2024 Q1 Form 10-K Financial Statement

#000140464424000020 Filed on March 18, 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 $5.238M -$1.281M $11.19M
YoY Change 30.07% -130.14% -37.73%
% of Gross Profit
Research & Development $13.54M $36.51M $44.39M
YoY Change 76.09% 265.1% 7.94%
% of Gross Profit
Depreciation & Amortization $800.0K $2.782M $3.300M
YoY Change 143.16% 655.98% 111.4%
% of Gross Profit
Operating Expenses $18.78M $31.82M $55.58M
YoY Change 24.08% 123.25% -5.95%
Operating Profit -$18.78M -$55.58M
YoY Change 24.08% -5.95%
Interest Expense $3.000K -$29.00K $12.00K
YoY Change -99.68% -103.59% -99.24%
% of Operating Profit
Other Income/Expense, Net -$459.0K -$13.00K -$28.00K
YoY Change 3178.57% 550.0% -33.33%
Pretax Income -$16.92M -$15.50M -$36.32M
YoY Change 19.13% 15.3% -36.93%
Income Tax
% Of Pretax Income
Net Earnings -$16.92M $13.65M -$36.30M
YoY Change 19.13% -201.55% -36.93%
Net Earnings / Revenue
Basic Earnings Per Share -$1.00 $27.76
Diluted Earnings Per Share -$1.00 $2.93 -$2.83
COMMON SHARES
Basic Shares Outstanding 12.85M shares 9.398M shares
Diluted Shares Outstanding 16.90M shares 4.657M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.5M $197.2M $197.2M
YoY Change 103.19% 104.55% 104.55%
Cash & Equivalents $150.1M $148.2M $148.2M
Short-Term Investments $19.39M $48.95M $48.95M
Other Short-Term Assets $1.254M $1.095M $3.191M
YoY Change -43.0% -60.18% 16.04%
Inventory
Prepaid Expenses $2.765M $1.496M
Receivables
Other Receivables
Total Short-Term Assets $174.1M $200.3M $200.3M
YoY Change 103.35% 102.1% 102.1%
LONG-TERM ASSETS
Property, Plant & Equipment $16.48M $17.17M $20.95M
YoY Change 561.91% 8.16% 31.96%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $743.0K $764.0K $1.272M
YoY Change -17.9% -18.38% 35.9%
Total Long-Term Assets $21.21M $22.23M $22.23M
YoY Change 65.39% 32.18% 32.18%
TOTAL ASSETS
Total Short-Term Assets $174.1M $200.3M $200.3M
Total Long-Term Assets $21.21M $22.23M $22.23M
Total Assets $195.4M $222.6M $222.6M
YoY Change 98.41% 91.96% 91.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.522M $2.596M $2.596M
YoY Change -71.92% -72.81% 443.1%
Accrued Expenses $6.824M $17.50M $20.05M
YoY Change 376.87% 1172.36% 92.01%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $43.00K $42.00K $42.00K
YoY Change -85.86% -70.0% -70.0%
Total Short-Term Liabilities $11.82M $22.97M $22.97M
YoY Change 65.15% 107.67% 107.67%
LONG-TERM LIABILITIES
Long-Term Debt $53.00K $65.00K $65.00K
YoY Change 657.14% -72.1% -72.1%
Other Long-Term Liabilities $203.0K $203.0K $13.51M
YoY Change -97.96% -98.03% 30.9%
Total Long-Term Liabilities $203.0K $203.0K $13.58M
YoY Change -97.96% -98.08% 28.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.82M $22.97M $22.97M
Total Long-Term Liabilities $203.0K $203.0K $13.58M
Total Liabilities $24.57M $36.55M $36.55M
YoY Change 43.68% 69.08% 69.08%
SHAREHOLDERS EQUITY
Retained Earnings -$204.1M -$187.2M
YoY Change -56.13% -58.5%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $170.8M $186.0M $186.0M
YoY Change
Total Liabilities & Shareholders Equity $195.4M $222.6M $222.6M
YoY Change 98.41% 91.96% 91.96%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$16.92M $13.65M -$36.30M
YoY Change 19.13% -201.55% -36.93%
Depreciation, Depletion And Amortization $800.0K $2.782M $3.300M
YoY Change 143.16% 655.98% 111.4%
Cash From Operating Activities -$21.70M -$30.07M -$51.40M
YoY Change 66.5% 175.06% 12.7%
INVESTING ACTIVITIES
Capital Expenditures $65.00K -$229.0K $321.0K
YoY Change -84.49% -320.19% -71.08%
Acquisitions
YoY Change
Other Investing Activities $30.00M $16.73M $25.96M
YoY Change 169.66% 95.17% -144.74%
Cash From Investing Activities $29.94M $16.96M $25.64M
YoY Change 179.61% 100.27% -143.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $92.34M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$6.524M 92.84M $92.48M
YoY Change 9784.85% 515688.89% 57342.24%
NET CHANGE
Cash From Operating Activities -$21.70M -30.07M -$51.40M
Cash From Investing Activities $29.94M 16.96M $25.64M
Cash From Financing Activities -$6.524M 92.84M $92.48M
Net Change In Cash $1.761M 79.73M $66.70M
YoY Change -173.59% -3356.82% -163.78%
FREE CASH FLOW
Cash From Operating Activities -$21.70M -$30.07M -$51.40M
Capital Expenditures $65.00K -$229.0K $321.0K
Free Cash Flow -$21.77M -$29.84M -$51.72M
YoY Change 61.8% 170.39% 10.71%

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CY2023 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
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CY2022 us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2022 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
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CY2022 us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
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CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
168000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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CY2023 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
29000 usd
CY2022 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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92482000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
66697000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
11477000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82021000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70544000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
148718000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82021000 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
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CY2023 ngne Noncash Or Part Noncash Acquisition Operating Lease Liabilities Acquired
NoncashOrPartNoncashAcquisitionOperatingLeaseLiabilitiesAcquired
