2021 Q4 Form 10-K Financial Statement

#000162828022004571 Filed on March 01, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q4
Revenue $3.066M $6.617M $340.0K
YoY Change 801.76% 908.69% 466.67%
Cost Of Revenue $1.633M $3.205M
YoY Change
Gross Profit $1.433M $3.412M
YoY Change 420.12%
Gross Profit Margin 46.74% 51.56%
Selling, General & Admin $13.09M $45.76M $7.960M
YoY Change 64.47% 197.88% 385.37%
% of Gross Profit 913.61% 1341.27%
Research & Development $8.215M $29.12M $5.420M
YoY Change 51.57% 53.74% 42.26%
% of Gross Profit 573.27% 853.49%
Depreciation & Amortization $836.0K $2.600M $480.0K
YoY Change 74.17% 62.5% 128.57%
% of Gross Profit 58.34% 76.2%
Operating Expenses $21.31M $74.89M $13.38M
YoY Change 59.25% 118.29% 145.05%
Operating Profit -$19.87M -$71.47M
YoY Change 112.41%
Interest Expense $135.0K $22.00K $110.0K
YoY Change 22.73% -56.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $304.0K $0.00
YoY Change -65.22%
Pretax Income -$19.74M -$71.17M -$12.94M
YoY Change 52.54% 117.11% 151.26%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.74M -$71.17M -$12.94M
YoY Change 52.54% 117.14% 151.26%
Net Earnings / Revenue -643.8% -1075.55% -3805.88%
Basic Earnings Per Share -$1.17
Diluted Earnings Per Share -$320.5K -$1.17 -$218.4K
COMMON SHARES
Basic Shares Outstanding 60.86M shares
Diluted Shares Outstanding 60.86M shares

Balance Sheet

Concept 2021 Q4 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.1M $400.1M $431.9M
YoY Change -7.36% -7.37%
Cash & Equivalents $232.8M $232.8M $333.6M
Short-Term Investments $167.3M $167.3M $98.28M
Other Short-Term Assets $3.336M $3.336M $500.0K
YoY Change 567.2% 567.2%
Inventory $4.145M $4.145M $551.0K
Prepaid Expenses $3.336M $452.0K
Receivables $2.495M $0.00
Other Receivables $366.0K $163.0K
Total Short-Term Assets $411.7M $411.7M $433.1M
YoY Change -4.95% -4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $13.09M $33.23M $8.441M
YoY Change 55.04% 295.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $93.19M $93.19M
YoY Change
Other Assets $501.0K $1.025M $407.0K
YoY Change 23.1% 28.12%
Total Long-Term Assets $127.4M $127.4M $9.191M
YoY Change 1286.57% 1285.22%
TOTAL ASSETS
Total Short-Term Assets $411.7M $411.7M $433.1M
Total Long-Term Assets $127.4M $127.4M $9.191M
Total Assets $539.1M $539.1M $442.3M
YoY Change 21.89% 21.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.789M $3.789M $2.100M
YoY Change 80.43% 80.43%
Accrued Expenses $8.394M $9.258M $5.147M
YoY Change 63.09% 68.33%
Deferred Revenue $376.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.42M $13.42M $8.094M
YoY Change 65.84% 65.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $341.0K $22.80M $717.0K
YoY Change -52.44% 776.92%
Total Long-Term Liabilities $341.0K $22.80M $717.0K
YoY Change -52.44% 776.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.42M $13.42M $8.094M
Total Long-Term Liabilities $341.0K $22.80M $717.0K
Total Liabilities $36.22M $36.22M $10.71M
YoY Change 238.22% 238.53%
SHAREHOLDERS EQUITY
Retained Earnings -$126.5M -$55.36M
YoY Change 128.55%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $502.9M $502.9M $431.6M
YoY Change
Total Liabilities & Shareholders Equity $539.1M $539.1M $442.3M
YoY Change 21.89% 21.89%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$19.74M -$71.17M -$12.94M
YoY Change 52.54% 117.14% 151.26%
Depreciation, Depletion And Amortization $836.0K $2.600M $480.0K
YoY Change 74.17% 62.5% 128.57%
Cash From Operating Activities -$12.37M -$46.35M -$5.490M
YoY Change 125.3% 122.52% 60.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.334M $6.922M -$120.0K
YoY Change 1011.67% 52.67% -64.71%
Acquisitions
YoY Change
Other Investing Activities -$86.15M -$164.0M $5.400M
YoY Change -1695.46% 446.16% -112.42%
Cash From Investing Activities -$87.49M -$170.9M $5.270M
YoY Change -1760.13% 394.47% -112.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$102.9M
YoY Change -791823.08%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.269M $116.6M 316.1M
YoY Change -99.6% -68.6% 479.13%
NET CHANGE
Cash From Operating Activities -12.37M -$46.35M -5.490M
Cash From Investing Activities -87.49M -$170.9M 5.270M
Cash From Financing Activities 1.269M $116.6M 316.1M
Net Change In Cash -98.59M -$100.6M 315.9M
YoY Change -131.21% -131.82% 4209.28%
FREE CASH FLOW
Cash From Operating Activities -$12.37M -$46.35M -$5.490M
Capital Expenditures -$1.334M $6.922M -$120.0K
Free Cash Flow -$11.04M -$53.27M -$5.370M
YoY Change 105.49% 110.03% 74.35%

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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates its estimates and assumptions, including, but not limited to, those related to the determination of stand-alone selling price for revenue recognition, the fair value of common stock, stock-based compensation, accrued research and development expenses, allowance for credit losses, inventory valuation, useful lives and valuation of property and equipment, income tax uncertainties, and tax valuation allowances.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</span></div>
CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents, and investments. The Company maintains bank deposits in federally insured financial institutions, and these deposits may exceed federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents and issuers of investments to the extent recorded in the consolidated balance sheets.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In fiscal year 2021, two customers accounted for 35% and 12% of the Company’s total revenue. In fiscal year 2020, total revenue was immaterial.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2021, there were three customers which represented 34%, 23%, and 19% of the total accounts receivable balance. As of December 31, 2020, total accounts receivable were immaterial.. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to a number of risks similar to other early-stage life science companies, including, but not limited to its competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s products, protection of its proprietary technology, and the need to secure and maintain adequate product inventory through its own manufacturing and through manufacturing arrangements with third parties. If the Company does not successfully commercialize or partner any of its products, it will be unable to generate product revenue sufficient to achieve profitability.</span></div>
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The Company evaluates the carrying amount of its long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. If indicators of impairment exist and the undiscounted future net cash flows expected to be generated by such assets are less than the carrying amount of the asset, an impairment loss is recorded to write the asset down to its estimated fair value based on a discounted future cash flow approach or quoted market values. There have been no such impairment losses for the periods presented.
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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3062451 shares
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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28.93
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
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4.26
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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46500000 USD
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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7.91
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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24.70
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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26.49
CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2021 us-gaap Allocated Share Based Compensation Expense
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25927000 USD
CY2020 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Defined Contribution Plan Cost Recognized
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P10Y9M18D
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CY2021 us-gaap Lease Cost
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2800000 USD
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2209000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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2698000 USD
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2775000 USD
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2855000 USD
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2937000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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18495000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
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31969000 USD
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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