2023 Q4 Form 10-Q Financial Statement

#000095017023063363 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $709.0K $459.0K $969.0K
YoY Change -67.19% -52.63%
Cost Of Revenue $480.0K $502.0K $696.0K
YoY Change -65.96% -27.87%
Gross Profit $229.0K -$43.00K $273.0K
YoY Change -69.51% -115.75%
Gross Profit Margin 32.3% -9.37% 28.17%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development $3.225M $2.787M $3.757M
YoY Change -3.04% -25.82%
% of Gross Profit 1408.3% 1376.19%
Depreciation & Amortization $100.0K $127.0K $130.0K
YoY Change -91.72% -2.31%
% of Gross Profit 43.67% 47.62%
Operating Expenses $8.870M $8.846M $12.00M
YoY Change -60.33% -26.25%
Operating Profit -$8.641M -$8.889M -$11.72M
YoY Change -60.01% -24.17%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $161.0K $100.0K
YoY Change 4.55%
Pretax Income -$8.481M -$10.15M -$11.95M
YoY Change -62.55% -15.06%
Income Tax $4.000K $0.00 $1.000K
% Of Pretax Income
Net Earnings -$8.485M -$10.15M -$11.95M
YoY Change -62.53% -15.05%
Net Earnings / Revenue -1196.76% -2212.2% -1233.54%
Basic Earnings Per Share -$0.09 -$0.11 -$0.16
Diluted Earnings Per Share -$0.09 -$0.11 -$0.16
COMMON SHARES
Basic Shares Outstanding 97.43M 95.02M 74.80M
Diluted Shares Outstanding 97.27M 94.77M 74.80M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $5.600M $13.90M $31.04M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $1.370M $1.014M
Other Receivables
Total Short-Term Assets $8.250M $16.47M
YoY Change -70.55%
LONG-TERM ASSETS
Property, Plant & Equipment $576.0K $944.0K
YoY Change -60.84%
Goodwill
YoY Change
Intangibles $965.0K $974.0K
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $3.026M $3.069M
YoY Change -79.28%
TOTAL ASSETS
Total Short-Term Assets $8.250M $16.47M
Total Long-Term Assets $3.026M $3.069M
Total Assets $11.28M $19.54M
YoY Change -73.54%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses $4.259M $4.566M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.92M $15.17M
YoY Change -2.66%
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.92M $15.17M
Total Long-Term Liabilities
Total Liabilities $19.23M $21.03M
YoY Change -11.82%
SHAREHOLDERS EQUITY
Retained Earnings -$197.0M -$188.5M
YoY Change
Common Stock $190.7M $188.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.956M -$1.491M $18.84M
YoY Change
Total Liabilities & Shareholders Equity $11.28M $19.54M
YoY Change -73.54%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$8.485M -$10.15M -$11.95M
YoY Change -62.53% -15.05%
Depreciation, Depletion And Amortization $100.0K $127.0K $130.0K
YoY Change -91.72% -2.31%
Cash From Operating Activities -$9.504M -$7.119M
YoY Change 33.5%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.065M -944.0K
YoY Change 12.82%
NET CHANGE
Cash From Operating Activities -9.504M -7.119M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities -1.065M -944.0K
Net Change In Cash -10.79M -10.29M
YoY Change 4.84%
FREE CASH FLOW
Cash From Operating Activities -$9.504M -$7.119M
Capital Expenditures
Free Cash Flow
YoY Change

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<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:bold;font-size:10pt;font-family:Times New Roman;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;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;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;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;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;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;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;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;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;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;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;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;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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