$NPCE
Neuropace Inc

2022 Q3 Form 10-Q Financial Statement

#000152828722000019 Filed on August 11, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $11.16M $10.20M $11.37M
YoY Change 7.91% -19.24% 1.4%
Cost Of Revenue $3.192M $2.734M $3.115M
YoY Change 12.71% -16.42% 14.35%
Gross Profit $7.965M $7.466M $8.259M
YoY Change 6.1% -20.23% -2.76%
Gross Profit Margin 71.39% 73.2% 72.61%
Selling, General & Admin $12.55M $12.77M $12.44M
YoY Change 33.24% 34.05% 50.53%
% of Gross Profit 157.6% 171.06% 150.67%
Research & Development $5.611M $5.669M $5.577M
YoY Change 29.61% 27.77% 36.02%
% of Gross Profit 70.45% 75.93% 67.53%
Depreciation & Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
% of Gross Profit 1.26% 1.34% 1.21%
Operating Expenses $18.16M $18.44M $18.02M
YoY Change 32.1% 32.05% 45.72%
Operating Profit -$10.20M -$10.97M -$9.762M
YoY Change 63.37% 138.31% 151.99%
Interest Expense $1.906M $1.852M $1.830M
YoY Change 4.38% -1.12% -1.03%
% of Operating Profit
Other Income/Expense, Net -$103.0K -$85.00K -$3.000K
YoY Change 635.71% -95.98% -99.9%
Pretax Income -$11.79M -$12.69M -$11.46M
YoY Change 45.8% 49.4% 30.09%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$11.79M -$12.69M -$11.46M
YoY Change 45.8% 49.4% 30.09%
Net Earnings / Revenue -105.63% -124.41% -100.76%
Basic Earnings Per Share -$0.48 -$0.52 -$0.47
Diluted Earnings Per Share -$0.48 -$0.52 -$0.47
COMMON SHARES
Basic Shares Outstanding 24.85M shares 24.50M shares 24.31M shares
Diluted Shares Outstanding 24.73M shares 24.50M shares 24.31M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.41M $92.41M $103.2M
YoY Change -30.75% -27.76% 237.95%
Cash & Equivalents $5.688M $5.702M $7.489M
Short-Term Investments $79.72M $86.71M $95.69M
Other Short-Term Assets $2.501M $3.160M $2.081M
YoY Change -26.07% -17.15% 58.37%
Inventory $8.581M $8.419M $8.103M
Prepaid Expenses
Receivables $7.876M $8.474M $9.061M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $104.4M $112.5M $122.4M
YoY Change -25.71% -23.18% 159.98%
LONG-TERM ASSETS
Property, Plant & Equipment $894.0K $951.0K $860.0K
YoY Change 43.27% 123.76% 80.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.00K $21.00K $21.00K
YoY Change 0.0% -8.7% -8.7%
Total Long-Term Assets $16.10M $6.080M $6.562M
YoY Change 1999.61% 966.67% 102.78%
TOTAL ASSETS
Total Short-Term Assets $104.4M $112.5M $122.4M
Total Long-Term Assets $16.10M $6.080M $6.562M
Total Assets $120.5M $118.5M $129.0M
YoY Change -14.71% -19.34% 156.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.175M $1.503M $2.228M
YoY Change -6.3% 55.27% 50.13%
Accrued Expenses $7.550M $6.962M $6.961M
YoY Change 1.75% 4.82% 21.4%
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 $9.417M $11.40M $12.06M
YoY Change 8.57% 49.82% 11.56%
LONG-TERM LIABILITIES
Long-Term Debt $51.95M $51.02M $50.12M
YoY Change 4.78% 3.37% 1.12%
Other Long-Term Liabilities $15.69M $3.223M $3.987M
YoY Change 6228.23% 1199.6% 1355.11%
Total Long-Term Liabilities $51.95M $51.02M $50.12M
YoY Change 4.26% 2.86% 0.56%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.417M $11.40M $12.06M
Total Long-Term Liabilities $51.95M $51.02M $50.12M
Total Liabilities $77.07M $65.64M $66.16M
YoY Change 29.42% 12.59% 1.26%
SHAREHOLDERS EQUITY
Retained Earnings -$459.7M -$447.9M -$435.2M
YoY Change 11.28% 10.59% 9.76%
Common Stock $25.00K $25.00K $24.00K
YoY Change 4.17% 4.17%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $43.41M $52.90M $62.82M
YoY Change
Total Liabilities & Shareholders Equity $120.5M $118.5M $129.0M
YoY Change -14.71% -19.34% 156.3%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$11.79M -$12.69M -$11.46M
YoY Change 45.8% 49.4% 30.09%
Depreciation, Depletion And Amortization $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Cash From Operating Activities -$6.975M -$10.66M -$11.40M
YoY Change 57.66% 77.22% 93.22%
INVESTING ACTIVITIES
Capital Expenditures -$31.00K -$164.0K $306.0K
YoY Change -82.58% 864.71% 774.29%
Acquisitions
YoY Change
Other Investing Activities $7.000M $8.400M $0.00
YoY Change -58433.33% -110.5% -100.0%
Cash From Investing Activities $6.969M $8.236M -$306.0K
YoY Change -3767.89% -110.29% -93.92%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.000K 635.0K $1.000K
YoY Change -99.38% -100.06%
NET CHANGE
Cash From Operating Activities -6.975M -10.66M -$11.40M
Cash From Investing Activities 6.969M 8.236M -$306.0K
Cash From Financing Activities -8.000K 635.0K $1.000K
Net Change In Cash -14.00K -1.787M -$11.70M
YoY Change -99.7% -110.41% -6.78%
FREE CASH FLOW
Cash From Operating Activities -$6.975M -$10.66M -$11.40M
Capital Expenditures -$31.00K -$164.0K $306.0K
Free Cash Flow -$6.944M -$10.49M -$11.71M
YoY Change 63.54% 74.99% 97.24%

Facts In Submission

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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates</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 preparation of unaudited interim condensed financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements. The Company uses significant judgment when making estimates related to the valuation of its common stock prior to the IPO, and related stock-based compensation, the valuation of deferred tax assets and related valuation allowances, provision for excess and obsolete inventories, and the valuation of redeemable convertible preferred stock warrant liability. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.</span></div>
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ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0.03
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
68528 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
6.90
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3547590 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.62
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M29D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1339228 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.86
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y2M4D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3547590 shares
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
3.62
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P8Y6M29D
CY2022Q2 npce Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToRepurchase
125726 shares
CY2021Q4 npce Share Based Compensation Arrangement By Share Based Payment Award Options Subject To Repurchase
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsSubjectToRepurchase
174171 shares
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
SharebasedCompensationArrangementBySharebasedPaymentAwardPurchasePriceOfCommonStockPercent
0.85
npce Employee Stock Purchase Plan Length Of Offering Period
EmployeeStockPurchasePlanLengthOfOfferingPeriod
P6M
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2603000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1103000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4091000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1305000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2603000 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1103000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4091000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1305000 usd
CY2022Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
25600000 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-12690000 usd
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-8494000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24151000 usd
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-17304000 usd
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24503552 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24503552 shares
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17553818 shares
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
17553818 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24406100 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
24406100 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8959134 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8959134 shares
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.93
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.93
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5678206 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3880209 shares

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