$TRVN
TREVENA INC

2023 Q2 Form 10-Q Financial Statement

#000155837023009683 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $3.000M $6.000K
YoY Change -70.0%
Cost Of Revenue $88.00K $127.0K
YoY Change -59.26% -38.65%
Gross Profit $2.912M -$121.0K
YoY Change -1448.15% -35.29%
Gross Profit Margin 97.07% -2016.67%
Selling, General & Admin $5.138M $6.089M
YoY Change -50.15% -44.72%
% of Gross Profit 176.44%
Research & Development $3.991M $3.909M
YoY Change -6.99% -25.67%
% of Gross Profit 137.05%
Depreciation & Amortization $83.00K $82.00K
YoY Change -20.95% -21.9%
% of Gross Profit 2.85%
Operating Expenses $3.991M $3.909M
YoY Change -6.99% -25.67%
Operating Profit -$6.196M -$10.12M
YoY Change -58.17% -38.52%
Interest Expense $1.122M $446.0K
YoY Change 245.23% 1615.38%
% of Operating Profit
Other Income/Expense, Net -$1.816M $2.300M
YoY Change 980.95% 3139.44%
Pretax Income -$7.712M -$7.819M
YoY Change -48.52% -52.29%
Income Tax $300.0K
% Of Pretax Income
Net Earnings -$8.012M -$7.819M
YoY Change -46.52% -52.29%
Net Earnings / Revenue -267.07% -130316.67%
Basic Earnings Per Share -$0.69 -$0.81
Diluted Earnings Per Share -$0.69 -$0.81
COMMON SHARES
Basic Shares Outstanding 10.97M 8.975M
Diluted Shares Outstanding 11.58M 9.594M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $28.10M $27.44M
YoY Change -43.26% -43.62%
Cash & Equivalents $28.10M $27.44M
Short-Term Investments
Other Short-Term Assets $3.972M $2.425M
YoY Change 21.47% -14.61%
Inventory $901.0K $906.0K
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $32.97M $30.77M
YoY Change -40.9% -43.29%
LONG-TERM ASSETS
Property, Plant & Equipment $1.343M $1.406M
YoY Change -17.66% -19.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $51.00K $59.00K
YoY Change 1600.0% -97.67%
Total Long-Term Assets $5.889M $7.525M
YoY Change -34.7% -25.99%
TOTAL ASSETS
Total Short-Term Assets $32.97M $30.77M
Total Long-Term Assets $5.889M $7.525M
Total Assets $38.86M $38.29M
YoY Change -40.03% -40.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.527M $1.664M
YoY Change -7.06% -30.9%
Accrued Expenses $5.640M $6.346M
YoY Change -16.92% -2.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $9.000K $9.000K
YoY Change 800.0% 350.0%
Total Short-Term Liabilities $8.176M $8.019M
YoY Change -14.02% -10.16%
LONG-TERM LIABILITIES
Long-Term Debt $14.18M $13.48M
YoY Change 5.23%
Other Long-Term Liabilities $6.713M $6.628M
YoY Change 14.19% 8.73%
Total Long-Term Liabilities $14.18M $13.48M
YoY Change 5.23% 121.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.176M $8.019M
Total Long-Term Liabilities $14.18M $13.48M
Total Liabilities $29.08M $28.14M
YoY Change 0.75% 87.31%
SHAREHOLDERS EQUITY
Retained Earnings -$563.6M -$555.6M
YoY Change 7.25% 8.83%
Common Stock $573.4M $565.7M
YoY Change 2.12% 1.05%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.782M $10.15M
YoY Change
Total Liabilities & Shareholders Equity $38.86M $38.29M
YoY Change -40.03% -40.56%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$8.012M -$7.819M
YoY Change -46.52% -52.29%
Depreciation, Depletion And Amortization $83.00K $82.00K
YoY Change -20.95% -21.9%
Cash From Operating Activities -$7.250M -$10.87M
YoY Change -39.33% -40.44%
INVESTING ACTIVITIES
Capital Expenditures $20.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities -$20.00K
YoY Change -99.93%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 6.503M -2.000K
YoY Change -55.0% 0.0%
NET CHANGE
Cash From Operating Activities -7.250M -10.87M
Cash From Investing Activities -20.00K
Cash From Financing Activities 6.503M -2.000K
Net Change In Cash -767.0K -10.88M
YoY Change -97.21% -40.43%
FREE CASH FLOW
Cash From Operating Activities -$7.250M -$10.87M
Capital Expenditures $20.00K
Free Cash Flow -$7.270M
YoY Change

