2024 Q2 Form 10-Q Financial Statement

#000155837024007041 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $36.84M $29.53M
YoY Change 37.03% 13.29%
Cost Of Revenue $2.807M $2.025M
YoY Change 161.12% 107.27%
Gross Profit $34.03M $27.51M
YoY Change 31.86% 9.63%
Gross Profit Margin 92.38% 93.14%
Selling, General & Admin $28.05M $28.45M
YoY Change 6.62% 2.6%
% of Gross Profit 82.41% 103.42%
Research & Development $5.540M $6.026M
YoY Change 16.09% -40.27%
% of Gross Profit 16.28% 21.91%
Depreciation & Amortization $613.0K $400.0K
YoY Change 107.09% 12.04%
% of Gross Profit 1.8% 1.45%
Operating Expenses $33.59M $34.48M
YoY Change 8.07% -8.84%
Operating Profit $447.0K -$6.966M
YoY Change -108.49% -45.26%
Interest Expense $2.029M $1.874M
YoY Change -252.21% 55.65%
% of Operating Profit 453.91%
Other Income/Expense, Net
YoY Change
Pretax Income -$1.030M -$11.78M
YoY Change -84.39% -12.99%
Income Tax
% Of Pretax Income
Net Earnings -$1.030M -$8.247M
YoY Change -84.39% -39.07%
Net Earnings / Revenue -2.8% -27.92%
Basic Earnings Per Share -$0.06 -$0.05
Diluted Earnings Per Share -$0.06 -$0.05
COMMON SHARES
Basic Shares Outstanding 175.4M 175.4M
Diluted Shares Outstanding 17.55M 175.2M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $49.10M $49.55M
YoY Change -23.7% -15.53%
Cash & Equivalents $36.05M $25.57M
Short-Term Investments $13.05M $23.98M
Other Short-Term Assets $8.658M $8.845M
YoY Change 74.31% 12.43%
Inventory $8.059M $6.579M
Prepaid Expenses
Receivables $28.90M $27.51M
Other Receivables $0.00 $0.00
Total Short-Term Assets $94.72M $92.49M
YoY Change -6.15% -13.54%
LONG-TERM ASSETS
Property, Plant & Equipment $115.0K $140.0K
YoY Change -90.51% -52.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.735M $4.318M
YoY Change 775.23% 696.68%
Total Long-Term Assets $33.69M $34.03M
YoY Change 108.37% 104.53%
TOTAL ASSETS
Total Short-Term Assets $94.72M $92.49M
Total Long-Term Assets $33.69M $34.03M
Total Assets $128.4M $126.5M
YoY Change 9.67% 2.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.130M $9.276M
YoY Change 16.98% 47.36%
Accrued Expenses $17.62M $15.52M
YoY Change -2.37% -14.49%
Deferred Revenue $1.355M $1.355M
YoY Change 0.0% -1.02%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $14.78M
YoY Change
Total Short-Term Liabilities $58.65M $73.20M
YoY Change 33.22% 60.81%
LONG-TERM LIABILITIES
Long-Term Debt $59.69M $44.91M
YoY Change 0.2% -24.5%
Other Long-Term Liabilities $39.98M $39.98M
YoY Change -3.91% -4.95%
Total Long-Term Liabilities $39.98M $39.98M
YoY Change -60.49% -4.95%
TOTAL LIABILITIES
Total Short-Term Liabilities $58.65M $73.20M
Total Long-Term Liabilities $39.98M $39.98M
Total Liabilities $158.3M $158.2M
YoY Change 9.03% 6.98%
SHAREHOLDERS EQUITY
Retained Earnings -$1.417B -$1.416B
YoY Change 1.01% 1.42%
Common Stock $1.387B $1.384B
YoY Change 0.9% 0.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$29.91M -$31.67M
YoY Change
Total Liabilities & Shareholders Equity $128.4M $126.5M
YoY Change 9.67% 2.35%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$1.030M -$8.247M
YoY Change -84.39% -39.07%
Depreciation, Depletion And Amortization $613.0K $400.0K
YoY Change 107.09% 12.04%
Cash From Operating Activities $302.0K -$5.013M
YoY Change -94.91% 23.05%
INVESTING ACTIVITIES
Capital Expenditures $222.0K $138.0K
YoY Change -99.08%
Acquisitions
YoY Change
Other Investing Activities $11.15M $451.0K
YoY Change 275.45% -97.14%
Cash From Investing Activities $10.93M $313.0K
YoY Change 267.98% -59.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -752.0K -2.512M
YoY Change 101.61% -113.14%
NET CHANGE
Cash From Operating Activities 302.0K -5.013M
Cash From Investing Activities 10.93M 313.0K
Cash From Financing Activities -752.0K -2.512M
Net Change In Cash 10.48M -7.212M
YoY Change 22.89% -145.57%
FREE CASH FLOW
Cash From Operating Activities $302.0K -$5.013M
Capital Expenditures $222.0K $138.0K
Free Cash Flow $80.00K -$5.151M
YoY Change -98.65% -72.99%

