2024 Q2 Form 10-Q Financial Statement

#000162828024020299 Filed on May 03, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $3.075M $56.38M
YoY Change -19.02% -10.45%
Cost Of Revenue $52.00K $59.00K
YoY Change 136.36% -96.91%
Gross Profit $3.023M $56.32M
YoY Change -19.92% -7.75%
Gross Profit Margin 98.31% 99.9%
Selling, General & Admin $30.27M $36.27M
YoY Change -35.74% -22.46%
% of Gross Profit 1001.16% 64.41%
Research & Development $105.1M $100.1M
YoY Change -38.84% -36.49%
% of Gross Profit 3477.11% 177.79%
Depreciation & Amortization $4.200M $4.517M
YoY Change -8.7% -17.87%
% of Gross Profit 138.93% 8.02%
Operating Expenses $135.4M $136.4M
YoY Change -38.17% -33.28%
Operating Profit -$158.6M -$80.08M
YoY Change -26.28% -44.14%
Interest Expense $19.28M $15.37M
YoY Change 7.5% 87.32%
% of Operating Profit
Other Income/Expense, Net $18.74M $15.08M
YoY Change 6.7% 8140.98%
Pretax Income -$139.9M -$65.00M
YoY Change -29.21% -54.61%
Income Tax -$1.512M $276.0K
% Of Pretax Income
Net Earnings -$138.4M -$65.28M
YoY Change -28.95% -53.69%
Net Earnings / Revenue -4500.1% -115.79%
Basic Earnings Per Share -$1.02 -$0.48
Diluted Earnings Per Share -$1.02 -$0.48
COMMON SHARES
Basic Shares Outstanding 136.1M shares 135.0M shares
Diluted Shares Outstanding 136.2M shares 135.3M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.151B $1.150B
YoY Change -37.69% -48.9%
Cash & Equivalents $296.9M $160.7M
Short-Term Investments $854.2M $989.1M
Other Short-Term Assets $1.000M $4.100M
YoY Change -92.31% -77.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.206B $1.213B
YoY Change -38.05% -48.57%
LONG-TERM ASSETS
Property, Plant & Equipment $66.06M $92.48M
YoY Change -36.55% -10.87%
Goodwill $16.94M $16.94M
YoY Change 0.0% 0.0%
Intangibles $18.90M $22.47M
YoY Change -26.15% -31.14%
Long-Term Investments $280.0M $359.7M
YoY Change 434.76% 631.34%
Other Assets $19.66M $18.92M
YoY Change -16.69% -18.76%
Total Long-Term Assets $463.8M $580.9M
YoY Change 55.88% 89.02%
TOTAL ASSETS
Total Short-Term Assets $1.206B $1.213B
Total Long-Term Assets $463.8M $580.9M
Total Assets $1.670B $1.794B
YoY Change -25.59% -32.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.389M $7.114M
YoY Change -64.5% -41.44%
Accrued Expenses $75.32M $72.26M
YoY Change -61.88% -84.15%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $96.41M $94.07M
YoY Change -57.27% -80.62%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.86M $14.24M
YoY Change 14.56% 72.9%
Total Long-Term Liabilities $13.86M $14.24M
YoY Change 14.56% 72.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.41M $94.07M
Total Long-Term Liabilities $13.86M $14.24M
Total Liabilities $235.9M $246.6M
YoY Change -45.61% -64.52%
SHAREHOLDERS EQUITY
Retained Earnings -$441.5M -$303.1M
YoY Change -1162.22% -228.25%
Common Stock $14.00K $14.00K
YoY Change 7.69% 7.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.434B $1.547B
YoY Change
Total Liabilities & Shareholders Equity $1.670B $1.794B
YoY Change -25.59% -32.71%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$138.4M -$65.28M
YoY Change -28.95% -53.69%
Depreciation, Depletion And Amortization $4.200M $4.517M
YoY Change -8.7% -17.87%
Cash From Operating Activities -$77.85M -$109.4M
YoY Change -80.0% -13.03%
INVESTING ACTIVITIES
Capital Expenditures $666.0K $1.872M
YoY Change -92.96% -72.74%
Acquisitions
YoY Change
Other Investing Activities $212.3M $30.29M
YoY Change -11.47% -71.14%
Cash From Investing Activities $211.6M $28.42M
YoY Change -8.12% -71.02%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.942M $152.0K
YoY Change -7.46% -93.52%
NET CHANGE
Cash From Operating Activities -77.85M -$109.4M
Cash From Investing Activities 211.6M $28.42M
Cash From Financing Activities 2.942M $152.0K
Net Change In Cash 136.7M -$80.82M
YoY Change -187.77% 218.7%
FREE CASH FLOW
Cash From Operating Activities -$77.85M -$109.4M
Capital Expenditures $666.0K $1.872M
Free Cash Flow -$78.51M -$111.3M
YoY Change -80.31% -16.12%