10940000 usd
CY2022 ngne Noncash Or Part Noncash Acquisition Operating Lease Liabilities Acquired
NoncashOrPartNoncashAcquisitionOperatingLeaseLiabilitiesAcquired
0 usd
CY2023 ngne Noncash Or Part Noncash Acquisition Contingent Consideration Acquired
NoncashOrPartNoncashAcquisitionContingentConsiderationAcquired
1287000 usd
CY2022 ngne Noncash Or Part Noncash Acquisition Contingent Consideration Acquired
NoncashOrPartNoncashAcquisitionContingentConsiderationAcquired
0 usd
CY2023 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
10110000 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Other Liabilities Assumed1
NoncashOrPartNoncashAcquisitionOtherLiabilitiesAssumed1
0 usd
CY2023 ngne Noncash Or Part Noncash Acquisition Value Of Short Term Investments Acquired
NoncashOrPartNoncashAcquisitionValueOfShortTermInvestmentsAcquired
53900000 usd
CY2023 ngne Noncash Or Part Noncash Acquisition Value Of Other Monetary Assets Acquired
NoncashOrPartNoncashAcquisitionValueOfOtherMonetaryAssetsAcquired
800000 usd
CY2023 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
54661000 usd
CY2022 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
0 usd
CY2023 us-gaap Stock Issued1
StockIssued1
38212000 usd
CY2022 us-gaap Stock Issued1
StockIssued1
0 usd
CY2023 ngne Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
4287000 usd
CY2022 ngne Stock Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
StockIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 usd
CY2023 ngne Asset Acquisition Costs Incurred During Noncash Or Partial Noncash Transaction
AssetAcquisitionCostsIncurredDuringNoncashOrPartialNoncashTransaction
2855000 usd
CY2022 ngne Asset Acquisition Costs Incurred During Noncash Or Partial Noncash Transaction
AssetAcquisitionCostsIncurredDuringNoncashOrPartialNoncashTransaction
0 usd
CY2023 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
244366000 usd
CY2022 us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
12000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
2000 usd
CY2023Q4 ngne Reverse Merger Conversion Ratio
ReverseMergerConversionRatio
0.0756 shares
CY2023Q4 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
7231747 shares
CY2023 ngne Asset Acquisition Percentage Of Net Proceeds Before Closing
AssetAcquisitionPercentageOfNetProceedsBeforeClosing
1
CY2023 ngne Asset Acquisition Percentage Of Net Proceeds Post Closing
AssetAcquisitionPercentageOfNetProceedsPostClosing
0.80
CY2023Q4 us-gaap Asset Acquisition Contingent Consideration Liability Current
AssetAcquisitionContingentConsiderationLiabilityCurrent
300000 usd
CY2023Q4 us-gaap Asset Acquisition Contingent Consideration Liability Noncurrent
AssetAcquisitionContingentConsiderationLiabilityNoncurrent
1000000 usd
CY2023 us-gaap Nature Of Operations
NatureOfOperations
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;padding-left:10.5pt">Risks and Uncertainties </span><div style="margin-top:6pt;text-align:justify;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 common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of pre-clinical studies, clinical studies and clinical trials, the need to obtain marketing approval for its drug candidates and its consumer products, fluctuations in operating results, economic pressure impacting therapeutic pricing, dependence on key personnel, risks associated with changes in technologies, development by competitors of technological innovations and the ability to transition from pilot scale manufacturing to large scale production.</span></div><div style="margin-top:18pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity and Financial Condition</span></div><div style="margin-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since its inception, the Company has funded its operations primarily with proceeds from the sales of equity securities and has incurred significant recurring losses, including net losses of $36.3 million and $55.2 million for the years ended December 31, 2023 and 2022, respectively. In addition, the Company used cash in operations of $51.4 million and $52.8 million for the years ended December 31, 2023 and 2022, respectively, and had an accumulated deficit of $187.2 million as of December 31, 2023. Management expects to incur substantial and increasing losses in future periods as the Company advances its products through its clinical and regulatory process and will rely on outside capital to fund its operations for the foreseeable future. The Company has not generated positive cash flows from operations, and there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates.</span></div><div style="margin-top:12pt;text-align:justify;text-indent:13.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2023, the Company had cash and cash equivalents of approximately $148.2 million. On December 18, 2023, the Company closed on the merger with Neoleukin Therapeutics, Inc. (see Note 4, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Reverse Merger</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">) and a Pre-Closing Financing (see Note 1, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Organization and Description of Business</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">). The Company expects its available cash and cash equivalents on hand as of the issuance date </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of these financial statements </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">will be sufficient to fund its obligations as they become due for at least one year beyond the issuance date of these financial statements. As a result of the reverse merger with Neoleukin Therapeutics, the Company assumed an ATM or “at-the-market” Equity Offering Sales Agreement (the “Sales Agreement”) with BofA Securities, Inc., as agent (“BofA”), pursuant to which the Company may offer and sell, from time to time through BofA, shares of the Company’s common stock, having an aggregate offering price of up to $40.0 million. In March 2024, the Company terminated the ATM. