2021 Q4 Form 10-Q Financial Statement

#000162828021022902 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q4
Revenue $0.00 $0.00 $5.000M
YoY Change -100.0% -100.0% 27677.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.551M $2.504M $2.080M
YoY Change 22.64% 21.55% -11.86%
% of Gross Profit
Research & Development $4.371M $5.915M $3.850M
YoY Change 13.53% 46.56% 95.43%
% of Gross Profit
Depreciation & Amortization $41.00K $38.00K $110.0K
YoY Change -62.73% -65.45% -15.38%
% of Gross Profit
Operating Expenses $6.960M $8.419M $6.028M
YoY Change 15.46% 38.13% 35.37%
Operating Profit -$8.419M
YoY Change 668.86%
Interest Expense -$173.0K $210.0K -$290.0K
YoY Change -40.34% -54.94% -36.96%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.133M -$8.628M -$1.320M
YoY Change 440.38% 466.51% -73.01%
Income Tax $0.00 $0.00 $10.00K
% Of Pretax Income
Net Earnings -$7.133M -$8.628M -$1.322M
YoY Change 439.56% 466.14% -72.98%
Net Earnings / Revenue -26.44%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$665.8K -$0.10 -$27.60K
COMMON SHARES
Basic Shares Outstanding 87.05M shares 87.04M shares 39.16M shares
Diluted Shares Outstanding 87.04M shares

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $60.38M $35.85M $31.10M
YoY Change 94.16% 101.39% -8.8%
Cash & Equivalents $60.38M $35.80M $31.09M
Short-Term Investments
Other Short-Term Assets $1.780M $1.066M $1.826M
YoY Change -2.52% -0.93% 49.55%
Inventory
Prepaid Expenses $3.010M $3.010M $3.314M
Receivables $0.00 $0.00 $500.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $65.24M $39.99M $36.73M
YoY Change 77.61% 52.0% -9.1%
LONG-TERM ASSETS
Property, Plant & Equipment $281.0K $277.0K $472.0K
YoY Change -40.47% -51.74% -48.75%
Goodwill
YoY Change
Intangibles $83.00K $89.00K $125.0K
YoY Change -33.6% -31.01% -53.01%
Long-Term Investments
YoY Change
Other Assets $291.0K $0.00 $24.00K
YoY Change 1112.5% -100.0% -95.07%
Total Long-Term Assets $3.219M $3.056M $874.0K
YoY Change 268.31% 194.98% -47.79%
TOTAL ASSETS
Total Short-Term Assets $65.24M $39.99M $36.73M
Total Long-Term Assets $3.219M $3.056M $874.0K
Total Assets $68.45M $43.04M $37.60M
YoY Change 82.04% 57.42% -10.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $285.0K $586.0K $535.0K
YoY Change -46.73% -46.82% -59.5%
Accrued Expenses $821.0K $775.0K $581.0K
YoY Change 41.31% -28.83% -24.55%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $4.668M $4.700M
YoY Change -100.0% -65.68% -68.46%
Total Short-Term Liabilities $5.227M $11.46M $11.58M
YoY Change -54.85% -41.17% -46.39%
LONG-TERM LIABILITIES
Long-Term Debt $4.673M $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.179M $2.570M $0.00
YoY Change 2236.36% -100.0%
Total Long-Term Liabilities $5.852M $2.570M $0.00
YoY Change 2236.36% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.227M $11.46M $11.58M
Total Long-Term Liabilities $5.852M $2.570M $0.00
Total Liabilities $13.50M $14.03M $11.58M
YoY Change 16.57% -28.38% -47.53%
SHAREHOLDERS EQUITY
Retained Earnings -$454.9M -$447.7M -$427.0M
YoY Change 6.51% 5.17% 3.82%
Common Stock $509.8M $476.7M $453.1M
YoY Change 12.52% 9.98% 5.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $54.96M $29.01M $26.03M
YoY Change
Total Liabilities & Shareholders Equity $68.45M $43.04M $37.60M
YoY Change 82.04% 57.42% -10.64%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q4
OPERATING ACTIVITIES
Net Income -$7.133M -$8.628M -$1.322M
YoY Change 439.56% 466.14% -72.98%
Depreciation, Depletion And Amortization $41.00K $38.00K $110.0K
YoY Change -62.73% -65.45% -15.38%
Cash From Operating Activities -$7.831M -$5.562M $3.190M
YoY Change -345.49% 23.6% -164.06%
INVESTING ACTIVITIES
Capital Expenditures -$41.00K -$26.00K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$41.00K -$26.00K $0.00
YoY Change 160.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 32.41M -4.000K 10.05M
YoY Change 222.46% -99.63% -59.0%
NET CHANGE
Cash From Operating Activities -7.831M -5.562M 3.190M
Cash From Investing Activities -41.00K -26.00K 0.000
Cash From Financing Activities 32.41M -4.000K 10.05M
Net Change In Cash 24.54M -5.592M 13.24M
YoY Change 85.31% 0.22% -32.0%
FREE CASH FLOW
Cash From Operating Activities -$7.831M -$5.562M $3.190M
Capital Expenditures -$41.00K -$26.00K $0.00
Free Cash Flow -$7.790M -$5.536M $3.190M
YoY Change -344.2% 23.02% -164.84%

