2023 Q4 Form 10-Q Financial Statement

#000186078223000113 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $10.68M $12.03M
YoY Change -80.98% -10.25%
Cost Of Revenue $3.147M $551.0K
YoY Change -79.46% 46.15%
Gross Profit $7.537M $11.48M
YoY Change -81.55% -11.88%
Gross Profit Margin 70.54% 95.42%
Selling, General & Admin $16.20M $13.00M
YoY Change -13.37% -33.69%
% of Gross Profit 214.95% 113.25%
Research & Development $51.22M $51.32M
YoY Change 3.86% -16.88%
% of Gross Profit 679.54% 446.88%
Depreciation & Amortization $3.030M $2.770M
YoY Change 30.32% 16.53%
% of Gross Profit 40.2% 24.12%
Operating Expenses $67.47M $64.32M
YoY Change -0.87% -20.93%
Operating Profit -$59.94M -$77.97M
YoY Change 120.26% 14.04%
Interest Expense $3.648M $3.626M
YoY Change 144.67% 225.79%
% of Operating Profit
Other Income/Expense, Net -$534.0K $2.704M
YoY Change -120.85% -533.33%
Pretax Income -$56.82M -$71.64M
YoY Change 145.35% 5.54%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$56.82M -$71.64M
YoY Change 145.53% 5.54%
Net Earnings / Revenue -531.84% -595.3%
Basic Earnings Per Share -$1.40
Diluted Earnings Per Share -$1.11 -$1.40
COMMON SHARES
Basic Shares Outstanding 50.62M shares 50.46M shares
Diluted Shares Outstanding 51.18M shares

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $217.0M $250.6M
YoY Change -18.51% -22.44%
Cash & Equivalents $74.96M $90.23M
Short-Term Investments $142.0M $160.4M
Other Short-Term Assets $7.365M $7.100M
YoY Change -46.05% -50.25%
Inventory
Prepaid Expenses $7.365M $7.120M
Receivables $13.41M $19.50M
Other Receivables $0.00 $0.00
Total Short-Term Assets $237.8M $277.3M
YoY Change -20.98% -20.65%
LONG-TERM ASSETS
Property, Plant & Equipment $58.15M $60.68M
YoY Change 4.33% 30.08%
Goodwill $0.00 $0.00
YoY Change -100.0% -100.0%
Intangibles $6.594M $6.771M
YoY Change -9.7% -9.47%
Long-Term Investments $4.816M $33.70M
YoY Change 240.59% 2295.17%
Other Assets $38.14M $37.90M
YoY Change -0.65% -0.98%
Total Long-Term Assets $327.7M $363.6M
YoY Change -7.9% 1.18%
TOTAL ASSETS
Total Short-Term Assets $237.8M $277.3M
Total Long-Term Assets $327.7M $363.6M
Total Assets $565.4M $640.8M
YoY Change -13.89% -9.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.028M $5.307M
YoY Change -16.37% -33.52%
Accrued Expenses $38.35M $49.70M
YoY Change -41.76% -21.05%
Deferred Revenue $15.40M $13.03M
YoY Change 413.43%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $59.78M $68.01M
YoY Change -25.08% -14.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.416M $2.409M
YoY Change 0.79% -0.25%
Total Long-Term Liabilities $2.416M $2.409M
YoY Change 0.79% -0.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.78M $68.01M
Total Long-Term Liabilities $2.416M $2.409M
Total Liabilities $310.1M $334.4M
YoY Change -10.42% -13.27%
SHAREHOLDERS EQUITY
Retained Earnings -$511.2M -$454.4M
YoY Change 74.09% 67.98%
Common Stock $5.000K $5.000K
YoY Change 25.0% 25.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $255.3M $306.4M
YoY Change
Total Liabilities & Shareholders Equity $565.4M $640.8M
YoY Change -13.89% -9.59%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$56.82M -$71.64M
YoY Change 145.53% 5.54%
Depreciation, Depletion And Amortization $3.030M $2.770M
YoY Change 30.32% 16.53%
Cash From Operating Activities -$63.60M -$21.51M
YoY Change 14.63% -64.7%
INVESTING ACTIVITIES
Capital Expenditures $1.071M $2.740M
YoY Change -66.17% -120.42%
Acquisitions
YoY Change
Other Investing Activities $48.96M $18.80M
YoY Change 1758.81% -127.3%
Cash From Investing Activities $47.89M $16.05M
YoY Change -9101.88% -119.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 253.0K -70.00K
YoY Change 9.05% -140.0%
NET CHANGE
Cash From Operating Activities -63.60M -21.51M
Cash From Investing Activities 47.89M 16.05M
Cash From Financing Activities 253.0K -70.00K
Net Change In Cash -15.45M -5.530M
YoY Change -72.3% -96.13%
FREE CASH FLOW
Cash From Operating Activities -$63.60M -$21.51M
Capital Expenditures $1.071M $2.740M
Free Cash Flow -$64.67M -$24.25M
YoY Change 10.26% -48.96%

