2024 Q1 Form 10-K Financial Statement

#000141057824000226 Filed on March 18, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $4.993K $2.590K $3.790K
YoY Change
Cost Of Revenue $4.993K $2.590K $3.790K
YoY Change
Gross Profit $0.00 $0.00 $0.00
YoY Change
Gross Profit Margin 0.0% 0.0% 0.0%
Selling, General & Admin $3.835M $3.402M $12.62M
YoY Change 30.45% 7.32% -7.2%
% of Gross Profit
Research & Development $4.432M $4.065M $12.01M
YoY Change 75.72% 78.16% -10.26%
% of Gross Profit
Depreciation & Amortization $247.7K $277.5K $783.2K
YoY Change 292.48% 253.41% 154.76%
% of Gross Profit
Operating Expenses $10.27M $7.467M $25.41M
YoY Change 88.08% 38.98% -5.59%
Operating Profit -$10.27M -$7.467M -$25.41M
YoY Change 88.08% 38.98% -5.59%
Interest Expense $678.7K -$482.0K -$1.678M
YoY Change 49.48% -43.41% -221.61%
% of Operating Profit
Other Income/Expense, Net -$655.3K -$18.63K -$176.4K
YoY Change -1023.02% -118.54% -189.51%
Pretax Income -$10.92M -$7.967M -$27.26M
YoY Change 90.28% 30.11% -2.68%
Income Tax
% Of Pretax Income
Net Earnings -$10.92M -$7.967M -$27.26M
YoY Change 90.3% 30.11% -2.68%
Net Earnings / Revenue -218748.27% -307611.58% -719290.24%
Basic Earnings Per Share -$0.23 -$0.66
Diluted Earnings Per Share -$0.23 -$0.16 -$0.66
COMMON SHARES
Basic Shares Outstanding 47.39M 44.12M 41.03M
Diluted Shares Outstanding 46.61M 41.03M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.976M $14.85M $14.85M
YoY Change -57.09% -35.39% -35.39%
Cash & Equivalents $8.000M $14.80M
Short-Term Investments
Other Short-Term Assets $2.373M $5.123M $5.123M
YoY Change -49.72% 82.02% 82.02%
Inventory $3.514M $109.8K $109.8K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.45M $20.71M $20.71M
YoY Change -42.02% -25.09% -25.09%
LONG-TERM ASSETS
Property, Plant & Equipment $3.156M $5.041M $5.041M
YoY Change 46.58% 289.24% 94.88%
Goodwill
YoY Change
Intangibles $6.123M $2.123M
YoY Change
Long-Term Investments
YoY Change
Other Assets $908.6K $908.6K $908.6K
YoY Change 41.2% 25.1% 25.1%
Total Long-Term Assets $11.73M $8.073M $8.073M
YoY Change 167.39% 137.86% 137.86%
TOTAL ASSETS
Total Short-Term Assets $14.45M $20.71M $20.71M
Total Long-Term Assets $11.73M $8.073M $8.073M
Total Assets $26.18M $28.78M $28.78M
YoY Change -10.69% -7.27% -7.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.145M $1.753M $1.753M
YoY Change 53.01% 22.75% 22.75%
Accrued Expenses $6.143M $2.413M $2.413M
YoY Change 303.22% -9.98% -9.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $8.155M $5.329M $5.329M
YoY Change 569.02% 1427.49% 1427.49%
Total Short-Term Liabilities $16.46M $9.530M $9.530M
YoY Change 235.84% 111.21% 111.21%
LONG-TERM LIABILITIES
Long-Term Debt $6.759M $8.957M $8.957M
YoY Change -9.4% 6.86% 6.86%
Other Long-Term Liabilities $1.140M $1.293M $1.293M
YoY Change 0.55% 42.42% 42.42%
Total Long-Term Liabilities $7.899M $10.25M $10.25M
YoY Change -8.09% 10.34% 10.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.46M $9.530M $9.530M
Total Long-Term Liabilities $7.899M $10.25M $10.25M
Total Liabilities $24.36M $19.78M $19.78M
YoY Change 80.5% 43.32% 43.32%
SHAREHOLDERS EQUITY
Retained Earnings -$156.4M -$145.5M
YoY Change 26.16% 23.1%
Common Stock $4.738K $4.555K
YoY Change 24.72% 24.22%
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.039M $5.450M
YoY Change -87.18%
Treasury Stock Shares
Shareholders Equity $1.818M $8.999M $8.999M
YoY Change
Total Liabilities & Shareholders Equity $26.18M $28.78M $28.78M
YoY Change -10.69% -7.27% -7.27%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$10.92M -$7.967M -$27.26M
YoY Change 90.3% 30.11% -2.68%
Depreciation, Depletion And Amortization $247.7K $277.5K $783.2K
YoY Change 292.48% 253.41% 154.76%
Cash From Operating Activities -$9.900M -$6.322M -$23.84M
YoY Change 41.43% 16.97% -5.03%
INVESTING ACTIVITIES
Capital Expenditures $114.1K $145.2K $2.848M
YoY Change -87.61% 368.64% 426.98%
Acquisitions
YoY Change
Other Investing Activities -$2.950K -$1.123M
YoY Change -98.95% 235.82%
Cash From Investing Activities -$114.1K -$145.2K -$3.971M
YoY Change -86.38% -53.42% 353.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $16.76M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.133M 614.3K 19.79M
YoY Change -7.84% -81.42% -7.97%
NET CHANGE
Cash From Operating Activities -9.900M -6.322M -23.84M
Cash From Investing Activities -114.1K -145.2K -3.971M
Cash From Financing Activities 3.133M 614.3K 19.79M
Net Change In Cash -6.873M -5.853M -8.014M
YoY Change 56.3% 142.86% 79.16%
FREE CASH FLOW
Cash From Operating Activities -$9.900M -$6.322M -$23.84M
Capital Expenditures $114.1K $145.2K $2.848M
Free Cash Flow -$10.01M -$6.467M -$26.68M
YoY Change 26.43% 18.98% 4.07%

