$CYDY
CytoDyn Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837022000190 Filed on January 10, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q2 2020 Q4
Revenue $225.0K $0.00
YoY Change
Cost Of Revenue $52.00K $0.00
YoY Change
Gross Profit $173.0K $0.00
YoY Change
Gross Profit Margin 76.89%
Selling, General & Admin $16.20M $8.992M
YoY Change 22.04%
% of Gross Profit 9365.9%
Research & Development $9.040M $14.37M $16.45M
YoY Change -45.03% -27.97% 92.88%
% of Gross Profit 5225.43%
Depreciation & Amortization $252.0K $275.0K $506.0K
YoY Change -50.2% -45.26% 1.19%
% of Gross Profit 145.66%
Operating Expenses $9.040M $23.64M $16.45M
YoY Change -45.03% -15.04% 35.68%
Operating Profit -$25.32M -$24.50M
YoY Change 3.34% 102.16%
Interest Expense -$6.946M -$2.525M
YoY Change -65.37%
% of Operating Profit
Other Income/Expense, Net -$1.024M $0.00
YoY Change
Pretax Income -$40.08M -$44.89M -$37.98M
YoY Change 5.52% -22.08% 155.58%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$40.08M -$44.89M -$37.98M
YoY Change 5.52% -22.08% 155.59%
Net Earnings / Revenue -17812.0%
Basic Earnings Per Share -$0.06 -$0.07
Diluted Earnings Per Share -$0.06 -$79.50K -$0.07
COMMON SHARES
Basic Shares Outstanding 690.2M
Diluted Shares Outstanding 662.6M 577.9M

Balance Sheet

Concept 2021 Q4 2021 Q2 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.875M $33.94M $29.41M
YoY Change -69.82% 137.67% 7082.07%
Cash & Equivalents $8.875M $33.94M $29.41M
Short-Term Investments
Other Short-Term Assets $4.153M $2.159M $2.316M
YoY Change 79.32% -36.47% -18.2%
Inventory $88.56M $93.48M $99.07M
Prepaid Expenses $2.979M $616.0K
Receivables $225.0K
Other Receivables $0.00
Total Short-Term Assets $101.8M $36.10M $130.8M
YoY Change -22.16% -1.97% 3930.44%
LONG-TERM ASSETS
Property, Plant & Equipment $119.0K $134.0K $506.0K
YoY Change -76.48% 143.64% 1263.22%
Goodwill
YoY Change
Intangibles $1.153M $1.653M
YoY Change -87.72%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.889M $95.98M $12.97M
YoY Change -85.43% 601.23% -11.61%
TOTAL ASSETS
Total Short-Term Assets $101.8M $36.10M $130.8M
Total Long-Term Assets $1.889M $95.98M $12.97M
Total Assets $103.7M $132.1M $143.8M
YoY Change -27.87% 161.47% 702.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $58.00M $65.90M $46.08M
YoY Change 25.86% 123.39% 147.04%
Accrued Expenses $13.95M $23.90M $18.97M
YoY Change -26.45% 189.13% 649.95%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $43.95M $62.75M $50.68M
YoY Change -13.28% 830.35% 1727.0%
Total Short-Term Liabilities $115.9M $152.5M $115.7M
YoY Change 0.15% 242.79% 289.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $486.0K $552.0K $34.57M
YoY Change -98.59% 770.8% 1984.89%
Total Long-Term Liabilities $486.0K $552.0K $34.57M
YoY Change -98.59% -93.5% 1771.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.9M $152.5M $115.7M
Total Long-Term Liabilities $486.0K $552.0K $34.57M
Total Liabilities $116.4M $153.1M $150.3M
YoY Change -22.56% 188.89% 376.4%
SHAREHOLDERS EQUITY
Retained Earnings -$639.9M -$553.7M -$445.2M
YoY Change 43.75% 47.53% 70.8%
Common Stock $686.0K $626.0K
YoY Change 20.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$12.70M -$21.02M -$6.534M
YoY Change
Total Liabilities & Shareholders Equity $103.7M $132.1M $143.8M
YoY Change -27.87% 161.47% 702.38%

Cashflow Statement

Concept 2021 Q4 2021 Q2 2020 Q4
OPERATING ACTIVITIES
Net Income -$40.08M -$44.89M -$37.98M
YoY Change 5.52% -22.08% 155.59%
Depreciation, Depletion And Amortization $252.0K $275.0K $506.0K
YoY Change -50.2% -45.26% 1.19%
Cash From Operating Activities -$28.89M -$32.81M -$20.17M
YoY Change 43.23% 11.92% 197.31%
INVESTING ACTIVITIES
Capital Expenditures -$5.000K -$22.00K -$18.00K
YoY Change -72.22% 583.23% 104.78%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$5.000K -$22.00K -$18.00K
YoY Change -72.22% 583.23% 104.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 31.23M 52.48M 31.38M
YoY Change -0.49% 43.59% 406.34%
NET CHANGE
Cash From Operating Activities -28.89M -32.81M -20.17M
Cash From Investing Activities -5.000K -22.00K -18.00K
Cash From Financing Activities 31.23M 52.48M 31.38M
Net Change In Cash 2.333M 19.65M 11.19M
YoY Change -79.16% 171.64% -1980.21%
FREE CASH FLOW
Cash From Operating Activities -$28.89M -$32.81M -$20.17M
Capital Expenditures -$5.000K -$22.00K -$18.00K
Free Cash Flow -$28.89M -$32.78M -$20.15M
YoY Change 43.33% 11.86% 197.43%