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PaymentOfCostShareToCollaborationPartner
2601000
CY2023Q1 rigl Payment Of Cost Share To Collaboration Partner
PaymentOfCostShareToCollaborationPartner
828000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2512000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
19123000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-7212000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
15826000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
32786000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
24459000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25574000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
40285000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
1684000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
1011000
CY2024Q1 rigl Intangible Assets Incurred But Not Yet Paid
IntangibleAssetsIncurredButNotYetPaid
15222000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:9pt 0pt 9pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;padding-bottom:9pt;text-indent:36pt;margin:9pt 0pt 0pt 0pt;">The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. We base our estimates on historical experience and on various other assumptions that we believe to be reasonable under the circumstances. Actual results could differ from these estimates.</p>
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
49600000
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
41453000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
38242000
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
29534000
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
26070000
CY2024Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
12300000
CY2023Q1 rigl Sales Discounts And Allowances
SalesDiscountsAndAllowances
9200000
CY2023Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
15684000
CY2024Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
12267000
CY2024Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
11906000
CY2024Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
16045000
CY2022Q4 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
12145000
CY2023Q1 us-gaap Valuation Allowances And Reserves Charged To Cost And Expense
ValuationAllowancesAndReservesChargedToCostAndExpense
9223000
CY2023Q1 us-gaap Valuation Allowances And Reserves Deductions
ValuationAllowancesAndReservesDeductions
7280000
CY2023Q1 us-gaap Valuation Allowances And Reserves Balance
ValuationAllowancesAndReservesBalance
14088000
CY2023Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1508000
CY2024Q1 rigl Inventory And Inventory Reported As Other Assets
InventoryAndInventoryReportedAsOtherAssets
10313000
CY2023Q4 rigl Inventory And Inventory Reported As Other Assets
InventoryAndInventoryReportedAsOtherAssets
7993000
CY2024Q1 us-gaap Inventory Net
InventoryNet
6579000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
49550000
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
56933000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
25574000
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32786000
CY2024Q1 us-gaap Short Term Investments
ShortTermInvestments
23976000
CY2024Q1 rigl Contingent Payments Under Agreement
ContingentPaymentsUnderAgreement
1300000000
CY2021Q2 rigl Collaborative Arrangement Upfront Fee Received
CollaborativeArrangementUpfrontFeeReceived
125000000.0
CY2024Q1 rigl Right To Opt Out Of Agreement Number Of Periods
RightToOptOutOfAgreementNumberOfPeriods
2
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5134000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2758000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
375000
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
7129161
CY2024Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
3918000
CY2023Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
4609000
CY2024Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
5120000
CY2023Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1876000
CY2024Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
1275000
CY2023Q4 us-gaap Inventory Net
InventoryNet
5522000
CY2024Q1 rigl Inventory Reported As Other Assets
InventoryReportedAsOtherAssets
3734000
CY2023Q4 rigl Inventory Reported As Other Assets
InventoryReportedAsOtherAssets
2471000
CY2024Q1 rigl Inventory And Inventory Reported As Other Assets
InventoryAndInventoryReportedAsOtherAssets
10313000
CY2023Q4 rigl Inventory And Inventory Reported As Other Assets
InventoryAndInventoryReportedAsOtherAssets
7993000
CY2024Q1 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
700000
CY2023Q4 us-gaap Advances On Inventory Purchases
AdvancesOnInventoryPurchases
0
CY2024Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
30360000
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
15000000
CY2024Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1497000
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1122000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28863000
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
13878000
CY2024Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
400000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
300000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
1764000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
2351000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
2351000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
2351000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseYearFive
2351000
CY2024Q1 us-gaap Finite Lived Intangible Assets Amortization Expense After Year Five
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive
17695000
CY2024Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
28863000
CY2023Q4 us-gaap Short Term Investments
ShortTermInvestments
24147000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
49550000
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
56933000
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
33945000
CY2024Q1 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
33940000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
38993000
CY2023Q4 us-gaap Investments Fair Value Disclosure
InvestmentsFairValueDisclosure
39001000
CY2024Q1 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P58D
CY2023 rigl Cash Equivalents And Available For Sale Securities Weighted Average Maturity Period
CashEquivalentsAndAvailableForSaleSecuritiesWeightedAverageMaturityPeriod
P82D
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerNumberOfPositions
0
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Number Of Positions
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsNumberOfPositions
31
CY2024Q1 rigl Investments Credit Loss Expense
InvestmentsCreditLossExpense
0
CY2023Q4 rigl Investments Credit Loss Expense
InvestmentsCreditLossExpense
0
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
27990000
CY2024Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months Accumulated Loss
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
8000
CY2024Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
60000000
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
60000000
CY2024Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
310000
CY2023Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
398000
CY2024Q1 rigl Debt Principal Outstanding Net Of Unamortized Debt Issuance Costs
DebtPrincipalOutstandingNetOfUnamortizedDebtIssuanceCosts
59690000
CY2023Q4 rigl Debt Principal Outstanding Net Of Unamortized Debt Issuance Costs
DebtPrincipalOutstandingNetOfUnamortizedDebtIssuanceCosts
59602000
CY2024Q1 us-gaap Loans Payable Current
LoansPayableCurrent
14780000
CY2023Q4 us-gaap Loans Payable Current
LoansPayableCurrent
7229000
CY2024Q1 us-gaap Long Term Loans Payable
LongTermLoansPayable
44910000
CY2023Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
52373000
CY2024Q1 us-gaap Loans Payable
LoansPayable
59690000
CY2023Q4 us-gaap Loans Payable
LoansPayable
59602000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
7500000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
30000000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
22500000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
60000000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
166000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
612000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
28000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
72000
CY2024Q1 us-gaap Lease Cost
LeaseCost
194000
CY2023Q1 us-gaap Lease Cost
LeaseCost
684000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
184000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
996000
CY2023Q1 rigl Fixed Sublease Expense
FixedSubleaseExpense
365000
CY2023Q1 rigl Variable Sublease Expense
VariableSubleaseExpense
77000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
442000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
555000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
301000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
856000

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