2020 Q2 Form 10-K Financial Statement

#000119312520242169 Filed on September 09, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1
Revenue $25.50M $1.129M $1.249M
YoY Change 2158.99% 106.02% 188.45%
Cost Of Revenue $480.0K $1.100M $1.163M
YoY Change -56.36% -0.9% 25.05%
Gross Profit $25.02M $30.00K $86.00K
YoY Change 83300.0% -105.36% -117.3%
Gross Profit Margin 98.1% 2.66% 6.89%
Selling, General & Admin $4.530M $3.740M $3.630M
YoY Change 21.12% 52.03% 45.78%
% of Gross Profit 18.11% 12466.67% 4220.93%
Research & Development $7.860M $8.030M $9.071M
YoY Change -2.12% 80.04% 195.38%
% of Gross Profit 31.41% 26766.67% 10547.67%
Depreciation & Amortization $20.00K $30.00K $20.00K
YoY Change -33.33% 200.0% 100.0%
% of Gross Profit 0.08% 100.0% 23.26%
Operating Expenses $12.39M $11.78M $9.071M
YoY Change 5.18% 70.48% 195.38%
Operating Profit $12.63M -$11.75M -$12.62M
YoY Change -207.49% 57.3% 108.39%
Interest Expense -$31.11M $14.80M -$4.740M
YoY Change -310.2% -225.64% -4409.09%
% of Operating Profit -246.32%
Other Income/Expense, Net $0.00 $14.36M -$5.200M
YoY Change -100.0% -247.89%
Pretax Income -$18.48M $3.050M -$17.36M
YoY Change -705.9% -115.84% 191.76%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$18.48M $3.052M -$17.35M
YoY Change -705.37% -115.85% 191.76%
Net Earnings / Revenue -72.44% 270.33% -1389.43%
Basic Earnings Per Share -$0.17 $0.04 -$0.24
Diluted Earnings Per Share -$0.17 -$0.15 -$0.24
COMMON SHARES
Basic Shares Outstanding 106.0M 71.29M 71.20M
Diluted Shares Outstanding 71.20M

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $182.6M $74.50M $82.30M
YoY Change 145.1% -27.46% 127.35%
Cash & Equivalents $12.33M $9.590M $7.426M
Short-Term Investments $170.3M $64.90M $74.90M
Other Short-Term Assets $5.000M $2.400M $3.200M
YoY Change 108.33% 50.0% 255.56%
Inventory
Prepaid Expenses
Receivables $600.0K
Other Receivables $20.40M
Total Short-Term Assets $208.6M $82.20M $85.44M
YoY Change 153.83% -21.21% 130.58%
LONG-TERM ASSETS
Property, Plant & Equipment $1.084M $204.0K $213.0K
YoY Change 431.37% 537.5% 491.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $1.084M $465.0K $483.0K
YoY Change 133.12% 41.77% 41.64%
TOTAL ASSETS
Total Short-Term Assets $208.6M $82.20M $85.44M
Total Long-Term Assets $1.084M $465.0K $483.0K
Total Assets $209.7M $82.66M $85.93M
YoY Change 153.71% -21.02% 129.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.437M $4.787M $1.969M
YoY Change -49.09% 31.4% 56.39%
Accrued Expenses $6.090M $4.559M $5.685M
YoY Change 33.58% 31.99% 138.66%
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 $23.30M $14.30M $11.85M
YoY Change 62.95% 81.37% 164.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $108.2M $20.40M $36.20M
YoY Change 430.39% -55.94%
Total Long-Term Liabilities $108.2M $20.40M $36.20M
YoY Change 430.39% -55.94%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.30M $14.30M $11.85M
Total Long-Term Liabilities $108.2M $20.40M $36.20M
Total Liabilities $131.5M $34.73M $48.04M
YoY Change 278.63% -35.91% 967.64%
SHAREHOLDERS EQUITY
Retained Earnings -$277.2M -$231.2M -$234.3M
YoY Change 19.9% 7.84% 20.05%
Common Stock $355.5M $279.1M $272.2M
YoY Change 27.33% 5.4% 19.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $77.06M $47.93M $37.88M
YoY Change
Total Liabilities & Shareholders Equity $209.7M $82.66M $85.93M
YoY Change 153.71% -21.02% 129.77%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$18.48M $3.052M -$17.35M
YoY Change -705.37% -115.85% 191.76%
Depreciation, Depletion And Amortization $20.00K $30.00K $20.00K
YoY Change -33.33% 200.0% 100.0%
Cash From Operating Activities $69.11M -$8.060M -$11.34M
YoY Change -957.44% 114.93% 81.73%
INVESTING ACTIVITIES
Capital Expenditures -$100.0K -$10.00K -$40.00K
YoY Change 900.0%
Acquisitions
YoY Change
Other Investing Activities -$84.94M $9.970M $9.800M
YoY Change -951.96% -116.78% 92.53%
Cash From Investing Activities -$85.04M $9.960M $9.760M
YoY Change -953.82% -116.76% 91.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 20.83M 280.0K 250.0K
YoY Change 7339.29% -99.6%
NET CHANGE
Cash From Operating Activities 69.11M -8.060M -11.34M
Cash From Investing Activities -85.04M 9.960M 9.760M
Cash From Financing Activities 20.83M 280.0K 250.0K
Net Change In Cash 4.900M 2.180M -1.330M
YoY Change 124.77% -69.34% 15.65%
FREE CASH FLOW
Cash From Operating Activities $69.11M -$8.060M -$11.34M
Capital Expenditures -$100.0K -$10.00K -$40.00K
Free Cash Flow $69.21M -$8.050M -$11.30M
YoY Change -959.75% 114.67% 81.09%

