2021 Q1 Form 10-Q Financial Statement

#000174183021000028 Filed on May 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.590M $1.410M
YoY Change 580.14%
% of Gross Profit
Research & Development $17.59M $6.195M
YoY Change 184.0%
% of Gross Profit
Depreciation & Amortization $400.0K $200.0K
YoY Change 100.0%
% of Gross Profit
Operating Expenses $26.18M $7.349M
YoY Change 256.21%
Operating Profit -$26.18M -$7.349M
YoY Change 256.21%
Interest Expense $0.00 $1.000K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $92.00K $354.0K
YoY Change -74.01%
Pretax Income -$26.09M -$7.000M
YoY Change 272.71%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$26.09M -$6.995M
YoY Change 272.92% 123.48%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48
Diluted Earnings Per Share -$0.48 -$0.13
COMMON SHARES
Basic Shares Outstanding 54.15M shares
Diluted Shares Outstanding 54.15M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $398.9M
YoY Change
Cash & Equivalents $141.4M $28.80M
Short-Term Investments $257.5M
Other Short-Term Assets $5.100M
YoY Change
Inventory
Prepaid Expenses
Receivables $1.300M
Other Receivables $0.00
Total Short-Term Assets $405.3M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $38.90M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $41.70M
YoY Change
Other Assets $114.0K
YoY Change
Total Long-Term Assets $82.69M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $405.3M
Total Long-Term Assets $82.69M
Total Assets $488.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.586M
YoY Change
Accrued Expenses $4.275M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $11.29M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.025M
YoY Change
Total Long-Term Liabilities $2.025M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $11.29M
Total Long-Term Liabilities $2.025M
Total Liabilities $42.70M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$138.0M
YoY Change
Common Stock $54.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $445.3M -$29.83M
YoY Change
Total Liabilities & Shareholders Equity $488.0M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$26.09M -$6.995M
YoY Change 272.92% 123.48%
Depreciation, Depletion And Amortization $400.0K $200.0K
YoY Change 100.0%
Cash From Operating Activities -$19.00M -$7.066M
YoY Change 168.86%
INVESTING ACTIVITIES
Capital Expenditures $1.505M $626.0K
YoY Change 140.42%
Acquisitions
YoY Change
Other Investing Activities -$86.64M $5.940M
YoY Change -1558.59%
Cash From Investing Activities -$88.15M $5.310M
YoY Change -1760.06%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $590.0K $20.00K
YoY Change 2850.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $585.0K $12.00K
YoY Change 4775.0%
NET CHANGE
Cash From Operating Activities -$19.00M -$7.066M
Cash From Investing Activities -$88.15M $5.310M
Cash From Financing Activities $585.0K $12.00K
Net Change In Cash -$106.6M -$1.744M
YoY Change 6010.21%
FREE CASH FLOW
Cash From Operating Activities -$19.00M -$7.066M
Capital Expenditures $1.505M $626.0K
Free Cash Flow -$20.50M -$7.692M
YoY Change 166.55%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q1 us-gaap Use Of Estimates
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. </span></div>Significant estimates and assumptions reflected in these condensed financial statements include, but are not limited to, the accrual of research and development expenses, the fair value of convertible notes and investments, income tax uncertainties, the valuation of equity instruments and the incremental borrowing rate for determining the operating lease assets and liabilities. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, including expenses, clinical trials and research and development costs, will depend on future developments that are highly uncertain, including as a result of new information that may emerge concerning COVID-19 and the actions taken to contain or treat COVID-19, as well as the economic impact on local, regional, national and international markets.
CY2021Q1 kron Cash And Cash Equivalent And Debt Securities Available For Sale Amortized Cost
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18000 USD
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612000 USD
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343000 USD
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PrepaidEquipmentServiceContracts
383000 USD
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1287000 USD
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PrepaidExternalResearchAndDevelopmentAndOutsideServices
1889000 USD
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PrepaidSoftware
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240000 USD
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6347000 USD
CY2020Q1 us-gaap Depreciation Depletion And Amortization
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200000 USD
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6741000 USD
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0 USD
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetBeforeAccumulatedDepreciationAndAmortization
14931000 USD
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1726000 USD
CY2020Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
1285000 USD
CY2021Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
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PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAfterAccumulatedDepreciationAndAmortization
13646000 USD
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400000 USD
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4000 USD
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558000 USD
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2530000 USD
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AccruedExternalResearchAndDevelopmentCurrent
1017000 USD
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714000 USD
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0 USD
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0 USD
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927000 USD
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198000 USD
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4275000 USD
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4974000 USD
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2602000 USD
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8.95
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EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
49900000 USD
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785287 shares
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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29.38
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
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CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
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CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.07
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.62
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y1M24D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
121472000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7600000 USD
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
21.11
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.59
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
3.37
CY2020Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue
0.33
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
36300000 USD
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5238000 USD
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
188000 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2021Q1 us-gaap Net Income Loss
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-26086000 USD
CY2020Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5694832 shares
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
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-0.48
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-1.23
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CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3512721000 shares
CY2021Q1 kron Royalty Obligation Termination Period From First Commercial Sale
RoyaltyObligationTerminationPeriodFromFirstCommercialSale
P10Y
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
24845000 USD
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
27322000 USD
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OperatingLeaseLiabilityCurrent
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CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
29394000 USD
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
31120000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
30216000 USD
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
32057000 USD
CY2021Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
0 USD
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000 USD
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
3000 USD
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
6000 USD
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1384000 USD
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
419000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1200000 USD
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
100000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3207000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4330000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4460000 USD
CY2021Q1 kron Lessee Operating Lease Liability To Be Paid Year Four And Thereafter
LesseeOperatingLeaseLiabilityToBePaidYearFourAndThereafter
30624000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
46825000 USD
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
16241000 USD
CY2021Q1 us-gaap Tenant Improvements
TenantImprovements
368000 USD
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
30216000 USD

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