2024 Q3 Form 10-Q Financial Statement

#000162828024036864 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $12.60M $2.293M
YoY Change 63.65% -78.48%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.864M $10.50M
YoY Change -23.48% -42.25%
% of Gross Profit
Research & Development $14.80M $17.25M
YoY Change -51.51% -64.78%
% of Gross Profit
Depreciation & Amortization $402.0K $403.0K
YoY Change -6.51% 24.38%
% of Gross Profit
Operating Expenses $24.67M $27.75M
YoY Change -52.23% -58.68%
Operating Profit
YoY Change
Interest Expense $986.0K $1.187M
YoY Change -3.05% 15.8%
% of Operating Profit
Other Income/Expense, Net $986.0K $1.187M
YoY Change -56.85% -45.9%
Pretax Income -$11.08M -$24.27M
YoY Change -73.4% -55.31%
Income Tax $400.0K
% Of Pretax Income
Net Earnings -$11.50M -$24.30M
YoY Change -72.42% -55.25%
Net Earnings / Revenue -91.28% -1059.75%
Basic Earnings Per Share -$0.09 -$0.20
Diluted Earnings Per Share -$0.09 -$0.20
COMMON SHARES
Basic Shares Outstanding 122.7M shares 122.4M shares
Diluted Shares Outstanding 122.7M shares 122.4M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $155.2M $162.7M
YoY Change -35.61% -43.21%
Cash & Equivalents $78.87M $59.00M
Short-Term Investments $76.30M $103.7M
Other Short-Term Assets $4.386M $4.651M
YoY Change -50.16% -55.7%
Inventory
Prepaid Expenses
Receivables $1.000M $1.570M
Other Receivables $0.00 $0.00
Total Short-Term Assets $160.6M $169.0M
YoY Change -35.71% -43.13%
LONG-TERM ASSETS
Property, Plant & Equipment $7.995M $9.187M
YoY Change -37.05% -31.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $978.0K $978.0K
YoY Change 104.6% 89.17%
Total Long-Term Assets $8.973M $10.17M
YoY Change -31.85% -26.94%
TOTAL ASSETS
Total Short-Term Assets $160.6M $169.0M
Total Long-Term Assets $8.973M $10.17M
Total Assets $169.5M $179.1M
YoY Change -35.52% -42.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.033M $3.013M
YoY Change -84.3% -82.19%
Accrued Expenses $18.63M $17.78M
YoY Change -36.47% -46.87%
Deferred Revenue $31.37M $29.35M
YoY Change 45.29% 43.15%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.46M $8.333M
YoY Change
Total Short-Term Liabilities $68.30M $62.18M
YoY Change 0.54% -17.0%
LONG-TERM LIABILITIES
Long-Term Debt $14.00M $17.05M
YoY Change -44.0% -31.8%
Other Long-Term Liabilities $21.00K $626.0K
YoY Change -68.66% 723.68%
Total Long-Term Liabilities $14.02M $17.68M
YoY Change -44.07% -29.51%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.30M $62.18M
Total Long-Term Liabilities $14.02M $17.68M
Total Liabilities $168.5M $170.7M
YoY Change -20.04% -22.83%
SHAREHOLDERS EQUITY
Retained Earnings -$881.4M -$869.9M
YoY Change 9.25% 13.68%
Common Stock $882.5M $878.4M
YoY Change 2.73% 2.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.049M $8.427M
YoY Change
Total Liabilities & Shareholders Equity $169.5M $179.1M
YoY Change -35.52% -42.4%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$11.50M -$24.30M
YoY Change -72.42% -55.25%
Depreciation, Depletion And Amortization $402.0K $403.0K
YoY Change -6.51% 24.38%
Cash From Operating Activities -$8.577M -$21.86M
YoY Change -81.39% -64.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $28.47M $5.514M
YoY Change -72.69% -209.4%
Cash From Investing Activities $28.47M $5.514M
YoY Change -72.57% -201.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -23.00K 153.0K
YoY Change -84.67% -99.79%
NET CHANGE
Cash From Operating Activities -8.577M -21.86M
Cash From Investing Activities 28.47M 5.514M
Cash From Financing Activities -23.00K 153.0K
Net Change In Cash 19.87M -16.19M
YoY Change -65.47% -374.05%
FREE CASH FLOW
Cash From Operating Activities -$8.577M -$21.86M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$8.577M -$21.86M
YoY Change -81.57% -64.88%

Facts In Submission

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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the Company’s unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, equity, revenue, expenses and related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates which include, but are not limited to, management’s judgments with respect to the identification of performance obligations and standalone selling prices of those performance obligations within its revenue arrangements, accrued preclinical, manufacturing and clinical expenses, valuation of stock-based awards and income taxes. Actual results could differ from those estimates.</span></div>
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk and Off-balance Sheet Risk</span></div>Financial instruments that potentially subject the Company to concentrations of credit risk primarily consist of cash equivalents and marketable securities. Under its investment policy, the Company limits amounts invested in such securities by credit rating, maturity, industry group, investment type and issuer, except for securities issued by the U.S. government. The Company does not believe that it is subject to any significant concentrations of credit risk from these financial instruments. The Company has no financial instruments with off-balance sheet risk, such as foreign exchange contracts, option contracts, or other foreign hedging arrangements.
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CY2023Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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0 security
us-gaap Debt Securities Available For Sale Excluding Accrued Interest Allowance For Credit Loss Period Increase Decrease
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3039000 usd
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3090000 usd
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2950000 usd
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CY2024Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
194000 usd
CY2024Q2 us-gaap Debt Instrument Unamortized Premium
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CY2024Q2 us-gaap Long Term Debt Noncurrent
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CY2024Q2 us-gaap Preferred Stock Shares Authorized
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25000000 shares
CY2024Q2 us-gaap Preferred Stock Shares Issued
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CY2024Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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us-gaap Stock Issued During Period Shares Stock Options Exercised
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
7.23
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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12642352 shares
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.50
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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4.88
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300000 usd
us-gaap Proceeds From Stock Options Exercised
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400000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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4425000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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6643000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9085000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13050000 usd
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4425000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6643000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9085000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13050000 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.044
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.037
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.040
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.036
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P5Y5M26D
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M2D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y14D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.18
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.16
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17583202 shares
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
17583202 shares
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16052928 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16052928 shares
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
0 usd
CY2024Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
0 usd
CY2023Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
0 usd
us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
0 usd
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0001628280-24-036864.txt Edgar Link pending
0001628280-24-036864-xbrl.zip Edgar Link pending
exhibit31110-qfy2024q2.htm Edgar Link pending
exhibit31210-qfy2024q2.htm Edgar Link pending
exhibit32110-qfy2024q2.htm Edgar Link pending
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mrsn-20240630.htm Edgar Link pending
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