$CTCX
Carmell Corp

2024 Q4 Form 10-Q Financial Statement

#000095017024126725 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $20.52K
YoY Change -99.45%
Cost Of Revenue $4.840K
YoY Change -99.69%
Gross Profit $15.68K
YoY Change -99.28%
Gross Profit Margin 76.41%
Selling, General & Admin $1.086M
YoY Change -75.85%
% of Gross Profit 6924.42%
Research & Development $331.8K
YoY Change -80.15%
% of Gross Profit 2116.24%
Depreciation & Amortization $17.98K
YoY Change -95.81%
% of Gross Profit 114.66%
Operating Expenses $1.435M
YoY Change -80.4%
Operating Profit -$1.420M
YoY Change -72.36%
Interest Expense $7.123K
YoY Change -99.83%
% of Operating Profit
Other Income/Expense, Net -$1.459M
YoY Change -76.95%
Pretax Income -$2.878M
YoY Change -74.89%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.878M
YoY Change -74.89%
Net Earnings / Revenue -14028.37%
Basic Earnings Per Share -$0.14
Diluted Earnings Per Share -$0.14
COMMON SHARES
Basic Shares Outstanding 20.91M 20.91M
Diluted Shares Outstanding 20.91M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.137M
YoY Change -85.73%
Cash & Equivalents $1.137M
Short-Term Investments
Other Short-Term Assets $430.0K
YoY Change
Inventory $97.89K
Prepaid Expenses $430.0K
Receivables $15.08K
Other Receivables $204.6K
Total Short-Term Assets $1.885M
YoY Change -95.15%
LONG-TERM ASSETS
Property, Plant & Equipment $131.2K
YoY Change -54.72%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $557.0K
YoY Change -98.72%
TOTAL ASSETS
Total Short-Term Assets $1.885M
Total Long-Term Assets $557.0K
Total Assets $2.442M
YoY Change -97.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.214M
YoY Change -76.31%
Accrued Expenses $1.597M
YoY Change -58.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change -100.0%
Long-Term Debt Due $363.0K
YoY Change -78.91%
Total Short-Term Liabilities $6.174M
YoY Change -83.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change -100.0%
Other Long-Term Liabilities $332.6K
YoY Change -97.67%
Total Long-Term Liabilities $332.6K
YoY Change -97.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.174M
Total Long-Term Liabilities $332.6K
Total Liabilities $6.506M
YoY Change -89.39%
SHAREHOLDERS EQUITY
Retained Earnings -$67.96M
YoY Change 10.21%
Common Stock $2.091K
YoY Change -9.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.065M
YoY Change
Total Liabilities & Shareholders Equity $2.442M
YoY Change -97.03%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$2.878M
YoY Change -74.89%
Depreciation, Depletion And Amortization $17.98K
YoY Change -95.81%
Cash From Operating Activities -$1.403M
YoY Change -73.05%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 341.7K
YoY Change -97.25%
NET CHANGE
Cash From Operating Activities -1.403M
Cash From Investing Activities 0.000
Cash From Financing Activities 341.7K
Net Change In Cash -1.061M
YoY Change -113.53%
FREE CASH FLOW
Cash From Operating Activities -$1.403M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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EarningsPerShareDiluted
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CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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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
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2023Q3 ctcx Stock Issued During Period Value Business Combination Net Of Transaction Costs
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CY2023Q3 ctcx Stock Issued During Period Value Convertible Noteholders Upon Merger
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CY2023Q3 us-gaap Stock Issued During Period Value Acquisitions
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ctcx Stock Issued During Period Value In Connection With Promissory Notes
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ctcx Stock Issued During Period Value Business Combination Net Of Transaction Costs
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ctcx Stock Issued During Period Value Convertible Noteholders At The Business Combination
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us-gaap Stock Issued During Period Value Acquisitions
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us-gaap Net Income Loss
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us-gaap Gain Loss On Sale Of Business
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us-gaap Share Based Compensation
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us-gaap Depreciation Depletion And Amortization
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ctcx Operating Lease Right Of Use Asset Amortization Expense Reversal
OperatingLeaseRightOfUseAssetAmortizationExpenseReversal
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us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
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us-gaap Amortization Of Debt Discount Premium
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ctcx Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
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ctcx Change In Fair Value Of Forward Purchase Agreement
ChangeInFairValueOfForwardPurchaseAgreement
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GainLossOnDerivativeInstrumentsNetPretax
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ctcx Shares Issued For Interest
SharesIssuedForInterest
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Accounts Receivable And Other Operating Assets
IncreaseDecreaseInAccountsReceivableAndOtherOperatingAssets
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us-gaap Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
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us-gaap Increase Decrease In Assets Held For Sale
IncreaseDecreaseInAssetsHeldForSale
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
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us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
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IncreaseDecreaseInOperatingLeaseLiability
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ctcx Increase Decrease In Acrrued Interest
IncreaseDecreaseInAcrruedInterest
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us-gaap Increase Decrease In Accrued Income Taxes Payable
IncreaseDecreaseInAccruedIncomeTaxesPayable
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ctcx Increase Decrease In Liabilities Available For Sales
IncreaseDecreaseInLiabilitiesAvailableForSales
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ctcx Increase Decrease In Liabilities Available For Sales
IncreaseDecreaseInLiabilitiesAvailableForSales
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Cash Divested From Deconsolidation
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Debt
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ctcx Proceeds From Merger
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ctcx Cash Transferred In Connection With Forward Purchase Agreement
CashTransferredInConnectionWithForwardPurchaseAgreement
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Repayments Of Convertible Debt
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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InterestPaidNet
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us-gaap Interest Paid Net
InterestPaidNet
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ctcx Fair Value Of Shares Received In Business Disposition
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IssuanceOfCommonStockInConnectionWithConversionOfPromissoryNotes
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ctcx Decrease In Right Of Use Asset And Lease Liabilities Related To Termination Of Lease
