2021 Q4 Form 10-K Financial Statement

#000180880522000010 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.923M $21.15M $3.312M
YoY Change 109.03% 538.47%
% of Gross Profit
Research & Development $9.893M $29.35M $3.890M
YoY Change 154.32% 136.1%
% of Gross Profit
Depreciation & Amortization $263.0K $1.000M $380.0K
YoY Change -30.79% 42.86%
% of Gross Profit
Operating Expenses $16.82M $50.50M $15.74M
YoY Change 6.81% 220.74%
Operating Profit
YoY Change
Interest Expense $329.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $127.0K $183.0K $125.0K
YoY Change 1.6% 46.4%
Pretax Income -$16.69M -$50.32M -$15.62M
YoY Change 6.85% 222.14%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.69M -$50.32M -$15.62M
YoY Change 6.85% 222.14%
Net Earnings / Revenue
Basic Earnings Per Share -$0.60
Diluted Earnings Per Share -$134.3K -$0.60 -$125.9K
COMMON SHARES
Basic Shares Outstanding 124.2M shares 84.46M shares
Diluted Shares Outstanding 84.46M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $345.7M $345.7M $76.74M
YoY Change 350.51% 350.51%
Cash & Equivalents $185.6M $185.6M $36.61M
Short-Term Investments $160.1M $160.1M $40.14M
Other Short-Term Assets $3.493M $3.493M $303.8K
YoY Change 1049.92% 280.92%
Inventory
Prepaid Expenses $303.8K
Receivables
Other Receivables
Total Short-Term Assets $349.2M $349.2M $77.66M
YoY Change 349.69% 349.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.483M $31.86M $1.371M
YoY Change 81.11% 412.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.37M $16.37M $149.6M
YoY Change -89.05%
Other Assets $997.0K $997.0K $1.139M
YoY Change -12.47% -12.47%
Total Long-Term Assets $49.23M $49.23M $7.352M
YoY Change 569.59% 569.59%
TOTAL ASSETS
Total Short-Term Assets $349.2M $349.2M $77.66M
Total Long-Term Assets $49.23M $49.23M $7.352M
Total Assets $398.5M $398.5M $85.01M
YoY Change 368.7% 368.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.723M $1.723M $470.0K
YoY Change 266.6% 266.6%
Accrued Expenses $4.089M $4.089M $388.5K
YoY Change 952.49% 60.48%
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 $5.812M $5.812M $3.018M
YoY Change 92.58% 92.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.06M $29.06M $5.233M
YoY Change 455.41% 781.74%
Total Long-Term Liabilities $29.06M $29.06M $5.233M
YoY Change 455.41% 781.74%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.812M $5.812M $3.018M
Total Long-Term Liabilities $29.06M $29.06M $5.233M
Total Liabilities $34.87M $34.87M $6.314M
YoY Change 452.33% 452.33%
SHAREHOLDERS EQUITY
Retained Earnings -$80.64M -$30.33M
YoY Change 165.92%
Common Stock $12.00K $1.000K
YoY Change 1100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $363.6M $363.6M -$29.72M
YoY Change
Total Liabilities & Shareholders Equity $398.5M $398.5M $85.01M
YoY Change 368.7% 368.7%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$16.69M -$50.32M -$15.62M
YoY Change 6.85% 222.14%
Depreciation, Depletion And Amortization $263.0K $1.000M $380.0K
YoY Change -30.79% 42.86%
Cash From Operating Activities -$10.52M -$39.24M $8.719M
YoY Change -220.64% 180.37%
INVESTING ACTIVITIES
Capital Expenditures -$986.0K $2.269M $560.0K
YoY Change -276.07% 146.36%
Acquisitions
YoY Change
Other Investing Activities $7.050M -$136.7M -$163.9M
YoY Change -104.3% 461.15%
Cash From Investing Activities $6.064M -$139.0M -$95.53M
YoY Change -106.35% 449.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 63.00K $327.4M 75.16M
YoY Change -99.92% 331.42%
NET CHANGE
Cash From Operating Activities -10.52M -$39.24M 8.719M
Cash From Investing Activities 6.064M -$139.0M -95.53M
Cash From Financing Activities 63.00K $327.4M 75.16M
Net Change In Cash -4.392M $149.2M -11.64M
YoY Change -62.28% 307.5%
FREE CASH FLOW
Cash From Operating Activities -$10.52M -$39.24M $8.719M
Capital Expenditures -$986.0K $2.269M $560.0K
Free Cash Flow -$9.533M -$41.51M $8.159M
YoY Change -216.83% 178.27%

