2019 Q1 Form 10-Q Financial Statement

#000156459020025452 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2019 Q1
Revenue $13.17M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.420M
YoY Change
% of Gross Profit
Research & Development $21.19M
YoY Change
% of Gross Profit
Depreciation & Amortization $526.0K
YoY Change
% of Gross Profit
Operating Expenses $23.60M
YoY Change
Operating Profit -$10.44M
YoY Change
Interest Expense $310.0K
YoY Change
% of Operating Profit
Other Income/Expense, Net $305.0K
YoY Change
Pretax Income -$10.13M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$10.13M
YoY Change
Net Earnings / Revenue -76.95%
Basic Earnings Per Share
Diluted Earnings Per Share -$171.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $62.76M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets
YoY Change
TOTAL ASSETS
Total Short-Term Assets
Total Long-Term Assets
Total Assets
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable
YoY Change
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities
YoY Change
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
Total Long-Term Liabilities
Total Liabilities
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$118.1M
YoY Change
Total Liabilities & Shareholders Equity
YoY Change

Cashflow Statement

Concept 2019 Q1
OPERATING ACTIVITIES
Net Income -$10.13M
YoY Change
Depreciation, Depletion And Amortization $526.0K
YoY Change
Cash From Operating Activities -$12.61M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures $341.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.100M
YoY Change
Cash From Investing Activities $5.761M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $14.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 14.00K
YoY Change
NET CHANGE
Cash From Operating Activities -12.61M
Cash From Investing Activities 5.761M
Cash From Financing Activities 14.00K
Net Change In Cash -6.830M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$12.61M
Capital Expenditures $341.0K
Free Cash Flow -$12.95M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
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ProceedsFromSaleOfHeldForSaleAssets
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q1 rvmd Vesting Of Early Exercised Options And Restricted Stock
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CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020Q1 rvmd Unpaid Offering Costs
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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 those related to revenue recognition, clinical accruals, valuation of in-process research and development and developed technologies, valuation of the redeemable convertible preferred stock liability, income taxes, useful lives of property and equipment and intangible assets, impairment of goodwill, and stock-based compensation. The extent to which the COVID-19 pandemic may directly or indirectly impact the Company&#8217;s business, financial condition and results of operations is highly uncertain and subject to change. The Company considered the potential impact of the COVID-19 pandemic on the its estimates and assumptions and there was not a material impact to the Company&#8217;s condensed consolidated financial statements as of and for the three months ended March 31, 2020. Actual results could materially differ from the Company&#8217;s estimates, and there may be changes to the estimates in future periods<font style="font-style:italic;">.</font> </p>
CY2020Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recent Accounting Pronouncements Not Yet Adopted</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (ASU 2016-13), which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses (ASU 2018-19) which narrowed the scope and changed the effective date for non-public entities for ASU 2016-13. The FASB subsequently issued supplemental guidance within ASU No. 2019-05, Financial Instruments&#8212;Credit Losses (Topic 326): Targeted Transition Relief (ASU 2019-05). ASU 2019-05 provides an option to irrevocably elect the fair value option for certain financial assets previously measured at amortized cost basis. ASU 2016-13 is applicable to the Company for the fiscal year beginning after December 15, 2021. Early adoption is permitted. The Company is currently evaluating the impact the adoption of these ASUs will have on its consolidated financial statements and related disclosures.</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No. 2018-15, Intangibles&#8212;Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (ASU 2018-15). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use-software. This ASU is effective for the Company for the fiscal year beginning after December 31, 2020, and interim periods within fiscal years beginning after December 31, 2021. The Company is currently evaluating the impact of this ASU on the Company&#8217;s consolidated financial statements.</p> <p style="margin-bottom:0pt;margin-top:18pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the Financial Accounting Standards Board (FASB) issued ASU 2019-12, Income Taxes (Topic 740)-Simplifying the Accounting for Income Taxes (ASU 2019-12). ASU 2019-12 simplifies the accounting for income taxes by removing certain exceptions to the general principles in Topic 740 and clarifying and amending existing guidance. ASU 2019-12 will be effective for the Company in the first quarter of 2021 with early adoption permitted. The Company is currently assessing the impact of ASU 2019-12 on its consolidated financial statements.</p>
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CY2020Q1 us-gaap Operating Lease Liability
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LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
2763000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
3773000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3886000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1003000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11425000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
737000
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due Current
OperatingAndCapitalLeasesFutureMinimumPaymentsDueCurrent
3885000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due In Two Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueInTwoYears
3786000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due In Three Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueInThreeYears
3886000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due In Four Years
OperatingAndCapitalLeasesFutureMinimumPaymentsDueInFourYears
1003000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Due
OperatingAndCapitalLeasesFutureMinimumPaymentsDue
12560000
CY2019Q4 rvmd Future Minimum Sublease Income Receivable Due Current
FutureMinimumSubleaseIncomeReceivableDueCurrent
1701000
CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Two Years
FutureMinimumSubleaseIncomeReceivableInTwoYears
1752000
CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Three Years
FutureMinimumSubleaseIncomeReceivableInThreeYears
1804000
CY2019Q4 rvmd Future Minimum Sublease Income Receivable In Four Years
FutureMinimumSubleaseIncomeReceivableInFourYears
302000
CY2019Q4 rvmd Future Minimum Sublease Income Receivable
FutureMinimumSubleaseIncomeReceivable
5559000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income Due Current
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncomeDueCurrent
2184000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Two Years
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncomeInTwoYears
2034000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Three Years
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncomeInThreeYears
2082000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income In Four Years
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncomeInFourYears
701000
CY2019Q4 rvmd Operating And Capital Leases Future Minimum Payments Net Of Sublease Income
OperatingAndCapitalLeasesFutureMinimumPaymentsNetOfSubleaseIncome
7001000
CY2019Q4 us-gaap Capital Lease Obligations
CapitalLeaseObligations
200000
CY2019 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
2000000
CY2019Q4 us-gaap Temporary Equity Value Excluding Additional Paid In Capital
TemporaryEquityValueExcludingAdditionalPaidInCapital
305109000
CY2020Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock is entitled to one vote
CY2020Q1 rvmd Number Of Voting Rights Per Common Share
NumberOfVotingRightsPerCommonShare
1
CY2020Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2020Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
11207358
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
45322374
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4918299
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
661122
CY2020Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
11097
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5568324
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
5568324
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1582478
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
22200000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1567000
CY2019Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
403000
CY2020Q1 rvmd Shares Of Common Stock Subject To Repurchase
SharesOfCommonStockSubjectToRepurchase
292380
CY2019Q4 rvmd Shares Of Common Stock Subject To Repurchase
SharesOfCommonStockSubjectToRepurchase
349501
CY2020Q1 rvmd Exercise Price Of Early Exercised Shares Of Common Stock
ExercisePriceOfEarlyExercisedSharesOfCommonStock
300000
CY2019Q4 rvmd Exercise Price Of Early Exercised Shares Of Common Stock
ExercisePriceOfEarlyExercisedSharesOfCommonStock
300000
CY2020Q1 rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
32227701
CY2019Q1 rvmd Weighted Average Number Of Shares Issued Basic And Diluted
WeightedAverageNumberOfSharesIssuedBasicAndDiluted
3212427
CY2020Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
318986
CY2019Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
568778
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5860704
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28962118

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