2023 Q3 Form 10-Q Financial Statement

#000168937523000055 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $43.74M $18.17M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.530M $8.169M $7.334M
YoY Change 7.91% 11.39% 39.67%
% of Gross Profit
Research & Development $22.19M $26.30M $16.25M
YoY Change 17.05% 61.87% 137.93%
% of Gross Profit
Depreciation & Amortization $800.0K $730.0K $500.0K
YoY Change 60.0% 46.0% 66.67%
% of Gross Profit
Operating Expenses $29.72M $34.47M $23.58M
YoY Change 14.6% 46.17% 137.96%
Operating Profit $14.01M -$16.30M -$23.58M
YoY Change -154.03% -30.88% 137.96%
Interest Expense $4.050M $4.218M $403.0K
YoY Change 406.88% 946.65% 1731.82%
% of Operating Profit 28.9%
Other Income/Expense, Net $4.051M $4.218M $403.0K
YoY Change 407.01% 946.65% 4377.78%
Pretax Income $18.06M -$12.08M -$23.18M
YoY Change -171.85% -47.88% 26.79%
Income Tax -$17.40M $13.85M $0.00
% Of Pretax Income -96.35%
Net Earnings $35.46M -$25.93M -$23.18M
YoY Change -241.07% 11.86% 134.11%
Net Earnings / Revenue 81.08% -142.7%
Basic Earnings Per Share $1.07 -$0.78 -$0.74
Diluted Earnings Per Share $1.02 -$0.78 -$0.74
COMMON SHARES
Basic Shares Outstanding 33.27M shares 33.20M shares 31.28M shares
Diluted Shares Outstanding 34.78M shares 33.16M shares 31.28M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $353.6M $376.8M $244.3M
YoY Change 64.03% 54.26% 78.36%
Cash & Equivalents $51.88M $79.74M $90.87M
Short-Term Investments $301.7M $297.0M $153.4M
Other Short-Term Assets $24.40M $9.662M $9.649M
YoY Change 27.34% 0.13% 1300.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $383.0M $390.2M $253.9M
YoY Change 63.18% 53.68% 84.47%
LONG-TERM ASSETS
Property, Plant & Equipment $11.04M $99.30M $7.785M
YoY Change 48.33% 1175.53% 53.04%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.981M $4.488M $875.0K
YoY Change 212.47% 412.91% 10.62%
Total Long-Term Assets $102.0M $103.8M $42.01M
YoY Change 156.71% 147.03% 614.77%
TOTAL ASSETS
Total Short-Term Assets $383.0M $390.2M $253.9M
Total Long-Term Assets $102.0M $103.8M $42.01M
Total Assets $485.0M $494.0M $295.9M
YoY Change 76.72% 66.93% 106.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $752.0K $2.422M $4.622M
YoY Change -43.92% -47.6% 145.72%
Accrued Expenses $9.599M $14.51M $5.341M
YoY Change -19.68% 171.75% 105.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $165.4M $125.9M $18.08M
YoY Change 667.63% 596.69% 298.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $72.90M $161.1M $21.80M
YoY Change 270.2% 639.12% 4234.19%
Total Long-Term Liabilities $72.90M $161.1M $21.80M
YoY Change 270.2% 639.12% 4234.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $165.4M $125.9M $18.08M
Total Long-Term Liabilities $72.90M $161.1M $21.80M
Total Liabilities $238.4M $287.1M $39.88M
YoY Change 477.96% 619.88% 691.39%
SHAREHOLDERS EQUITY
Retained Earnings -$185.4M -$220.9M -$138.5M
YoY Change 13.26% 59.49%
Common Stock $3.000K $3.000K $3.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $246.7M $206.9M $256.0M
YoY Change
Total Liabilities & Shareholders Equity $485.0M $494.0M $295.9M
YoY Change 76.72% 66.93% 106.19%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $35.46M -$25.93M -$23.18M
YoY Change -241.07% 11.86% 134.11%
Depreciation, Depletion And Amortization $800.0K $730.0K $500.0K
YoY Change 60.0% 46.0% 66.67%
Cash From Operating Activities -$24.50M -$35.09M -$18.01M
YoY Change -10.85% 94.85% 10.85%
INVESTING ACTIVITIES
Capital Expenditures $1.400M $1.522M -$775.0K
YoY Change -272.84% -296.39% -68.39%
Acquisitions
YoY Change
Other Investing Activities -$2.300M -$111.7M $25.00M
YoY Change -75.33% -546.94%
Cash From Investing Activities -$3.700M -$113.3M $24.22M
YoY Change -63.49% -567.52% -1087.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 300.0K 443.0K 11.00K
YoY Change 400.0% 3927.27% -99.99%
NET CHANGE
Cash From Operating Activities -24.50M -35.09M -18.01M
Cash From Investing Activities -3.700M -113.3M 24.22M
Cash From Financing Activities 300.0K 443.0K 11.00K
Net Change In Cash -27.90M -147.9M 6.227M
YoY Change -25.71% -2475.22% -93.64%
FREE CASH FLOW
Cash From Operating Activities -$24.50M -$35.09M -$18.01M
Capital Expenditures $1.400M $1.522M -$775.0K
Free Cash Flow -$25.90M -$36.61M -$17.23M
YoY Change -2.89% 112.45% 24.94%

