2022 Q4 Form 10-Q Financial Statement

#000156459022037425 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.298M $4.844M $4.622M
YoY Change 19.69% 4.8% 43.1%
% of Gross Profit
Research & Development $19.06M $22.20M $23.59M
YoY Change -9.13% -5.91% 110.44%
% of Gross Profit
Depreciation & Amortization $15.00K $16.00K $23.00K
YoY Change -28.57% -30.43% 15.0%
% of Gross Profit
Operating Expenses $25.36M $27.04M $28.21M
YoY Change -3.35% -4.15% 95.51%
Operating Profit -$27.04M -$28.21M
YoY Change -4.15%
Interest Expense $535.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net $776.0K $238.0K -$117.0K
YoY Change -500.0% -303.42% -22.0%
Pretax Income -$24.59M -$26.80M -$28.33M
YoY Change -6.99% -5.39% 94.3%
Income Tax $16.00K $2.000K $0.00
% Of Pretax Income
Net Earnings -$24.60M -$26.81M -$28.33M
YoY Change -6.41% -5.38% 93.99%
Net Earnings / Revenue
Basic Earnings Per Share -$0.57 -$1.41
Diluted Earnings Per Share -$0.48 -$0.57 -$1.410M
COMMON SHARES
Basic Shares Outstanding 46.54M 39.07M 20.09M
Diluted Shares Outstanding 47.25M 20.09M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $188.2M $193.3M $157.3M
YoY Change 24.84% 22.89% -28.22%
Cash & Equivalents $55.26M $72.40M $39.70M
Short-Term Investments $132.9M $120.9M $117.6M
Other Short-Term Assets $7.920M $6.513M $9.703M
YoY Change -29.68% -32.88% 185.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $196.1M $199.9M $167.0M
YoY Change 21.05% 19.65% -24.93%
LONG-TERM ASSETS
Property, Plant & Equipment $92.00K $105.0K $146.0K
YoY Change -38.67% -28.08% -27.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $289.0K $218.0K $874.0K
YoY Change -0.34% -75.06% 24.86%
Total Long-Term Assets $744.0K $726.0K $1.020M
YoY Change 69.09% -28.82% 13.33%
TOTAL ASSETS
Total Short-Term Assets $196.1M $199.9M $167.0M
Total Long-Term Assets $744.0K $726.0K $1.020M
Total Assets $196.8M $200.6M $168.1M
YoY Change 21.18% 19.35% -24.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.50M $14.15M $12.53M
YoY Change 82.7% 12.97% 205.51%
Accrued Expenses $11.94M $13.44M $7.319M
YoY Change 17.17% 83.59% 38.09%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $6.667M
YoY Change -100.0%
Total Short-Term Liabilities $24.61M $34.42M $19.85M
YoY Change 25.99% 73.46% 111.12%
LONG-TERM LIABILITIES
Long-Term Debt $19.69M $12.96M $1.441M
YoY Change 16.53% 799.24%
Other Long-Term Liabilities $687.0K $624.0K
YoY Change 2190.0%
Total Long-Term Liabilities $19.69M $12.96M $1.441M
YoY Change 16.53% 799.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.61M $34.42M $19.85M
Total Long-Term Liabilities $19.69M $12.96M $1.441M
Total Liabilities $44.99M $48.01M $21.29M
YoY Change 23.38% 125.52% 126.45%
SHAREHOLDERS EQUITY
Retained Earnings -$315.2M -$290.6M -$186.9M
YoY Change 47.85% 55.48%
Common Stock $467.4M $443.7M
YoY Change 37.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $151.8M $152.6M $146.8M
YoY Change
Total Liabilities & Shareholders Equity $196.8M $200.6M $168.1M
YoY Change 21.18% 19.35% -24.77%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$24.60M -$26.81M -$28.33M
YoY Change -6.41% -5.38% 93.99%
Depreciation, Depletion And Amortization $15.00K $16.00K $23.00K
YoY Change -28.57% -30.43% 15.0%
Cash From Operating Activities -$27.10M -$14.81M -$13.45M
YoY Change -4.05% 10.15% 3.94%
INVESTING ACTIVITIES
Capital Expenditures $2.000K $0.00 -$16.00K
YoY Change -107.41% -100.0% 60.0%
Acquisitions
YoY Change
Other Investing Activities -$11.06M -$42.06M $17.38M
YoY Change -157.86% -342.06% -124.14%
Cash From Investing Activities -$11.06M -$42.06M $17.36M
YoY Change -157.95% -342.28% -124.11%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 21.01M 68.63M 72.00K
YoY Change -4.02% 95220.83% -99.95%
NET CHANGE
Cash From Operating Activities -27.10M -14.81M -13.45M
Cash From Investing Activities -11.06M -42.06M 17.36M
Cash From Financing Activities 21.01M 68.63M 72.00K
Net Change In Cash -17.15M 11.76M 3.981M
YoY Change -234.62% 195.35% -94.57%
FREE CASH FLOW
Cash From Operating Activities -$27.10M -$14.81M -$13.45M
Capital Expenditures $2.000K $0.00 -$16.00K
Free Cash Flow -$27.10M -$14.81M -$13.43M
YoY Change -3.95% 10.28% 3.9%