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CapitalExpendituresIncurredButNotYetPaid
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AccruedStockIssuanceCostsInConnectionWithPublicOffering
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AccruedStockIssuanceCostsInConnectionWithPublicOffering
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Use Of Estimates
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<div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-bottom:12pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Actual results could materially differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</span></div>Estimates and judgments are used in the following areas, among others: future undiscounted cash flows and subsequent fair value estimates used to assess potential and measure any impairment of long-lived assets, including goodwill and intangible assets, the measurement of right-of-use assets and lease liabilities, contingent consideration, stock-based compensation expense, accrued expenses, income taxes, and the assessment of the Company's ability to fund its operations for at least the next twelve months from the date of issuance of these financial statements. In addition, estimates and judgments are used in the Company’s accounting for its revenue-generating arrangements, in particular as it relates to determining the stand-alone selling price of performance obligations, evaluating whether an option to acquire additional goods and services represents a material right, estimating the total transaction price, including estimating variable consideration and the probability of achieving future potential development and regulatory milestones, assessing the period of performance over which revenue may be recognized, and accounting for modifications to revenue-generating arrangements.
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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194052000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
6000 usd
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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2108000 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
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196652000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
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DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss
295000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
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1830000 usd
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CY2023Q3 tsvt Restricted Investments Available For Sale Unrealized Loss Position
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CY2022Q4 tsvt Restricted Investments Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
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CY2022Q4 tsvt Restricted Investments Available For Sale Unrealized Loss Position
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RestrictedInvestmentsAvailableForSaleUnrealizedLossPositionAccumulatedLoss
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CY2023Q3 us-gaap Interest Receivable
InterestReceivable
800000 usd
CY2022Q4 us-gaap Interest Receivable
InterestReceivable
300000 usd
CY2022Q3 tsvt Interest Receivable Write Off
InterestReceivableWriteOff
0 usd
tsvt Interest Receivable Write Off
InterestReceivableWriteOff
0 usd
CY2023Q3 tsvt Interest Receivable Write Off
InterestReceivableWriteOff
0 usd
tsvt Interest Receivable Write Off
InterestReceivableWriteOff
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AccruedCollaborationResearchCostsCurrent
2005000 usd
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1619000 usd
CY2023Q3 tsvt Accrued Property Plant And Equipment Current
AccruedPropertyPlantAndEquipmentCurrent
1157000 usd
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AccruedPropertyPlantAndEquipmentCurrent
1498000 usd
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PropertyPlantAndEquipmentGross
114739000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103573000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
54058000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
47838000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
60681000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
55735000 usd
CY2023Q3 us-gaap Employee Related Liabilities Current
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15210000 usd
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EmployeeRelatedLiabilitiesCurrent
14845000 usd
CY2023Q3 us-gaap Accrued Royalties Current
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8626000 usd
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AccruedRoyaltiesCurrent
13094000 usd
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AccruedManufacturingCostsCurrent
5067000 usd
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17962000 usd
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2880000 usd
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320000 usd
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AccruedProfessionalFeesCurrent
239000 usd
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2564000 usd
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3416000 usd
CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
37408000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
54678000 usd
CY2023Q3 us-gaap Purchase Obligation Future Minimum Payments Remainder Of Fiscal Year
PurchaseObligationFutureMinimumPaymentsRemainderOfFiscalYear
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CY2023Q3 us-gaap Purchase Obligation Due In Next Twelve Months
PurchaseObligationDueInNextTwelveMonths
3565000 usd
CY2023Q3 tsvt Purchase Obligation To Be Paid Year Two And Thereafter
PurchaseObligationToBePaidYearTwoAndThereafter
0 usd
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PurchaseObligation
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2 performance_obligation
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AllocatedShareBasedCompensationExpense
9800000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27206000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31635000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9800000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12207000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
27206000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
31635000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5704000 shares
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5704000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3969000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3969000 shares
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
0 usd
us-gaap Restructuring Charges
RestructuringCharges
8614000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
795000 usd
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
7819000 usd
CY2023Q2 us-gaap Goodwill
Goodwill
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CY2023Q3 us-gaap Goodwill Impairment Loss
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12100000 usd
CY2022Q4 us-gaap Goodwill
Goodwill
12056000 usd
us-gaap Goodwill Acquired During Period
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0 usd
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
12056000 usd
CY2023Q3 us-gaap Goodwill
Goodwill
0 usd

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