2024 Q3 Form 10-Q Financial Statement
#000149315224030766 Filed on August 08, 2024
Income Statement
| Concept | 2024 Q3 | 2024 Q2 | 2023 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 | $1.463M | $1.520M | $1.632M |
| YoY Change | 11.67% | -6.88% | 16.08% |
| % of Gross Profit | |||
| Research & Development | $3.717M | $3.889M | $3.558M |
| YoY Change | 68.18% | 9.29% | 19.05% |
| % of Gross Profit | |||
| Depreciation & Amortization | $4.390K | $4.260K | $3.510K |
| YoY Change | 21.37% | 47.48% | |
| % of Gross Profit | |||
| Operating Expenses | $5.180M | $5.408M | $5.190M |
| YoY Change | 47.0% | 4.2% | 18.1% |
| Operating Profit | -$5.180M | -$5.408M | -$5.190M |
| YoY Change | 47.0% | 4.2% | 18.1% |
| Interest Expense | $191.4K | $188.7K | $117.8K |
| YoY Change | -23.46% | 60.13% | 114.1% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $482.5K | $260.3K | $326.1K |
| YoY Change | 316.77% | -20.17% | -313.69% |
| Pretax Income | -$4.506M | -$4.960M | -$4.746M |
| YoY Change | 42.59% | 4.49% | 5.65% |
| Income Tax | |||
| % Of Pretax Income | |||
| Net Earnings | -$4.506M | -$4.960M | -$4.746M |
| YoY Change | 42.52% | 4.49% | 5.65% |
| Net Earnings / Revenue | |||
| Basic Earnings Per Share | -$0.42 | -$0.46 | -$0.44 |
| Diluted Earnings Per Share | -$0.42 | -$0.46 | -$0.44 |
| COMMON SHARES | |||
| Basic Shares Outstanding | 10.76M shares | 10.76M shares | 10.86M shares |
| Diluted Shares Outstanding | 10.76M shares | 10.76M shares | 10.86M shares |
Balance Sheet
| Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $28.05M | $33.26M | $47.95M |
| YoY Change | -37.56% | -30.63% | -22.85% |
| Cash & Equivalents | $8.103M | $12.98M | $28.42M |
| Short-Term Investments | $19.95M | $20.29M | $19.53M |
| Other Short-Term Assets | $1.867M | $2.029M | $3.093M |
| YoY Change | -25.31% | -34.38% | -11.97% |
| Inventory | |||
| Prepaid Expenses | |||
| Receivables | |||
| Other Receivables | |||
| Total Short-Term Assets | $29.92M | $35.29M | $51.04M |
| YoY Change | -36.91% | -30.86% | -22.27% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $48.93K | $50.29K | $49.95K |
| YoY Change | -4.1% | 0.68% | 24.73% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $36.74K | $32.02K | $25.87K |
| YoY Change | 42.02% | 23.76% | 44.61% |
| Total Long-Term Assets | $372.3K | $295.4K | $384.1K |
| YoY Change | 7.75% | -23.1% | -46.42% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $29.92M | $35.29M | $51.04M |
| Total Long-Term Assets | $372.3K | $295.4K | $384.1K |
| Total Assets | $30.29M | $35.59M | $51.43M |
| YoY Change | -36.59% | -30.8% | -22.53% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $3.404M | $4.437M | $2.853M |
| YoY Change | 62.86% | 55.52% | -44.86% |
| Accrued Expenses | $197.3K | $164.0K | $163.2K |
| YoY Change | 16.05% | 0.52% | 24.82% |
| 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 | $3.601M | $4.601M | $3.016M |
| YoY Change | 59.81% | 52.55% | -43.14% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $93.95K | $54.69K | $150.7K |
| YoY Change | -14.59% | -63.71% | |
| Total Long-Term Liabilities | $93.95K | $54.69K | $150.7K |
| YoY Change | -14.59% | -63.71% | |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $3.601M | $4.601M | $3.016M |
| Total Long-Term Liabilities | $93.95K | $54.69K | $150.7K |
| Total Liabilities | $3.695M | $4.655M | $3.167M |
| YoY Change | 56.58% | 47.01% | -40.3% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$70.15M | -$65.64M | -$47.90M |
| YoY Change | 37.39% | 37.05% | 42.39% |
| Common Stock | $1.078K | $1.076K | $1.087K |
| YoY Change | -0.83% | -1.01% | 0.37% |
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $26.60M | $30.93M | $48.26M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $30.29M | $35.59M | $51.43M |
| YoY Change | -36.59% | -30.8% | -22.53% |
Cashflow Statement
| Concept | 2024 Q3 | 2024 Q2 | 2023 Q2 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$4.506M | -$4.960M | -$4.746M |
| YoY Change | 42.52% | 4.49% | 5.65% |
| Depreciation, Depletion And Amortization | $4.390K | $4.260K | $3.510K |
| YoY Change | 21.37% | 47.48% | |
| Cash From Operating Activities | -$5.582M | -$5.191M | -$3.592M |
| YoY Change | 54.63% | 44.51% | 31.45% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $3.030K | $4.260K | $0.00 |
| YoY Change | -100.0% | ||
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | $683.4K | -$197.8K | -$457.2K |
| YoY Change | 184.74% | -56.74% | -10.62% |
| Cash From Investing Activities | $680.3K | -$202.1K | -$457.2K |
| YoY Change | 195.8% | -55.81% | -13.03% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | |||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 11.99K | 0.000 | 0.000 |
| YoY Change | |||
| NET CHANGE | |||
| Cash From Operating Activities | -5.582M | -5.191M | -3.592M |
| Cash From Investing Activities | 680.3K | -202.1K | -457.2K |
| Cash From Financing Activities | 11.99K | 0.000 | 0.000 |
| Net Change In Cash | -4.890M | -5.393M | -4.049M |
| YoY Change | 44.67% | 33.18% | 24.27% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$5.582M | -$5.191M | -$3.592M |
| Capital Expenditures | $3.030K | $4.260K | $0.00 |
| Free Cash Flow | -$5.585M | -$5.195M | -$3.592M |
