2024 Q1 Form 10-K Financial Statement

#000155837024004445 Filed on April 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $20.00K $3.125M $3.125M
YoY Change 233.33% -847.61%
Cost Of Revenue $88.00K $1.670M $1.670M
YoY Change -30.71% 635.68% -44.67%
Gross Profit -$68.00K $1.455M $1.455M
YoY Change -43.8% -740.97% -142.35%
Gross Profit Margin -340.0% 46.56% 46.56%
Selling, General & Admin $5.845M $20.41M $20.41M
YoY Change -4.01% 256.51% -41.23%
% of Gross Profit 1402.75% 1402.75%
Research & Development $3.965M $16.33M $16.33M
YoY Change 1.43% 381.09% -10.31%
% of Gross Profit 1122.54% 1122.54%
Depreciation & Amortization $88.00K $84.00K $300.0K
YoY Change 7.32% 2.44% -25.0%
% of Gross Profit 5.77% 20.62%
Operating Expenses $3.965M $36.74M $16.33M
YoY Change 1.43% 302.88% -10.31%
Operating Profit -$9.878M -$35.29M -$35.29M
YoY Change -2.38% 277.53% -37.4%
Interest Expense $513.0K -$2.287M $3.644M
YoY Change 15.02% 588.86% 190.13%
% of Operating Profit
Other Income/Expense, Net $2.200M -$2.396M -$5.001M
YoY Change -4.35% -189.6% -284.88%
Pretax Income -$7.678M -$39.97M -$39.97M
YoY Change -1.8% 470.61% -25.52%
Income Tax $318.0K $318.0K
% Of Pretax Income
Net Earnings -$7.678M -$40.29M -$40.29M
YoY Change -1.8% 475.15% -24.93%
Net Earnings / Revenue -38390.0% -1289.25% -1289.25%
Basic Earnings Per Share -$0.36 -$3.16
Diluted Earnings Per Share -$0.36 -$3.16 -$3.16
COMMON SHARES
Basic Shares Outstanding 18.32M 15.17M 12.74M
Diluted Shares Outstanding 21.30M 12.74M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $23.55M $32.98M $32.98M
YoY Change -14.16% -13.95% -13.95%
Cash & Equivalents $23.55M $32.98M $32.98M
Short-Term Investments
Other Short-Term Assets $2.426M $2.230M $2.230M
YoY Change 0.04% 25.14% 25.14%
Inventory $0.00 $0.00
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $25.98M $35.21M $35.21M
YoY Change -15.57% -14.15% -14.15%
LONG-TERM ASSETS
Property, Plant & Equipment $1.107M $1.195M $4.860M
YoY Change -21.27% -19.69% -14.92%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $540.0K $540.0K $540.0K
YoY Change 815.25% -72.45% -72.45%
Total Long-Term Assets $5.159M $5.400M $5.400M
YoY Change -31.44% -29.61% -29.61%
TOTAL ASSETS
Total Short-Term Assets $25.98M $35.21M $35.21M
Total Long-Term Assets $5.159M $5.400M $5.400M
Total Assets $31.14M $40.61M $40.61M
YoY Change -18.69% -16.59% -16.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.327M $2.303M $2.303M
YoY Change 39.84% -2.91% -2.91%
Accrued Expenses $4.870M $5.241M $4.737M
YoY Change -23.26% -17.48% 7.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $10.00K $10.00K $10.00K
YoY Change 11.11% 11.11% 11.11%
Total Short-Term Liabilities $7.207M $7.554M $7.554M
YoY Change -10.13% -13.49% -13.49%
LONG-TERM LIABILITIES
Long-Term Debt $31.32M $30.81M $30.82M
YoY Change 132.39% 129.4% 129.17%
Other Long-Term Liabilities $7.262M $9.892M $9.892M
YoY Change 9.57% -9.26% -9.26%
Total Long-Term Liabilities $31.32M $30.81M $40.71M
YoY Change 132.39% 129.4% 67.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.207M $7.554M $7.554M
Total Long-Term Liabilities $31.32M $30.81M $40.71M
Total Liabilities $45.79M $48.26M $48.26M
YoY Change 62.74% 45.89% 45.89%
SHAREHOLDERS EQUITY
Retained Earnings -$595.7M -$588.1M
YoY Change 7.22% 7.36%
Common Stock $581.1M $580.4M
YoY Change 2.71% 3.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.65M -$7.657M -$7.657M
YoY Change
Total Liabilities & Shareholders Equity $31.14M $40.61M $40.61M
YoY Change -18.69% -16.59% -16.59%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$7.678M -$40.29M -$40.29M
YoY Change -1.8% 475.15% -24.93%
Depreciation, Depletion And Amortization $88.00K $84.00K $300.0K
YoY Change 7.32% 2.44% -25.0%
Cash From Operating Activities -$9.420M -$5.985M -$33.04M
YoY Change -13.37% -43.88% -35.83%
INVESTING ACTIVITIES
Capital Expenditures $21.00K $41.00K
YoY Change 46.43%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$21.00K -$41.00K
YoY Change -100.12% -327.78%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.066M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.000K 4.031M 26.31M
YoY Change 50.0% -49.33% 11.94%
NET CHANGE
Cash From Operating Activities -9.420M -5.985M -33.04M
Cash From Investing Activities -21.00K -41.00K
Cash From Financing Activities -3.000K 4.031M 26.31M
Net Change In Cash -9.423M -1.975M -6.765M
YoY Change -13.36% -112.92% -75.8%
FREE CASH FLOW
Cash From Operating Activities -$9.420M -$5.985M -$33.04M
Capital Expenditures $21.00K $41.00K
Free Cash Flow -$6.006M -$33.08M
YoY Change -43.68% -35.78%

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CY2022 us-gaap Paid In Kind Interest
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CY2022 us-gaap Inventory Write Down
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CY2023 trvn Value Of Warrants Issued For Exercise Inducement
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CY2023 trvn Returns Reserve Adjustment
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CY2022 trvn Returns Reserve Adjustment
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CY2022 trvn Fair Value Of Warrants In Excess Of Proceeds
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CY2022 us-gaap Investment Income Net Amortization Of Discount And Premium
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CY2022 trvn Increase Decrease In Operating Lease Right Of Use Assets
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CY2023 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2023 us-gaap Increase Decrease In Inventories
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CY2022 us-gaap Increase Decrease In Inventories
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CY2023 trvn Increase Decrease In Operating Lease Liabilities
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CY2022 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
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CY2022 trvn Increase Decrease In Operating Lease Liabilities
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CY2023 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2022 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2023 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022 us-gaap Payments To Acquire Marketable Securities
