$TLIS
Talis Biomedical Corp

2023 Q4 Form 10-Q Financial Statement

#000095017023063371 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $195.0K $140.0K
YoY Change -24.12% -82.41%
Cost Of Revenue $8.000K $6.000K
YoY Change -99.66% -99.51%
Gross Profit $187.0K $134.0K
YoY Change -109.01% -130.45%
Gross Profit Margin 95.9% 95.71%
Selling, General & Admin $6.602M $8.803M
YoY Change -38.84% -0.25%
% of Gross Profit 3530.48% 6569.4%
Research & Development $8.041M $8.302M
YoY Change -47.24% -52.62%
% of Gross Profit 4300.0% 6195.52%
Depreciation & Amortization $211.0K $219.0K
YoY Change -94.08% -93.36%
% of Gross Profit 112.83% 163.43%
Operating Expenses $14.64M $17.11M
YoY Change -43.76% -35.08%
Operating Profit -$14.46M -$16.97M
YoY Change -48.58% -36.64%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $996.0K $1.289M
YoY Change -15.81% 68.5%
Pretax Income -$13.46M -$15.68M
YoY Change -50.02% -39.73%
Income Tax
% Of Pretax Income
Net Earnings -$13.46M -$15.68M
YoY Change -50.02% -39.73%
Net Earnings / Revenue -6902.56% -11201.43%
Basic Earnings Per Share -$8.62
Diluted Earnings Per Share -$7.39 -$8.62
COMMON SHARES
Basic Shares Outstanding 3.812M 3.810M
Diluted Shares Outstanding 1.819M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $76.73M $88.00M
YoY Change -41.06% -38.8%
Cash & Equivalents $76.70M $88.00M
Short-Term Investments
Other Short-Term Assets $901.0K $1.531M
YoY Change -67.62% -62.97%
Inventory
Prepaid Expenses
Receivables $50.00K
Other Receivables $0.00
Total Short-Term Assets $77.68M $89.53M
YoY Change -41.72% -40.46%
LONG-TERM ASSETS
Property, Plant & Equipment $3.030M $3.332M
YoY Change -8.51% -51.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.542M $1.542M
YoY Change -13.18% -13.18%
Total Long-Term Assets $16.99M $17.70M
YoY Change -52.81% -59.52%
TOTAL ASSETS
Total Short-Term Assets $77.68M $89.53M
Total Long-Term Assets $16.99M $17.70M
Total Assets $94.67M $107.2M
YoY Change -44.08% -44.75%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.339M $2.697M
YoY Change -64.46% -34.4%
Accrued Expenses $715.0K $637.0K
YoY Change -27.7% -19.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.772M $8.450M
YoY Change -30.78% -25.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $16.79M $17.22M
YoY Change -43.82% -43.22%
Total Long-Term Liabilities $16.79M $17.22M
YoY Change -43.82% -43.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.772M $8.450M
Total Long-Term Liabilities $16.79M $17.22M
Total Liabilities $25.56M $25.67M
YoY Change -39.94% -38.45%
SHAREHOLDERS EQUITY
Retained Earnings -$540.0M -$526.5M
YoY Change 12.97% 16.73%
Common Stock $609.1M $608.1M
YoY Change 0.72% 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $69.12M $81.56M
YoY Change
Total Liabilities & Shareholders Equity $94.67M $107.2M
YoY Change -44.08% -44.75%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$13.46M -$15.68M
YoY Change -50.02% -39.73%
Depreciation, Depletion And Amortization $211.0K $219.0K
YoY Change -94.08% -93.36%
Cash From Operating Activities -$11.36M -$11.14M
YoY Change -16.14% -46.48%
INVESTING ACTIVITIES
Capital Expenditures -$93.00K $69.00K
YoY Change -289.8% -108.02%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $93.00K -$69.00K
YoY Change -289.8% -91.98%
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 3.000K
YoY Change -96.74%
NET CHANGE
Cash From Operating Activities -11.36M -11.14M
Cash From Investing Activities 93.00K -69.00K
Cash From Financing Activities 0.000 3.000K
Net Change In Cash -11.26M -11.21M
YoY Change -17.13% -48.08%
FREE CASH FLOW
Cash From Operating Activities -$11.36M -$11.14M
Capital Expenditures -$93.00K $69.00K
Free Cash Flow -$11.26M -$11.21M
YoY Change -17.13% -43.83%