Facts In Submission

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CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-555600000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7800000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16400000
CY2023Q1 trvn Number Of Wholly Owned Subsidiaries
NumberOfWhollyOwnedSubsidiaries
3
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience as well as other pertinent industry and regulatory authority information. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</p>
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1071000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
8000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1450000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
11000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1474000
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3764394
CY2023Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
906000
CY2022Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
3111000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2205000
CY2023Q1 us-gaap Inventory Net
InventoryNet
906000
CY2022Q4 us-gaap Inventory Net
InventoryNet
906000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
7000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1499000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
806000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1155000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
351709
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
49.15
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y11M8D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
17649
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
52.37
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
334060
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
48.98
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y9M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
334060
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
48.98
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P6Y9M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
232127
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
55.70
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y18D
CY2023Q1 us-gaap Share Price
SharePrice
0.7000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
1523000
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3764394
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4954206
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4092000
CY2022Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
4224000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
917000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
890000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5179000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
5419000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6096000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
6309000
CY2023Q1 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
9000
CY2022Q4 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
9000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
15000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
17000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
24000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
26000
CY2023Q1 trvn Accounts Receivable Allowance For Credit Loss In Excess Of Accounts Receivable
AccountsReceivableAllowanceForCreditLossInExcessOfAccountsReceivable
64000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
398000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
327000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
350000
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
315000
CY2023Q1 trvn Operating Lease Income Expense Net
OperatingLeaseIncomeExpenseNet
48000
CY2022Q1 trvn Operating Lease Income Expense Net
OperatingLeaseIncomeExpenseNet
12000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1000
CY2023Q1 trvn Finance Lease Cost
FinanceLeaseCost
2000
CY2022Q1 trvn Finance Lease Cost
FinanceLeaseCost
1000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
128000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
70000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
2000
CY2023Q1 trvn Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
640000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7657000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
26000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1561000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
2000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
6096000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
24000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
855000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
996000
CY2023Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
1851000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.065
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.065
CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Sales Discounts
AccountsReceivableAllowanceForCreditLossSalesDiscounts
1000
CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Chargebacks
AccountsReceivableAllowanceForCreditLossChargebacks
30000
CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Fee For Service
AccountsReceivableAllowanceForCreditLossFeeForService
36000
CY2023Q1 trvn Accounts Receivable Credit Loss Chargebacks Expense Reversal
AccountsReceivableCreditLossChargebacksExpenseReversal
7000
CY2023Q1 trvn Accounts Receivable Credit Loss Fee For Service Expense Reversal
AccountsReceivableCreditLossFeeForServiceExpenseReversal
-4000
CY2023Q1 trvn Accounts Receivable Allowance For Credit Loss Sales Discounts
AccountsReceivableAllowanceForCreditLossSalesDiscounts
1000
CY2023Q1 trvn Accounts Receivable Allowance For Credit Loss Chargebacks
AccountsReceivableAllowanceForCreditLossChargebacks
37000
CY2023Q1 trvn Accounts Receivable Allowance For Credit Loss Fee For Service
AccountsReceivableAllowanceForCreditLossFeeForService
32000
CY2023Q1 us-gaap Accounts Receivable Gross Noncurrent
AccountsReceivableGrossNoncurrent
6000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
20000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7819000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-16389000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9594072
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6620800
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.81
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.48
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4314174
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
754413

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