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CY2021 us-gaap Use Of Estimates
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The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant estimates include determining the estimated lives of property and equipment, stock-based compensation including the estimated fair value per share of common stock prior to the date the Company became public, research and development accruals, and the valuation allowance for deferred tax assets. These estimates and assumptions are based on management’s best estimates and judgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors, including the current economic environment, which management believes to be reasonable under the circumstances. The Company adjusts such estimates and assumptions when facts and circumstances dictate. Changes in those estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods. As future events and their effects cannot be determined with precision, actual results could materially differ from those estimates and assumptions.
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Credit risk represents the accounting loss that would be recognized as of the reporting date if counterparties failed completely to perform as contracted. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments, which potentially subject the Company to concentration of credit risk, consist of cash balances maintained in excess of federal depository insurance limits and investments in U.S. Treasury securities that are not federally insured. The Company has not experienced any losses in such accounts and believes it is not exposed to significant credit risk on cash or investments. The Company relies, and expects to continue to rely, on a number of vendors to provide services, supplies and materials related to its research and development programs. The Company relies on single source suppliers for certain components and materials used in the Nautilus platform. The loss of any of these single source suppliers would require us to expend significant time and effort to locate and qualify an alternative source of supply for these components. The Company also relies, and expects to continue to rely, on third-party manufacturers and, in many cases, single third-party manufacturers for the production of certain reagents and antibodies. These programs could be adversely affected by a significant interruption in these services or the availability of materials.</span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks similar to those of other pre-clinical stage companies in the biopharmaceutical industry, including dependence on key individuals, the need to develop commercially viable products, competition from other companies, many of whom are larger and better capitalized, the impact of the COVID-19 pandemic and the need to obtain adequate additional financing to fund the development of its products. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be maintained, that any products developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from the sale of its products.</span></div>
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P3Y1M28D
CY2021 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
3000000 USD
CY2021Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P7Y
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
4500000 USD
CY2021Q1 naut Operating Lease Noncash Adjustment
OperatingLeaseNoncashAdjustment
3300000 USD
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
2539000 USD
CY2020 us-gaap Operating Lease Cost
OperatingLeaseCost
2090000 USD
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1225000 USD
CY2020 us-gaap Short Term Lease Cost
ShortTermLeaseCost
18000 USD
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
362000 USD
CY2020 us-gaap Variable Lease Cost
VariableLeaseCost
85000 USD
CY2021 us-gaap Sublease Income
SubleaseIncome
0 USD
CY2020 us-gaap Sublease Income
SubleaseIncome
77000 USD
CY2021 us-gaap Lease Cost
LeaseCost
4126000 USD
CY2020 us-gaap Lease Cost
LeaseCost
2116000 USD
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1800000 USD
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
2000000 USD
CY2021Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y5M8D
CY2021Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.088
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3504000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4440000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
4570000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
4701000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4837000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
22942000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
44994000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
14962000 USD
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
30032000 USD
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
600000 USD
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
800000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50315000 USD
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-50315000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15619000 USD
CY2020 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-15619000 USD
CY2021 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
84481251 shares
CY2020 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
32990651 shares
CY2021 naut Weighted Average Number Of Shares Unvested Restricted Stock And Shares Subject To Repurchase
WeightedAverageNumberOfSharesUnvestedRestrictedStockAndSharesSubjectToRepurchase
17170 shares
CY2020 naut Weighted Average Number Of Shares Unvested Restricted Stock And Shares Subject To Repurchase
WeightedAverageNumberOfSharesUnvestedRestrictedStockAndSharesSubjectToRepurchase
3900873 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84464081 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84464081 shares
CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29089778 shares
CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29089778 shares
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2020 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.54
CY2020 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.54
CY2021Q4 naut Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
3.6281
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8609161 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
57954724 shares

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