$GRCE

2021 Q3 Form 10-Q Financial Statement

#000117184321005871 Filed on August 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.982M $2.676M $2.365M
YoY Change 104.53% 13.15% 30.23%
% of Gross Profit
Research & Development $585.0K $469.0K $1.756M
YoY Change -54.51% -73.29% -71.63%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $86.00K
YoY Change -100.0% -100.0% -3.37%
% of Gross Profit
Operating Expenses $3.567M $469.0K $4.121M
YoY Change 29.99% -88.62% -48.53%
Operating Profit -$3.567M -$3.145M -$4.121M
YoY Change -55.6% -23.68% -48.53%
Interest Expense $4.548M $27.00K -$424.0K
YoY Change 124.04% -106.37% -47.2%
% of Operating Profit
Other Income/Expense, Net $4.548M $27.00K -$545.0K
YoY Change 140.89% -104.95% -35.12%
Pretax Income $981.0K -$3.118M -$4.666M
YoY Change -115.96% -33.18% -47.25%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $981.0K -$3.118M -$4.666M
YoY Change -115.96% -33.18% -47.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.03 -$0.12
Diluted Earnings Per Share $29.92K -$0.12 -$411.6K
COMMON SHARES
Basic Shares Outstanding 208.4M 26.05M 92.49M
Diluted Shares Outstanding 32.79M 26.05M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.79M $57.72M $12.12M
YoY Change 339.66% 376.18% -36.92%
Cash & Equivalents $36.93M $40.98M $12.12M
Short-Term Investments $13.86M $16.75M
Other Short-Term Assets $2.942M $2.217M $499.0K
YoY Change 91.54% 344.29% -22.57%
Inventory
Prepaid Expenses $2.178M $1.439M $718.0K
Receivables $813.0K $448.0K $495.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $54.55M $60.39M $13.96M
YoY Change 297.76% 332.45% -34.31%
LONG-TERM ASSETS
Property, Plant & Equipment $43.00K $66.00K $1.926M
YoY Change -63.87% -96.57% -6.39%
Goodwill
YoY Change
Intangibles $65.21M $3.925M
YoY Change
Long-Term Investments
YoY Change
Other Assets $192.0K
YoY Change -54.43%
Total Long-Term Assets $65.25M $66.00K $6.178M
YoY Change 54732.77% -98.93% -21.76%
TOTAL ASSETS
Total Short-Term Assets $54.55M $60.39M $13.96M
Total Long-Term Assets $65.25M $66.00K $6.178M
Total Assets $119.8M $60.45M $20.14M
YoY Change 766.08% 200.13% -30.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.433M $2.279M $5.900M
YoY Change 20.79% -61.37% -50.08%
Accrued Expenses $43.00K $66.00K $79.00K
YoY Change -46.91% -16.46%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.476M $2.300M $5.979M
YoY Change 19.33% -61.53% -54.81%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.116M $4.651M $3.127M
YoY Change -7.62% 48.74% -76.36%
Total Long-Term Liabilities $1.116M $4.651M $3.127M
YoY Change -7.62% 48.74% -76.36%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.476M $2.300M $5.979M
Total Long-Term Liabilities $1.116M $4.651M $3.127M
Total Liabilities $5.592M $6.996M $9.106M
YoY Change 12.76% -23.17% -65.58%
SHAREHOLDERS EQUITY
Retained Earnings -$148.2M -$149.1M -$131.0M
YoY Change 8.02% 13.84%
Common Stock $258.0M $197.2M $139.2M
YoY Change 80.96% 41.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.2M $53.46M $11.04M
YoY Change
Total Liabilities & Shareholders Equity $119.8M $60.45M $20.14M
YoY Change 766.08% 200.13% -30.91%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income $981.0K -$3.118M -$4.666M
YoY Change -115.96% -33.18% -47.25%
Depreciation, Depletion And Amortization $0.00 $0.00 $86.00K
YoY Change -100.0% -100.0% -3.37%
Cash From Operating Activities -$6.104M -$3.401M -$4.169M
YoY Change 46.1% -18.42% -38.91%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $36.00K
YoY Change -100.0% -100.0% 89.47%
Acquisitions
YoY Change
Other Investing Activities $2.837M -$6.927M $0.00
YoY Change -100.0%
Cash From Investing Activities $2.837M -$6.927M -$36.00K
YoY Change -8696.97% 19141.67% -100.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00 $1.775M
YoY Change -100.0% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 0.000 $1.635M
YoY Change -100.0% -100.0% 4708.82%
NET CHANGE
Cash From Operating Activities -$6.104M -3.401M -$4.169M
Cash From Investing Activities $2.837M -6.927M -$36.00K
Cash From Financing Activities $0.00 0.000 $1.635M
Net Change In Cash -$4.046M -9.967M -$2.118M
YoY Change 609.82% 370.59% 136.91%
FREE CASH FLOW
Cash From Operating Activities -$6.104M -$3.401M -$4.169M
Capital Expenditures $0.00 $0.00 $36.00K
Free Cash Flow -$6.104M -$3.401M -$4.205M
YoY Change 47.26% -19.12% -38.55%

