$CMPX
Compass Therapeutics, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021011110 Filed on March 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.635M $12.91M $11.60M
YoY Change 16.59% 11.25%
% of Gross Profit
Research & Development $4.704M $14.90M $22.45M
YoY Change 31.73% -33.61%
% of Gross Profit
Depreciation & Amortization $200.0K $2.400M $2.120M
YoY Change -60.0% 14.29%
% of Gross Profit
Operating Expenses $7.339M $27.81M $34.05M
YoY Change 25.86% 23.89%
Operating Profit -$7.339M -$27.81M
YoY Change 25.86% -18.32%
Interest Expense $142.0K $908.0K -$601.0K
YoY Change -48.55% -26.06%
% of Operating Profit
Other Income/Expense, Net -$83.00K -$1.656M
YoY Change -85.05% 175.54%
Pretax Income -$7.422M -$29.47M -$34.65M
YoY Change 16.22% -14.96%
Income Tax $0.00 $32.00K $91.00K
% Of Pretax Income
Net Earnings -$7.422M -$29.50M -$34.74M
YoY Change 15.93% -15.09%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$144.6K -$958.5K -$666.2K
COMMON SHARES
Basic Shares Outstanding 52.11M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $39.70M $47.08M
YoY Change 86.05%
Cash & Equivalents $39.85M $47.08M $25.30M
Short-Term Investments
Other Short-Term Assets $1.952M $3.126M
YoY Change 234.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $41.65M $50.20M $26.24M
YoY Change 91.33%
LONG-TERM ASSETS
Property, Plant & Equipment $6.080M $1.126M $3.751M
YoY Change -69.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $471.0K $583.0K $129.0K
YoY Change 48.72%
Total Long-Term Assets $6.551M $1.709M $4.143M
YoY Change -58.75%
TOTAL ASSETS
Total Short-Term Assets $41.65M $50.20M $26.24M
Total Long-Term Assets $6.551M $1.709M $4.143M
Total Assets $48.20M $51.91M $30.38M
YoY Change 70.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.061M $1.061M $629.0K
YoY Change 68.68%
Accrued Expenses $1.290M $1.571M $3.122M
YoY Change -49.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $7.474M $7.467M $5.576M
YoY Change 33.91%
Total Short-Term Liabilities $10.85M $10.10M $9.821M
YoY Change 2.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $1.867M $9.293M
YoY Change -79.91%
Other Long-Term Liabilities $3.877M
YoY Change
Total Long-Term Liabilities $3.877M $1.867M $9.293M
YoY Change -79.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.85M $10.10M $9.821M
Total Long-Term Liabilities $3.877M $1.867M $9.293M
Total Liabilities $14.73M $11.97M $19.11M
YoY Change -37.4%
SHAREHOLDERS EQUITY
Retained Earnings -$121.9M
YoY Change
Common Stock $3.305M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.47M $39.95M $11.27M
YoY Change
Total Liabilities & Shareholders Equity $48.20M $51.91M $30.38M
YoY Change 70.87%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$7.422M -$29.50M -$34.74M
YoY Change 15.93% -15.09%
Depreciation, Depletion And Amortization $200.0K $2.400M $2.120M
YoY Change -60.0% 14.29%
Cash From Operating Activities -$5.605M -$26.80M -$31.74M
YoY Change -27.78% -15.56%
INVESTING ACTIVITIES
Capital Expenditures $128.0K $106.0K -$466.0K
YoY Change 966.67% -77.25%
Acquisitions
YoY Change
Other Investing Activities $115.0K $144.0K
YoY Change
Cash From Investing Activities -$13.00K $38.00K -$466.0K
YoY Change 8.33% -108.15%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $60.48M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.875M 48.54M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -5.605M -26.80M -31.74M
Cash From Investing Activities -13.00K 38.00K -466.0K
Cash From Financing Activities -1.875M 48.54M 0.000
Net Change In Cash -7.493M 21.77M -32.21M
YoY Change -3.6% -167.6%
FREE CASH FLOW
Cash From Operating Activities -$5.605M -$26.80M -$31.74M
Capital Expenditures $128.0K $106.0K -$466.0K
Free Cash Flow -$5.733M -$26.91M -$31.28M
YoY Change -26.24% -16.45%

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<p style="margin-top:12pt;margin-bottom:0pt;margin-left:6.15%;text-indent:0%;font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:12pt;margin-left:6.15%;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of the embedded derivative, the valuation of common stock and estimates associated with stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates. Changes in estimates are recorded prospectively in the period that they become known.</p>
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<p style="margin-top:12pt;margin-bottom:0pt;margin-left:6.15%;text-indent:0%;font-weight:bold;font-family:Arial;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk</p> <p style="margin-top:12pt;margin-bottom:0pt;margin-left:6.15%;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. The Company maintains its cash, cash equivalents and restricted cash with financial institutions that management believes to be of high-credit quality.<font style="font-size:8pt;"> </font><font style="color:#000000;">The Company has</font> not experienced any losses related to its cash, cash equivalents and restricted cash.</p>
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CY2020 us-gaap Stockholders Equity Note Stock Split
StockholdersEquityNoteStockSplit
Upon the closing of the Merger, the common and convertible preferred units of Compass Therapeutics LLC were converted into the Company’s common stock. The Company effected a 0.15-for-one stock conversion ratio for its issued and outstanding convertible preferred units. Common units were converted using the same ratio after factoring in the relevant strike price of each grant.
CY2020Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
0
CY2020Q4 us-gaap Preferred Units Outstanding
PreferredUnitsOutstanding
0
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
200000
CY2018Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
390000
CY2019 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
-104000
CY2019Q4 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis With Unobservable Inputs
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisWithUnobservableInputs
494000
CY2020 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
-556000
CY2020 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Settlements
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationSettlements
1050000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7061000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9654000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5935000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5903000
CY2020 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2400000
CY2019 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
2100000
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
976000
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
1759000
CY2020Q4 cmpx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
212000
CY2019Q4 cmpx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
249000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
326000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
417000
CY2019Q4 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
554000
CY2020 cmpx Payment To Several Nonaccredited Investors
PaymentToSeveralNonaccreditedInvestors
100000
CY2020 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4016000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
57000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
143000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1440000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1312000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1345000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1379000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
589000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
6065000
CY2020 us-gaap Investment Income Interest
InvestmentIncomeInterest
88000
CY2019 us-gaap Investment Income Interest
InvestmentIncomeInterest
743000
CY2020 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
1000
CY2019 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-12000
CY2019 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
0
CY2019 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
61000
CY2020 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
10000
CY2019 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
30000
CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
32000
CY2019 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
91000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2019 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.080
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.229
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.064
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.063
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.005
CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.001
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.190
CY2019 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.046
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.001
CY2019 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.003
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6635000
CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
1511000
CY2020Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14400000
CY2020 cmpx Research And Development Credits Carryforwards
ResearchAndDevelopmentCreditsCarryforwards
2000000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3938000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
2038000
CY2019Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
1511000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
609000
CY2020Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
50000
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
6635000
CY2019Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
1511000

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