$SAVA
CASSAVA SCIENCES INC

2024 Q3 Form 10-Q Financial Statement

#000143774924025611 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $12.95M $46.20M
YoY Change 202.5% 1113.34%
% of Gross Profit
Research & Development $17.68M $15.20M
YoY Change -25.11% -39.13%
% of Gross Profit
Depreciation & Amortization $228.0K $244.0K
YoY Change -16.48% -10.29%
% of Gross Profit
Operating Expenses $30.62M $61.40M
YoY Change 9.84% 113.37%
Operating Profit -$30.62M -$61.40M
YoY Change 9.84% 113.37%
Interest Expense $2.618M $2.316M
YoY Change 30.57% 5.37%
% of Operating Profit
Other Income/Expense, Net $62.00K $99.00K
YoY Change -72.2% -51.23%
Pretax Income -$27.94M $6.155M
YoY Change 8.94% -123.34%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$27.94M $6.155M
YoY Change 8.94% -123.34%
Net Earnings / Revenue
Basic Earnings Per Share -$0.58 $0.13
Diluted Earnings Per Share -$0.58 $0.13
COMMON SHARES
Basic Shares Outstanding 47.98M 47.98M
Diluted Shares Outstanding 47.98M 46.20M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $149.0M $207.3M
YoY Change 4.62% 23.07%
Cash & Equivalents $149.0M $207.3M
Short-Term Investments
Other Short-Term Assets $192.0K $161.0K
YoY Change 1.59% -97.36%
Inventory
Prepaid Expenses
Receivables $1.275M $1.433M
Other Receivables $0.00 $0.00
Total Short-Term Assets $202.5M $222.1M
YoY Change 34.87% 27.27%
LONG-TERM ASSETS
Property, Plant & Equipment $21.14M $21.36M
YoY Change -4.27% -4.32%
Goodwill
YoY Change
Intangibles $69.00K $82.00K
YoY Change -74.25% -78.81%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $21.20M $21.45M
YoY Change -5.11% -5.59%
TOTAL ASSETS
Total Short-Term Assets $202.5M $222.1M
Total Long-Term Assets $21.20M $21.45M
Total Assets $223.8M $243.6M
YoY Change 29.69% 23.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $52.24M $52.55M
YoY Change 449.94% 408.34%
Accrued Expenses $4.493M $1.814M
YoY Change -40.09% -75.03%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $57.03M $54.59M
YoY Change 227.52% 205.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $80.00K
YoY Change
Total Long-Term Liabilities $80.00K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $57.03M $54.59M
Total Long-Term Liabilities $80.00K $0.00
Total Liabilities $57.11M $54.59M
YoY Change 227.98% 205.08%
SHAREHOLDERS EQUITY
Retained Earnings -$377.5M -$349.6M
YoY Change 4.89% 4.61%
Common Stock $48.00K $48.00K
YoY Change 14.29% 14.29%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $166.6M $189.0M
YoY Change
Total Liabilities & Shareholders Equity $223.8M $243.6M
YoY Change 29.69% 23.48%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$27.94M $6.155M
YoY Change 8.94% -123.34%
Depreciation, Depletion And Amortization $228.0K $244.0K
YoY Change -16.48% -10.29%
Cash From Operating Activities -$18.30M -$18.24M
YoY Change -30.96% -8.45%
INVESTING ACTIVITIES
Capital Expenditures $17.00K $29.00K
YoY Change -583.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$17.00K -$29.00K
YoY Change -583.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 101.4M
YoY Change -100.0% 11305.17%
NET CHANGE
Cash From Operating Activities -18.30M -18.24M
Cash From Investing Activities -17.00K -29.00K
Cash From Financing Activities 0.000 101.4M
Net Change In Cash -18.31M 83.12M
YoY Change -29.84% -536.82%
FREE CASH FLOW
Cash From Operating Activities -$18.30M -$18.24M
Capital Expenditures $17.00K $29.00K
Free Cash Flow -$18.31M -$18.27M
YoY Change -30.89% -8.27%

Facts In Submission

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us-gaap Allocated Share Based Compensation Expense
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us-gaap Loss Contingency Disclosures
LossContingencyDisclosures
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">11.</em> Contingencies</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt; text-indent: 18pt;">The Company is, and from time to time, the Company <em style="font: inherit;"> may </em>become, involved in litigation or other legal proceedings and claims, including U.S. government inquiries, investigations and Citizen Petitions submitted to FDA. In addition, the Company has received, and from time to time <em style="font: inherit;"> may </em>receive, inquiries from government authorities relating to matters arising from the ordinary course of business. The outcome of these proceedings is inherently uncertain. Regardless of outcome, legal proceedings can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources, and other factors. At this time, <em style="font: inherit;">no</em> assessment can be made as to their likely outcome or whether the outcome will be material to the Company other than as disclosed below. The Company believes that its total provisions for legal matters are adequate based upon currently available information.