2021 Q4 Form 10-Q Financial Statement

#000095017021004605 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $3.138M $5.000M $0.00
YoY Change
Cost Of Revenue $1.903M
YoY Change
Gross Profit $1.235M
YoY Change
Gross Profit Margin 39.36%
Selling, General & Admin $19.04M $17.35M $7.230M
YoY Change 163.28% 202.84% 68.93%
% of Gross Profit 1541.3%
Research & Development $27.78M $30.47M $29.73M
YoY Change -6.58% 90.63% 106.75%
% of Gross Profit 2248.99%
Depreciation & Amortization $342.0K $84.00K $90.00K
YoY Change 280.0% 5.0% 50.0%
% of Gross Profit 27.69%
Operating Expenses $46.81M $47.82M $36.95M
YoY Change 26.68% 120.22% 98.02%
Operating Profit -$45.58M -$42.82M
YoY Change 97.2%
Interest Expense -$4.850M -$4.240M -$170.0K
YoY Change 2752.94% -1866.67% -123.29%
% of Operating Profit
Other Income/Expense, Net -$17.00K -$35.00K -$80.00K
YoY Change -78.75% 16.67%
Pretax Income $57.56M -$47.10M -$37.20M
YoY Change -254.73% 118.97% 107.47%
Income Tax $12.00K $9.000K $0.00
% Of Pretax Income 0.02%
Net Earnings $57.55M -$47.11M -$37.20M
YoY Change -254.69% 119.05% 107.24%
Net Earnings / Revenue 1833.84% -942.16%
Basic Earnings Per Share -$1.55
Diluted Earnings Per Share $1.884M -$1.551M -$1.425M
COMMON SHARES
Basic Shares Outstanding 30.64M 30.52M
Diluted Shares Outstanding 30.37M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $156.5M $190.0M $231.8M
YoY Change -32.47% 42.08% 98.71%
Cash & Equivalents $31.34M $55.84M $142.1M
Short-Term Investments $125.2M $134.2M $89.73M
Other Short-Term Assets $5.271M $6.371M $4.500M
YoY Change 17.13% 44.8% 66.67%
Inventory $1.513M $0.00
Prepaid Expenses
Receivables $3.267M $400.0K $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $166.6M $196.8M $236.4M
YoY Change -29.51% 42.41% 98.01%
LONG-TERM ASSETS
Property, Plant & Equipment $981.0K $1.060M $1.293M
YoY Change -24.13% -68.82% -5.76%
Goodwill
YoY Change
Intangibles $18.74M $19.00M $0.00
YoY Change
Long-Term Investments $4.983M $15.00M $0.00
YoY Change -100.0%
Other Assets $1.786M $1.641M $1.272M
YoY Change 40.41% 447.0% 292.59%
Total Long-Term Assets $128.1M $38.36M $4.514M
YoY Change 2736.93% 936.81% -83.49%
TOTAL ASSETS
Total Short-Term Assets $166.6M $196.8M $236.4M
Total Long-Term Assets $128.1M $38.36M $4.514M
Total Assets $294.7M $235.2M $240.9M
YoY Change 22.33% 65.73% 64.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.166M $5.003M $3.151M
YoY Change 190.89% -3.79% -5.97%
Accrued Expenses $30.72M $43.85M $13.41M
YoY Change 129.09% 222.4% 43.77%
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 $42.60M $50.39M $18.46M
YoY Change 130.72% 168.02% 41.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.00K $19.00K $29.00K
YoY Change -41.38% -99.32% -19.44%
Total Long-Term Liabilities $17.00K $19.00K $29.00K
YoY Change -41.38% -99.32% -19.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.60M $50.39M $18.46M
Total Long-Term Liabilities $17.00K $19.00K $29.00K
Total Liabilities $174.4M $178.8M $68.77M
YoY Change 153.66% 727.64% 320.27%
SHAREHOLDERS EQUITY
Retained Earnings -$257.2M -$314.7M -$173.2M
YoY Change 48.5% 147.74%
Common Stock $377.4M $371.1M $345.2M
YoY Change 9.34% 72.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.2M $56.40M $172.1M
YoY Change
Total Liabilities & Shareholders Equity $294.7M $235.2M $240.9M
YoY Change 22.33% 65.73% 64.17%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income $57.55M -$47.11M -$37.20M
YoY Change -254.69% 119.05% 107.24%
Depreciation, Depletion And Amortization $342.0K $84.00K $90.00K
YoY Change 280.0% 5.0% 50.0%
Cash From Operating Activities -$33.15M -$34.20M -$36.28M
YoY Change -8.64% 96.0% 164.82%
INVESTING ACTIVITIES
Capital Expenditures -$19.00M -$18.00K -$30.00K
YoY Change 63243.33% -64.0% -57.14%
Acquisitions
YoY Change
Other Investing Activities $127.0M -$2.219M -$4.920M
YoY Change -2681.83% -88.24% -3.15%
Cash From Investing Activities $108.0M -$2.237M -$4.950M
YoY Change -2282.28% -88.17% -3.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 615.0K 345.0K 134.5M
YoY Change -99.54% -83.57%
NET CHANGE
Cash From Operating Activities -33.15M -34.20M -36.28M
Cash From Investing Activities 108.0M -2.237M -4.950M
Cash From Financing Activities 615.0K 345.0K 134.5M
Net Change In Cash 75.49M -36.09M 93.28M
YoY Change -19.07% 5.35% -595.12%
FREE CASH FLOW
Cash From Operating Activities -$33.15M -$34.20M -$36.28M
Capital Expenditures -$19.00M -$18.00K -$30.00K
Free Cash Flow -$14.14M -$34.18M -$36.25M
YoY Change -60.98% 96.46% 165.96%