| YoY Change | 54.72% | 44.63% | 32.13% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2023Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4746398 | usd |
| CY2023Q2 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
|
usd | |
| us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
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| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
usd | ||
| CY2024Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
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| LTRN |
Remeasurement Of Operating Lease Rightofuse Asset And Operating Lease Liability
RemeasurementOfOperatingLeaseRightofuseAssetAndOperatingLeaseLiability
|
usd | ||
| LTRN |
Removal Of Operating Lease Rightofuse Assets And Related Operating Lease Liabilities Upon Early Termination Of Leases
RemovalOfOperatingLeaseRightofuseAssetsAndRelatedOperatingLeaseLiabilitiesUponEarlyTerminationOfLeases
|
usd | ||
| CY2023Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
52575498 | usd |
| CY2023Q2 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
392390 | usd |
| CY2023Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
37840 | usd |
| CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
48259330 | usd |
| CY2023Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
48259330 | usd |
| CY2023Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
40907934 | usd |
| CY2024Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
54716 | usd |
| CY2024Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
134057 | usd |
| CY2024Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5440810 | usd |
| CY2024Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
109320 | usd |
| CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
35765217 | usd |
| CY2024Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
35765217 | usd |
| CY2024Q2 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
134171 | usd |
| CY2024Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4959506 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-8445 | usd |
| CY2024Q2 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-8445 | usd |
| CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
30931437 | usd |
| CY2024Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
30931437 | usd |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-10400316 | usd | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-8614163 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
8319 | usd | |
| us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
6929 | usd | |
| us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
83092 | usd | |
| us-gaap |
Other Noncash Expense
OtherNoncashExpense
|
80272 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
268228 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
725920 | usd | |
| us-gaap |
Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
|
93166 | usd | |
| us-gaap |
Investment Income Net Amortization Of Discount And Premium
InvestmentIncomeNetAmortizationOfDiscountAndPremium
|
86578 | usd | |
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-50778 | usd | |
| us-gaap |
Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
|
-50633 | usd | |
| us-gaap |
Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
|
7088 | usd | |
| us-gaap |
Debt Securities Available For Sale Realized Gain Loss
DebtSecuritiesAvailableForSaleRealizedGainLoss
|
-60909 | usd | |
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
-1799 | usd | |
| us-gaap |
Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
|
12050 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
12932 | usd | |
| us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
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| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
1931888 | usd | |
| us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
111774 | usd | |
| us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-83617 | usd | |
| us-gaap |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-79867 | usd | |
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
6146 | usd | |
| us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
7980 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-8259161 | usd | |
| us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
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Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
6484 | usd | |
| us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
14360080 | usd | |
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Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
5909244 | usd | |
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Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
13608333 | usd | |
| us-gaap |
Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
|
4500000 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-758231 | usd | |
| us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-1418120 | usd | |
| us-gaap |
Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
|
54716 | usd | |
| us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
54716 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
1492 | usd | |
| us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-11409 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-8961184 | usd | |
