2024 Q2 Form 10-Q Financial Statement

#000121390024042298 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $675.0K
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.533M $2.391M $62.00K
YoY Change 1212.44% 3756.45% -96.13%
% of Gross Profit
Research & Development $4.868M $6.813M $3.030M
YoY Change 114.73% 124.85% 56.75%
% of Gross Profit
Depreciation & Amortization $0.00 $9.000K $2.000K
YoY Change -100.0% 350.0% 0.0%
% of Gross Profit
Operating Expenses $7.401M $9.204M $4.877M
YoY Change 71.24% 88.72% 37.89%
Operating Profit -$7.401M -$9.204M -$4.202M
YoY Change 71.24% 119.04%
Interest Expense $446.0K $20.00K $12.00K
YoY Change 1293.75% 66.67%
% of Operating Profit
Other Income/Expense, Net $17.26M -$11.76M -$10.38M
YoY Change 6019.15% 13.34%
Pretax Income $9.855M -$20.96M -$14.58M
YoY Change -356.77% 43.83% 312.07%
Income Tax
% Of Pretax Income
Net Earnings $9.855M -$20.96M -$14.58M
YoY Change -356.77% 43.83% 312.07%
Net Earnings / Revenue -2159.26%
Basic Earnings Per Share $0.08 -$0.61 -$0.97
Diluted Earnings Per Share -$0.15 -$0.61 -$0.97
COMMON SHARES
Basic Shares Outstanding 37.61M shares 34.76M shares 15.23M shares
Diluted Shares Outstanding 94.05M shares 34.91M shares 15.23M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.78M $48.93M $24.33M
YoY Change 122.02% 101.09% 78.65%
Cash & Equivalents $41.78M $48.93M $24.33M
Short-Term Investments
Other Short-Term Assets $2.274M $2.746M $1.852M
YoY Change -26.93% 48.27% 0.43%
Inventory $1.852M
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $44.05M $51.68M $26.18M
YoY Change 100.88% 97.36% 69.32%
LONG-TERM ASSETS
Property, Plant & Equipment $43.00K $23.00K $21.00K
YoY Change 43.33% 9.52% -92.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $647.0K $709.0K $1.018M
YoY Change -32.11% -30.35% 243.92%
TOTAL ASSETS
Total Short-Term Assets $44.05M $51.68M $26.18M
Total Long-Term Assets $647.0K $709.0K $1.018M
Total Assets $44.70M $52.39M $27.20M
YoY Change 95.35% 92.58% 72.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.472M $1.240M $790.0K
YoY Change 192.64% 56.96% 34.13%
Accrued Expenses $3.122M $3.550M $1.698M
YoY Change 84.84% 109.07% -6.34%
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 $13.09M $30.28M $15.97M
YoY Change -15.13% 89.62% 564.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $274.0K $372.0K $715.0K
YoY Change -56.78% -47.97% 527.19%
Total Long-Term Liabilities $274.0K $372.0K $715.0K
YoY Change -56.78% -47.97% 527.19%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.09M $30.28M $15.97M
Total Long-Term Liabilities $274.0K $372.0K $715.0K
Total Liabilities $13.36M $30.65M $16.69M
YoY Change -16.78% 83.72% 563.16%
SHAREHOLDERS EQUITY
Retained Earnings -$75.60M -$85.50M -$48.57M
YoY Change 44.25% 76.03%
Common Stock $43.00K $37.00K $15.00K
YoY Change 186.67% 146.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$14.85M -$24.46M -$15.08M
YoY Change
Total Liabilities & Shareholders Equity $44.70M $52.39M $27.20M
YoY Change 95.35% 92.58% 72.6%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $9.855M -$20.96M -$14.58M
YoY Change -356.77% 43.83% 312.07%
Depreciation, Depletion And Amortization $0.00 $9.000K $2.000K
YoY Change -100.0% 350.0% 0.0%
Cash From Operating Activities -$6.319M -$6.456M -$3.920M
YoY Change 14.85% 64.69% 32.57%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $6.000K
YoY Change 66.67%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$6.000K
YoY Change 66.67%
FINANCING ACTIVITIES
Cash Dividend Paid $200.0K
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -811.0K $45.69M $27.80M
YoY Change 64.37%
NET CHANGE
Cash From Operating Activities -6.319M -$6.456M -$3.920M
Cash From Investing Activities -20.00K -$6.000K
Cash From Financing Activities -811.0K $45.69M $27.80M
Net Change In Cash -7.150M $39.23M $23.88M
YoY Change 29.67% 64.3%
FREE CASH FLOW
Cash From Operating Activities -$6.319M -$6.456M -$3.920M
Capital Expenditures $20.00K $6.000K
Free Cash Flow -$6.339M -$6.462M -$3.920M
YoY Change 14.96% 64.85% 32.66%

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CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
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CY2024Q1 us-gaap Concentration Risk Credit Risk
