$MEIP
MEI Pharma, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022024967 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $32.74M $8.730M
YoY Change 79.65% -34.79%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.496M $7.486M
YoY Change 7.19% -5.35%
% of Gross Profit
Research & Development $15.31M $19.46M
YoY Change -28.88% -2.46%
% of Gross Profit
Depreciation & Amortization $92.00K $99.00K
YoY Change 22.67% 28.57%
% of Gross Profit
Operating Expenses $15.31M $19.46M
YoY Change -28.88% -2.46%
Operating Profit $8.926M -$18.22M
YoY Change -179.45% 25.87%
Interest Expense $1.331M $1.597M
YoY Change -75.66% -38.46%
% of Operating Profit 14.91%
Other Income/Expense, Net -$4.000K -$2.000K
YoY Change
Pretax Income $10.25M -$16.62M
YoY Change -184.35% -5.06%
Income Tax
% Of Pretax Income
Net Earnings $10.25M -$16.62M
YoY Change -184.35% -5.06%
Net Earnings / Revenue 31.32% -190.42%
Basic Earnings Per Share $0.08 -$0.12
Diluted Earnings Per Share $0.08 -$0.12
COMMON SHARES
Basic Shares Outstanding 133.3M 133.3M
Diluted Shares Outstanding 133.3M 133.3M

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.2M $138.4M
YoY Change -33.15% -4.9%
Cash & Equivalents $10.92M $14.65M
Short-Term Investments $113.3M $123.7M
Other Short-Term Assets $3.568M $2.782M
YoY Change -26.02% -25.6%
Inventory
Prepaid Expenses
Receivables $5.704M $7.758M
Other Receivables $0.00 $0.00
Total Short-Term Assets $133.4M $148.9M
YoY Change -33.52% -11.03%
LONG-TERM ASSETS
Property, Plant & Equipment $1.456M $1.624M
YoY Change 2.97% 12.93%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $14.15M $14.68M
YoY Change 61.96% 63.27%
TOTAL ASSETS
Total Short-Term Assets $133.4M $148.9M
Total Long-Term Assets $14.15M $14.68M
Total Assets $147.6M $163.6M
YoY Change -29.53% -7.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.067M $8.418M
YoY Change -34.99% -0.64%
Accrued Expenses $14.35M $9.216M
YoY Change 46.91% 51.11%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.65M $23.44M
YoY Change -25.78% -22.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $76.57M $102.8M
YoY Change -32.51% -15.16%
Total Long-Term Liabilities $76.57M $102.8M
YoY Change -32.51% -15.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.65M $23.44M
Total Long-Term Liabilities $76.57M $102.8M
Total Liabilities $99.23M $126.3M
YoY Change -24.95% -12.63%
SHAREHOLDERS EQUITY
Retained Earnings -$380.5M -$390.8M
YoY Change 10.13% 15.04%
Common Stock $428.9M $428.1M
YoY Change 1.47% 15.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $48.37M $37.31M
YoY Change
Total Liabilities & Shareholders Equity $147.6M $163.6M
YoY Change -29.53% -7.24%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income $10.25M -$16.62M
YoY Change -184.35% -5.06%
Depreciation, Depletion And Amortization $92.00K $99.00K
YoY Change 22.67% 28.57%
Cash From Operating Activities -$14.27M -$14.78M
YoY Change 66.59% 91.45%
INVESTING ACTIVITIES
Capital Expenditures $63.00K
YoY Change 687.5%
Acquisitions
YoY Change
Other Investing Activities $10.47M $13.80M
YoY Change -124.17% -8.02%
Cash From Investing Activities $10.53M $13.74M
YoY Change -124.29% -8.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -40.00K
YoY Change -100.0% -79.38%
NET CHANGE
Cash From Operating Activities -14.27M -14.78M
Cash From Investing Activities 10.53M 13.74M
Cash From Financing Activities 0.000 -40.00K
Net Change In Cash -3.736M -1.087M
YoY Change 21.69% -115.36%
FREE CASH FLOW
Cash From Operating Activities -$14.27M -$14.78M
Capital Expenditures $63.00K
Free Cash Flow -$14.85M
YoY Change 92.07%