</p> <p style="margin: 0pt 0pt 0pt -9pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -2pt;"><i>Update on Government Investigations</i></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 25pt;">Beginning in <em style="font: inherit;"> August 2021, </em>the Company has received subpoenas, a Civil Investigative Demand (“CID”) and other requests for documents and information from the Department of Justice and document requests from the Securities and Exchange Commission, each seeking corporate information and documents concerning the research and development of simufilam and/or SavaDx. The Company has been providing documents and information in response to these subpoenas, CID and requests for information and intends to continue to cooperate with these government inquiries. The Company cannot predict the outcome or impact of these ongoing matters, including whether a government authority <em style="font: inherit;"> may </em>pursue an enforcement action against the Company or others.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 25pt;">The Company is in the advanced stages of discussions with the SEC staff to resolve the SEC’s nearly <em style="font: inherit;">three</em>-year investigation of the Company's disclosures regarding its Phase <em style="font: inherit;">2b</em> study of simufilam for the treatment of Alzheimer’s disease (the “Phase <em style="font: inherit;">2b</em> Study”). The Company has reserved a loss contingency of <em style="font: inherit;">$40</em> million on its consolidated balance sheet as of <em style="font: inherit;"> June 30, 2024 </em>relating to this potential settlement with the SEC.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 25pt;">The Company continues to cooperate with the DOJ related to conduct alleged in the indictment of Dr. Hoau-Yan Wang announced by the Department of Justice on <em style="font: inherit;"> June 28, 2024.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt;"><i>Securities Class Actions and Shareholder Derivative Actions</i></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">Between <em style="font: inherit;"> August 27, 2021 </em>and <em style="font: inherit;"> October 26, 2021, </em><span style="-sec-ix-hidden:c115658255">four</span> putative class action lawsuits were filed alleging violations of the federal securities laws by the Company and certain named officers. The complaints rely on allegations contained in Citizen Petitions submitted to FDA and allege that various statements made by the defendants regarding simufilam were rendered materially false and misleading. The Citizen Petitions were all subsequently denied by FDA. These actions were filed in the U.S. District Court for the Western District of Texas. The complaints seek unspecified compensatory damages and other relief on behalf of a purported class of purchasers.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> June 30, 2022, </em>a federal judge consolidated the <span style="-sec-ix-hidden:c115658256">four</span> class action lawsuits into <span style="-sec-ix-hidden:c115658257">one</span> case and appointed a lead plaintiff and a lead counsel. Lead plaintiff filed a consolidated amended complaint on <em style="font: inherit;"> August 18, 2022 </em>on behalf of a putative class of purchasers of the Company’s securities between <em style="font: inherit;"> September 14, 2020 </em>and <em style="font: inherit;"> July 26, 2022. </em>On <em style="font: inherit;"> May 11, 2023, </em>the court dismissed with prejudice plaintiffs’ claims against defendant Nadav Friedmann, PhD, MD, our former Chief Medical Officer and a Company director, who is now deceased, but otherwise denied defendants’ motion to dismiss. Defendants filed an answer to the consolidated amended complaint on <em style="font: inherit;"> July 3, 2023. </em>On <em style="font: inherit;"> February 22, 2024, </em>plaintiffs filed a motion to supplement their complaint to extend the putative class period through <em style="font: inherit;"> October 12, 2023.  </em>The court granted that Motion on <em style="font: inherit;"> June 12, 2024, </em>and plaintiffs filed a supplemental complaint on <em style="font: inherit;"> June 13, 2023.  </em>On <em style="font: inherit;"> March 13, 2024, </em>plaintiffs filed a Motion for Class Certification.  The Company has opposed that Motion.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt; text-indent: 18pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> November 4, 2021, </em>a related shareholder derivative action was filed, purportedly on behalf of the Company, in the U.S. District Court for the Western District of Texas, asserting claims under the U.S. securities laws and state fiduciary duty laws against certain named officers and the members of the Company’s Board. This complaint relies on the allegations made in Citizen Petitions that were submitted to (and subsequently denied by) FDA. The complaint alleges, among other things, that the individual defendants exposed the Company to unspecified damages and securities law liability by causing it to make materially false and misleading statements, in violation of the U.S. securities laws and in breach of their fiduciary duties to the Company. The derivative case seeks, among other things, to recover unspecified compensatory damages on behalf of the Company arising out of the individual defendants’ alleged wrongful conduct. Although the plaintiff in this derivative case does <em style="font: inherit;">not</em> seek relief against the Company, the Company has certain indemnification obligations to the individual defendants. Between <em style="font: inherit;"> November 4, 2021 </em>and <em style="font: inherit;"> June 20, 2023, </em>four additional shareholder derivative