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>Concentration of Credit Risk</b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The cash and cash equivalents the Company uses to satisfy working capital and operating expense needs are held in accounts at various financial institutions. Cash balances may at times exceed federally insured limits. Cash and cash equivalents could be adversely impacted, including the loss of uninsured deposits and other uninsured financial assets, if one or more of the financial institutions in which the Company holds its cash or cash equivalents fails or is subject to other adverse conditions in the financial or credit markets. No such losses have been incurred through March 31, 2024.</p>
CY2024Q1 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
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19000 usd
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250000 usd
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3234000 usd
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3550000 usd
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CY2024Q1 us-gaap Lessee Operating Lease Term Of Contract
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P2Y
CY2023Q1 us-gaap Area Of Land
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CY2024Q1 us-gaap Lessee Operating Lease Option To Extend
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CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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294000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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424000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
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72000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
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790000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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75000 usd
CY2024Q1 us-gaap Operating Lease Liability
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715000 usd
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343000 usd
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372000 usd
CY2023Q1 us-gaap Repayments Of Debt
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210000 usd
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1 pure
CY2023 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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107000 usd
CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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35000 usd
CY2024Q1 us-gaap Common Stock Shares Authorized
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200000000 shares
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CY2021Q3 us-gaap Share Price
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CY2024Q1 us-gaap Conversion Of Stock Shares Issued1
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184193 shares
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
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P2Y6M14D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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4784193 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Intrinsic Value
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6
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CY2024Q1 us-gaap Conversion Of Stock Description
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(i) shares of common stock of the Company and, if applicable, shares of Series A-2 Preferred Stock, in lieu of common stock, (ii) a tranche A warrant to acquire approximately 46,675,940 shares (excluding deemed dividends) of Series A-3 Preferred Stock (the “Tranche A Warrant”), (iii) a tranche B warrant to acquire approximately 42,432,672 shares (excluding deemed dividends) of Series A-4 Preferred Stock (the “Tranche B Warrant”), and (iv) a tranche C warrant to acquire approximately 67,892,276 shares (excluding deemed dividends) of Series A-5 Preferred Stock (the “Tranche C Warrant”, together with the Tranche A Warrant and the Tranche B Warrant, the “Warrants”). The Tranche A Warrant, for an aggregate exercise price of approximately $25 million, is exercisable until 21 days following the Company’s announcement of receipt of FDA approval for Oxylanthanum Carbonate, the Tranche B Warrant, for an aggregate exercise price of approximately $25 million, is exercisable until 21 days following the Company’s announcement of receipt of Transitional Drug Add-On Payment Adjustment (“TDAPA”) approval for Oxylanthanum Carbonate, and the Tranche C Warrant for an aggregate exercise price of approximately $50 million is exercisable until 21 days following four quarters of commercial sales of Oxylanthanum Carbonate following receipt of TDAPA approval.
