2023 Q1 Form 10-Q Financial Statement

#000176401323000022 Filed on February 03, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.42M $11.78M
YoY Change -18.5% 2.26%
% of Gross Profit
Research & Development $51.84M $42.25M
YoY Change 62.06% 41.99%
% of Gross Profit
Depreciation & Amortization $54.00K $49.00K
YoY Change 38.46% 48.48%
% of Gross Profit
Operating Expenses $64.26M $64.03M
YoY Change 36.06% 55.14%
Operating Profit
YoY Change
Interest Expense $3.480M $2.944M
YoY Change
% of Operating Profit
Other Income/Expense, Net $356.0K -$1.757M
YoY Change 709.09% 1441.23%
Pretax Income -$60.42M -$62.84M
YoY Change 28.06% 51.84%
Income Tax -$991.0K $387.0K
% Of Pretax Income
Net Earnings -$59.43M -$63.23M
YoY Change 25.99% 52.78%
Net Earnings / Revenue
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$0.46 -$0.49
COMMON SHARES
Basic Shares Outstanding 130.2M shares 129.2M shares
Diluted Shares Outstanding 128.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $376.5M $432.6M
YoY Change -23.75% -17.91%
Cash & Equivalents $376.5M $432.6M
Short-Term Investments
Other Short-Term Assets $26.92M $21.11M
YoY Change 330.45% 56.64%
Inventory
Prepaid Expenses $26.92M $21.11M
Receivables $700.0K $704.0K
Other Receivables $185.0K $0.00
Total Short-Term Assets $404.3M $454.4M
YoY Change -21.17% -15.92%
LONG-TERM ASSETS
Property, Plant & Equipment $333.0K $362.0K
YoY Change 0.91% 44.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.505M $1.821M
YoY Change -42.84% -32.61%
TOTAL ASSETS
Total Short-Term Assets $404.3M $454.4M
Total Long-Term Assets $1.505M $1.821M
Total Assets $405.8M $456.2M
YoY Change -21.28% -16.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.353M $14.00M
YoY Change -92.74% 265.93%
Accrued Expenses $40.42M $26.05M
YoY Change 63.34% -17.16%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $43.30M $41.26M
YoY Change -2.75% 13.49%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $47.00K $306.0K
YoY Change -96.14% -81.79%
Total Long-Term Liabilities $47.00K $306.0K
YoY Change -96.14% -81.79%
TOTAL LIABILITIES
Total Short-Term Liabilities $43.30M $41.26M
Total Long-Term Liabilities $47.00K $306.0K
Total Liabilities $43.34M $41.57M
YoY Change -5.24% 9.28%
SHAREHOLDERS EQUITY
Retained Earnings -$566.3M -$506.9M
YoY Change 59.35% 64.47%
Common Stock $13.00K $13.00K
YoY Change 8.33% 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $362.5M $414.7M
YoY Change
Total Liabilities & Shareholders Equity $405.8M $456.2M
YoY Change -21.28% -16.01%

Cashflow Statement

Concept 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$59.43M -$63.23M
YoY Change 25.99% 52.78%
Depreciation, Depletion And Amortization $54.00K $49.00K
YoY Change 38.46% 48.48%
Cash From Operating Activities -$55.79M -$46.40M
YoY Change 69.3% 45.46%
INVESTING ACTIVITIES
Capital Expenditures $26.00K $98.00K
YoY Change -122.03% -232.43%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$26.00K -$98.00K
YoY Change -77.97% 32.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 233.0K 70.63M
YoY Change
NET CHANGE
Cash From Operating Activities -55.79M -46.40M
Cash From Investing Activities -26.00K -98.00K
Cash From Financing Activities 233.0K 70.63M
Net Change In Cash -55.59M 24.14M
YoY Change 68.07% -175.5%
FREE CASH FLOW
Cash From Operating Activities -$55.79M -$46.40M
Capital Expenditures $26.00K $98.00K
Free Cash Flow -$55.82M -$46.49M
YoY Change 69.98% 46.11%

Facts In Submission

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CY2021Q4 imvt Adjustments To Additional Paid In Capital Contribution Expenses Allocated From Related Party
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us-gaap Use Of Estimates
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">[B] Use of Estimates</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets, liabilities, stock-based compensation, litigation accruals, clinical trial accruals, operating leases, research and development costs and income taxes. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">Additionally, the Company assessed the impact that the COVID-19 pandemic, geopolitical tensions and resulting global slowdown of economic activity, decades-high inflation, rising interest rates and a potential recession in the U.S. has had on its operations and financial results as of December 31, 2022 and through the issuance of these unaudited condensed consolidated financial statements. The Company’s analysis was informed by the facts and circumstances as they were known to the Company. This assessment considered the impact that these uncertainties may have on financial estimates and assumptions that affect the reported amounts of assets and liabilities and expenses.</span></div>
CY2022Q4 us-gaap Related Party Transaction Amounts Of Transaction
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0 usd
us-gaap Concentration Risk Credit Risk
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<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">[D] Concentration of Credit Risk</span></div><div><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentration of credit risk include cash and cash equivalents. As of December 31, 2022, the cash and cash equivalents balance is kept in banking institutions that the Company believes are of high credit quality and are in excess of federally insured levels. The Company maintains its cash and cash equivalents with accredited financial institutions and accordingly, such funds are subject to minimal credit risk. The Company has not experienced any losses on its cash and cash equivalents.</span></div>
CY2022Q1 us-gaap Cash Equivalents At Carrying Value
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021Q4 us-gaap Related Party Transaction Amounts Of Transaction
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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15816056 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10250385 shares
CY2017Q4 imvt Upfront Payments
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30000000.0 usd
CY2017Q4 imvt Percentage Of Research And Development Costs
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0.50
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20000000.0 usd
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10000000.0 usd
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2202000 usd
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100000 usd
CY2020Q2 imvt Number Of Sublease Agreements
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2 subleaseagreement
CY2022Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
300000 usd
CY2021Q4 us-gaap Operating Lease Expense
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300000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
900000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
900000 usd
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.0062
CY2021Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0007
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
6.00
CY2022Q4 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
70200000 usd
CY2022Q4 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
10000 shares
CY2022Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
10000 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11277282 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8018731 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1286372 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
2188860 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
17410189 shares
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13033788 shares
CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4659315 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8018731 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.48
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M7D
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
60000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3622676 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.60
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
57678 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.35
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
275038 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.31
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
31409 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
8.69
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
11277282 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.61
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y4M2D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
114573000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
4607462 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y3M10D
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
41192000 usd
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200000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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4.22
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y1M9D
CY2021Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M9D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M9D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8856000 usd
CY2021Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9954000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
24462000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
21443000 usd

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