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CY2022Q3 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes to the financial statements. We use estimates that affect the reported amounts (including assets, liabilities, revenues and expenses) and related disclosures. Actual results could materially differ from those estimates.</span></p>
CY2022Q3 us-gaap Revenues
Revenues
8730000
CY2021Q3 us-gaap Revenues
Revenues
7757000
CY2022Q3 us-gaap Revenues
Revenues
8730000
CY2021Q3 us-gaap Revenues
Revenues
7757000
CY2022Q3 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
0
CY2022Q3 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
0
CY2022Q3 meip Receivables Amounts Billed
ReceivablesAmountsBilled
10044000
CY2021Q3 meip Receivables Amounts Billed
ReceivablesAmountsBilled
27638000
CY2022Q3 meip Receivables Payments Received
ReceivablesPaymentsReceived
-10044000
CY2021Q3 meip Receivables Payments Received
ReceivablesPaymentsReceived
-17638000
CY2022Q3 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
0
CY2021Q3 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
10000000
CY2022Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
10044000
CY2021Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
7582000
CY2022Q3 meip Contract Assets Billable Amounts
ContractAssetsBillableAmounts
7758000
CY2021Q3 meip Contract Assets Billable Amounts
ContractAssetsBillableAmounts
28176000
CY2022Q3 meip Contract Assets Amounts Billed
ContractAssetsAmountsBilled
-10044000
CY2021Q3 meip Contract Assets Amounts Billed
ContractAssetsAmountsBilled
-27638000
CY2022Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
7758000
CY2021Q3 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
8120000
CY2022Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
30900000
CY2021Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
14677000
CY2022Q3 meip Contract With Customer Liability Milestone Payment Received
ContractWithCustomerLiabilityMilestonePaymentReceived
0
CY2021Q3 meip Contract With Customer Liability Milestone Payment Received
ContractWithCustomerLiabilityMilestonePaymentReceived
20000000
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
-971000
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
417000
CY2022Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
29929000
CY2021Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
35094000
CY2022Q3 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
94500000
CY2022 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
95400000
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Short Term Investments
ShortTermInvestments
123700000
CY2022Q2 us-gaap Short Term Investments
ShortTermInvestments
137500000
CY2022Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2021Q3 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2022Q3 us-gaap Lessor Operating Lease Option To Extend
LessorOperatingLeaseOptionToExtend
November 30, 2029
CY2022Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2029-11-30
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1699000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2335000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16624000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17510000
CY2022Q3 meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
0
CY2021Q3 meip Dilutive Securities Effect On Basic Earnings Per Share Change In Fair Value Of Warrant Liability
DilutiveSecuritiesEffectOnBasicEarningsPerShareChangeInFairValueOfWarrantLiability
-2587000
CY2022Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16624000
CY2021Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-20097000
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133255000
CY2021Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112677000
CY2022Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0
CY2021Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
1240000
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133255000
CY2021Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
113917000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
43829000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21141000
CY2022Q2 meip Minimum Bid Price Per Share
MinimumBidPricePerShare
1.00
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1913000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2477000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2551000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
2715000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
4386000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18076000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4394000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13682000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1301000
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12381000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
13682000
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y4M24D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0750
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
600
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
400
CY2022Q3 meip Unsold Securities Shares And Warrants Under Agreement
UnsoldSecuritiesSharesAndWarrantsUnderAgreement
107500000
CY2022Q3 meip Aggregate Value Of Securities Available Under Agreement
AggregateValueOfSecuritiesAvailableUnderAgreement
123400000
CY2022Q3 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
500000
CY2022Q2 us-gaap Warrants Not Settleable In Cash Fair Value Disclosure
WarrantsNotSettleableInCashFairValueDisclosure
1600000
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
1559000
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
2539000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19934007
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
9028410
CY2022Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.54
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1580138
CY2022Q3 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.28
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
27382279
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.12
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
11829885
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
2.93
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7600000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.028
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.011
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.841
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.678
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.39
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.78

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