| us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-8778616 | usd | |
| CY2023Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
21937749 | usd |
| CY2022Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
37742966 | usd |
| CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
12976565 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
28964350 | usd |
| CY2024Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
12976565 | usd |
| CY2023Q2 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
28423170 | usd |
| CY2023Q2 | us-gaap |
Restricted Cash
RestrictedCash
|
541180 | usd |
| CY2024Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
12976565 | usd |
| CY2023Q2 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
28964350 | usd |
| us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
198405 | usd | |
| us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
141989 | usd | |
| LTRN |
Remeasurement Of Operating Lease Rightofuse Asset And Operating Lease Liability
RemeasurementOfOperatingLeaseRightofuseAssetAndOperatingLeaseLiability
|
198847 | usd | |
| us-gaap |
Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
|
70429 | usd | |
| us-gaap |
Debt Securities Unrealized Gain Loss
DebtSecuritiesUnrealizedGainLoss
|
84536 | usd | |
| LTRN |
Removal Of Operating Lease Rightofuse Assets And Related Operating Lease Liabilities Upon Early Termination Of Leases
RemovalOfOperatingLeaseRightofuseAssetsAndRelatedOperatingLeaseLiabilitiesUponEarlyTerminationOfLeases
|
130563 | usd | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-10400000 | usd | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
-8614000 | usd | |
| CY2024Q2 | LTRN |
Working Capital
WorkingCapital
|
30691000 | usd |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<p id="xdx_849_eus-gaap--UseOfEstimates_zboYLPCQ88kf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_863_zmgzkmsatjpi">Use of Estimates and Assumptions</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The significant areas of estimation include determining research and development accruals, the inputs in determining the fair value of equity-based awards and warrants issued, the inputs in determining present value of lease payments, and determining the fair value of marketable securities. Actual results could differ from those estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> | ||
| us-gaap |
Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
|
<p id="xdx_84F_eus-gaap--ConcentrationRiskCreditRisk_znil7Jx4sVB" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86F_zAi3Dsr5AaN">Risks and Uncertainties</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. Operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory, and other risks, including the potential risk of business failure.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our marketable securities have had and may in the future have their market value fluctuate due to rises or falls in interest rates. While we believe our cash, cash equivalents and marketable securities do not contain excessive risk, we cannot provide absolute assurance that in the future our investments will not be subject to adverse changes in market value. In addition, we maintain significant amounts of cash and cash equivalents at one or more financial institutions that are federally insured. Interest bearing and non-interest bearing accounts we hold at these banking institutions are guaranteed by the Federal Deposit Insurance Corporation (“FDIC”) up to $<span id="xdx_90F_eus-gaap--CashFDICInsuredAmount_iI_c20240630__srt--RangeAxis__srt--MaximumMember_zoi3nlTKX5N6" title="Cash FDIC insured amount">250,000</span> per depositor, per FDIC-insured bank, per ownership category. Substantially all of our cash balances held at banking institutions at June 30, 2024 are in excess of FDIC coverage.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p> | ||
| CY2024Q2 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
11508000 | usd |
| CY2023Q4 | us-gaap |
Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
|
20881000 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
213045 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
228295 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
164002 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
172975 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
54694 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
61496 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
218696 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
234471 | usd |
| CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
92725 | usd |
| CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
140216 | usd |
| CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
232941 | usd |
| CY2024Q2 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
14245 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
218696 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
164002 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
54694 | usd |
| CY2024Q2 | us-gaap |
Short Term Lease Payments
ShortTermLeasePayments
|
11200 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
228295 | usd |
| CY2023Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
234471 | usd |
