2023 Q1 Form 10-K Financial Statement

#000180880523000011 Filed on February 23, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.183M $6.717M $25.95M
YoY Change 12.87% -2.98% 22.7%
% of Gross Profit
Research & Development $10.88M $9.587M $37.67M
YoY Change 12.62% -3.09% 28.35%
% of Gross Profit
Depreciation & Amortization $400.0K $346.0K $1.200M
YoY Change 33.33% 31.56% 20.0%
% of Gross Profit
Operating Expenses $18.06M $16.30M $63.62M
YoY Change 12.72% -3.04% 25.98%
Operating Profit
YoY Change
Interest Expense $3.098M $2.886M $5.816M
YoY Change 1073.48% 1667.78%
% of Operating Profit
Other Income/Expense, Net $3.095M $9.000K $5.694M
YoY Change 1094.98% -92.91% 3011.48%
Pretax Income -$14.97M -$13.41M -$57.92M
YoY Change -5.06% -19.65% 15.12%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.97M -$13.41M -$57.92M
YoY Change -5.06% -19.65% 15.12%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$0.46
Diluted Earnings Per Share -$0.12 -$0.11 -$0.46
COMMON SHARES
Basic Shares Outstanding 124.9M shares 124.7M shares 124.6M shares
Diluted Shares Outstanding 124.6M shares 124.6M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $167.3M $184.5M $184.5M
YoY Change -48.37% -46.64% -46.64%
Cash & Equivalents $88.51M $114.5M $114.5M
Short-Term Investments $78.84M $69.95M $69.95M
Other Short-Term Assets $3.136M $2.738M $2.738M
YoY Change 6.38% -21.61% -21.61%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $170.5M $187.2M $187.2M
YoY Change -47.87% -46.39% -46.39%
LONG-TERM ASSETS
Property, Plant & Equipment $3.948M $3.700M $32.57M
YoY Change 38.97% 49.01% 2.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $134.6M $129.2M $129.2M
YoY Change 440.34% 689.01% 689.01%
Other Assets $1.108M $1.108M $1.108M
YoY Change 11.13% 11.13% 11.13%
Total Long-Term Assets $175.4M $162.8M $162.8M
YoY Change 204.47% 230.79% 230.79%
TOTAL ASSETS
Total Short-Term Assets $170.5M $187.2M $187.2M
Total Long-Term Assets $175.4M $162.8M $162.8M
Total Assets $345.9M $350.1M $350.1M
YoY Change -10.08% -12.15% -12.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.266M $1.272M $1.272M
YoY Change -14.86% -26.18% -26.18%
Accrued Expenses $6.663M $5.519M $5.519M
YoY Change 35.45% 34.97% 34.97%
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 $7.929M $6.791M $6.791M
YoY Change 23.77% 16.84% 16.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $34.24M $28.34M $28.34M
YoY Change 19.9% -2.49% -2.49%
Total Long-Term Liabilities $34.24M $28.34M $28.34M
YoY Change 19.9% -2.49% -2.49%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.929M $6.791M $6.791M
Total Long-Term Liabilities $34.24M $28.34M $28.34M
Total Liabilities $42.17M $35.13M $35.13M
YoY Change 20.61% 0.73% 0.73%
SHAREHOLDERS EQUITY
Retained Earnings -$153.5M -$138.6M
YoY Change 59.23% 71.88%
Common Stock $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $303.7M $314.9M $314.9M
YoY Change
Total Liabilities & Shareholders Equity $345.9M $350.1M $350.1M
YoY Change -10.08% -12.15% -12.15%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$14.97M -$13.41M -$57.92M
YoY Change -5.06% -19.65% 15.12%
Depreciation, Depletion And Amortization $400.0K $346.0K $1.200M
YoY Change 33.33% 31.56% 20.0%
Cash From Operating Activities -$12.52M -$10.38M -$45.81M
YoY Change 1.53% -1.35% 16.73%
INVESTING ACTIVITIES
Capital Expenditures $692.0K $229.0K $2.324M
YoY Change 43.87% -123.23% 2.42%
Acquisitions
YoY Change
Other Investing Activities -$12.80M -$63.83M -$23.42M
YoY Change -181.74% -1005.33% -82.87%
Cash From Investing Activities -$13.50M -$64.05M -$25.74M
YoY Change -188.89% -1156.32% -81.48%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $1.000K 135.0K $562.0K
YoY Change -99.36% 114.29% -99.83%
NET CHANGE
Cash From Operating Activities -$12.52M -10.38M -$45.81M
Cash From Investing Activities -$13.50M -64.05M -$25.74M
Cash From Financing Activities $1.000K 135.0K $562.0K
Net Change In Cash -$26.02M -74.30M -$70.98M
YoY Change -966.4% 1591.64% -147.56%
FREE CASH FLOW
Cash From Operating Activities -$12.52M -$10.38M -$45.81M
Capital Expenditures $692.0K $229.0K $2.324M
Free Cash Flow -$13.22M -$10.61M -$48.13M
YoY Change 3.12% 11.26% 15.95%