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In the event the Company is unable to secure additional outside capital, management will be required to seek other alternatives which may include, among others, a delay or termination of clinical trials or the development of its product candidates, temporary or permanent curtailment of the Company’s operations, a sale of assets, or other alternatives with strategic or financial partners. </span></div><div style="margin-top:12pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying financial statements do not include any adjustments that might result from the outcome of these uncertainties. Accordingly, the financial statements have been prepared on a basis that assumes the Company will continue as a going concern and which contemplates the realization of assets and satisfaction of liabilities and commitments in the ordinary course of business.</span></div>
CY2023 us-gaap Net Income Loss
NetIncomeLoss
-36300000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-55200000 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-51400000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-52800000 usd
CY2023Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-187200000 usd
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
148200000 usd
CY2023 us-gaap Use Of Estimates
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<div style="text-align:justify;text-indent:18pt"><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-top:6pt;text-align:justify;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. In preparing these financial statements, management used significant estimates in the following areas, among others: recoverability of the Company’s net deferred tax assets and related valuation allowance, useful lives and recoverability of property and equipment, </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">determining the Incremental Borrowing Rate (“IBR”) for calculating lease liabilities and related right-of-use (“ROU”) assets and finance lease assets, clinical trial accruals, accrual estimates for all CVRs, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the value attributed to employee stock options and other stock-based awards and valuation of common stock. On an ongoing basis, the Company reviews its estimates to ensure that they appropriately reflect changes in the business or as new information becomes available. Actual results may differ from these estimates.</span></div>
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
82021000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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CY2022Q4 us-gaap Restricted Cash
RestrictedCash
0 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
148718000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
82021000 usd
CY2023Q4 us-gaap Restricted Cash
RestrictedCash
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-top:18pt;padding-left:18pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%"> </span></div><div style="margin-top:6pt;text-align:justify;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 that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalent accounts, at times, may exceed federally insured limits. As of December 31, 2023, the Company had $147.7 million in excess of the federally insured limits. The Company places its cash in financial institutions that management believes to be of high credit quality.</span></div>
CY2023Q4 ngne Cash And Cash Equivalents At Or Above Fdic Insurance Limits
CashAndCashEquivalentsAtOrAboveFDICInsuranceLimits
147700000 usd
CY2023Q4 us-gaap Debt Securities Held To Maturity Allowance For Credit Loss
DebtSecuritiesHeldToMaturityAllowanceForCreditLoss
0 usd
CY2023Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
300000 usd
CY2022Q4 us-gaap Capitalized Computer Software Net
CapitalizedComputerSoftwareNet
400000 usd
CY2023 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
200000 usd
CY2022 us-gaap Capitalized Computer Software Amortization1
CapitalizedComputerSoftwareAmortization1
200000 usd
CY2023 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2022 us-gaap Capitalized Computer Software Impairments1
CapitalizedComputerSoftwareImpairments1
0 usd
CY2022 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2023 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
0 usd
CY2023Q4 us-gaap Asset Acquisition Contingent Consideration Liability Current
AssetAcquisitionContingentConsiderationLiabilityCurrent
300000 usd
CY2023Q4 us-gaap Asset Acquisition Contingent Consideration Liability Noncurrent
AssetAcquisitionContingentConsiderationLiabilityNoncurrent
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CY2023Q4 us-gaap Restructuring Reserve
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
13654000 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
491867 shares
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
27.76
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
13654000 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
491867 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
4063361 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
101719 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4656947 shares
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.93
CY2023Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
541180 shares
CY2023Q4 ngne Reverse Merger Conversion Ratio
ReverseMergerConversionRatio
0.0756 shares
