2024 Q2 Form 10-Q Financial Statement

#000095017024055655 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $21.71M $22.84M
YoY Change 48.3% 72.7%
% of Gross Profit
Research & Development $134.9M $118.0M
YoY Change 37.71% 71.18%
% of Gross Profit
Depreciation & Amortization $1.600M $1.500M
YoY Change 33.33% 24.48%
% of Gross Profit
Operating Expenses $156.6M $140.9M
YoY Change 39.09% 71.42%
Operating Profit -$156.6M -$140.9M
YoY Change 43.98% 87.42%
Interest Expense $21.49M $23.76M
YoY Change 104.66% 236.59%
% of Operating Profit
Other Income/Expense, Net $23.41M $24.86M
YoY Change 122.97% 252.12%
Pretax Income -$133.2M -$116.0M
YoY Change 35.54% 70.35%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$133.2M -$116.0M
YoY Change 35.54% 70.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.81 -$0.70
Diluted Earnings Per Share -$0.81 -$0.70
COMMON SHARES
Basic Shares Outstanding 165.0M 164.7M
Diluted Shares Outstanding 165.1M 164.7M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.591B $1.704B
YoY Change 74.9% 87.24%
Cash & Equivalents $275.7M $288.4M
Short-Term Investments $1.315B $1.415B
Other Short-Term Assets $34.02M $25.66M
YoY Change 237.02% 186.47%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $1.625B $1.729B
YoY Change 76.2% 87.4%
LONG-TERM ASSETS
Property, Plant & Equipment $25.28M $23.70M
YoY Change 28.23% 27.84%
Goodwill $14.61M $14.61M
YoY Change 0.0% 0.0%
Intangibles $57.21M $57.47M
YoY Change -1.83% -1.82%
Long-Term Investments
YoY Change
Other Assets $8.274M $4.159M
YoY Change 207.47% 50.04%
Total Long-Term Assets $183.7M $179.2M
YoY Change 21.17% 19.05%
TOTAL ASSETS
Total Short-Term Assets $1.625B $1.729B
Total Long-Term Assets $183.7M $179.2M
Total Assets $1.808B $1.908B
YoY Change 68.43% 77.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.32M $32.38M
YoY Change -1.56% 62.61%
Accrued Expenses $75.36M $60.60M
YoY Change 57.24% 84.24%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $105.3M $93.72M
YoY Change 34.94% 71.54%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $656.0K $3.040M
YoY Change 160.32% 79.46%
Total Long-Term Liabilities $656.0K $3.040M
YoY Change 160.32% 79.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $105.3M $93.72M
Total Long-Term Liabilities $656.0K $3.040M
Total Liabilities $189.6M $182.9M
YoY Change 32.7% 51.12%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B -$1.300B
YoY Change 61.35% 68.96%
Common Stock $3.008B $2.980B
YoY Change 67.11% 73.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.619B $1.725B
YoY Change
Total Liabilities & Shareholders Equity $1.808B $1.908B
YoY Change 68.43% 77.81%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$133.2M -$116.0M
YoY Change 35.54% 70.35%
Depreciation, Depletion And Amortization $1.600M $1.500M
YoY Change 33.33% 24.48%
Cash From Operating Activities -$128.2M -$160.6M
YoY Change 90.95% 157.34%
INVESTING ACTIVITIES
Capital Expenditures $2.399M $3.167M
YoY Change 114.39% 80.15%
Acquisitions
YoY Change
Other Investing Activities $110.3M -$244.8M
YoY Change -360.09% -4354.41%
Cash From Investing Activities $107.9M -$248.0M
YoY Change -347.9% -6305.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.504M 810.0K
YoY Change -88.39% -99.75%
NET CHANGE
Cash From Operating Activities -128.2M -160.6M
Cash From Investing Activities 107.9M -248.0M
Cash From Financing Activities 7.504M 810.0K
Net Change In Cash -12.72M -407.7M
YoY Change -72.37% -253.39%
FREE CASH FLOW
Cash From Operating Activities -$128.2M -$160.6M
Capital Expenditures $2.399M $3.167M
Free Cash Flow -$130.6M -$163.7M
YoY Change 91.33% 155.23%

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<p style="font-size:10pt;margin-top:10pt;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="font-size:10pt;margin-top:10pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including the fair value of assets acquired and liabilities assumed and related purchase price allocation, revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies,</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill and intangibles, impairment of in-process research and development and developed technologies, the incremental borrowing rate for determining operating lease assets and liabilities, warrant liabilities and stock-based compensation. Estimates are based on historical experience, complex judgments, facts and circumstances available at the time and various other assumptions that are believed to be reasonable under the circumstances but are inherently uncertain and unpredictable. Actual results could materially differ from the Company’s estimates, and there may be changes to the estimates in future periods</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">.</span>
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