2019 Q4 Form 10-K Financial Statement

#000155837021002773 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2019 Q4 2019 2018 Q4
Revenue $6.940M $13.29M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.87M $46.68M $9.350M
YoY Change 59.04% 4.95% 262.4%
% of Gross Profit
Research & Development $4.020M $24.88M $2.990M
YoY Change 34.44% -26.01% -48.27%
% of Gross Profit
Depreciation & Amortization $670.0K $2.239M $500.0K
YoY Change 34.0% 9.03% 400.0%
% of Gross Profit
Operating Expenses $12.39M $71.56M $2.990M
YoY Change 314.35% -8.38% -64.23%
Operating Profit -$58.27M
YoY Change -25.4%
Interest Expense $390.0K $48.61K -$1.380M
YoY Change -128.26% 45.42% -276.92%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change -100.0%
Pretax Income -$5.050M -$54.75M -$21.53M
YoY Change -76.54% -34.31% 150.35%
Income Tax $430.0K $0.00 -$470.0K
% Of Pretax Income
Net Earnings -$5.480M -$54.75M -$21.06M
YoY Change -73.98% -33.93% 144.88%
Net Earnings / Revenue -78.96% -411.87%
Basic Earnings Per Share
Diluted Earnings Per Share -$150.9K -$1.651M -$787.9K
COMMON SHARES
Basic Shares Outstanding 36.57M 27.39M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q4 2019 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $227.2M $227.2M $68.10M
YoY Change 233.63% 233.63%
Cash & Equivalents $227.2M $227.2M $68.08M
Short-Term Investments
Other Short-Term Assets $1.971M $6.500M $4.634M
YoY Change -57.48% 0.0% 380.1%
Inventory
Prepaid Expenses $4.464M $1.938M
Receivables $23.30M $23.30M
Other Receivables $12.00M $12.00M
Total Short-Term Assets $269.0M $269.0M $74.65M
YoY Change 260.31% 260.11% 550.56%
LONG-TERM ASSETS
Property, Plant & Equipment $23.86M $52.90M $22.01M
YoY Change 8.38% 140.45% 54.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $195.1K $1.300M $200.0K
YoY Change -2.47% 550.0%
Total Long-Term Assets $54.91M $54.90M $22.24M
YoY Change 146.86% 147.3% 54.69%
TOTAL ASSETS
Total Short-Term Assets $269.0M $269.0M $74.65M
Total Long-Term Assets $54.91M $54.90M $22.24M
Total Assets $323.9M $323.9M $96.89M
YoY Change 234.27% 234.26% 274.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.759M $3.800M $3.043M
YoY Change 23.55% 26.67% -56.87%
Accrued Expenses $18.08M $19.80M $11.99M
YoY Change 50.8% 65.0% 28.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $49.20M $49.20M $15.50M
YoY Change 217.42% 217.42% -27.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $83.70M $83.70M $300.0K
YoY Change 27800.0% 27800.0% 68.14%
Total Long-Term Liabilities $83.70M $83.70M $300.0K
YoY Change 27800.0% 27800.0% 68.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $49.20M $49.20M $15.50M
Total Long-Term Liabilities $83.70M $83.70M $300.0K
Total Liabilities $133.1M $133.1M $15.84M
YoY Change 740.44% 742.41% -27.63%
SHAREHOLDERS EQUITY
Retained Earnings -$203.0M -$148.3M
YoY Change 36.92% 126.66%
Common Stock $1.429K $1.064K
YoY Change 34.3% 211.11%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $190.8M $190.8M $81.06M
YoY Change
Total Liabilities & Shareholders Equity $323.9M $323.9M $96.89M
YoY Change 234.27% 234.26% 274.77%

Cashflow Statement

Concept 2019 Q4 2019 2018 Q4
OPERATING ACTIVITIES
Net Income -$5.480M -$54.75M -$21.06M
YoY Change -73.98% -33.93% 144.88%
Depreciation, Depletion And Amortization $670.0K $2.239M $500.0K
YoY Change 34.0% 9.03% 400.0%
Cash From Operating Activities -$21.98M $20.04M -$11.47M
YoY Change 91.63% -134.04% 209.16%
INVESTING ACTIVITIES
Capital Expenditures -$4.750M $8.980M -$8.890M
YoY Change -46.57% -20.23% 313.49%
Acquisitions
YoY Change
Other Investing Activities -$390.0K -$390.0K
YoY Change
Cash From Investing Activities -$5.140M -$9.370M -$8.890M
YoY Change -42.18% -16.77% 313.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $155.2M
YoY Change 122.51%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 460.0K 148.2M -10.00K
YoY Change -4700.0% 13.99% -100.11%
NET CHANGE
Cash From Operating Activities -21.98M 20.04M -11.47M
Cash From Investing Activities -5.140M -9.370M -8.890M
Cash From Financing Activities 460.0K 148.2M -10.00K
Net Change In Cash -26.66M 158.9M -20.37M
YoY Change 30.88% 165.32% -722.94%
FREE CASH FLOW
Cash From Operating Activities -$21.98M $20.04M -$11.47M
Capital Expenditures -$4.750M $8.980M -$8.890M
Free Cash Flow -$17.23M $11.06M -$2.580M
YoY Change 567.83% -115.77% 65.38%

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CY2020 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2019 us-gaap Fair Value Of Assets Acquired
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CY2019 mgtx Lease Obligations In Exchange Of Right Of Use Assets
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CY2020 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 18pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;"><span style="white-space:pre-wrap;">Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these consolidated financial statements, management used significant estimates in the following areas, among others: collaboration revenue, the accounting for research and development costs, share-based compensation, leases, asset retirement obligations and tax incentive receivable. </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;">Additionally, the Company has made estimates of the impact of the COVID-19 pandemic within the consolidated financial statements and there may be changes to those estimates in future periods. Actual results may differ from these estimates.</p>
CY2020 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 18pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 18pt;">The Company maintains its cash and cash equivalents primarily in depository and money market accounts within two large financial institutions in the United States and one large financial institution in the United Kingdom and Ireland.  Cash balances deposited at these major financial banking institutions exceed the insured limit. The Company has not experienced any losses on its bank deposits and believes these deposits do not expose the Company to any significant credit risk.</p>
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CY2019 us-gaap Amortization Of Intangible Assets
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CY2019Q4 mgtx Accrued Expenses Incurred In Connection With Fixed Assets
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21596435
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
7144848
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
28325
CY2019Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
50737
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y10M24D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P175Y1M6D
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P107Y
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.086
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2020Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.080
CY2019Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.073
CY2020 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
21604
CY2019 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
28187
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
3790734
CY2019 us-gaap Operating Lease Payments
OperatingLeasePayments
1246169
CY2020 mgtx Finance Lease Payments
FinanceLeasePayments
3081
CY2019 mgtx Finance Lease Payments
FinanceLeasePayments
2355
CY2020 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1889065
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
23279980
CY2019 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
44629
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4383995
CY2020Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
17505
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4475018
CY2020Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
13129
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4566431
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4405144
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4381270
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7151280
CY2020Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
29363138
CY2020Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
30634
CY2020Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
7142623
CY2020Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2309
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
22220515
CY2020Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
28325
CY2020 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
1089657
CY2019 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
604294

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