2022 Q4 Form 10-K Financial Statement

#000095017023008180 Filed on March 15, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.364M $31.82M $24.28M
YoY Change -3.19% 31.04% 121.74%
% of Gross Profit
Research & Development $9.571M $87.82M $69.04M
YoY Change -56.5% 27.2% 111.75%
% of Gross Profit
Depreciation & Amortization $49.00K $199.0K $184.0K
YoY Change 13.95% 8.15% 84.0%
% of Gross Profit
Operating Expenses $16.94M $119.7M $93.32M
YoY Change -42.8% 28.31% 114.27%
Operating Profit -$119.7M -$93.32M
YoY Change 28.31% 114.27%
Interest Expense $3.394M $6.220M $2.883M
YoY Change 343.08% 115.75% 33.47%
% of Operating Profit
Other Income/Expense, Net $96.00K $15.54M $6.470M
YoY Change -97.41% 140.11% 241.97%
Pretax Income -$20.85M -$104.2M -$86.85M
YoY Change -17.06% 19.98% 108.47%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$20.85M -$104.2M -$86.85M
YoY Change -17.06% 19.98% 108.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48 -$0.44
Diluted Earnings Per Share -$0.10 -$0.48 -$438.9K
COMMON SHARES
Basic Shares Outstanding 218.4M 216.7K 197.9K
Diluted Shares Outstanding 216.7K 197.9K

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $661.0M $661.0M $765.4M
YoY Change -13.64% -13.64% 254.68%
Cash & Equivalents $101.1M $101.1M $132.4M
Short-Term Investments $559.9M $559.9M $633.0M
Other Short-Term Assets $3.819M $3.819M $3.642M
YoY Change 4.86% 4.86% -4.16%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $667.3M $667.3M $772.1M
YoY Change -13.57% -13.57% 249.83%
LONG-TERM ASSETS
Property, Plant & Equipment $894.0K $4.685M $3.657M
YoY Change 13.74% 28.11% 422.43%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $138.0K $138.0K $421.0K
YoY Change -67.22% -67.22% 5.25%
Other Assets $0.00
YoY Change
Total Long-Term Assets $4.823M $4.823M $4.078M
YoY Change 18.27% 18.27% 270.73%
TOTAL ASSETS
Total Short-Term Assets $667.3M $667.3M $772.1M
Total Long-Term Assets $4.823M $4.823M $4.078M
Total Assets $672.1M $672.1M $776.2M
YoY Change -13.4% -13.4% 249.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.139M $2.139M $3.925M
YoY Change -45.5% -45.5% 78.41%
Accrued Expenses $9.816M $11.02M $13.00M
YoY Change -19.12% -15.22% 195.45%
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 $13.16M $13.16M $16.93M
YoY Change -22.24% -22.24% 156.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.904M $3.904M $13.23M
YoY Change -70.49% -70.49% 6514.5%
Total Long-Term Liabilities $3.904M $3.904M $13.23M
YoY Change -70.49% -70.49% 6514.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.16M $13.16M $16.93M
Total Long-Term Liabilities $3.904M $3.904M $13.23M
Total Liabilities $17.07M $17.07M $30.15M
YoY Change -43.41% -43.41% 350.06%
SHAREHOLDERS EQUITY
Retained Earnings -$267.0M
YoY Change 64.0%
Common Stock $927.6M
YoY Change 1.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $655.1M $655.1M $746.0M
YoY Change
Total Liabilities & Shareholders Equity $672.1M $672.1M $776.2M
YoY Change -13.4% -13.4% 249.93%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income -$20.85M -$104.2M -$86.85M
YoY Change -17.06% 19.98% 108.47%
Depreciation, Depletion And Amortization $49.00K $199.0K $184.0K
YoY Change 13.95% 8.15% 84.0%
Cash From Operating Activities -$16.17M -$96.10M -$68.20M
YoY Change -31.14% 40.91% 86.7%
INVESTING ACTIVITIES
Capital Expenditures $65.00K $370.0K -$282.0K
YoY Change -148.15% -231.21% 88.0%
Acquisitions
YoY Change
Other Investing Activities -$21.76M $63.83M -$454.4M
YoY Change -88.49% -114.05% 547.46%
Cash From Investing Activities -$21.83M $63.46M -$454.7M
YoY Change -88.47% -113.96% 546.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 407.0K 1.327M 625.5M
YoY Change -24.35% -99.79% 369.84%
NET CHANGE
Cash From Operating Activities -16.17M -96.10M -68.20M
Cash From Investing Activities -21.83M 63.46M -454.7M
Cash From Financing Activities 407.0K 1.327M 625.5M
Net Change In Cash -37.59M -31.32M 102.7M
YoY Change -82.29% -130.51% 290.58%
FREE CASH FLOW
Cash From Operating Activities -$16.17M -$96.10M -$68.20M
Capital Expenditures $65.00K $370.0K -$282.0K
Free Cash Flow -$16.23M -$96.47M -$67.92M
YoY Change -30.47% 42.04% 86.7%

