Shares Outstanding 75.84M 74.75M
Diluted Shares Outstanding 74.75M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.59M
YoY Change -18.09%
Cash & Equivalents $13.89M
Short-Term Investments $9.703M
Other Short-Term Assets $13.00K
YoY Change -7.14%
Inventory
Prepaid Expenses $721.0K
Receivables $788.0K
Other Receivables $0.00
Total Short-Term Assets $25.11M
YoY Change -18.5%
LONG-TERM ASSETS
Property, Plant & Equipment $3.351M
YoY Change 26.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $30.00K
YoY Change 0.0%
Total Long-Term Assets $4.048M
YoY Change 12.29%
TOTAL ASSETS
Total Short-Term Assets $25.11M
Total Long-Term Assets $4.048M
Total Assets $29.16M
YoY Change -15.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.361M
YoY Change 26.46%
Accrued Expenses $2.859M
YoY Change -20.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.593M
YoY Change -4.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $58.36M
YoY Change 40.96%
Total Long-Term Liabilities $58.36M
YoY Change 40.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.593M
Total Long-Term Liabilities $58.36M
Total Liabilities $63.95M
YoY Change 35.29%
SHAREHOLDERS EQUITY
Retained Earnings -$348.0M
YoY Change 10.09%
Common Stock $75.00K
YoY Change 20.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$34.79M
YoY Change
Total Liabilities & Shareholders Equity $29.16M
YoY Change -15.28%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$7.688M
YoY Change -17.04%
Depreciation, Depletion And Amortization $75.00K
YoY Change 275.0%
Cash From Operating Activities -$5.913M
YoY Change -2.59%
INVESTING ACTIVITIES
Capital Expenditures $53.00K
YoY Change -88.22%
Acquisitions
YoY Change
Other Investing Activities $1.602M
YoY Change
Cash From Investing Activities $1.549M
YoY Change -444.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.00K
YoY Change -95.63%
NET CHANGE
Cash From Operating Activities -5.913M
Cash From Investing Activities 1.549M
Cash From Financing Activities 14.00K
Net Change In Cash -4.350M
YoY Change -29.84%
FREE CASH FLOW
Cash From Operating Activities -$5.913M
Capital Expenditures $53.00K
Free Cash Flow -$5.966M
YoY Change -8.5%

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us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
-286000
us-gaap Depreciation Amortization And Accretion Net
DepreciationAmortizationAndAccretionNet
0
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
319000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1030000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
506000
us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
15000
clsd Accounts Payable And Accrued Liabilities To A Related Party
AccountsPayableAndAccruedLiabilitiesToARelatedParty
223000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1123000
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-33000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-75000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-205000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-19444000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18630000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
533000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1657000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
16912000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
0
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
7500000
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
0
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9945000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1657000
clsd Proceeds From Issuance Of Comon Stock And Warrants Under Registered Direct Offering Net Of Issuance Costs
ProceedsFromIssuanceOfComonStockAndWarrantsUnderRegisteredDirectOfferingNetOfIssuanceCosts
13860000
clsd Proceeds From Issuance Of Comon Stock And Warrants Under Registered Direct Offering Net Of Issuance Costs
ProceedsFromIssuanceOfComonStockAndWarrantsUnderRegisteredDirectOfferingNetOfIssuanceCosts
0
clsd Proceeds From Issuance At The Market
ProceedsFromIssuanceAtTheMarket
450000
clsd Proceeds From Issuance At The Market
ProceedsFromIssuanceAtTheMarket
923000
clsd Paymentstoroyaltypurchaseandsaleagreement
Paymentstoroyaltypurchaseandsaleagreement
0
clsd Paymentstoroyaltypurchaseandsaleagreement
Paymentstoroyaltypurchaseandsaleagreement
350000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
12000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
33000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
35000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
65000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14357000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
671000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15032000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-19616000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28920000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
48418000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
13888000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
28802000
clsd Purchase Of Property And Equipment Included In Accrued Liabilities
PurchaseOfPropertyAndEquipmentIncludedInAccruedLiabilities
31000
clsd Purchase Of Property And Equipment Included In Accrued Liabilities
PurchaseOfPropertyAndEquipmentIncludedInAccruedLiabilities
277000
dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2011-05-26
CY2024Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
23600000
CY2024Q1 clsd Proceeds From Registered Direct Offering
ProceedsFromRegisteredDirectOffering
13900000
CY2024Q3 clsd Maintenance Fee Operating License Liability Payments Due Year Two
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearTwo
250000
CY2024Q3 clsd Maintenance Fee Operating License Liability Payments Due Year Three
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearThree
350000
CY2024Q3 clsd Maintenance Fee Operating License Liability Payments Due Year Four
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearFour
400000
CY2024Q3 clsd Maintenance Fee Operating License Liability Payments Due Year Five
MaintenanceFeeOperatingLicenseLiabilityPaymentsDueYearFive
500000
