2020 Form 10-K Financial Statement

#000156459021014676 Filed on March 23, 2021

View on sec.gov

Income Statement

Concept 2020 2019 Q4 2019
Revenue $19.54M $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $15.18M $2.780M $9.950M
YoY Change 52.56% 78.21% 113.06%
% of Gross Profit
Research & Development $39.70M $8.540M $34.32M
YoY Change 15.67% 12.66% 8.09%
% of Gross Profit
Depreciation & Amortization $1.381M $330.0K $1.245M
YoY Change 10.92% 22.22% 40.52%
% of Gross Profit
Operating Expenses $54.88M $11.32M $44.27M
YoY Change 23.97% 23.94% 39.44%
Operating Profit -$35.34M -$44.27M
YoY Change -20.16%
Interest Expense $850.0K $540.0K $2.290M
YoY Change -62.88% -5.26% 15.08%
% of Operating Profit
Other Income/Expense, Net $849.0K $0.00 $2.296M
YoY Change -63.02% 10.86%
Pretax Income -$34.50M -$10.78M -$41.98M
YoY Change -17.82% 25.93% 22.21%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$34.50M -$10.78M -$41.98M
YoY Change -17.82% 25.92% 22.21%
Net Earnings / Revenue -176.55%
Basic Earnings Per Share -$1.40
Diluted Earnings Per Share -$1.396M -$531.0K -$3.358M
COMMON SHARES
Basic Shares Outstanding 24.72M 20.33M
Diluted Shares Outstanding 24.72M

Balance Sheet

Concept 2020 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $283.6M $99.00M $99.00M
YoY Change 186.46% 10.0%
Cash & Equivalents $72.00M $34.07M $34.10M
Short-Term Investments $211.5M $64.90M $64.90M
Other Short-Term Assets $3.100M $2.700M $2.700M
YoY Change 14.81% 285.71%
Inventory
Prepaid Expenses
Receivables $1.900M
Other Receivables $0.00
Total Short-Term Assets $288.6M $101.7M $101.7M
YoY Change 183.78% 12.12% 12.13%
LONG-TERM ASSETS
Property, Plant & Equipment $9.500M $4.642M $9.700M
YoY Change -2.06% -9.9% 86.54%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $1.500M $1.500M
YoY Change
Other Assets $200.0K $16.00K $100.0K
YoY Change 100.0% -65.22% -85.71%
Total Long-Term Assets $9.700M $11.35M $11.30M
YoY Change -14.16% 93.17% 94.83%
TOTAL ASSETS
Total Short-Term Assets $288.6M $101.7M $101.7M
Total Long-Term Assets $9.700M $11.35M $11.30M
Total Assets $298.3M $113.0M $113.0M
YoY Change 163.98% 17.05% 17.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.000M $709.0K $700.0K
YoY Change 42.86% -49.96% -50.0%
Accrued Expenses $10.10M $5.023M $6.200M
YoY Change 62.9% 40.19% 72.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $38.60M $6.940M $6.900M
YoY Change 459.42% 28.21% 27.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $61.40M $34.00K $5.700M
YoY Change 977.19% -69.91% 235.29%
Total Long-Term Liabilities $61.40M $34.00K $5.700M
YoY Change 977.19% -69.91% 235.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.60M $6.940M $6.900M
Total Long-Term Liabilities $61.40M $34.00K $5.700M
Total Liabilities $100.0M $12.60M $12.60M
YoY Change 693.65% 77.53% 77.46%
SHAREHOLDERS EQUITY
Retained Earnings -$92.49M
YoY Change 83.09%
Common Stock $192.8M
YoY Change 11959.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $198.3M $100.4M $100.4M
YoY Change
Total Liabilities & Shareholders Equity $298.3M $113.0M $113.0M
YoY Change 163.98% 17.05% 17.1%

Cashflow Statement

Concept 2020 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$34.50M -$10.78M -$41.98M
YoY Change -17.82% 25.92% 22.21%
Depreciation, Depletion And Amortization $1.381M $330.0K $1.245M
YoY Change 10.92% 22.22% 40.52%
Cash From Operating Activities $55.46M -$8.700M -$39.31M
YoY Change -241.08% 16.31% 42.34%
INVESTING ACTIVITIES
Capital Expenditures $493.0K -$210.0K $1.353M
YoY Change -63.56% -32.26% -20.78%
Acquisitions
YoY Change
Other Investing Activities -$145.8M $4.110M $3.620M
YoY Change -4126.24% -40.35% -105.89%
Cash From Investing Activities -$146.2M $3.890M $2.265M
YoY Change -6556.64% -40.88% -103.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.7M $50.32M
YoY Change 100.04%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 128.8M 40.00K 50.61M
YoY Change 154.4% -150.0% -51.97%
NET CHANGE
Cash From Operating Activities 55.46M -8.700M -39.31M
Cash From Investing Activities -146.2M 3.890M 2.265M
Cash From Financing Activities 128.8M 40.00K 50.61M
Net Change In Cash 37.97M -4.770M 13.56M
YoY Change 179.97% 386.73% -6.98%
FREE CASH FLOW
Cash From Operating Activities $55.46M -$8.700M -$39.31M
Capital Expenditures $493.0K -$210.0K $1.353M
Free Cash Flow $54.97M -$8.490M -$40.67M
YoY Change -235.17% 18.41% 38.66%

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, marketable securities and accounts receivable. Substantially all the Company&#8217;s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company&#8217;s investment policy addresses credit ratings, diversification, and maturity dates. The Company invests its cash equivalents and marketable securities in money market funds, U.S. government securities, commercial paper, and corporate bonds. The Company limits its credit risk associated with cash equivalents and marketable securities by placing them with banks and institutions it believes are highly creditworthy and in highly rated investments and, by policy, limits the amount of credit exposure with any one commercial issuer. The Company has not experienced any credit losses on its deposits of cash, cash equivalents or marketable securities. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Accounts receivable represents amounts due from GlaxoSmithKline. The Company monitors economic conditions to identify facts or circumstances that may indicate that any of its accounts receivable are at risk of collection.</p>
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1700000
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CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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10518
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