2023 Q3 Form 10-K Financial Statement

#000095017023050231 Filed on September 28, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2023
Revenue $459.0K $1.242M $3.403M
YoY Change -52.63% -24.41% 14.58%
Cost Of Revenue $502.0K $1.292M $2.683M
YoY Change -27.87% 3.86% 28.01%
Gross Profit -$43.00K -$50.00K $720.0K
YoY Change -115.75% -112.53% -17.62%
Gross Profit Margin -9.37% -4.03% 21.16%
Selling, General & Admin $20.70M $34.46M
YoY Change -32.86% -26.02%
% of Gross Profit 4785.69%
Research & Development $2.787M $14.30M
YoY Change -25.82% -2.39%
% of Gross Profit 1985.83%
Depreciation & Amortization $127.0K $1.284M $508.0K
YoY Change -2.31% -3.6% 3.89%
% of Gross Profit 70.56%
Operating Expenses $8.846M $20.70M $42.94M
YoY Change -26.25% -32.86% -20.56%
Operating Profit -$8.889M -$20.75M -$42.22M
YoY Change -24.17% -31.81% -20.61%
Interest Expense -$3.211M -$4.404M
YoY Change -142.4% 127.83%
% of Operating Profit
Other Income/Expense, Net $100.0K $384.0K $538.0K
YoY Change -94.44%
Pretax Income -$10.15M -$23.57M -$45.61M
YoY Change -15.06% 3.16% 0.78%
Income Tax $0.00 $3.000K $2.000K
% Of Pretax Income
Net Earnings -$10.15M -$23.58M -$45.61M
YoY Change -15.05% -30.14% 0.73%
Net Earnings / Revenue -2212.2% -1898.23% -1340.2%
Basic Earnings Per Share -$0.11 -$0.55
Diluted Earnings Per Share -$0.11 -$0.26 -$0.55
COMMON SHARES
Basic Shares Outstanding 95.02M 82.21M
Diluted Shares Outstanding 94.77M 82.21M

Balance Sheet

Concept 2023 Q3 2023 Q2 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $26.27M $26.27M
YoY Change -40.58% -40.58%
Cash & Equivalents $13.90M $24.68M
Short-Term Investments $1.592M $1.592M
Other Short-Term Assets $566.0K $566.0K
YoY Change -50.87% -50.87%
Inventory $718.0K $718.0K
Prepaid Expenses
Receivables $1.014M $776.0K $776.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $16.47M $26.88M $28.33M
YoY Change -39.93% -40.26%
LONG-TERM ASSETS
Property, Plant & Equipment $944.0K $1.027M $1.221M
YoY Change -59.85% -29.14%
Goodwill
YoY Change
Intangibles $974.0K $1.050M
YoY Change -11.69%
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $51.00K $51.00K
YoY Change
Total Long-Term Assets $3.069M $3.747M $13.78M
YoY Change -29.45% -12.91%
TOTAL ASSETS
Total Short-Term Assets $16.47M $26.88M $28.33M
Total Long-Term Assets $3.069M $3.747M $13.78M
Total Assets $19.54M $30.63M $42.12M
YoY Change -38.82% -33.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.935M $2.935M
YoY Change 113.3% 19.31%
Accrued Expenses $4.566M $6.644M $8.578M
YoY Change 117.12% 77.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.619M $4.619M
YoY Change -0.88% -0.88%
Total Short-Term Liabilities $15.17M $16.14M $16.13M
YoY Change 37.02% 32.18%
LONG-TERM LIABILITIES
Long-Term Debt $7.531M $7.531M
YoY Change -4.48% -4.48%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $7.531M $7.531M
YoY Change -4.48% -4.48%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.17M $16.14M $16.13M
Total Long-Term Liabilities $7.531M $7.531M
Total Liabilities $21.03M $23.66M $23.66M
YoY Change 21.61% 17.79%
SHAREHOLDERS EQUITY
Retained Earnings -$188.5M -$178.3M
YoY Change 34.36%
Common Stock $188.3M $186.7M
YoY Change 13.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.491M $6.967M $18.45M
YoY Change
Total Liabilities & Shareholders Equity $19.54M $30.63M $42.12M
YoY Change -38.82% -33.42%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2023
OPERATING ACTIVITIES
Net Income -$10.15M -$23.58M -$45.61M
YoY Change -15.05% -30.14% 0.73%
Depreciation, Depletion And Amortization $127.0K $1.284M $508.0K
YoY Change -2.31% -3.6% 3.89%
Cash From Operating Activities -$9.504M -$17.98M -$34.09M
YoY Change 33.5% -15.63% -25.78%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $64.00K $0.00
YoY Change
Cash From Investing Activities $0.00 $64.00K $0.00
YoY Change -220.75% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.30M
YoY Change 130.53%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.065M 16.73M 16.39M
YoY Change 12.82% -33.73% -36.07%
NET CHANGE
Cash From Operating Activities -9.504M -17.98M -34.09M
Cash From Investing Activities 0.000 64.00K 0.000
Cash From Financing Activities -1.065M 16.73M 16.39M
Net Change In Cash -10.79M -1.185M -16.65M
YoY Change 4.84% -130.51% -20.54%
FREE CASH FLOW
Cash From Operating Activities -$9.504M -$17.98M -$34.09M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$17.98M -$34.09M
YoY Change -15.42% -26.67%

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CY2023 us-gaap Nature Of Operations
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<p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">1. Business and risks</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Renalytix PLC and its wholly-owned subsidiaries, the “Company” or "Renalytix" is an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and significantly lower healthcare costs. KidneyIntelX, the Company’s first-in-class diagnostic platform, employs a proprietary artificial intelligence-enabled algorithm that combines diverse data inputs, including validated blood-based biomarkers, inherited genetics and personalized patient data from EHR systems, to generate a unique patient risk score. Additionally, the Company has successfully completed a statement of work with AstraZeneca Pharmaceuticals LP (“AstraZeneca”) to conduct a feasibility study to determine the impact of the use of the Company’s KidneyIntelX platform to optimize utilization of various CKD agents. As a result of the initial success with AstraZeneca the Company plans to pursue further collaborations with pharmaceutical companies and make ‘Pharmaceutical Services Revenue’ a core part of the business going forward with the goal of improving guideline-based standard-of-care for optimal utilization of existing and novel therapeutics using the KidneyIntelX testing platform and proprietary care management software.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Since inception in March 2018, the Company has focused primarily on organizing and staffing the Company, raising capital, developing the KidneyIntelX platform, conducting clinical validation studies for KidneyIntelX, establishing and protecting its intellectual property portfolio and commercial laboratory operations, pursuing regulatory clearance and developing a reimbursement strategy. The Company has funded its operations primarily through equity and debt financings.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">The Company is subject to risks and uncertainties common to early-stage companies in the diagnostics industry, including, but not limited to, ability to secure additional capital to fund operations, compliance with governmental regulations, development by competitors of new technological innovations, dependence on key personnel and protection of proprietary technology. To achieve widespread usage, KidneyIntelX and additional diagnostic products currently under development will require extensive clinical testing and validation prior to regulatory approval and commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p>
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<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:'Times New Roman',serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the consolidated financial statements, actual results may materially vary from these estimates.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:'Times New Roman',serif;min-width:fit-content;">Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary. Significant areas that require management’s estimate include the assumptions used in determining the fair value of share-based awards, determining the fair value of the bonds, recording the prepaid/accrual and associated expense for research and development activities performed for the Company by third parties and determining useful lives of property and equipment and capitalized software.</span></p>
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