2023 Q2 Form 10-Q Financial Statement

#000095017023020829 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.218M $3.671M $3.186M
YoY Change 24.02% 15.22%
% of Gross Profit
Research & Development $16.93M $14.36M $10.71M
YoY Change 18.86% 34.12% 93.62%
% of Gross Profit
Depreciation & Amortization $300.0K $200.0K $100.0K
YoY Change 200.0% 100.0% 100.0%
% of Gross Profit
Operating Expenses $21.14M $18.03M $13.89M
YoY Change 19.86% 29.78% 109.61%
Operating Profit -$21.14M -$18.03M -$13.89M
YoY Change 19.86% 29.78% 109.61%
Interest Expense $1.684M $1.792M $9.000K
YoY Change 573.6% 19811.11%
% of Operating Profit
Other Income/Expense, Net $1.622M $1.712M $67.00K
YoY Change 397.55% 2455.22% -937.5%
Pretax Income -$19.52M -$16.32M -$13.83M
YoY Change 12.75% 18.03% 108.35%
Income Tax $4.400M
% Of Pretax Income
Net Earnings -$19.52M -$16.32M -$18.25M
YoY Change 12.75% -10.56% 174.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.82 -$0.69 -$18.94
Diluted Earnings Per Share -$0.82 -$0.69 -$814.8K
COMMON SHARES
Basic Shares Outstanding 23.78M 23.78M 963.6K
Diluted Shares Outstanding 23.79M 23.76M 963.6K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $147.0M $165.4M $118.9M
YoY Change -32.81% 39.16%
Cash & Equivalents $147.0M $165.4M $118.9M
Short-Term Investments
Other Short-Term Assets $3.351M $3.067M $2.240M
YoY Change -2.39% 36.92%
Inventory
Prepaid Expenses
Receivables
Other Receivables $4.574M
Total Short-Term Assets $150.4M $168.5M $125.7M
YoY Change -33.6% 34.06%
LONG-TERM ASSETS
Property, Plant & Equipment $5.251M $5.339M $2.569M
YoY Change 84.7% 107.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.702M $1.473M $3.642M
YoY Change 15.55% -59.56%
Total Long-Term Assets $31.71M $32.57M $6.211M
YoY Change 634.64% 424.41%
TOTAL ASSETS
Total Short-Term Assets $150.4M $168.5M $125.7M
Total Long-Term Assets $31.71M $32.57M $6.211M
Total Assets $182.1M $201.0M $131.9M
YoY Change -21.11% 52.44%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.815M $1.472M $1.888M
YoY Change -66.34% -22.03%
Accrued Expenses $11.63M $12.90M $14.23M
YoY Change -23.42% -9.37%
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 $16.94M $18.03M $16.12M
YoY Change -17.69% 11.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.87M $18.17M $168.0K
YoY Change 10716.07%
Total Long-Term Liabilities $17.87M $18.17M $168.0K
YoY Change 10716.07%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.94M $18.03M $16.12M
Total Long-Term Liabilities $17.87M $18.17M $168.0K
Total Liabilities $34.80M $36.20M $16.29M
YoY Change 69.13% 122.21%
SHAREHOLDERS EQUITY
Retained Earnings -$138.7M -$119.2M -$52.00M
YoY Change 100.14% 129.23%
Common Stock $286.0M $284.0M $2.468M
YoY Change 2.27% 11409.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $147.3M $164.8M -$49.59M
YoY Change
Total Liabilities & Shareholders Equity $182.1M $201.0M $131.9M
YoY Change -21.11% 52.44%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$19.52M -$16.32M -$18.25M
YoY Change 12.75% -10.56% 174.95%
Depreciation, Depletion And Amortization $300.0K $200.0K $100.0K
YoY Change 200.0% 100.0% 100.0%
Cash From Operating Activities -$17.68M -$15.42M -$12.27M
YoY Change 39.84% 25.67% 333.64%
INVESTING ACTIVITIES
Capital Expenditures $1.009M $1.181M $1.614M
YoY Change -265.68% -26.83% 429.18%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.009M -$1.181M -$1.614M
YoY Change 65.68% -26.83% 429.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 189.0K 130.0K -18.00K
YoY Change -99.83% -822.22%
NET CHANGE
Cash From Operating Activities -17.68M -15.42M -12.27M
Cash From Investing Activities -1.009M -1.181M -1.614M
Cash From Financing Activities 189.0K 130.0K -18.00K
Net Change In Cash -18.50M -16.35M -14.04M
YoY Change -118.46% 16.44% 351.33%
FREE CASH FLOW
Cash From Operating Activities -$17.68M -$15.42M -$12.27M
Capital Expenditures $1.009M $1.181M $1.614M
Free Cash Flow -$18.68M -$16.60M -$13.89M
YoY Change 55.31% 19.57% 342.93%

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CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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><span style="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;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:5.333%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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, which potentially subject the Company to concentrations of credit risk, consist of cash and money market accounts. As of March 31, 2023, the Company’s cash and money market accounts were held by four financial institutions in the U.S. and one financial institution in the U.K. At times, the Company’s deposits held in the U.S. and U.K. may exceed the respective insured limits of the Federal Depository Insurance Corporation and Financial Services Compensation Scheme.</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>
CY2022Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
4100000
CY2023Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesExpense
0
CY2023Q1 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
1500000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1500000
CY2022Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1500000
CY2020Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P10Y
CY2023Q1 us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2022-05-04
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
3019000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3109000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
5879000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
3724000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
540000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
389000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5339000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3335000
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
200000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3202000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3299000
CY2023Q1 pepg Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
6957000
CY2022Q4 pepg Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
4840000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
735000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2440000
CY2023Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
3339000
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
3248000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1869000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1385000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
12900000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
11913000
CY2023Q1 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
On March 27, 2023, the Company entered into a Second Amendment to the Harrison Lease by which the term of the Harrison Lease was extended by two months until May 2032
CY2023Q1 pepg Increase Decrease In Operating Lease Asset And Liability
IncreaseDecreaseInOperatingLeaseAssetAndLiability
300000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
973000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
64000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
204000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
317000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1241000
CY2022Q1 us-gaap Lease Cost
LeaseCost
317000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2887000
CY2023Q1 pepg Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
15458000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
815000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
30999000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
9173000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
21826000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3655000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
18171000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
21826000
CY2022Q2 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
1.018 for 1 reverse stock split
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
500000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2022Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5585855
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4469296
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1348000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4308286
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
24900000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y29D
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
4400000
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2022Q1 pepg Expected Market Return
ExpectedMarketReturn
0.40
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
700000

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