Facts In Submission

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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
143783000
CY2023Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1542000
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
1776000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
89538000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
145559000
us-gaap Net Income Loss
NetIncomeLoss
-48500000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
88000000
CY2023Q3 us-gaap Restricted Cash
RestrictedCash
1500000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
a 1-for-15 reverse stock split of the shares of the Company’s common stock, par value $0.0001 per share, effective as of 5:00 p.m., Eastern Time, on July 5, 2023 (the “Reverse Stock Split”). On this date, every 15 issued and outstanding shares of common stock were converted into one share of common stock, with any fractional shares resulting from the Reverse Stock Split rounded up to the nearest whole share.
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;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="text-indent:0;font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make judgments, estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company bases its estimates and judgments on historical experience and on various other assumptions, including knowledge about current events and expectations about actions the Company may take in the future, that the Company believes are reasonable under the circumstances. Actual results could vary from the amounts derived from management’s estimates and assumptions.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;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;">Concentration of credit risk and other risks and uncertainties</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="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents, restricted cash, and accounts receivables. The Company’s cash is deposited in accounts at large financial institutions and its cash equivalents are primarily held in prime and U.S. government money market funds. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash and cash equivalents are held.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to risks common to companies in the diagnostics industry including, but not limited to, uncertainties related to commercialization of products, regulatory approvals, and protection of intellectual property rights.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Global economic conditions remain volatile resulting from the continuing and evolving effects of the COVID-19 pandemic, inflationary pressures, rising interest rates, the ongoing military conflict between Russia and Ukraine and related sanctions imposed against Russia and otherwise. The Company continues to evaluate the potential impact of these global issues on our current and future business operations, including our expenses, clinical trials and addressable markets as well as on our industry and healthcare system.</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is dependent on key suppliers for certain manufacturing and research and development activities. An interruption in the supply of these materials could temporarily impact the Company’s ability to commercialize, manufacture inventory and perform research and development, testing and clinical trials related to its products. The Company is also dependent on its manufacturing partners that are critical to the Company's ability to supply product to its end customers.</span></p>
CY2023Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
2800000
CY2022Q3 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
tlis Remeasurement Of Operating Lease Right Of Use Asset For Lease Modification
RemeasurementOfOperatingLeaseRightOfUseAssetForLeaseModification
-18700000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
729000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2970000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
3055000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
3144000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
3235000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
12506000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
25639000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5556000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
20083000
CY2023Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2861000
CY2023Q3 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
17222000
CY2022Q3 tlis Minimum Bid Price Requirement
MinimumBidPriceRequirement
1
CY2022Q3 tlis Trading Price
TradingPrice
1
CY2023Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
As a result of the Reverse Stock Split, every 15 shares of common stock issued and outstanding were converted into one share of common stock with any fractional shares resulting from the Reverse Stock Split rounded up to the nearest whole share.
tlis Stockholders Equity Decreased Reverse Stock Split
StockholdersEquityDecreasedReverseStockSplit
1-for-15
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
559542
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
52.87
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
316816
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
7.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
111092
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
23.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
28786
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
52.78
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
736480
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
37.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
736480
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
37.84
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y6M
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
259493
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
66.25
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P7Y7M6D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1072000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1296000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3331000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4086000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-15682000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-26021000
us-gaap Net Income Loss
NetIncomeLoss
-48547000
us-gaap Net Income Loss
NetIncomeLoss
-86083000
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1819066
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1819066
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1801391
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1801391
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1816294
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1816294
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1796800
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1796800
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-8.62
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-8.62
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-14.44
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-14.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-26.73
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-26.73
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-47.91
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-47.91
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30617156
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
30477735

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