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">the consolidated financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the estimate of the total amount of future royalty revenue and milestone payments to be generated over the life of the Purchase and Sale Agreement, the fair value of common stock warrants, revenue recognition, the accounting for useful lives to calculate depreciation and amortization, clinical trial expense accruals, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates.</span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances.</span></p>
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4418000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3916000
CY2024Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1067000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
920000
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3351000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2996000
CY2024Q3 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1050000
CY2023Q4 clsd Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
2078000
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1474000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1862000
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
34000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
38000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
301000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
191000
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2859000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4169000
clsd Initial Proceeds From Royalty Purchase And Sales Agreement
InitialProceedsFromRoyaltyPurchaseAndSalesAgreement
32500000
clsd Purchase And Sale Agreement Description
PurchaseAndSaleAgreementDescription
The Purchase and Sale Agreement will automatically expire, and the payment of Royalties from the Royalty Sub to HCR will cease, when HCR has received payments of the Royalties equal to 2.5 times the aggregate amount of payments made by HCR under the Purchase and Sale Agreement if the Second Milestone Event is achieved on or prior to December 31, 2024 (the “Initial Cap”). If the Second Milestone Event is not achieved on or prior to December 31, 2024, payment of Royalties from Royalty Sub to HCR will cease when HCR has received Royalties payments equal to 3.4 times the aggregate amount of payments under the Purchase and Sale Agreement (the “Alternative Cap”, and together with the Initial Cap, the “Cap Amount”). In the event of a change in control, acquiror will have the option to make a payment to HCR of the Cap Amount then in effect, less the aggregate amount of Royalty payments made by Royalty Sub to HCR under the Purchase and Sale Agreement as a one-time payment at which time, payment of Royalties to HCR will cease. Alternatively, in the event of a change in control, the acquiror will have the option to make an initial payment of 1.0 times the aggregate amount of payments made by HCR under the Purchase and Sale Agreement as of the date of such change in control, then in that event, payment of Royalties from Royalty Sub to HCR will cease when HCR has received total Royalties payments (including the initial payment) equal to the Alternative Cap. After the Purchase and Sale Agreement expires, all rights to receive the Royalties return to Royalty Sub.
clsd Debt Related Commitment Fees And Debt Related Issuance Costs
DebtRelatedCommitmentFeesAndDebtRelatedIssuanceCosts
1900000
CY2023Q4 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
41988000
clsd Non Cash Interest Expense On Liability Related To The Sales Of Future Royalites
NonCashInterestExpenseOnLiabilityRelatedToTheSalesOfFutureRoyalites
7200000
CY2024Q3 clsd Liabilities Related To The Sales Of Future Royalties
LiabilitiesRelatedToTheSalesOfFutureRoyalties
49188000
CY2024Q3 us-gaap Debt Instrument Interest Rate Effective Percentage
DebtInstrumentInterestRateEffectivePercentage
0.22
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
74745572
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
62850841
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Outstanding Weighted Average Remaining Contractual Terms
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms
P2Y
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
10327000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-1570000
clsd Fair Value Of Warrants
FairValueOfWarrants
8757000
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The renewal option is not included in the calculation of the right-of-use asset and the lease liabilities as the Company has not yet determined if the Alpharetta, Georgia lease will be renewed.
CY2024Q3 clsd Maintenance Fee Payments Due Next Rolling Twelve Months
MaintenanceFeePaymentsDueNextRollingTwelveMonths
250000
CY2024Q3 clsd Maintenance Fee Payments Due In Rolling Year Two
MaintenanceFeePaymentsDueInRollingYearTwo
350000
CY2024Q3 clsd Maintenance Fee Payments Due In Rolling Year Three
MaintenanceFeePaymentsDueInRollingYearThree
400000
CY2024Q3 clsd Maintenance Fee Payments Due In Rolling Year Four
MaintenanceFeePaymentsDueInRollingYearFour
500000
CY2024Q3 clsd Maintenance Fee Payments Due
MaintenanceFeePaymentsDue
1500000
CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
9698000
CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000
CY2024Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
1000
CY2024Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
9703000
CY2024Q3 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2023Q4 clsd Fair Value Assets Between Level1 Level2 And Level3 Transfers Amount
FairValueAssetsBetweenLevel1Level2AndLevel3TransfersAmount
0
CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
23591000
CY2024Q3 us-gaap Liabilities Fair Value Disclosure
LiabilitiesFairValueDisclosure
8757000
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
28920000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
24329633
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11015048
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 clsd Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 clsd Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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