Facts In Submission

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ProceedsFromMinorityShareholders
0 usd
CY2023Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
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CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
152000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2344000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-80818000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-25359000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
261292000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
867968000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
180474000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
842609000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
160711000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
824913000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
13335000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
10957000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
6428000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
6739000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
180474000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
842609000 usd
CY2024Q1 vir Number Of Technology Platforms
NumberOfTechnologyPlatforms
2 platform
CY2023Q4 vir Sale Of Stock Consideration Aggregate Offering Price
SaleOfStockConsiderationAggregateOfferingPrice
300000000 usd
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1510000000 usd
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:12pt;text-align:justify"><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-top:6pt;text-align:justify;text-indent:36pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors and adjusts those estimates and assumptions when facts and circumstances dictate. Actual results could materially differ from those estimates.</span></div>
CY2024Q1 vir Financial Assets Amortized Cost Basis
FinancialAssetsAmortizedCostBasis
1489611000 usd
CY2024Q1 vir Financial Assets Gross Unrealized Holding Gains
FinancialAssetsGrossUnrealizedHoldingGains
247000 usd
CY2024Q1 vir Financial Assets Gross Unrealized Holding Losses
FinancialAssetsGrossUnrealizedHoldingLosses
746000 usd
CY2024Q1 vir Financial Assets Fair Value
FinancialAssetsFairValue
1493039000 usd
CY2023Q4 vir Financial Assets Amortized Cost Basis
FinancialAssetsAmortizedCostBasis
1621500000 usd
CY2023Q4 vir Financial Assets Gross Unrealized Holding Gains
FinancialAssetsGrossUnrealizedHoldingGains
1044000 usd
CY2023Q4 vir Financial Assets Gross Unrealized Holding Losses
FinancialAssetsGrossUnrealizedHoldingLosses
130000 usd
CY2023Q4 vir Financial Assets Fair Value
FinancialAssetsFairValue
1632267000 usd
CY2024Q1 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
0 usd
CY2023Q1 us-gaap Financing Receivable Accrued Interest Writeoff
FinancingReceivableAccruedInterestWriteoff
0 usd
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
-500000 usd
CY2023 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
900000 usd
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
4100000 usd
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
7600000 usd
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
130622000 usd
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
129914000 usd
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
38145000 usd
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
33896000 usd
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
92477000 usd
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
96018000 usd
CY2024Q1 us-gaap Depreciation
Depreciation
4400000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
5500000 usd
CY2024Q1 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
27314000 usd
CY2023Q4 vir Research And Development Expenses Current
ResearchAndDevelopmentExpensesCurrent
33129000 usd
CY2024Q1 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
17508000 usd
CY2023Q4 vir Payroll And Related Expenses Current
PayrollAndRelatedExpensesCurrent
41322000 usd
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
11913000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
12867000 usd
CY2024Q1 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
7603000 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.892
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.893
CY2023Q4 vir Excess Funds Payable Under Grant Agreements Current
ExcessFundsPayableUnderGrantAgreementsCurrent
9202000 usd
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3492000 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3418000 usd
CY2024Q1 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
1112000 usd
CY2023Q4 us-gaap Accrued Royalties Current
AccruedRoyaltiesCurrent
816000 usd
CY2024Q1 vir Profit Share Amount
ProfitShareAmount
287000 usd
CY2023Q4 vir Profit Share Amount
ProfitShareAmount
0 usd
CY2024Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
146000 usd
CY2023Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
149000 usd
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2885000 usd
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3317000 usd
CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
72260000 usd
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
104220000 usd
CY2023Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
75 position
CY2023Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.12
CY2023 us-gaap Severance Costs1
SeveranceCosts1
5900000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
4500000 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7700000 usd
CY2023 us-gaap Asset Impairment Charges
AssetImpairmentCharges
7700000 usd
CY2024Q1 vir Number Of Directors On Brii Bio Parents Board
NumberOfDirectorsOnBriiBioParentsBoard
1 director
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y1M6D
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16540696 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
1.007
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.012
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.043
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMinimum
0.034
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRateMaximum
0.041
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23757000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
25481000 usd
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-65276000 usd
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-140900000 usd
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
135280648 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
135280648 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
133552839 shares
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
133552839 shares
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.48
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.48
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.06
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.06
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12167833 shares
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-65000000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-143188000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
276000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2232000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.004
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.016
CY2024Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13900000 usd
CY2023Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
13600000 usd

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