CY2024Q1 us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
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2800000 usd
CY2024Q1 us-gaap Other Cash Equivalents At Carrying Value
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25400000 usd
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19516205 shares
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43649 shares
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CY2024Q1 us-gaap Proceeds From Sale Of Other Receivables
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46200000 usd
CY2024Q1 us-gaap Preferred Stock Dividend Rate Percentage
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0.14 pure
CY2024Q1 us-gaap Common Stock Voting Rights
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one
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CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Purchase Price Of Common Stock Percent
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0.199 pure
CY2024Q1 us-gaap Extended Product Warranty Description
ExtendedProductWarrantyDescription
the fair value of the Warrants was determined using a Black Scholes model using parameters including (i) the exercise price of the warrant, (ii) the price of the underlying security, (iii) the time to expiration, or expected term, (iv) the expected volatility of the underlying security, (v) the risk-free rate, and (vi) estimated probability assumptions surrounding the achievement by the Company of technical milestones associated with regulatory and commercial progress.
CY2023Q1 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
2800000 usd
CY2023 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
13100000 usd
CY2024Q1 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
24900000 usd
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
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CY2023Q4 us-gaap Treasury Stock Common Shares
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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1
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P9Y4M2D
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1196000 usd
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19000 shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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0.83
CY2024Q1 uncy Share Based Compensation Arrangementby Share Based Payment Award Options Granted Weighted Average Remaining Contractual Term
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P9Y9M25D
CY2024Q1 uncy Share Based Compensation Arrangement By Share Based Payment Award Options Granted Intrinsic Value
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10000 usd
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CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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3.27
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1
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P9Y1M2D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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6006000 usd
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3038175 shares
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
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1.45
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P8Y6M29D
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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1516000 usd
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4500000 shares
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
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P2Y9M18D
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10000 shares
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7500 usd
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0.75
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3000 usd
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119000 usd
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776 shares
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2500 usd
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1900 usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
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CY2022Q2 us-gaap Weighted Average Number Of Shares Restricted Stock
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10000 shares
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7200 usd
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144000 usd
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522000 usd
CY2024Q1 uncy Annual Net Cash Flow From Operations Percentage
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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1.0648 pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0405 pure
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y3M
CY2023Q1 us-gaap Net Income Loss
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CY2024Q1 us-gaap Net Income Loss
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-20963000 usd
CY2023Q1 us-gaap Preferred Stock Dividends And Other Adjustments
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192000 usd
CY2024Q1 us-gaap Preferred Stock Dividends And Other Adjustments
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208000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-14767000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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-21171000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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15232406 shares
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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34912692 shares
CY2023Q1 us-gaap Earnings Per Share Basic
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-0.97
CY2024Q1 us-gaap Earnings Per Share Basic
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-0.61
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163121570 shares
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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176062865 shares
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
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false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
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false
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false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
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false
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CY2024Q1 uncy Issuance Of Series A2 Preferred Stock And Common Stock Upon Conversion Of Series A1 Preferr
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CY2024Q1 uncy Fair Value Of Warrants Issued In Connection With The Issuance Of Preferred Stock
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CY2023Q1 us-gaap Interest Paid Net
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Intrinsic Value
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CY2024Q1 uncy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Remaining Contractual Termin Years Warrants Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageRemainingContractualTerminYearsWarrantsGranted
CY2024Q1 uncy Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Warrants Granted
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueWarrantsGranted
usd
CY2024Q1 uncy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod
shares
CY2024Q1 uncy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Exercised In Period Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriodIntrinsicValue
CY2024Q1 uncy Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Weighted Average Remaining Contractual Termin Years Warrants Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsWeightedAverageRemainingContractualTerminYearsWarrantsExercised
CY2024Q1 uncy Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Warrants Exercised
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueWarrantsExercised
usd
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
shares
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
CY2024Q1 uncy Weighted Average Remaining Contractual Termin Years Options Forfeited
WeightedAverageRemainingContractualTerminYearsOptionsForfeited
CY2024Q1 uncy Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
pure
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
pure
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14767000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21171000 usd
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15232406 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.61
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.97
CY2024Q1 dei Amendment Flag
AmendmentFlag
false
CY2024Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2024Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2024Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001766140

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