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;margin:0pt 0pt 12pt 0pt;"><span style="text-decoration-color:#000000;text-decoration-line:underline;text-decoration-style:solid;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">Preparation of financial statements in conformity with accounting principles generally accepted in the United States of America, or U.S. GAAP, requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and the amounts disclosed in the related notes to the financial statements. The Company bases its estimates and judgments on historical experience and on various other assumptions that it believes are reasonable under the circumstances. The amounts of assets and liabilities reported in the Company’s balance sheets and the amounts of expenses reported for each of the periods presented are affected by estimates and assumptions, which are used for, but not limited to, fair value calculations for equity securities, establishment of valuation allowances for deferred tax assets, revenue recognition, the recoverability and useful lives of long-lived assets, the realization of inventories and deferred clinical supply costs, the recovery of deferred costs and the deferral of revenues. Certain of the Company’s estimates could be affected by external conditions, including those unique to the Company and general economic conditions. It is reasonably possible that actual results could differ from those estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;text-align:justify;margin:0pt 0pt 12pt 0pt;">See Note 2 - Summary of Significant Accounting Policies — Stock-Based Compensation for additional discussion of the use of estimates in estimating the fair value of the Company’s common stock. </p>
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CY2022Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0
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0
CY2023 us-gaap Operating Lease Payments
OperatingLeasePayments
503046
CY2022 us-gaap Operating Lease Payments
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904437
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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1186098
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P3Y14D
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P3Y8M15D
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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660923
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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675400
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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560996
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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2111938
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023Q4 us-gaap Operating Lease Liability Noncurrent
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1292667
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0.40
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0.30
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CY2023 eyen Class Of Warrant Or Right Granted Weighted Average Exercise Price
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CY2023 eyen Class Of Warrant Or Right New Repriced
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CY2023 eyen Class Of Warrant Or Right Old Repriced Weighted Average Exercise Price
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3.54
CY2023 eyen Class Of Warrant Or Right Old Repriced
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4870130
CY2023 eyen Class Of Warrant Or Right New Repriced Weighted Average Exercise Price
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2.23
CY2023 eyen Class Of Warrant Or Right Exercised
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2252979
CY2023 eyen Class Of Warrant Or Right Exercised Weighted Average Exercise Price
ClassOfWarrantOrRightExercisedWeightedAverageExercisePrice
0.01
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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10926554
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CY2023 eyen Class Of Warrant Or Right Outstanding Weighted Average Remaining Life
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P4Y9M18D
CY2023Q4 eyen Class Of Warrant Or Right Exercisable
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1217715
CY2023Q4 eyen Class Of Warrant Or Right Exercisable Weighted Average Exercise Price
ClassOfWarrantOrRightExercisableWeightedAverageExercisePrice
2.69
CY2023 eyen Class Of Warrant Or Right Exercisable Weighted Average Remaining Life
ClassOfWarrantOrRightExercisableWeightedAverageRemainingLife
P1Y8M12D
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
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CY2023 eyen Class Of Warrant Or Right Exercisable Weighted Average Remaining Life
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P1Y8M12D
CY2023Q4 eyen Class Of Warrant Or Right Exercisable
ClassOfWarrantOrRightExercisable
1217715
CY2023Q4 eyen Class Of Warrant Or Rights Multiplied By Remaining Number Of Years
ClassOfWarrantOrRightsMultipliedByRemainingNumberOfYears
2023685
CY2023Q4 eyen Class Of Warrant Or Rights Multiplied By Exercise Price
ClassOfWarrantOrRightsMultipliedByExercisePrice
3272767
CY2023Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
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2252979
CY2023Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
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0.01
CY2023 us-gaap Proceeds From Warrant Exercises
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22529
CY2022Q4 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1870130
CY2022Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2022 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
18701
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2497890
CY2022 us-gaap Share Based Compensation
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3765364
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
172800
CY2022Q4 eyen Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Non Vested Outstanding Weighted Average Exercise Price
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1.80
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
106019
CY2023 eyen Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Grants In Period Weighted Average Exercise Price
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2.12
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
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CY2023 eyen Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Vested In Period Weighted Average Exercise Price
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
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CY2023Q4 eyen Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Non Vested Outstanding Weighted Average Exercise Price
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CY2023 eyen Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested Rs Us Undelivered Number
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135745
CY2023 eyen Share Based Compensation Arrangement By Share Based Payment Award Other Than Options Vested Rs Us Undelivered Weighted Average Exercise Price
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2.22
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10000
CY2023 eyen Stock Issued During Period Shares Cashless Stock Options Exercised
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20749
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58250
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5306377
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P6Y
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3980102
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0.0000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0.0000
CY2023 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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1.65
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.60
CY2023Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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1812323
CY2023 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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P1Y6M
CY2019Q2 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
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1
CY2019Q2 us-gaap Defined Contribution Plan Employers Matching Contribution Annual Vesting Percentage
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0.04
CY2023 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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218170
CY2022 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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208006

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