2021 Q4 Form 10-Q Financial Statement

#000155837022000740 Filed on February 03, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2020 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.066M $2.210M
YoY Change 38.74% 3.27%
% of Gross Profit
Research & Development $6.020M $4.486M
YoY Change 34.2% 73.39%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.086M $6.696M
YoY Change 35.7% 35.49%
Operating Profit
YoY Change
Interest Expense -$12.01K $130.0K
YoY Change -109.24% 160.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.098M -$6.564M
YoY Change 38.6% 34.2%
Income Tax $100.00 -$35.15K
% Of Pretax Income
Net Earnings -$9.098M -$6.529M
YoY Change 39.35% 41.52%
Net Earnings / Revenue
Basic Earnings Per Share -$0.21
Diluted Earnings Per Share -$206.8K -$195.9K
COMMON SHARES
Basic Shares Outstanding 43.98M 33.60M
Diluted Shares Outstanding 43.99M

Balance Sheet

Concept 2021 Q4 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.2M $74.50M
YoY Change 153.96% 62.31%
Cash & Equivalents $121.1M $52.48M
Short-Term Investments $68.14M $22.00M
Other Short-Term Assets $1.748M $1.100M
YoY Change 58.87% 120.0%
Inventory
Prepaid Expenses $1.748M $1.138M
Receivables $2.030K $200.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $190.9M $75.90M
YoY Change 151.59% 62.17%
LONG-TERM ASSETS
Property, Plant & Equipment $277.8K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $259.5K $300.0K
YoY Change -13.51% 0.0%
Total Long-Term Assets $537.3K $277.6K
YoY Change 93.52% -53.73%
TOTAL ASSETS
Total Short-Term Assets $190.9M $75.90M
Total Long-Term Assets $537.3K $277.6K
Total Assets $191.5M $76.17M
YoY Change 151.38% 60.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.563M $1.376M
YoY Change 13.57% 25.07%
Accrued Expenses $1.635M $609.7K
YoY Change 168.2% 509.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.658M $2.035M
YoY Change 79.71% 69.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $289.0K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $289.0K $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.658M $2.035M
Total Long-Term Liabilities $289.0K $0.00
Total Liabilities $3.947M $2.074M
YoY Change 90.33% 59.51%
SHAREHOLDERS EQUITY
Retained Earnings -$126.9M -$87.50M
YoY Change 45.0%
Common Stock $277.6M $134.4M
YoY Change 106.6%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.5M $74.10M
YoY Change
Total Liabilities & Shareholders Equity $191.5M $76.17M
YoY Change 151.38% 60.71%

Cashflow Statement

Concept 2021 Q4 2020 Q4
OPERATING ACTIVITIES
Net Income -$9.098M -$6.529M
YoY Change 39.35% 41.52%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.820M -$3.943M
YoY Change 47.61% 17.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$11.00M
YoY Change
Cash From Investing Activities -$11.00M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 99.31K 150.9K
YoY Change -34.2% -103.74%
NET CHANGE
Cash From Operating Activities -5.820M -3.943M
Cash From Investing Activities -11.00M 0.000
Cash From Financing Activities 99.31K 150.9K
Net Change In Cash -16.77M -3.836M
YoY Change 337.06% -48.08%
FREE CASH FLOW
Cash From Operating Activities -$5.820M -$3.943M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.     NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Nature of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> Floor at 595 Burrard Street, Three Bentall Centre, Vancouver, BC, V7X 1L3. The Company is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “EPIX”. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of December 31, 2021, no products are in commercial production or use.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying condensed consolidated interim financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as of the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions are reviewed quarterly.</p>
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3808944
CY2020Q3 us-gaap Operating Lease Right Of Use Asset
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55162
CY2020Q4 us-gaap Operating Lease Right Of Use Asset Amortization Expense
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27581
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
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27581
CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
308286
CY2021Q4 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
30447
CY2021Q4 us-gaap Operating Lease Right Of Use Asset
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277839
CY2020Q3 us-gaap Operating Lease Liability
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59094
CY2020Q4 epix Operating Lease Liabilities Accretion Expenses
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1181
CY2020Q4 us-gaap Operating Lease Payments
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30287
CY2020Q4 us-gaap Operating Lease Liability
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29988
CY2021Q3 us-gaap Operating Lease Liability
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330970
CY2021Q4 epix Operating Lease Liabilities Accretion Expenses
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3884
CY2021Q4 us-gaap Operating Lease Payments
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32373
CY2021Q4 us-gaap Operating Lease Liability
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302481
CY2021Q4 us-gaap Lessee Operating Lease Discount Rate
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0.050
CY2020Q3 us-gaap Derivative Liabilities Noncurrent
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127376
CY2020Q4 us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
89130
CY2020Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
38246
CY2021Q3 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
20352
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
119670
CY2021Q4 us-gaap Derivative Liabilities Current
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0
CY2021Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
119670
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5309584
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.42
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1889646
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
9.87
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
323610
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.68
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
72390
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
4.46
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6803230
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.20
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
120000
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
8.47
CY2021Q4 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
29080
CY2021Q4 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
3.61
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
104584
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.18
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6789566
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.30
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3528789
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.99
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6789566
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y11M4D
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
120000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1524646
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
8.47
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.52
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
9272977
CY2020Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.73
CY2021 epix Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
6038227
CY2021 epix Class Of Warrant Or Right Weighted Average Exercise Price Warrants Exercised
ClassOfWarrantOrRightWeightedAverageExercisePriceWarrantsExercised
-0.06
CY2021Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.84
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2021Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q4 epix Cash Canada Deposit Insurance Corporation Insured Amount
CashCanadaDepositInsuranceCorporationInsuredAmount
100000
CY2021Q4 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2021Q4 epix Working Capital
WorkingCapital
187291085

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