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us-gaap Amortization Of Financing Costs
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Accretion Amortization Of Discounts And Premiums Investments
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
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us-gaap Depreciation
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us-gaap Depreciation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Increase Decrease In Other Operating Assets
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Accrued Liabilities
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us-gaap Increase Decrease In Operating Lease Liability
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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etnb Payment For Purchase Of Available For Sale Securities
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etnb Payment For Purchase Of Available For Sale Securities
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us-gaap Payments To Acquire Property Plant And Equipment
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5000
us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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etnb Proceeds From Issuance Public Offering
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etnb Proceeds From Issuance Public Offering At The Market Offering
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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446000
us-gaap Proceeds From Warrant Exercises
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
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us-gaap Proceeds From Issuance Of Other Long Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1980000
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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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
72401000
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
39695000
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
InterestPaidNet
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us-gaap Operating Lease Payments Use
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etnb Remeasurement Of Lease Liability And Right Of Use Asset In Connection With Lease Modification
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etnb Issuance Of Common Stock Warrant In Connection With Term Loan Facility
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CY2022Q3 us-gaap Cash Cash Equivalents And Short Term Investments
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us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:3.4%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions made in the accompanying condensed consolidated financial statements include but are not </p> <p style="margin-bottom:0pt;margin-top:6pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">limited to the fair value of stock options and certain accru</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ed expenses</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could differ from those estimates.</span><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> </span></p>
us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
us-gaap Other Than Temporary Impairment Loss Debt Securities Portion Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesPortionRecognizedInEarnings
0
CY2022Q3 us-gaap Prepaid Taxes
PrepaidTaxes
809000
CY2021Q4 us-gaap Prepaid Taxes
PrepaidTaxes
836000
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
729000
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
2506000
CY2022Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
163790000
CY2022Q3 etnb Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
6159000
CY2022Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
169949000
CY2021Q4 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
120726000
CY2021Q4 etnb Available For Sale Securities Debt Maturities After One Through Two Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughTwoYearsFairValue
5277000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
126003000
CY2022Q3 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
4975000
CY2021Q4 etnb Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
7895000
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6513000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11237000
CY2022Q3 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
9621000
CY2021Q4 etnb Accrued Research And Development Expense Current
AccruedResearchAndDevelopmentExpenseCurrent
6195000
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2811000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3168000
CY2022Q3 us-gaap Accrued Professional Fees Current
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696000
CY2021Q4 us-gaap Accrued Professional Fees Current
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495000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
309000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
336000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
13437000
CY2021Q4 us-gaap Accrued Liabilities Current
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CY2022Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
47000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
100000
CY2022Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P2Y3M18D
etnb Operating Lease Liability Percentage
OperatingLeaseLiabilityPercentage
0.0650
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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49000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
185000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
185000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
7000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
426000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
397000
CY2021Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
70000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
200000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
212000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
7000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
219000
etnb Percentage Of Fee On Loan
PercentageOfFeeOnLoan
0.050
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
500000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
10000000
us-gaap Interest Expense Debt
InterestExpenseDebt
1400000
CY2022Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
10000000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
20000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
375000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
19625000
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
6667000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12958000
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
19132331
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
18158782
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2314000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7598000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6524000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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17621091
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2577202

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