2023 Q4 Form 10-Q Financial Statement

#000095017023059769 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.509M $9.450M
YoY Change 35.78% 37.25%
% of Gross Profit
Research & Development $48.72M $50.13M
YoY Change 32.6% 67.45%
% of Gross Profit
Depreciation & Amortization $598.0K $580.0K
YoY Change 42.38% 126.56%
% of Gross Profit
Operating Expenses $58.23M $50.13M
YoY Change 33.11% 67.45%
Operating Profit -$59.58M
YoY Change 61.81%
Interest Expense $3.870M $4.200M
YoY Change 83.41% 180.0%
% of Operating Profit
Other Income/Expense, Net -$7.000K $4.198M
YoY Change -100.35% 138.66%
Pretax Income -$54.37M -$55.38M
YoY Change 37.22% 57.95%
Income Tax
% Of Pretax Income
Net Earnings -$54.37M -$55.38M
YoY Change 37.22% 57.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.64
Diluted Earnings Per Share -$0.63 -$0.64
COMMON SHARES
Basic Shares Outstanding 86.12M 85.47M
Diluted Shares Outstanding 86.17M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $265.7M $279.0M
YoY Change 2.48% -3.48%
Cash & Equivalents $53.23M $86.81M
Short-Term Investments $212.5M $192.2M
Other Short-Term Assets $5.061M $6.900M
YoY Change -11.05% -5.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $270.8M $286.0M
YoY Change 2.19% -3.53%
LONG-TERM ASSETS
Property, Plant & Equipment $8.344M $8.643M
YoY Change 7.21% 32.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $7.460M $33.80M
YoY Change
Other Assets $4.864M $4.862M
YoY Change 2.51% 1.97%
Total Long-Term Assets $42.67M $69.49M
YoY Change 19.03% 97.74%
TOTAL ASSETS
Total Short-Term Assets $270.8M $286.0M
Total Long-Term Assets $42.67M $69.49M
Total Assets $313.4M $355.4M
YoY Change 4.2% 7.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $10.66M $9.868M
YoY Change 82.39% 141.09%
Accrued Expenses $27.07M $24.40M
YoY Change 43.22% 60.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.17M $34.72M
YoY Change 42.16% 47.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.47M $17.80M
YoY Change -4.16% -1.48%
Total Long-Term Liabilities $17.47M $17.80M
YoY Change -4.16% -1.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.17M $34.72M
Total Long-Term Liabilities $17.47M $17.80M
Total Liabilities $55.64M $52.55M
YoY Change 23.43% 26.26%
SHAREHOLDERS EQUITY
Retained Earnings -$603.6M -$549.3M
YoY Change 46.79% 47.82%
Common Stock $801.1M $792.3M
YoY Change 33.25% 32.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $257.8M $302.9M
YoY Change
Total Liabilities & Shareholders Equity $313.4M $355.4M
YoY Change 4.2% 7.2%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$54.37M -$55.38M
YoY Change 37.22% 57.95%
Depreciation, Depletion And Amortization $598.0K $580.0K
YoY Change 42.38% 126.56%
Cash From Operating Activities -$44.07M -$37.97M
YoY Change 49.86% 10.25%
INVESTING ACTIVITIES
Capital Expenditures $315.0K $120.0K
YoY Change -83.99% -103.62%
Acquisitions
YoY Change
Other Investing Activities $10.80M -$90.41M
YoY Change -64.43% -39.01%
Cash From Investing Activities $10.49M -$90.53M
YoY Change -63.08% -40.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000K 1.000M
YoY Change -101.27% 1.01%
NET CHANGE
Cash From Operating Activities -44.07M -37.97M
Cash From Investing Activities 10.49M -90.53M
Cash From Financing Activities -4.000K 1.000M
Net Change In Cash -33.58M -127.5M
YoY Change 4823.9% -31.08%
FREE CASH FLOW
Cash From Operating Activities -$44.07M -$37.97M
Capital Expenditures $315.0K $120.0K
Free Cash Flow -$44.39M -$38.09M
YoY Change 41.47% 22.36%

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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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cogt Offering Costs Included In Accounts Payable And Accrued Expenses
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PropertyAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
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cogt Property And Equipment Included In Accounts Payable And Accrued Expenses
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us-gaap Convertible Preferred Stock Converted To Other Securities
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<p style="text-indent:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#222222;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:8pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#222222;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated 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 date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of the CVR liability and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.</span></p>
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2022Q4 us-gaap Available For Sale Securities Debt Securities
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119390000
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54
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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206100000
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
99500000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2023Q3 cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
0
cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
0
CY2022 cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
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CY2020Q3 us-gaap Share Price
SharePrice
8.8
CY2023Q3 cogt Contingent Value Right Liability Expired
ContingentValueRightLiabilityExpired
2023-08-06
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8757000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q3 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2023Q3 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
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CY2022Q3 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
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CY2022Q3 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
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CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2023Q3 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
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CY2022Q4 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
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CY2023Q3 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
2275000
CY2022Q4 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
3741000
CY2023Q3 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
3264000
CY2022Q4 cogt Accrued Professional And Consulting Services
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CY2023Q3 us-gaap Other Accrued Liabilities Current
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CY2022Q4 us-gaap Other Accrued Liabilities Current
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CY2023Q3 cogt Accrued Expenses And Other Liabilities Current
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CY2023Q3 us-gaap Common Stock Shares Authorized
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
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CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2023Q3 us-gaap Earnings Per Share Diluted
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CY2022Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Diluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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CY2022Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
900000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
500000

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