Facts In Submission

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CY2021Q2 us-gaap Nature Of Operations
NatureOfOperations
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td> <td> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Nature of Operation:</b></p> </td> </tr> </tbody> </table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Acasti Pharma Inc. (“Acasti” or the “Corporation”) is incorporated under the Business Corporations Act (Québec) (formerly Part <em style="font: inherit;">1A</em> of the Companies Act (Québec)). The Corporation is domiciled in Canada and its registered office is located at <em style="font: inherit;">3009</em> boul. de la Concorde East, Suite <em style="font: inherit;">102,</em> Laval, Québec, Canada <em style="font: inherit;">H7E</em> <em style="font: inherit;">2B5.</em></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">In <em style="font: inherit;"> January 2020 </em>and <em style="font: inherit;"> August 2020, </em>the Corporation released Phase <em style="font: inherit;">3</em> clinical study results for the Corporation’s lead drug candidate, CaPre. The TRILOGY studies did <em style="font: inherit;">not</em> to meet the primary endpoint which resulted in the Board of Directors making a decision <em style="font: inherit;">not</em> to proceed with a filing of an NDA with the FDA. With the completion of the TRILOGY studies research and development activities and expenses were reduced.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">In <em style="font: inherit;"> September 2020, </em>the Corporation commenced a formal process to explore and evaluate strategic alternatives to enhance shareholder value. Towards this end, the Corporation has engaged a financial advisor to assist in the process. The Corporation has also greatly reduced its commercial activities including a reduction in workforce to reduce operating expenses, while it evaluates these opportunities. In addition, some CaPre related equipment and other assets are classified as held for resale as they are expected to be sold.</p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">In <em style="font: inherit;"> May 2021, </em>the Corporation announced a definitive agreement to acquire Grace Therapeutics Inc. (“Grace”), a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases (the “Proposed Transaction”). Subject to the completion of the Proposed Transaction, the Corporation will acquire Grace’s pipeline of drug candidates. The Proposed Transaction has been approved by the boards of directors of both companies and is supported by Grace’s stockholders through voting and lock-up agreements with the Corporation. The transaction remains subject to approval of Acasti stockholders, as well as applicable stock exchanges. The Corporation remains subject to a number of risks similar to other companies in the biotechnology industry, including compliance with government regulations, protection of proprietary technology, dependence on <em style="font: inherit;">third</em> party contractors and consultants and product liability.</p>
CY2021 acst Proceeds From Issuance Of Common Stock Net
ProceedsFromIssuanceOfCommonStockNet
59300000 usd
CY2021Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
57700000 usd
CY2021Q2 us-gaap Liabilities Current
LiabilitiesCurrent
2300000 usd
CY2021Q2 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"><b>Use of estimates:</b></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results <em style="font: inherit;"> may </em>differ from these estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Estimates are based on management’s best knowledge of current events and actions that management <em style="font: inherit;"> may </em>undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt 0pt 0pt 36pt;">Estimates and assumptions include the measurement of derivative warrant liabilities (note <em style="font: inherit;">6</em>) and stock-based compensation (note <em style="font: inherit;">10</em>), assets held for sale (notes <em style="font: inherit;">5</em>) and the take-or-pay contract (note <em style="font: inherit;">12</em>(a)). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and developments expenditures at each reporting date, whether or <em style="font: inherit;">not</em> contingencies should be accrued for as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded.</p>
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
27000 usd
CY2020Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-545000 usd
CY2021Q2 us-gaap Marketable Securities
MarketableSecurities
16747000 usd
CY2021Q1 us-gaap Marketable Securities
MarketableSecurities
9789000 usd
CY2019Q1 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
30000000 usd
CY2019Q1 acst Atthemarket Sales Agreement Term
AtthemarketSalesAgreementTerm
P3Y
CY2020Q2 acst Atthemarket Sales Agreement Common Stock Maximum Amount
AtthemarketSalesAgreementCommonStockMaximumAmount
75000000 usd
CY2020Q2 acst Atthemarket Sales Agreement Underwriter Fees Percentage Of Sales
AtthemarketSalesAgreementUnderwriterFeesPercentageOfSales
0.030 pure
CY2019Q1 acst Write Off Of Deferred Financing Costs Of At The Market Program
WriteOffOfDeferredFinancingCostsOfAtTheMarketProgram
115000 usd
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1983056
CY2021Q2 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
792000 usd
CY2021Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1983056
CY2021Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
792000 usd
CY2020Q2 acst Proceeds From Nrcirap
ProceedsFromNRCIRAP
26000 usd
CY2021Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-755000 usd
CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
60000 usd
CY2021Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
-0 usd
CY2020Q2 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
121000 usd
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-643000 usd
CY2020Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
509000 usd
CY2021Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
139000 usd
CY2020Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
25000 usd
CY2021Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-93000 usd
CY2020Q2 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-71000 usd
CY2021Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
653000 usd
CY2020Q2 us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-294000 usd
CY2021Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
27000 usd
CY2020Q2 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-1544000 usd
CY2021Q2 acst Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
533000 usd
CY2020Q2 acst Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
1179000 usd

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