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StockholdersEquity
50838000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-40068000
CY2018 meip Stock Issued During The Period Value Private Placement
StockIssuedDuringThePeriodValuePrivatePlacement
35910000
CY2018 meip Stock Issued During The Period Value Milestone Payment
StockIssuedDuringThePeriodValueMilestonePayment
500000
CY2018 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
3217000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
50459000
CY2019 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
5444000
CY2019 meip Stockissuedduringperiodvaluestockwarrantsexercised
Stockissuedduringperiodvaluestockwarrantsexercised
2186000
CY2019 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-324000
CY2019 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6562000
CY2020 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
69231000
CY2020 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
272000
CY2020 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
6801000
CY2020 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one vote per share
CY2020 us-gaap Fair Value Liabilities Measured On Recurring Basis Change In Unrealized Gain Loss
FairValueLiabilitiesMeasuredOnRecurringBasisChangeInUnrealizedGainLoss
-22870000
CY2020 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
272000
CY2020 meip Proceeds From Previously Issued Common Stock
ProceedsFromPreviouslyIssuedCommonStock
5274000
CY2020 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family: times new roman; font-size: 10pt; margin-top: 18pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div><div style="text-indent: 4%; font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: 'times new roman'; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) 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. </div></div> <table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2020 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2019 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
0
CY2018Q2 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
82000
CY2020 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
2605000
CY2019 us-gaap Increase Decrease In Receivables
IncreaseDecreaseInReceivables
-82000
CY2020Q2 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
2605000
CY2019Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
686000
CY2018Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
312000
CY2020 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
-82000
CY2019 us-gaap Increase Decrease In Contract With Customer Asset
IncreaseDecreaseInContractWithCustomerAsset
374000
CY2020Q2 us-gaap Contract With Customer Asset Net Current
ContractWithCustomerAssetNetCurrent
604000
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
7774000
CY2018Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
788000
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
74726000
CY2019 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
6986000
CY2020Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
82500000
CY2020Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2019Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2020Q2 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
17325000
CY2019Q2 us-gaap Deferred Tax Assets Deferred Income
DeferredTaxAssetsDeferredIncome
1635000
CY2020 dei Security12b Title
Security12bTitle
Common Stock
CY2020 dei Trading Symbol
TradingSymbol
MEIP
CY2020 dei Security Exchange Name
SecurityExchangeName
NASDAQ
CY2020 dei Entity Shell Company
EntityShellCompany
false
CY2020 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2020Q3 dei Entity Common Stock Shares Outstanding
EntityCommonStockSharesOutstanding
112522001
CY2020 dei Entity Address State Or Province
EntityAddressStateOrProvince
CA
CY2020 meip Number Of Clinical Stage Candidates
NumberOfClinicalStageCandidates
4
CY2020Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2019Q2 meip Accounts Receivable Net Beginning Balance
AccountsReceivableNetBeginningBalance
CY2019Q2 meip Accounts Receivable Net Ending Balance
AccountsReceivableNetEndingBalance
CY2020Q2 meip Profits And Costs Sharing Ratio
ProfitsAndCostsSharingRatio
0.5
CY2020 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2019 us-gaap Income Tax Reconciliation Change In Enacted Tax Rate
IncomeTaxReconciliationChangeInEnactedTaxRate
0
CY2020 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2020 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P14Y
CY2020Q2 meip Receivable For Foreign Tax Withholding
ReceivableForForeignTaxWithholding
20420000
CY2020 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
227000
CY2020 meip Increase Or Decrease In Receivable For Foreign Tax Withholding
IncreaseOrDecreaseInReceivableForForeignTaxWithholding
-20420000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Deductions
EffectiveIncomeTaxRateReconciliationDeductions
0.80
CY2020 meip Unsold Securities Shares And Warrants Under Agreement
UnsoldSecuritiesSharesAndWarrantsUnderAgreement
107500000
CY2020Q2 meip Aggregate Value Of Securities Available Under Agreement
AggregateValueOfSecuritiesAvailableUnderAgreement
178900000
CY2020Q2 meip Remaining Available Under Atm Sales Agreement
RemainingAvailableUnderAtmSalesAgreement
3200000
CY2019Q4 dei Entity Public Float
EntityPublicFloat
261500000
CY2020 dei Entity Small Business
EntitySmallBusiness
true
CY2020 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2020 us-gaap Significant Change In Unrecognized Tax Benefits Is Reasonably Possible Other Information
SignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleOtherInformation
An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained.
CY2020 meip Number Of Candidate In An Ongoing Global Registration Trial
NumberOfCandidateInAnOngoingGlobalRegistrationTrial
1
CY2020 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
0

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