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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.3;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:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;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:Times New Roman;">The </span><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:Times New Roman;">preparation of consolidated financial statements in accordance with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the financial statements and accompanying notes. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to the revenue interest liability, accrued research and development expenses, the valuation of derivative liabilities, equity award compensation and the valuation allowance of deferred tax assets resulting from net operating losses.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;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:Times New Roman;">These </span><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:Times New Roman;">estimates and assumptions are based upon historical experience, knowledge of current events and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results could differ materially from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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CY2020Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2020Q4 mirm Cash Equivalents And Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2020Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
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CY2020Q4 us-gaap Available For Sale Securities Debt Securities Current
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CY2020Q4 mirm Cash Equivalents And Available For Sale Securities Debt Securities
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CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
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CY2021Q3 mirm Held To Maturity Securities Debt Maturities Rolling Year One Through Two Fair Value
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CY2021Q3 us-gaap Held To Maturity Securities Fair Value
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CY2021Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
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CY2020Q3 us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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us-gaap Available For Sale Securities Gross Realized Gain Loss Net
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CY2021Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2020Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
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us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSale
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CY2021Q1 mirm Revenue Interest Liability
RevenueInterestLiability
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CY2021Q3 mirm Accrued Clinical Trials Current
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CY2020Q4 mirm Accrued Clinical Trials Current
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CY2021Q3 mirm Accrued Milestones Current
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CY2020Q4 mirm Accrued Milestones Current
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CY2021Q3 us-gaap Accrued Professional Fees Current
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CY2021Q3 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
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CY2020Q4 mirm Accrued Contract Manufacturing And Non Clinical Costs Current
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CY2021Q3 us-gaap Employee Related Liabilities Current
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CY2021Q3 us-gaap Accrued Liabilities Current
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CY2020Q4 mirm Revenue Interest Liability
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CY2021Q1 mirm Interest Expense Accrued
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CY2019Q1 us-gaap Area Of Land
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us-gaap Lessee Operating Lease Option To Extend
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The lease term is approximately four years with an option to extend the term for one five-year term, which at the time was not reasonably assured of exercise and therefore, not included in the lease term.
CY2019Q1 us-gaap Lessee Operating Lease Term Of Contract
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CY2019Q1 us-gaap Lessee Operating Lease Renewal Term
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CY2021Q2 mirm Revenue Interest Liability
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CY2021Q3 mirm Interest Expense Accrued
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CY2021Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
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CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
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CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
400000
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
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CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
500000
us-gaap Operating Lease Expense
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500000
CY2020Q3 mirm Maximum Amount Of Sale Covered In Shelf Registration Statement
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CY2021Q3 mirm Common Stock Aggregate Offering Price Remaining
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CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9429216
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8343673
us-gaap Share Based Goods And Nonemployee Services Transaction Modification Of Terms Incremental Compensation Cost
ShareBasedGoodsAndNonemployeeServicesTransactionModificationOfTermsIncrementalCompensationCost
600000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
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7415000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3428000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17523000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8975000

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