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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2021 naut Deferred Stock Issuance Costs Reclassified To Equity
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CY2022 naut Modification To Reduce Right Of Use Assets And Lease Liability
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CY2021 naut Modification To Reduce Right Of Use Assets And Lease Liability
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CY2022 us-gaap Prior Period Reclassification Adjustment Description
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Certain prior period amounts were reclassified to conform to the current year presentation of other income (expense).
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CY2021Q2 naut Proceeds From Sale Of Stock And Reverse Recapitalization Transaction
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CY2022 us-gaap Use Of Estimates
UseOfEstimates
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.
CY2022 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Credit risk represents the accounting loss that would be recognized as of the reporting date if counterparties failed to perform as contracted. <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 marketable debt securities that are not federally insured. The Company has not experienced any realized 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 the Company 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 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>
CY2022 us-gaap Number Of Operating Segments
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CY2022 us-gaap Number Of Reportable Segments
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2545000 usd
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1200000 usd
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1700000 usd
CY2022Q4 naut Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
3.6281
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.98
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.83
CY2022Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
25100000 usd
CY2022 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y6M
CY2022 us-gaap Long Term Purchase Commitment Amount
LongTermPurchaseCommitmentAmount
1700000 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
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
4751000 usd
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
2539000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
25000 usd
CY2021 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1225000 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1655000 usd
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
362000 usd
CY2022 us-gaap Lease Cost
LeaseCost
6431000 usd
CY2021 us-gaap Lease Cost
LeaseCost
4126000 usd
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
3900000 usd
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1800000 usd
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y2M8D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0882
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4485000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5207000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5358000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5006000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
4977000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
17966000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
42999000 usd
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12671000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
30328000 usd
CY2020Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
600000 usd
CY2021Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
800000 usd
CY2022Q4 us-gaap Letters Of Credit Outstanding Amount
LettersOfCreditOutstandingAmount
100000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-57924000 usd
CY2022 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-57924000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-50315000 usd
CY2021 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-50315000 usd
CY2022 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
124589555 shares
CY2021 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
84481251 shares
CY2022 naut Weighted Average Number Of Shares Unvested Restricted Stock And Shares Subject To Repurchase
WeightedAverageNumberOfSharesUnvestedRestrictedStockAndSharesSubjectToRepurchase
0 shares
CY2021 naut Weighted Average Number Of Shares Unvested Restricted Stock And Shares Subject To Repurchase
WeightedAverageNumberOfSharesUnvestedRestrictedStockAndSharesSubjectToRepurchase
17170 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
124589555 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124589555 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
84464081 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
84464081 shares
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.60
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.60
CY2022Q4 naut Recapitalization Exchange Ratio
RecapitalizationExchangeRatio
3.6281
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11548689 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8609161 shares

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