Facts In Submission

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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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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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us-gaap Interest Paid Net
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cydy Dividends On Convertible Preferred Stock Incurred But Not Yet Paid.
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us-gaap Prior Period Reclassification Adjustment Description
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Certain prior year and prior quarter amounts shown in the accompanying Consolidated Financial Statements have been reclassified to conform to the current period presentation. These reclassifications did not have any effect on the Company’s financial position, results of operations, stockholders’ (deficit) equity, or net cash flows as previously reported.</p>
us-gaap Net Income Loss
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us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Consolidated Financial Statements in accordance with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets, liabilities, the disclosure of contingent assets and liabilities at the date of Consolidated Financial Statements, and the reported amounts of revenue and expenses during the reporting period. Estimates are assessed each period and updated to reflect current information, such as the economic considerations related to the impact that the recent coronavirus disease could have on our significant accounting estimates and assumptions. The Company’s estimates are based on historical experience and on various market and other relevant, appropriate assumptions. Significant estimates include, but are not limited to, those relating to stock-based compensation, capitalization of pre-launch inventories, reserve for excess and obsolete inventories, revenue recognition, research and development expenses, determination of right of use assets under lease transactions and related lease obligations, commitments and contingencies, and the assumptions used to value warrants, warrant modifications and useful lives for property and equipment and related depreciation calculations. Actual results could differ from these estimates.</p>
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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cydy Share Based Compensation Number Of Active Plans
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cydy Warrants Issued In Legal Settlement Expiration Period
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61573000
CY2021Q2 cydy Stock Options And Warrants Outstanding Weighted Average Exercise Price
StockOptionsAndWarrantsOutstandingWeightedAverageExercisePrice
0.95
CY2021 cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life Term
StockOptionsAndWarrantsOutstandingWeightedAverageRemainingContractualLifeTerm
P4Y4M24D
CY2021Q2 cydy Stock Options And Warrants Outstanding Aggregate Intrinsic Value
StockOptionsAndWarrantsOutstandingAggregateIntrinsicValue
68756000
cydy Stock Options And Warrants Grants In Period
StockOptionsAndWarrantsGrantsInPeriod
20151000
cydy Stock Options And Warrants Grants In Period Weighted Average Exercise Price
StockOptionsAndWarrantsGrantsInPeriodWeightedAverageExercisePrice
1.97
cydy Stock Options And Warrants Exercised In Period
StockOptionsAndWarrantsExercisedInPeriod
5654000
cydy Stock Options And Warrants Forfeitures And Expirations In Period Weighted Average Exercise Price
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
0.83
cydy Stock Options And Warrants Forfeitures And Expirations In Period
StockOptionsAndWarrantsForfeituresAndExpirationsInPeriod
6443000
CY2021Q4 cydy Stock Options And Warrants Outstanding Numbers
StockOptionsAndWarrantsOutstandingNumbers
69627000
CY2021Q4 cydy Stock Options And Warrants Outstanding Weighted Average Exercise Price
StockOptionsAndWarrantsOutstandingWeightedAverageExercisePrice
1.05
cydy Stock Options And Warrants Outstanding Weighted Average Remaining Contractual Life Term
StockOptionsAndWarrantsOutstandingWeightedAverageRemainingContractualLifeTerm
P4Y7M9D
CY2021Q4 cydy Stock Options And Warrants Outstanding Aggregate Intrinsic Value
StockOptionsAndWarrantsOutstandingAggregateIntrinsicValue
31184000
CY2021Q4 cydy Stock Options And Warrants Outstanding Exercisable Number
StockOptionsAndWarrantsOutstandingExercisableNumber
59807000
CY2021Q4 cydy Stock Options And Warrants Outstanding Exercisable Weighted Average Exercise Price
StockOptionsAndWarrantsOutstandingExercisableWeightedAverageExercisePrice
0.87
cydy Stock Options And Warrants Outstanding Exercisable Weighted Average Remaining Contractual Term
StockOptionsAndWarrantsOutstandingExercisableWeightedAverageRemainingContractualTerm
P3Y6M3D
CY2021Q4 cydy Stock Options And Warrants Outstanding Exercisable Aggregate Intrinsic Value
StockOptionsAndWarrantsOutstandingExercisableAggregateIntrinsicValue
30747000
CY2021Q4 cydy Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfSharesOutstanding
13900000
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
13700000
CY2021Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6446000
CY2021Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6446000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
5293000
CY2021Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
4793000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1153000
CY2021Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1653000
CY2021Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
CY2020Q4 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
500000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1000000.0
CY2021Q1 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
10000000.0
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
221000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
217000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
85000
CY2021Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
85000
CY2021Q4 cydy Finite Lived Intangible Assets Amortization Expense Thereafter
FiniteLivedIntangibleAssetsAmortizationExpenseThereafter
545000
CY2021Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
1153000
cydy Number Of License Agreements
NumberOfLicenseAgreements
2
cydy Annual Charges Under Agreement
AnnualChargesUnderAgreement
600000
cydy Annual Charges Under Agreement
AnnualChargesUnderAgreement
800000
CY2021Q4 cydy Accrued License Fees Current
AccruedLicenseFeesCurrent
400000
CY2021Q2 us-gaap Prepaid Royalties
PrepaidRoyalties
100000
cydy Number Of Lawsuits Consolidated
NumberOfLawsuitsConsolidated
3
CY2021Q4 cydy Collaborative Arrangement Term
CollaborativeArrangementTerm
P8Y

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