| LTRN |
Operating Lease Rightofuse Asset Acquired
OperatingLeaseRightofuseAssetAcquired
|
198405 | usd | |
| LTRN |
Operating Lease Liability Acquired
OperatingLeaseLiabilityAcquired
|
198405 | usd | |
| LTRN |
Operating Lease Assets Early Termination
OperatingLeaseAssetsEarlyTermination
|
130563 | usd | |
| LTRN |
Operating Lease Liability Early Termination
OperatingLeaseLiabilityEarlyTermination
|
130563 | usd | |
| us-gaap |
Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
|
83092 | usd | |
| LTRN |
Operating Lease Liability Amortization Expense
OperatingLeaseLiabilityAmortizationExpense
|
83617 | usd | |
| CY2024Q2 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
213045 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
218696 | usd |
| CY2024Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y3M21D | |
| CY2023Q2 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y9M21D | |
| CY2024Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0903 | pure |
| CY2023Q2 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0736 | pure |
| CY2024Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
45000 | usd |
| CY2023Q2 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
67000 | usd |
| us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
90000 | usd | |
| us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
109000 | usd | |
| CY2024Q2 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
4800 | usd |
| CY2023Q2 | us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
5000 | usd |
| us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
9300 | usd | |
| us-gaap |
Short Term Lease Cost
ShortTermLeaseCost
|
5000 | usd | |
| CY2024Q2 | us-gaap |
Lease Cost
LeaseCost
|
49800 | usd |
| CY2023Q2 | us-gaap |
Lease Cost
LeaseCost
|
72000 | usd |
| us-gaap |
Lease Cost
LeaseCost
|
99300 | usd | |
| us-gaap |
Lease Cost
LeaseCost
|
114000 | usd | |
| us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
91000 | usd | |
| us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
111000 | usd | |
| us-gaap |
Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
|
12000 | shares | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
|
63000 | usd | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
|
9500 | shares | |
| us-gaap |
Stock Issued During Period Shares Restricted Stock Award Forfeited
StockIssuedDuringPeriodSharesRestrictedStockAwardForfeited
|
2500 | shares | |
| CY2024Q2 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
25000000 | shares |
| CY2023Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
25000000 | shares |
| CY2024Q2 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
10758805 | shares |
| CY2024Q2 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
10758805 | shares |
| CY2023Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
10721192 | shares |
| CY2023Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
10721192 | shares |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1091196 | shares |
| CY2023Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
6.11 | |
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
20000 | shares | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
7.70 | ||
| us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
47648 | shares | |
| us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
|
5.99 | ||
| CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
1063548 | shares |
| CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
6.14 | |
| CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
916670 | shares |
| CY2024Q2 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
6.23 | |
| CY2024Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
134171 | usd |
| CY2023Q2 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
392390 | usd |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
268228 | usd | |
| us-gaap |
Share Based Compensation
ShareBasedCompensation
|
725920 | usd | |
| CY2024Q2 | LTRN |
Available For Sale Securities Amortized Costs
AvailableForSaleSecuritiesAmortizedCosts
|
20769715 | usd |
| CY2024Q2 | LTRN |
Marketable Securities Unrealized Gains
MarketableSecuritiesUnrealizedGains
|
979 | usd |
| CY2024Q2 | LTRN |
Marketable Securities Unrealized Losses
MarketableSecuritiesUnrealizedLosses
|
485140 | usd |
| CY2024Q2 | us-gaap |
Marketable Securities Current
MarketableSecuritiesCurrent
|
20285554 | usd |
| CY2024Q2 | us-gaap |
Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
|
14714904 | usd |
| CY2024Q2 | LTRN |
Debt Securities Available For Sale Fair Value Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleFairValuePositionLessThan12MonthsAccumulatedLoss
|
7886489 | usd |
| CY2024Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
|
8690 | usd |
| CY2024Q2 | LTRN |
Debt Securities Available For Sale Continuous Fair Value Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousFairValuePosition12MonthsOrLongerAccumulatedLoss
|
8230241 | usd |
| CY2024Q2 | us-gaap |
Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss
|
476450 | usd |
| us-gaap |
Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
|
30806762 | usd | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1145044 | shares | |
| us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1268466 | shares |
