2019 Q2 Form 10-Q Financial Statement

#000161883519000084 Filed on May 07, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.695M $5.743M $9.030M
YoY Change -41.32% -36.4% 510.14%
% of Gross Profit
Research & Development $5.246M $7.889M $11.96M
YoY Change -55.67% -34.03% 503.38%
% of Gross Profit
Depreciation & Amortization $60.00K $70.00K $70.00K
YoY Change 0.0% 0.0% 600.0%
% of Gross Profit
Operating Expenses $11.94M $13.63M $20.99M
YoY Change -48.62% -35.04% 327.15%
Operating Profit -$11.94M -$13.63M -$20.99M
YoY Change -48.62% -35.04% 327.15%
Interest Expense -$23.50M -$4.420M $30.00K
YoY Change -78433.33% -14833.33% 200.0%
% of Operating Profit
Other Income/Expense, Net -$23.51M -$4.436M -$48.07M
YoY Change -90.77% -13717.56%
Pretax Income -$35.45M -$18.07M -$69.06M
YoY Change 52.51% -73.84% 1211.36%
Income Tax $4.000K $0.00 $0.00
% Of Pretax Income
Net Earnings -$35.45M -$18.07M -$69.06M
YoY Change 52.51% -73.84% 1210.61%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$965.2K -$672.2K -$4.613M
COMMON SHARES
Basic Shares Outstanding 35.37M shares 28.16M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.70M $200.0K $5.000M
YoY Change 122.37% -96.0% -48.45%
Cash & Equivalents $50.68M $184.0K $5.029M
Short-Term Investments
Other Short-Term Assets $1.900M $1.000M $2.200M
YoY Change 46.15% -54.55% 144.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $52.85M $1.413M $7.206M
YoY Change 115.93% -80.39% -32.02%
LONG-TERM ASSETS
Property, Plant & Equipment $461.0K $527.0K $783.0K
YoY Change -35.7% -32.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $622.0K $649.0K $1.003M
YoY Change -36.34% -35.29% 903.0%
Total Long-Term Assets $1.566M $1.821M $1.786M
YoY Change -7.56% 1.96% 1686.0%
TOTAL ASSETS
Total Short-Term Assets $52.85M $1.413M $7.206M
Total Long-Term Assets $1.566M $1.821M $1.786M
Total Assets $54.42M $3.234M $8.992M
YoY Change 107.94% -64.03% -15.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.567M $11.93M $13.31M
YoY Change 7.11% -10.34% 1230.9%
Accrued Expenses $7.217M $11.65M $12.59M
YoY Change -35.01% -7.48% 1698.14%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $4.000M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $18.62M $32.09M $27.03M
YoY Change -10.64% 18.68% 1490.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $158.0K
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $158.0K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.62M $32.09M $27.03M
Total Long-Term Liabilities $0.00 $0.00 $158.0K
Total Liabilities $18.62M $32.09M $27.28M
YoY Change -10.94% 17.6% 1504.94%
SHAREHOLDERS EQUITY
Retained Earnings -$486.7M -$451.2M -$376.5M
YoY Change 21.76% 19.84%
Common Stock $522.5M $422.4M $358.2M
YoY Change 29.0% 17.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.79M -$28.85M -$18.29M
YoY Change
Total Liabilities & Shareholders Equity $54.42M $3.234M $8.992M
YoY Change 107.94% -64.03% -15.96%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$35.45M -$18.07M -$69.06M
YoY Change 52.51% -73.84% 1210.61%
Depreciation, Depletion And Amortization $60.00K $70.00K $70.00K
YoY Change 0.0% 0.0% 600.0%
Cash From Operating Activities -$19.55M -$7.678M -$18.14M
YoY Change 1.88% -57.67% 885.76%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $250.0K $2.150M
YoY Change -88.37% 21400.0%
Cash From Investing Activities $0.00 $250.0K $2.150M
YoY Change -88.37% 21400.0%
FINANCING ACTIVITIES
Cash Dividend Paid $200.0K $200.0K
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.03M $6.267M $19.89M
YoY Change 89.63% -68.48%
NET CHANGE
Cash From Operating Activities -19.55M -$7.678M -$18.14M
Cash From Investing Activities 0.000 $250.0K $2.150M
Cash From Financing Activities 70.03M $6.267M $19.89M
Net Change In Cash 50.48M -$1.161M $3.897M
YoY Change 184.55% -129.79% -312.95%
FREE CASH FLOW
Cash From Operating Activities -$19.55M -$7.678M -$18.14M
Capital Expenditures
Free Cash Flow
YoY Change