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CY2023 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023 us-gaap Proceeds From Issuance Of Common Stock
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CY2023 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2022 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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CY2023 trvn Proceeds From Issuance Of Common Stock Warrants And Prefunded Warrants
ProceedsFromIssuanceOfCommonStockWarrantsAndPrefundedWarrants
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CY2022 trvn Proceeds From Issuance Of Common Stock Warrants And Prefunded Warrants
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CY2023 us-gaap Proceeds From Warrant Exercises
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CY2023 us-gaap Finance Lease Principal Payments
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CY2022 us-gaap Finance Lease Principal Payments
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CY2023 trvn Proceeds From Prefunded Warrants Exercised
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CY2022 trvn Proceeds From Issuance Of Long Term Debt And Proceeds From Issuance Of Warrants
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CY2023 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2022 us-gaap Proceeds From Debt Net Of Issuance Costs
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CY2023 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022 us-gaap Interest Paid Net
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CY2022 trvn Preferred Stock Proceeds Allocated To Warrant Liability
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CY2022 us-gaap Net Income Loss
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<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 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. Management used significant estimates in the following areas, among others: stock-based compensation expense, the determination of the fair value of stock-based awards, the fair value of common stock warrants, the accounting for research and development costs, accrued expenses, the recoverability of the Company’s net deferred tax assets and related valuation allowance, and the amortization of the debt expenses. The financial data and other information disclosed in these notes are not necessarily indicative of the results to be expected for any future year or period. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those results.</p>
CY2023 us-gaap Concentration Risk Credit Risk
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash, cash equivalents, and restricted cash. The Company’s investment policy includes guidelines on the quality of the institutions and financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company has no off-balance sheet concentrations of credit risk such as foreign currency exchange contracts, option contracts or other hedging arrangements.</p>
CY2023 trvn Number Of Stock Based Compensation Plans
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CY2022Q4 us-gaap Property Plant And Equipment Net
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CY2023Q4 us-gaap Assets Fair Value Disclosure
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CY2022Q4 us-gaap Inventory Finished Goods
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CY2022Q4 us-gaap Inventory Valuation Reserves
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CY2023 trvn Increase Decrease In Inventory Valuation Adjustment
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CY2022 trvn Increase Decrease In Inventory Valuation Adjustment
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CY2023Q4 trvn Accrued Clinical Trial Fees Current
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CY2022Q4 trvn Accrued Clinical Trial Fees Current
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CY2022Q4 trvn Accrued Development Expenses Current
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CY2022Q4 trvn Other Accrued Expenses And Other Current Liabilities
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CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q4 us-gaap Debt Instrument Carrying Amount
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CY2023Q4 us-gaap Preferred Stock Shares Authorized
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CY2022Q3 trvn Proceeds From Issuance Of Convertible Preferred Stock Gross
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CY2022Q4 trvn Common Stock Warrant Liability Noncurrent
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CY2023Q4 trvn Common Stock Warrant Liability Noncurrent
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CY2023Q4 trvn Increase Decrease In Common Stock Warrant Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Right Of Use Asset
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CY2022Q4 us-gaap Operating Lease Liability Noncurrent
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CY2022Q4 us-gaap Operating Lease Liability
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CY2022 us-gaap Operating Lease Cost
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CY2022 us-gaap Sublease Income
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CY2022 trvn Operating Lease Income Expense Net
OperatingLeaseIncomeExpenseNet
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CY2022 us-gaap Finance Lease Interest Expense
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CY2023 trvn Finance Lease Cost
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CY2022 trvn Finance Lease Cost
FinanceLeaseCost
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CY2022 us-gaap Finance Lease Principal Payments
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Finance Lease Liability Payments Due Year Two
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2023Q4 trvn Lessee Operating Lease Liability Payments Due After Year Four
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CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
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CY2023Q4 us-gaap Finance Lease Liability Payments Due
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CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2023Q4 us-gaap Finance Lease Weighted Average Discount Rate Percent
