2022 Q1 Form 10-K Financial Statement

#000095017022003229 Filed on March 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $12.89M $3.138M $19.14M
YoY Change
Cost Of Revenue $2.424M $1.903M $1.903M
YoY Change
Gross Profit $10.47M $1.235M $17.24M
YoY Change
Gross Profit Margin 81.2% 39.36% 90.06%
Selling, General & Admin $19.12M $19.04M $59.22M
YoY Change 101.67% 163.28% 161.0%
% of Gross Profit 182.61% 1541.3% 343.6%
Research & Development $24.09M $27.78M $131.4M
YoY Change -36.83% -6.58% 61.05%
% of Gross Profit 230.11% 2248.99% 762.56%
Depreciation & Amortization $342.0K $342.0K $595.0K
YoY Change 280.0% 280.0% 95.08%
% of Gross Profit 3.27% 27.69% 3.45%
Operating Expenses $45.63M $46.81M $192.6M
YoY Change -4.17% 26.68% 84.62%
Operating Profit -$32.74M -$45.58M -$173.4M
YoY Change -31.25% 66.27%
Interest Expense -$3.705M -$4.850M -$17.96M
YoY Change 27.76% 2752.94% -1571.8%
% of Operating Profit
Other Income/Expense, Net -$154.0K -$17.00K -$582.0K
YoY Change 862.5% -78.75% 203.13%
Pretax Income -$36.60M $57.56M -$83.95M
YoY Change -27.57% -254.73% -18.7%
Income Tax $11.00K $12.00K $37.00K
% Of Pretax Income 0.02%
Net Earnings -$36.61M $57.55M -$83.99M
YoY Change -27.56% -254.69% -18.67%
Net Earnings / Revenue -283.94% 1833.84% -438.85%
Basic Earnings Per Share -$1.17 -$2.77
Diluted Earnings Per Share -$1.170M $1.884M -$2.770M
COMMON SHARES
Basic Shares Outstanding 31.73M 30.64M 30.32M
Diluted Shares Outstanding 31.30M 30.32M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $139.9M $156.5M $156.5M
YoY Change -34.35% -32.47% -32.47%
Cash & Equivalents $46.27M $31.34M $31.34M
Short-Term Investments $93.64M $125.2M $125.2M
Other Short-Term Assets $5.908M $5.271M $5.271M
YoY Change 28.43% 17.13% 17.13%
Inventory $1.580M $1.513M $1.513M
Prepaid Expenses
Receivables $7.872M $3.267M $3.267M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $155.3M $166.6M $166.6M
YoY Change -28.71% -29.51% -29.53%
LONG-TERM ASSETS
Property, Plant & Equipment $898.0K $981.0K $2.550M
YoY Change -71.03% -24.13% -20.31%
Goodwill
YoY Change
Intangibles $18.48M $18.74M
YoY Change
Long-Term Investments $0.00 $4.983M $4.983M
YoY Change
Other Assets $2.033M $1.786M $101.8M
YoY Change 42.57% 40.41% 7729.69%
Total Long-Term Assets $122.9M $128.1M $128.1M
YoY Change 2666.94% 2736.93% 2745.76%
TOTAL ASSETS
Total Short-Term Assets $155.3M $166.6M $166.6M
Total Long-Term Assets $122.9M $128.1M $128.1M
Total Assets $278.1M $294.7M $294.7M
YoY Change 25.16% 22.33% 22.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.943M $9.166M $9.166M
YoY Change -12.64% 190.89% 186.44%
Accrued Expenses $26.88M $30.72M $31.43M
YoY Change -3.23% 129.09% 124.53%
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 $34.55M $42.60M $42.60M
YoY Change -1.28% 130.72% 130.25%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.00K $17.00K $131.8M
YoY Change -58.33% -41.38% 162.11%
Total Long-Term Liabilities $10.00K $17.00K $131.8M
YoY Change -58.33% -41.38% 162.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.55M $42.60M $42.60M
Total Long-Term Liabilities $10.00K $17.00K $131.8M
Total Liabilities $169.2M $174.4M $174.4M
YoY Change 91.51% 153.66% 153.55%
SHAREHOLDERS EQUITY
Retained Earnings -$293.8M -$257.2M
YoY Change 31.33% 48.5%
Common Stock $402.8M $377.4M
YoY Change 12.65% 9.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.9M $120.2M $120.2M
YoY Change
Total Liabilities & Shareholders Equity $278.1M $294.7M $294.7M
YoY Change 25.16% 22.33% 22.31%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$36.61M $57.55M -$83.99M
YoY Change -27.56% -254.69% -18.67%
Depreciation, Depletion And Amortization $342.0K $342.0K $595.0K
YoY Change 280.0% 280.0% 95.08%
Cash From Operating Activities -$39.67M -$33.15M -$132.8M
YoY Change 57.35% -8.64% 49.04%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$19.00M $24.00K
YoY Change -100.0% 63243.33% -89.33%
Acquisitions $0.00
YoY Change
Other Investing Activities $36.50M $127.0M $67.57M
YoY Change -211.35% -2681.83% 77.35%
Cash From Investing Activities $36.50M $108.0M $48.55M
YoY Change -211.33% -2282.28% 28.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 18.10M 615.0K 73.47M
YoY Change 174.55% -99.54% -59.48%
NET CHANGE
Cash From Operating Activities -39.67M -33.15M -132.8M
Cash From Investing Activities 36.50M 108.0M 48.55M
Cash From Financing Activities 18.10M 615.0K 73.47M
Net Change In Cash 14.93M 75.49M -10.75M
YoY Change -129.05% -19.07% -108.26%
FREE CASH FLOW
Cash From Operating Activities -$39.67M -$33.15M -$132.8M
Capital Expenditures $0.00 -$19.00M $24.00K
Free Cash Flow -$39.67M -$14.14M -$132.8M
YoY Change 57.34% -60.98% 48.69%

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CY2020 mirm Proceeds From Sale Of Priority Review Voucher Net
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<p style="margin-left:4.28%;text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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: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:4.28%;font-size:10.0pt;margin-top:10.0pt;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:Times New Roman;">The 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 consolidated financial statements relate to the calculation of estimated rebates for applicable discounts and allowances that are offered within contracts to customers, payors and other third parties, the calculation of the revenue interest liability, effective interest rate and corresponding expense, accrued research and development expenses, the valuation of derivative liabilities and the valuation allowance of deferred tax assets resulting from net operating losses. These 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</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:10.0pt;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:Times New Roman;">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><p style="text-indent:4.28%;font-size:10.0pt;margin-top:10.0pt;line-height:1.035;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;">In December 2019, a novel strain of coronavirus, which causes COVID-19, was identified. Due to the rapid and global spread of the virus, on March 11, 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. To slow the proliferation of COVID-19, governments have implemented extraordinary measures, which include the mandatory closure of businesses, restrictions on travel and gatherings, and quarantine and physical distancing requirements.</span></p><p style="text-indent:4.28%;font-size:10.0pt;margin-top:10.0pt;line-height:1.035;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;">There were no significant estimates contained in the preparation of the Company’s consolidated financial statements or impacts to the Company’s consolidated financial statements for the year ended December 31, 2021 that were directly a result of the COVID-19 pandemic. The Company is not aware of any specific event or circumstance that would require an update to its estimates, judgments and assumptions or a revision of the carrying value of the Company’s assets or liabilities as of the date of this filing.</span></p>
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