actions were filed alleging substantially similar claims, <span style="-sec-ix-hidden:c115658262">two</span> in the U.S. District Court for the Western District of Texas, <span style="-sec-ix-hidden:c115658263">one</span> in Texas state court (Travis County District Court) and one in the Delaware Court of Chancery. On <em style="font: inherit;"> July 5, 2022, </em>the <span style="-sec-ix-hidden:c115658266">three</span> actions in the Western District of Texas were consolidated into a single action. All of the foregoing actions are currently stayed pending further developments in the consolidated securities action described above. On <em style="font: inherit;"> November 9, 2023, </em>another shareholder derivative action alleging substantially similar claims was filed in the U.S. District Court for the Western District of Texas. The parties to that case expect that it will be consolidated into the existing consolidated federal court shareholder derivative action.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> February 2, 2024, </em>a putative class action lawsuit was filed, purportedly on behalf of the Company, alleging violations of the federal securities law by the Company and certain named officers. The complaint relies on an <em style="font: inherit;"> October 12, 2023 </em>article that describes a purported leaked report of alleged scientific misconduct by a scientific collaborator of the Company at City University of New York. The complaint alleges that various statements made by the defendants regarding simufilam were rendered materially false and misleading by this article. The action was filed in the U.S. District Court for the Northern District of Illinois. The complaint seeks unspecified compensatory damages and other relief on behalf of a purported class of purchasers of the Company’s securities between <em style="font: inherit;"> August 18, 2022 </em>and <em style="font: inherit;"> October 12, 2023. </em>On <em style="font: inherit;"> May 28, 2024, </em>the Northern District of Illinois transferred this action to the Western District of Texas.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">Beginning on <em style="font: inherit;"> March 18, 2024, </em>two related shareholder derivative actions were filed, purportedly on behalf of the Company, in the U.S. District Court for the Northern District of Illinois, asserting claims under the U.S. securities laws and state fiduciary duty laws against certain named officers and the members of the Company’s Board. The complaints rely on an <em style="font: inherit;"> October 12, 2023 </em>article that describes a purported leaked report of alleged scientific misconduct by a scientific collaborator of the Company at City University of New York. The complaints allege, among other things, that the individual defendants exposed the Company to unspecified damages and securities law liability by causing it to make materially false and misleading statements, in violation of the U.S. securities laws and in breach of their fiduciary duties to the Company. The derivative cases seek, among other things, to recover unspecified compensatory damages on behalf of the Company arising out of the individual defendant’s alleged wrongful conduct. Although the plaintiffs in these derivative cases do <em class="GFJY4-DIN-com-rdg-thunderdome-client-resources-CssResource-html-element-highlighted" style="font: inherit;">not</em> seek relief against the Company, the Company has certain indemnification obligations to the individual defendants.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">The Company believes the foregoing claims are without merit and intends to defend against these lawsuits vigorously. The Company is unable to estimate the possible loss or range of loss, if any, associated with these lawsuits.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> August 19, 2022, </em>a shareholder derivative action was filed, purportedly on behalf of the Company, in the Delaware Court of Chancery, asserting claims under state fiduciary duty laws against certain named officers and members of the Company’s Board. The complaint alleges, among other things, that the individual defendants breached their fiduciary duties by approving the <em style="font: inherit;">2020</em> Cash Incentive Bonus Plan in <em style="font: inherit;"> August 2020. </em>The complaints seek unspecified compensatory damages and other relief. On <em style="font: inherit;"> January 6, 2023, </em>the plaintiffs filed an amended complaint. Defendants filed a partial answer to the amended complaint on <em style="font: inherit;"> March 10, 2023, </em>and moved to partially dismiss the amended complaint on <em style="font: inherit;"> March 14, 2023.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> May 28, 2024, </em>the parties entered into a Stipulation and Agreement of Settlement, Compromise, and Release (the “Stipulation”) to resolve the Action. The Stipulation and exhibits thereto, including the proposed Notice of Pendency of Settlement of Class and Derivative Action (the “Notice”) and [Proposed] Scheduling Order with Respect to Notice and Settlement Hearing (the “Scheduling Order”), were filed in the Delaware Court of Chancery on <em style="font: inherit;"> May 28, 2024.  </em>The Stipulation is subject to final approval by the Delaware Court of Chancery. The Stipulation, if finally approved, will cause the dismissal with prejudice of the Action.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;">On <em style="font: inherit;"> June 26, 2024, </em>the Delaware Court of Chancery entered the Scheduling Order, which includes approval of the Notice.  Resolution of the Action is subject to approval from the Delaware Court of Chancery. The Delaware Court of Chancery set a final settlement hearing for <em style="font: inherit;"> September 9, 2024, </em>at <em style="font: inherit;">3:15</em> p.m. ET in the Delaware Court of Chancery, Leonard L. Williams Justice Center, <em style="font: inherit;">500</em> North King Street, Wilmington, Delaware <em style="font: inherit;">19801.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -2pt; text-indent: 18pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt;"><i>Anti-SLAPP Lawsuit</i></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -1pt; text-align: justify; text-indent: 18pt;">On <em style="font: inherit;"> August 6, 2024, </em>a lawsuit was filed in the District Court for the Southern District of New York asserting claims under the New York Anti-SLAPP Law.  The complaint seeks costs and damages relating to a defamation action filed by the Company against the plaintiffs and subsequently dismissed voluntarily and without prejudice by the Company. The Company will defend the lawsuit vigorously. The Company is unable to estimate the possible loss or range of loss, if any, associated with this lawsuit.</p>
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us-gaap Fair Value Adjustment Of Warrants
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us-gaap Increase Decrease In Other Operating Liabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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sava Issuance Of Warrants Resulting In Recognition Of Warrant Liabilities
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b><i>Use of Estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:18pt;">The Company makes estimates and assumptions in preparing its condensed consolidated financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amount of revenue earned and expenses incurred during the reporting period. The Company evaluates its estimates on an ongoing basis, including those estimates related to common stock warrant liabilities, clinical trials and manufacturing agreements. Actual results could differ from these estimates and assumptions.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q1 sava Class Of Warrant Or Right Fair Value Of Common Stock Warrants Per Warrant
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CY2024Q2 sava Class Of Warrant Or Right Redemption Price Per Share
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Earnings Per Share Basic
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><b>Note <em style="font: inherit;">3.</em> Prepaid Expenses and Other Current Assets</b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:18pt;">Prepaid expenses and other current assets at <em style="font: inherit;"> June 30, 2024</em> and <em style="font: inherit;"> December 31, 2023</em> consisted of the following (in thousands):</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <table border="0" cellpadding="0" cellspacing="0" class="finTable" style="width: 100%; font-size: 10pt; font-family: Times New Roman; text-indent: 0px;"><tbody><tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">June 30,</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">December 31,</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2024</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td><td style="font-family: Times New Roman; font-size: 10pt;"> </td><td colspan="2" style="text-align: center; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);"> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:center;margin:0pt;"><b><em style="font: inherit;">2023</em></b></p> </td><td style="font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; width: 70%;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Prepaid insurance</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">5</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">759</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Contract research organization and other deposits</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">7,432</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">6,489</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Interest receivable</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;">1,433</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> </td><td style="width: 12%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt; text-align: right;">962</td><td style="width: 1%; font-family: &quot;Times New Roman&quot;; font-size: 10pt; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> <p style="margin: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;">Insurance recoveries</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">5,800</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0">—</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding: 0; margin: 