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CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Sales Discounts
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CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Chargebacks
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CY2022Q4 trvn Accounts Receivable Allowance For Credit Loss Fee For Service
AccountsReceivableAllowanceForCreditLossFeeForService
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CY2023 trvn Accounts Receivable Credit Loss Sales Discounts Provision Related To Current Period Sales
AccountsReceivableCreditLossSalesDiscountsProvisionRelatedToCurrentPeriodSales
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CY2023 trvn Accounts Receivable Credit Loss Chargebacks Provision Related To Current Period Sales
AccountsReceivableCreditLossChargebacksProvisionRelatedToCurrentPeriodSales
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CY2023 trvn Accounts Receivable Credit Loss Fee For Service Provision Related To Current Period Sales
AccountsReceivableCreditLossFeeForServiceProvisionRelatedToCurrentPeriodSales
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CY2023 trvn Accounts Receivable Credit Loss Sales Discounts Credit Or Payments Made During Period
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CY2023 trvn Accounts Receivable Credit Loss Chargebacks Credit Or Payments Made During Period
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CY2023 trvn Accounts Receivable Credit Loss Sales Discounts Expense Reversal
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CY2023 trvn Accounts Receivable Credit Loss Chargebacks Expense Reversal
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CY2023Q4 trvn Accounts Receivable Allowance For Credit Loss Sales Discounts
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CY2023Q4 trvn Accounts Receivable Allowance For Credit Loss Chargebacks
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CY2023Q4 trvn Accounts Receivable Allowance For Credit Loss Fee For Service
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CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023 us-gaap Current Foreign Tax Expense Benefit
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CY2023 us-gaap Income Tax Expense Benefit
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2023Q4 trvn Deferred Tax Assets Research And Development Expenses Capitalized For Tax Purposes
DeferredTaxAssetsResearchAndDevelopmentExpensesCapitalizedForTaxPurposes
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CY2022Q4 trvn Deferred Tax Assets Research And Development Expenses Capitalized For Tax Purposes
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CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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2257000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
437000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Deferred Rent
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsDeferredRent
520000
CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
369000
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
365000
CY2023Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1338000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
1192000
CY2023Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
157046000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
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CY2023Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
506000
CY2022Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
436000
CY2023Q4 us-gaap Deferred Income Tax Liabilities
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506000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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436000
CY2023Q4 trvn Deferred Tax Assets Liabilities Net Before Valuation Allowance
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156540000
CY2022Q4 trvn Deferred Tax Assets Liabilities Net Before Valuation Allowance
DeferredTaxAssetsLiabilitiesNetBeforeValuationAllowance
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CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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147345000
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
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CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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0.013
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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0.015
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Enacted Tax Rate
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Percent
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.001
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
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CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023 trvn Research And Development Expense Capitalized
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15700000
CY2023 trvn Effective Income Tax Rate Reconciliation At State Statutory Income Tax Rate Percent
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0.0999
CY2023 trvn Deferred State And Local Income Tax Expense From Change In Tax Rates Benefit
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25700000
CY2023 trvn Defined Contribution Plan Employer Matching Contribution Percent Of Match For First Eligible Contributions
DefinedContributionPlanEmployerMatchingContributionPercentOfMatchForFirstEligibleContributions
1
CY2023 trvn Defined Contribution Plan Employer Match Employee Contribution Level One
DefinedContributionPlanEmployerMatchEmployeeContributionLevelOne
0.03
CY2023 trvn Defined Contribution Plan Employer Matching Contribution Percent Of Match For Second Eligible Contributions
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CY2023 trvn Defined Contribution Plan Employer Match Employee Contribution Level Two
DefinedContributionPlanEmployerMatchEmployeeContributionLevelTwo
0.02
CY2023 us-gaap Defined Contribution Plan Cost Recognized
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200000
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
300000
CY2023 dei Auditor Firm
AuditorFirmId
42

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