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NumberOfOperatingSegments
1 Segment
CY2018Q1 us-gaap Operating Expenses
OperatingExpenses
20986000 USD
CY2019Q1 us-gaap Operating Expenses
OperatingExpenses
13632000 USD
CY2018Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
158000 USD
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
191000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
800000 USD
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-20986000 USD
CY2019Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-13632000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
772000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
772000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-451200000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-433146000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-451214000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000 USD
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
645000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
978000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
777000 USD
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
201000 USD
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
138000 USD
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
93000 USD
CY2018Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
939000 USD
CY2019Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
649000 USD
CY2018Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-50000 USD
CY2019Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-14000 USD
CY2019Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
200000 USD
CY2018Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
157000 USD
CY2019Q1 us-gaap Payments Of Dividends Preferred Stock And Preference Stock
PaymentsOfDividendsPreferredStockAndPreferenceStock
0 USD
CY2018Q2 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
1500000 USD
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
0 USD
CY2019Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6000 USD
CY2018Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
717000 USD
CY2019Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
813000 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
250000 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
ProceedsFromDivestitureOfBusinessesNetOfCashDivested
250000 USD
CY2018Q1 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
20000000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Redeemable Convertible Preferred Stock
ProceedsFromIssuanceOfRedeemableConvertiblePreferredStock
6273000 USD
CY2016Q3 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
600000 USD
CY2018Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
42000 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1197000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1197000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
593000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
527000 USD
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
11959000 USD
CY2019Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7889000 USD
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
569000 USD
CY2019Q1 us-gaap Restricted Cash
RestrictedCash
416000 USD
CY2018Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
431000 USD
CY2019Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
416000 USD
CY2018Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
802000 USD
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
688000 USD
CY2019Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1962000 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.764
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.025
CY2014Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Maximum Employee Subscription Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumEmployeeSubscriptionRate
0.15
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3136030 shares
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
59000 shares
CY2019Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2018Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
0 shares
CY2018Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
121315000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
5226000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
42000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
-289546000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
-18292000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
-23356000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
-28851000 USD
CY2018Q1 us-gaap Stockholders Equity Change In Reporting Entity
StockholdersEquityChangeInReportingEntity
1946000 USD
CY2018Q1 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
166.7000
CY2018Q1 us-gaap Temporary Equity Accretion Of Dividends
TemporaryEquityAccretionOfDividends
223000 USD
CY2018Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
66000 USD
CY2019Q1 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
CY2018Q1 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
14100000 USD
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
14974458 shares
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
26883734 shares
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Concentrations of Credit Risk</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and restricted cash. Deposits in the Company&#8217;s checking and time deposit accounts are maintained in federally insured financial institutions in excess of federally insured limits. The Company invests in funds through a major U.S. bank and is exposed to credit risk in the event of default to the extent of amounts recorded on the consolidated balance sheets.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> The Company has not experienced any losses in such accounts and believes it is not exposed to significant concentrations of credit risk on its cash, cash equivalents and restricted cash balances due to the financial position of the depository institutions in which these deposits are held.</font></div></div>
CY2019Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and the notes thereto.</font></div><div style="line-height:120%;text-align:left;font-size:9pt;"><font style="font-family:inherit;font-size:9pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:9pt;"> S</font><font style="font-family:inherit;font-size:10pt;">ignificant estimates affecting amounts reported or disclosed in the consolidated financial statements include, but not limited to, the discount rate used in estimating the fair value of the operating lease right-of-use assets and operating lease liabilities, the measurement of the Series D 2X liquidation preference, assumptions used in estimating the fair value of warrants issued, the useful lives of property and equipment, the recoverability of long-lived assets, preclinical and clinical trial accruals, assumptions used in estimating the fair value of stock-based compensation expense and other contingencies. The Company&#8217;s assumptions regarding the measurement of the Series D 2X liquidation preference and stock-based compensation are more fully described in </font><a style="font-family:inherit;font-size:10pt;" href="#s9E118FCC1EC65C83A122CB6441DCB3D3"><font style="font-family:inherit;font-size:10pt;">Note 5 &#8212; Fair Value of Financial Instruments</font></a><font style="font-family:inherit;font-size:10pt;"> and </font><a style="font-family:inherit;font-size:10pt;" href="#s25E8DDB92BB8568F9B6DFB45F051F7DC"><font style="font-family:inherit;font-size:10pt;">Note 11 &#8212; Stock-based Compensation, </font></a><font style="font-family:inherit;font-size:10pt;">respectively. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances and adjusts when facts and circumstances dictate. The estimates are the basis for making judgments about the carrying values of assets and liabilities and recorded expenses that are not readily apparent from other sources. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.</font></div></div>

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