0"> </td></tr> <tr style="background-color: rgb(204, 238, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt;">Other</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">161</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; border-bottom: 1px solid rgb(0, 0, 0);"> </td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 1px solid rgb(0, 0, 0);">287</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 1px; margin-left: 0pt;"> </td></tr> <tr style="background-color: rgb(255, 255, 255); vertical-align: bottom"><td style="font-family: Times New Roman; font-size: 10pt;"> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt 9pt;">Total prepaid expenses and other current assets</p> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">14,831</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt;"> </td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">$</td><td style="width: 12%; text-align: right; font-family: Times New Roman; font-size: 10pt; margin-left: 0pt; border-bottom: 3px double rgb(0, 0, 0);">8,497</td><td style="width: 1%; font-family: Times New Roman; font-size: 10pt; padding-bottom: 3px; margin-left: 0pt;"> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;text-indent:18pt;">Contract research organization and other deposits represent cash payments made to vendors in excess of expenses incurred.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
5000 usd
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
759000 usd
CY2024Q2 us-gaap Deposit Contracts Assets
DepositContractsAssets
7432000 usd
CY2023Q2 us-gaap Deposit Contracts Assets
DepositContractsAssets
6489000 usd
CY2024Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
1433000 usd
CY2023Q2 us-gaap Interest Receivable Current
InterestReceivableCurrent
962000 usd
CY2024Q2 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
5800 usd
CY2023Q2 us-gaap Insurance Settlements Receivable Current
InsuranceSettlementsReceivableCurrent
0 usd
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
161000 usd
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
287000 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
14831000 usd
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8497000 usd
CY2024Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
314000 usd
CY2023Q2 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
559000 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
717000 usd
us-gaap Other Nonoperating Income
OtherNonoperatingIncome
1116000 usd
CY2024Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
215000 usd
CY2023Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
356000 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
458000 usd
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
723000 usd
CY2024Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
99000 usd
CY2023Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
203000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
259000 usd
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
393000 usd
CY2024Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24143000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24138000 usd
CY2024Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2779000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2284000 usd
CY2024Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21364000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21854000 usd
CY2024Q2 us-gaap Depreciation
Depreciation
244000 usd
CY2023Q2 us-gaap Depreciation
Depreciation
272000 usd
us-gaap Depreciation
Depreciation
496000 usd
us-gaap Depreciation
Depreciation
544000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1370000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1346000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1288000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
1170000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
82000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
176000 usd
CY2024Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
56000 usd
CY2023Q2 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
119000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
117000 usd
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
238000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
60000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
11000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
8000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3000 usd
CY2024Q2 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
82000 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3039029
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
193000
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
154700
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3077329
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
14.57
CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y4M24D
CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
22600000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
262158
CY2023Q2 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
889000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
281175
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
953000 usd

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