2024 Q1 Form 10-K Financial Statement

#000180880524000005 Filed on February 28, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.677M $7.535M $28.90M
YoY Change 20.8% 12.18% 11.39%
% of Gross Profit
Research & Development $12.93M $12.47M $47.25M
YoY Change 18.87% 30.03% 25.43%
% of Gross Profit
Depreciation & Amortization $516.0K $555.0K $1.800M
YoY Change 29.0% 60.4% 50.0%
% of Gross Profit
Operating Expenses $21.61M $20.00M $76.15M
YoY Change 19.64% 22.68% 19.7%
Operating Profit
YoY Change
Interest Expense $2.877M $3.033M $12.55M
YoY Change -7.13% 5.09% 115.78%
% of Operating Profit
Other Income/Expense, Net $0.00 -$56.00K $12.48M
YoY Change -100.0% -722.22% 119.13%
Pretax Income -$18.73M -$17.02M -$63.68M
YoY Change 25.16% 26.96% 9.93%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$18.73M -$17.02M -$63.68M
YoY Change 25.16% 26.96% 9.93%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.51
Diluted Earnings Per Share -$0.15 -$0.14 -$0.51
COMMON SHARES
Basic Shares Outstanding 125.1M shares 124.9M shares 124.9M shares
Diluted Shares Outstanding 125.1M shares 124.9M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $181.4M $173.4M $173.4M
YoY Change 8.38% -5.99% -5.99%
Cash & Equivalents $25.73M $19.40M $19.40M
Short-Term Investments $155.6M $154.0M $154.0M
Other Short-Term Assets $3.728M $3.419M $3.419M
YoY Change 18.88% 24.87% 24.87%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $185.1M $176.8M $176.8M
YoY Change 8.57% -5.54% -5.54%
LONG-TERM ASSETS
Property, Plant & Equipment $36.08M $4.267M $36.90M
YoY Change 813.98% 15.32% 13.31%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $66.29M $90.65M $90.65M
YoY Change -50.76% -29.82% -29.82%
Other Assets $1.180M $1.180M $1.180M
YoY Change 6.5% 6.5% 6.5%
Total Long-Term Assets $103.6M $128.7M $128.7M
YoY Change -40.96% -20.95% -20.95%
TOTAL ASSETS
Total Short-Term Assets $185.1M $176.8M $176.8M
Total Long-Term Assets $103.6M $128.7M $128.7M
Total Assets $288.7M $305.6M $305.6M
YoY Change -16.55% -12.71% -12.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.860M $1.639M $1.639M
YoY Change 46.92% 28.85% 28.85%
Accrued Expenses $7.352M $7.483M $7.483M
YoY Change 10.34% 35.59% 35.59%
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 $9.212M $9.122M $9.122M
YoY Change 16.18% 34.32% 34.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.95M $31.09M $31.09M
YoY Change -12.54% 9.72% 9.72%
Total Long-Term Liabilities $29.95M $31.09M $31.09M
YoY Change -12.54% 9.72% 9.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.212M $9.122M $9.122M
Total Long-Term Liabilities $29.95M $31.09M $31.09M
Total Liabilities $39.16M $40.21M $40.21M
YoY Change -7.14% 14.47% 14.47%
SHAREHOLDERS EQUITY
Retained Earnings -$221.0M -$202.2M
YoY Change 43.97% 45.89%
Common Stock $13.00K $13.00K
YoY Change 8.33% 8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $249.5M $265.4M $265.4M
YoY Change
Total Liabilities & Shareholders Equity $288.7M $305.6M $305.6M
YoY Change -16.55% -12.71% -12.71%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$18.73M -$17.02M -$63.68M
YoY Change 25.16% 26.96% 9.93%
Depreciation, Depletion And Amortization $516.0K $555.0K $1.800M
YoY Change 29.0% 60.4% 50.0%
Cash From Operating Activities -$16.27M -$13.90M -$51.71M
YoY Change 29.88% 33.95% 12.89%
INVESTING ACTIVITIES
Capital Expenditures $647.0K -$49.45M $2.442M
YoY Change -6.5% -21695.2% 5.08%
Acquisitions
YoY Change
Other Investing Activities $23.00M -$90.51M -$41.29M
YoY Change -279.65% 41.81% 76.35%
Cash From Investing Activities $22.35M -$41.06M -$43.74M
YoY Change -265.64% -35.9% 69.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 245.0K 253.0K $368.0K
YoY Change 24400.0% 87.41% -34.52%
NET CHANGE
Cash From Operating Activities -16.27M -13.90M -$51.71M
Cash From Investing Activities 22.35M -41.06M -$43.74M
Cash From Financing Activities 245.0K 253.0K $368.0K
Net Change In Cash 6.332M -54.71M -$95.08M
YoY Change -124.34% -26.37% 33.94%
FREE CASH FLOW
Cash From Operating Activities -$16.27M -$13.90M -$51.71M
Capital Expenditures $647.0K -$49.45M $2.442M
Free Cash Flow -$16.91M $35.55M -$54.15M
YoY Change 27.97% -435.22% 12.51%

Facts In Submission

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CY2023 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, 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.
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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 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 marketable debt 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 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 negative global and national </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">events 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>
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
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CY2022 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Period Increase Decrease
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CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023 us-gaap Impairment Of Long Lived Assets Held For Use
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CY2023Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
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CY2023Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
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CY2023 us-gaap Depreciation
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CY2022 us-gaap Depreciation
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CY2023 us-gaap Variable Lease Cost
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CY2023 us-gaap Short Term Lease Cost
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CY2023Q4 us-gaap Operating Lease Liability
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CY2022 us-gaap Earnings Per Share Diluted
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CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q4 us-gaap Operating Lease Liability
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CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
124919144 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
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.46
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.46
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14818055 shares
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
14818055 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11548689 shares
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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exhibit103nautilus-amendme.htm Edgar Link pending
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naut-20231231_htm.xml Edgar Link completed