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CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2022 us-gaap Stock Issued1
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CY2021 us-gaap Stock Issued1
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CY2022Q4 nuvb Cash And Cash Equivalents And Marketable Securities
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CY2022Q4 nuvb Panacea Equity At Effective Time
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CY2022 nuvb Share Outstanding Prior To Business Combination
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the year. Accordingly, actual results could differ from those estimates and those differences could be significant. Significant estimates and assumptions reflected in the accompanying consolidated financial statements include, but are not limited to, the fair value of in-process research and development acquired, warrant liabilities, leases, stock options granted and depreciation expense.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2022 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents and marketable securities. The Company maintains its cash and cash equivalent balances in the form of business checking accounts and money market accounts, the balances of which, at times, may exceed federally insured limits. Exposure to cash and cash equivalents credit risk is reduced by placing such deposits with major financial institutions and monitoring their credit ratings. Marketable securities consist primarily of government and corporate bonds, municipal securities and exchange traded fund with fixed interest rates. Exposure to credit risk of marketable securities is reduced by maintaining a diverse portfolio and monitoring their credit ratings.</span></p>
CY2022 nuvb Redemption Of Share Prior To Business Combination
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CY2022 nuvb Conversion Of Shares Related To Merger
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CY2022 us-gaap Sale Of Stock Description Of Transaction
SaleOfStockDescriptionOfTransaction
the exercise of the Warrants may be settled in cash upon the occurrence of a tender offer or exchange that involves more than 50% of the outstanding shares of the Company’s common stock.
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CY2022 nuvb Shares Issued Pursuant To Forward Purchase
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CY2021Q4 us-gaap Accrued Liabilities Current And Noncurrent
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CY2022 us-gaap Operating Lease Expense
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CY2021 us-gaap Operating Lease Expense
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CY2021 us-gaap Variable Lease Cost
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CY2022 us-gaap Operating Lease Cost
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CY2021 us-gaap Operating Lease Cost
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2022 us-gaap Common Stock Conversion Features
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The holder of the Class B Common Stock had the option to convert each share into one fully paid share of Class A Common Stock at any time. Upon the earlier of the date (i) the Founder of the Company owns in aggregate fewer than 220,571,000 shares of Common Stock, (ii) the Founder no longer serves as the Company’s Chief Executive Office or (iii) the Founder’s death or disability, each share of Common B Common Stock shall automatically convert to one fully paid share of Class A Common Stock and the Company shall not issue any additional shares of Class B Common Stock. Each share of Class B Common Stock shall automatically convert into one paid share of Class A Common Stock upon any sale or disposition of a share of Class B Common Stock.
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CY2021 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Amount
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CY2022 nuvb Fair Value Equity Level1 To Level2 Or Level3 Transfers Description
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CY2022 nuvb Realized Loss On Marketable Securities
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CY2021Q4 nuvb Changes In Liabilities Classified In Level3 Of Fair Value Hierarchy
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CY2022 nuvb Change In Fair Value Of Private Warrants Liability Recognized In Earnings
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CY2022Q4 nuvb Deferred Tax Assets Deferred Expense Capitalized Research And Development Costs
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
EffectiveIncomeTaxRateReconciliationChangeInEnactedTaxRate
0.0059
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0000
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.0001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2942
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.3766
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2022 nuvb Operating Loss Carryforwards Expiration
OperatingLossCarryforwardsExpiration
2038
CY2022 nuvb Tax Credit Carryforwards Expiration
TaxCreditCarryforwardsExpiration
2039
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5100000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1595000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
2524000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
893000
CY2022 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
949000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
702000
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
5068000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1595000
CY2022 us-gaap Restructuring Charges
RestructuringCharges
7397000
CY2022 us-gaap Payments For Restructuring
PaymentsForRestructuring
7390000
CY2022 us-gaap Restructuring Costs
RestructuringCosts
7000

Files In Submission

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nuvb-20221231_cal.xml Edgar Link unprocessable
0000950170-23-008180-index-headers.html Edgar Link pending
0000950170-23-008180-index.html Edgar Link pending
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Financial_Report.xlsx Edgar Link pending
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nuvb-20221231_htm.xml Edgar Link completed
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