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ctcx Assets Acquired In Acquisition Net
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ctcx Earnout Liability And Deferred Consideration Payable Incurred In Connection With Acquisition
EarnoutLiabilityAndDeferredConsiderationPayableIncurredInConnectionWithAcquisition
21482292
ctcx Issuance Of Series A Preferred Stock And Common Stock In Connection With Acquisition
IssuanceOfSeriesAPreferredStockAndCommonStockInConnectionWithAcquisition
21652790
ctcx Accrued Legacy Series A Preferred Stock Dividends
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ctcx Accrued Legacy Series C1 Preferred Stock Dividends
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ctcx Accrued Legacy Series C2 Preferred Stock Dividends
AccruedLegacySeriesC2PreferredStockDividends
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ctcx Debt Discount Recorded In Connection With Loans Payable
DebtDiscountRecordedInConnectionWithLoansPayable
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ctcx Unpaid Transaction Costs Incurred In Connection With Business Combinations
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ctcx Unpaid Liabilities Assumed In Connection With Merger
UnpaidLiabilitiesAssumedInConnectionWithMerger
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ctcx Conversion Of Common Stock And Preferred Stock In Connection With Merger
ConversionOfCommonStockAndPreferredStockInConnectionWithMerger
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ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
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CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
10.28
CY2023Q3 us-gaap Temporary Equity Aggregate Amount Of Redemption Requirement
TemporaryEquityAggregateAmountOfRedemptionRequirement
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CY2023Q3 us-gaap Assets Held In Trust
AssetsHeldInTrust
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us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. Significant estimates in these unaudited condensed consolidated financial statements include those related to the forward purchase asset, earnout liabilities, derivative liabilities, long-term assets and goodwill impairment, the provision or benefit for income taxes and the corresponding valuation allowance on deferred tax assets, and contingent liabilities. If the underlying estimates and assumptions upon which the unaudited condensed consolidated financial statements are based change in the future, actual amounts may differ from those included in the accompanying unaudited condensed consolidated financial statements.</span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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CY2024Q3 ctcx Cash In Excess Of Federally Insured Limits
CashInExcessOfFederallyInsuredLimits
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CashEquivalentsAtCarryingValue
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CY2023Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
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CY2023Q3 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
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CY2024Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
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CY2024Q3 us-gaap Advertising Expense
AdvertisingExpense
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us-gaap Advertising Expense
AdvertisingExpense
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CY2024Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2024Q3 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
us-gaap Income Tax Examination Year Under Examination
IncomeTaxExaminationYearUnderExamination
2020
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
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10433330
CY2024Q3 us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
In August 2024, the Company terminated one of its leases
CY2024Q3 us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
CY2024Q3 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
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us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:justify;"><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">One</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> customer accounted for </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of AxoBio’s revenues in 2023 and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of its accounts receivable at December 31, 2023. AxoBio’s human amnion allograft product made up </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of revenue for the year ended December 31, 2023, which was all purchased from a single vendor, Pinnacle Transplant Technologies, LLC.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q3 us-gaap Liabilities
Liabilities
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us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
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us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q3 us-gaap Inventory Raw Materials
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CY2024Q3 us-gaap Inventory Work In Process
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CY2024Q3 us-gaap Inventory Finished Goods
InventoryFinishedGoods
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CY2024Q3 us-gaap Inventory Net
InventoryNet
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CY2024Q3 us-gaap Finite Lived Patents Gross
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InterestExpense
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InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Interest Expense
InterestExpense
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us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
The Company has 401(k) profit-sharing plans covering substantially all employees. The Company’s discretionary profit-sharing contributions are determined annually by the Board. No discretionary profit-sharing contributions were made to the plans during the three and nine months ended September 30, 2024 and 2023.
CY2024Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2023Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.046
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2023Q3 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
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CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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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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CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q3 ctcx Rule10 B51 Arr Modified Flag
Rule10B51ArrModifiedFlag
false
CY2024Q3 ctcx Non Rule10 B51 Arr Modified Flag
NonRule10B51ArrModifiedFlag
false

Files In Submission

Name View Source Status
0000950170-24-126725-index-headers.html Edgar Link pending
0000950170-24-126725-index.html Edgar Link pending
0000950170-24-126725.txt Edgar Link pending
0000950170-24-126725-xbrl.zip Edgar Link pending
ctcx-20240930.htm Edgar Link pending
ctcx-20240930.xsd Edgar Link pending
ctcx-ex10_2.htm Edgar Link pending
ctcx-ex10_3.htm Edgar Link pending
ctcx-ex31_1.htm Edgar Link pending
ctcx-ex31_2.htm Edgar Link pending
ctcx-ex32_1.htm Edgar Link pending
ctcx-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
ctcx-20240930_htm.xml Edgar Link completed
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report.css Edgar Link pending
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