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DepreciationDepletionAndAmortization
362000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2252000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2144000 USD
rgls Gain Loss On Loan Forgiveness
GainLossOnLoanForgiveness
662000 USD
rgls Gain Loss On Loan Forgiveness
GainLossOnLoanForgiveness
0 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
39000 USD
us-gaap Other Operating Activities Cash Flow Statement
OtherOperatingActivitiesCashFlowStatement
148000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
-503000 USD
us-gaap Increase Decrease In Accounts And Other Receivables
IncreaseDecreaseInAccountsAndOtherReceivables
2859000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-304000 USD
us-gaap Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
-536000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-784000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-145000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
51000 USD
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-219000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
193000 USD
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-208000 USD
rgls Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
1250000 USD
rgls Increase Decrease In Accrued Research And Development Expenses
IncreaseDecreaseInAccruedResearchAndDevelopmentExpenses
380000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-316000 USD
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-416000 USD
rgls Operating Lease Right Of Use And Lease Liabilities Net Gain Loss
OperatingLeaseRightOfUseAndLeaseLiabilitiesNetGainLoss
291000 USD
rgls Operating Lease Right Of Use And Lease Liabilities Net Gain Loss
OperatingLeaseRightOfUseAndLeaseLiabilitiesNetGainLoss
-112000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
0 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-6000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-729000 USD
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-1212000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16297000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15725000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
210000 USD
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 USD
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
11000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-210000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-11000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
27000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
0 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
0 USD
rgls Proceeds From Federal Program
ProceedsFromFederalProgram
0 USD
rgls Proceeds From Federal Program
ProceedsFromFederalProgram
662000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
21384000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
3000 USD
us-gaap Repayments Of Other Long Term Debt
RepaymentsOfOtherLongTermDebt
1000000 USD
rgls Paymentson Finance Leases
PaymentsonFinanceLeases
81000 USD
rgls Paymentson Finance Leases
PaymentsonFinanceLeases
207000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21330000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-542000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
4823000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-16278000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31087000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
34121000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35910000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17843000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35848000 USD
CY2020Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
17843000 USD
CY2021Q3 us-gaap Restricted Cash
RestrictedCash
62000 USD
CY2020Q3 us-gaap Restricted Cash
RestrictedCash
0 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
35910000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
17843000 USD
rgls Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
662000 USD
rgls Paycheck Protection Program Loan Forgiveness
PaycheckProtectionProgramLoanForgiveness
0 USD
us-gaap Interest Paid Net
InterestPaidNet
329000 USD
us-gaap Interest Paid Net
InterestPaidNet
1066000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
-1000 USD
rgls Financingfrom Sale Proceeds Debt Agreement Revenues
FinancingfromSaleProceedsDebtAgreementRevenues
505600000 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35800000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:18pt"><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-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our condensed financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements and accompanying notes. An estimated loss contingency is accrued in our financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Additionally, the impact of the COVID-19 pandemic to our business and operating results presents additional uncertainty.</span></div>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28635276 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28635276 shares
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25813032 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
25813032 shares
CY2021Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
33904000 USD
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
26901000 USD
rgls Number Of Amendments
NumberOfAmendments
8 amendment
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
87047832 shares
CY2021Q3 rgls Common Stock Voting Rights Votes
CommonStockVotingRightsVotes
1 vote
CY2020Q1 rgls Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized Period For Yearly Increase
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorizedPeriodForYearlyIncrease
P10Y
CY2019Q2 rgls Number Of Closings
NumberOfClosings
2 closing
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9727000 shares
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
91616000 shares
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
807000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
692000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2252000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2144000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
185000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
754000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
776000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
800000 USD
CY2021Q3 rgls Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
1101000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3616000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
471000 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
3145000 USD
CY2021Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
575000 USD
CY2021Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
2570000 USD

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