CY2023Q4 ngne Refunds And Other Receivables Current
RefundsAndOtherReceivablesCurrent
600000 usd
CY2022Q4 ngne Refunds And Other Receivables Current
RefundsAndOtherReceivablesCurrent
990000 usd
CY2023Q4 us-gaap Prepaid Expense Current
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1496000 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1078000 usd
CY2023Q4 us-gaap Other Assets Current
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1095000 usd
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
630000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3191000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2698000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25183000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24882000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8009000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4767000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17174000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20115000 usd
CY2023 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3300000 usd
CY2022 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
3200000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3357000 usd
CY2023Q4 ngne Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
4895000 usd
CY2022Q4 ngne Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1800000 usd
CY2023Q4 ngne Accrued Severance Bonus And Retention Costs Current
AccruedSeveranceBonusAndRetentionCostsCurrent
2476000 usd
CY2022Q4 ngne Accrued Severance Bonus And Retention Costs Current
AccruedSeveranceBonusAndRetentionCostsCurrent
0 usd
CY2023Q4 ngne Accrued Stock Issuance Costs Current
AccruedStockIssuanceCostsCurrent
3334000 usd
CY2022Q4 ngne Accrued Stock Issuance Costs Current
AccruedStockIssuanceCostsCurrent
0 usd
CY2023Q4 ngne Accrued Asset Acquisition Transaction Costs Current
AccruedAssetAcquisitionTransactionCostsCurrent
2557000 usd
CY2022Q4 ngne Accrued Asset Acquisition Transaction Costs Current
AccruedAssetAcquisitionTransactionCostsCurrent
0 usd
CY2023Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
737000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
167000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
17495000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5324000 usd
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
1037000 usd
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
1037000 usd
CY2023 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
35000 usd
CY2022 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000 usd
CY2023 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
12000 usd
CY2022 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
2000 usd
CY2023 us-gaap Variable Lease Cost
VariableLeaseCost
178000 usd
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
196000 usd
CY2023 us-gaap Short Term Lease Cost
ShortTermLeaseCost
80000 usd
CY2022 us-gaap Short Term Lease Cost
ShortTermLeaseCost
74000 usd
CY2023 us-gaap Lease Cost
LeaseCost
1342000 usd
CY2022 us-gaap Lease Cost
LeaseCost
1313000 usd
CY2023 us-gaap Finance Lease Interest Payment On Liability
FinanceLeaseInterestPaymentOnLiability
42000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3862000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3964000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3672000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3235000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3294000 usd
CY2023Q4 ngne Lessee Operating Lease Liability To Be Paid Year Six
LesseeOperatingLeaseLiabilityToBePaidYearSix
616000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18643000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3782000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14861000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
51000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
50000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
15000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
6000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Five
FinanceLeaseLiabilityPaymentsDueYearFive
1000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
123000 usd
CY2023Q4 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
16000 usd
CY2023Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
107000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
3681000 usd
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4344000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2559000 usd
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
678000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
12302000 usd
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
3921000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
14861000 usd
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
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CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
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727000 usd
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2952000 usd
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107000 usd
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DeferredTaxAssetsAmortization
778000 usd
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298000 usd
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22134000 usd
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CY2022Q4 us-gaap Deferred Tax Assets Gross
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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CY2023Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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2600000 usd
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false

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