2024 Q1 Form 10-K Financial Statement

#000095017024030508 Filed on March 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.812M $27.75M
YoY Change -10.58% -4.13%
% of Gross Profit
Research & Development $18.87M $15.45M $76.56M
YoY Change -23.38% -27.42% -2.37%
% of Gross Profit
Depreciation & Amortization $327.0K $213.0K $2.581M
YoY Change -53.49% -60.48% 7.18%
% of Gross Profit
Operating Expenses $26.86M $22.27M $104.3M
YoY Change -16.13% -22.98% -8.93%
Operating Profit -$26.86M -$104.3M
YoY Change -16.13% -2.07%
Interest Expense $95.00K $1.659M $7.142M
YoY Change -94.34% -36.58% 173.01%
% of Operating Profit
Other Income/Expense, Net $2.559M $270.0K $1.095M
YoY Change 30.56% -98.61% -94.65%
Pretax Income -$20.34M -$96.02M
YoY Change 34.22% 11.67%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$24.30M -$20.34M -$96.02M
YoY Change -19.18% 34.22% 11.67%
Net Earnings / Revenue
Basic Earnings Per Share -$0.64 -$4.83
Diluted Earnings Per Share -$0.64 -$1.01 -$4.83
COMMON SHARES
Basic Shares Outstanding 37.76M 20.18M 19.88M
Diluted Shares Outstanding 38.16M 19.88M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $206.1M $123.6M $123.6M
YoY Change 11.08% -42.15% -42.15%
Cash & Equivalents $117.6M $74.02M $74.02M
Short-Term Investments $88.49M $49.63M $49.63M
Other Short-Term Assets $8.126M $6.094M $6.094M
YoY Change 59.49% 3.01% 3.01%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $214.2M $129.7M $129.7M
YoY Change 12.38% -40.93% -40.93%
LONG-TERM ASSETS
Property, Plant & Equipment $6.391M $33.16M $33.16M
YoY Change -25.75% 243.41% -14.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $175.0K $2.042M $2.042M
YoY Change -26.47% 1066.86% 1.69%
Total Long-Term Assets $34.50M $35.21M $35.21M
YoY Change -11.51% -13.32% -13.32%
TOTAL ASSETS
Total Short-Term Assets $214.2M $129.7M $129.7M
Total Long-Term Assets $34.50M $35.21M $35.21M
Total Assets $248.7M $164.9M $164.9M
YoY Change 8.32% -36.62% -36.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.730M $2.032M $2.032M
YoY Change -69.08% -37.25% -37.25%
Accrued Expenses $10.33M $11.99M $11.99M
YoY Change -16.61% -28.15% -35.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $496.0K $469.0K $469.0K
YoY Change 25.25% -29.79% -29.79%
Total Short-Term Liabilities $14.34M $14.52M $14.52M
YoY Change -29.34% -35.5% -35.5%
LONG-TERM LIABILITIES
Long-Term Debt $1.100M $1.234M $1.234M
YoY Change -31.08% -27.54% -27.54%
Other Long-Term Liabilities $22.53M $22.71M $22.71M
YoY Change -5.8% 23553.13% -6.84%
Total Long-Term Liabilities $23.63M $23.94M $23.94M
YoY Change -7.38% 24838.54% -8.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.34M $14.52M $14.52M
Total Long-Term Liabilities $23.63M $23.94M $23.94M
Total Liabilities $37.97M $38.46M $38.46M
YoY Change -17.11% -20.85% -20.85%
SHAREHOLDERS EQUITY
Retained Earnings -$683.1M -$658.8M
YoY Change 15.23% 17.06%
Common Stock $893.8M $785.2M
YoY Change 15.09% 1.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.7M $126.5M $126.5M
YoY Change
Total Liabilities & Shareholders Equity $248.7M $164.9M $164.9M
YoY Change 8.32% -36.62% -36.62%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$24.30M -$20.34M -$96.02M
YoY Change -19.18% 34.22% 11.67%
Depreciation, Depletion And Amortization $327.0K $213.0K $2.581M
YoY Change -53.49% -60.48% 7.18%
Cash From Operating Activities -$25.20M -$20.82M -$94.18M
YoY Change -9.98% -39.61% -3.88%
INVESTING ACTIVITIES
Capital Expenditures $149.0K $90.00K $1.515M
YoY Change -70.55% -89.49% -49.75%
Acquisitions
YoY Change
Other Investing Activities -$5.000K $45.39M $11.20M
YoY Change -100.01% -32.22% -81.98%
Cash From Investing Activities -$38.49M $45.30M $9.689M
YoY Change -203.3% -31.47% -83.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.974M
YoY Change -95.9%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 107.2M 505.0K 3.122M
YoY Change -99.32% -95.83%
NET CHANGE
Cash From Operating Activities -25.20M -20.82M -94.18M
Cash From Investing Activities -38.49M 45.30M 9.689M
Cash From Financing Activities 107.2M 505.0K 3.122M
Net Change In Cash 43.56M 24.98M -81.37M
YoY Change 370.15% -76.51% -325.96%
FREE CASH FLOW
Cash From Operating Activities -$25.20M -$20.82M -$94.18M
Capital Expenditures $149.0K $90.00K $1.515M
Free Cash Flow -$25.35M -$20.91M -$95.70M
YoY Change -11.06% -40.82% -5.24%

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<p style="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:bold;font-size:10pt;font-family:Times New Roman;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;min-width:fit-content;"> </span></p><p style="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, estimates related to revenue recognition, the recognition of research and development expenses and equity-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from the Company’s estimates.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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<p style="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;min-width:fit-content;">Concentration of Credit Risk and of Significant Suppliers</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="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and available-for-sale securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains each of its cash, cash equivalents and available-for-sale securities balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to significant credit risk. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on third-party manufacturers to supply products for research and development activities of its programs, including clinical and preclinical testing. These programs could be adversely affected by a significant interruption in the supply of such drug substance products.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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