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0.0001
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9432420 shares
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8032687 shares
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3119000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2512000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5874000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4306000 usd
trda Stock Issued During Period Shares Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodSharesVestingOfEarlyExercisedStockOptions
34120 shares
CY2022 trda Stock Issued During Period Shares Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodSharesVestingOfEarlyExercisedStockOptions
53741 shares
trda Stock Issued During Period Value Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOptions
100000 usd
CY2022 trda Stock Issued During Period Value Vesting Of Early Exercised Stock Options
StockIssuedDuringPeriodValueVestingOfEarlyExercisedStockOptions
200000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5028850 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.95
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
477696 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.81
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
64519 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
72401 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
16.17
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5369626 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
11.11
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3057146 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.69
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
463964 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.26
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
349222 shares
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
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
12.22
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
91859 shares
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
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
11.57
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
13093 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
12.43
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
708234 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
12.32
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
13800000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
17400000 usd
CY2022Q4 trda Lessor Operating Lease Lese Not Yet Commenced Extension
LessorOperatingLeaseLeseNotYetCommencedExtension
P6M
CY2022Q4 us-gaap Lessor Operating Lease Lease Not Yet Commenced Term Of Contract1
LessorOperatingLeaseLeaseNotYetCommencedTermOfContract1
P3Y
CY2023Q2 us-gaap Security Deposit
SecurityDeposit
800000 usd
CY2022Q1 trda Operating Leases Rental Expenses Initial Fixed Monthly Rental Payments First12 Months
OperatingLeasesRentalExpensesInitialFixedMonthlyRentalPaymentsFirst12Months
500000 usd
CY2022Q1 trda Number Of Square Feet In Lease Agreement
NumberOfSquareFeetInLeaseAgreement
65000 sqft
CY2022Q1 trda Operating Leases Rental Expenses Annual Increase
OperatingLeasesRentalExpensesAnnualIncrease
0.03
CY2022Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Term Of Contract1
LesseeOperatingLeaseLeaseNotYetCommencedTermOfContract1
P10Y
CY2022Q1 us-gaap Lessee Operating Lease Lease Not Yet Commenced Renewal Term1
LesseeOperatingLeaseLeaseNotYetCommencedRenewalTerm1
P5Y
CY2022Q1 trda Tenant Improvements Allowance
TenantImprovementsAllowance
19500000 usd
CY2022Q1 trda Operating Leases Additional Allowance
OperatingLeasesAdditionalAllowance
1600000 usd
CY2023Q2 trda Tenant Improvements Allowance
TenantImprovementsAllowance
1900000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
4778000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
8443000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
us-gaap Variable Lease Cost
VariableLeaseCost
0 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
4778000 usd
us-gaap Lease Cost
LeaseCost
8443000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
10307000 usd
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y3M18D
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0812
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
6135000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
13943000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
13972000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
8826000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9083000 usd
CY2023Q2 trda Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
50440000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
102398000 usd
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
29365000 usd
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
73033000 usd
CY2022Q4 trda Lessor Operating Lease Lese Not Yet Commenced Monthly Payments To Be Received
LessorOperatingLeaseLeseNotYetCommencedMonthlyPaymentsToBeReceived
200000 usd
CY2022Q4 trda Sublease Interest Rate Increase Per Annum Percent
SubleaseInterestRateIncreasePerAnnumPercent
0.03
CY2022Q4 us-gaap Security Deposit Liability
SecurityDepositLiability
500000 usd
us-gaap Sublease Income
SubleaseIncome
400000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
400000 usd
CY2023Q1 trda Strategic Collaboration And License Agreement Term Of Contract
StrategicCollaborationAndLicenseAgreementTermOfContract
P4Y
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-25928000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-23179000 usd
us-gaap Net Income Loss
NetIncomeLoss
-32602000 usd
us-gaap Net Income Loss
NetIncomeLoss
-44850000 usd
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33163320 shares
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33163320 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31275306 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31275306 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32770989 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32770989 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31261189 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31261189 shares
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.78
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.78
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.74
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.74
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.99
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.99
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.43
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.43
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6111980 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4912619 shares

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