2021 Q4 Form 10-K Financial Statement

#000159075022000004 Filed on March 11, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q1 2021
Revenue $214.0K $1.451M $2.963M
YoY Change 328.0% 75.24% 182.19%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.901M $6.160M $25.81M
YoY Change 24.57% 126.47% 94.46%
% of Gross Profit
Research & Development $22.38M $13.81M $56.89M
YoY Change 46.96% 126.22% 100.98%
% of Gross Profit
Depreciation & Amortization $32.00K $33.00K $100.0K
YoY Change -36.0% -51.47% -50.0%
% of Gross Profit
Operating Expenses $29.30M $19.97M $82.69M
YoY Change 41.11% 126.22% -25.79%
Operating Profit -$18.52M -$79.73M
YoY Change 131.5% -27.77%
Interest Expense $135.0K $60.00K $315.0K
YoY Change -196.43% -220.0% -192.65%
% of Operating Profit
Other Income/Expense, Net $55.00K $318.0K
YoY Change -42.11% 83.82%
Pretax Income -$28.95M -$18.46M -$79.41M
YoY Change -68.1% 129.6% -28.28%
Income Tax
% Of Pretax Income
Net Earnings -$28.95M -$18.46M -$79.41M
YoY Change -68.1% 129.49% -28.27%
Net Earnings / Revenue -13526.17% -1272.23% -2680.16%
Basic Earnings Per Share -$2.91 -$6.66
Diluted Earnings Per Share -$1.303M -$2.91 -$6.66
COMMON SHARES
Basic Shares Outstanding 21.72M shares 6.336M shares 11.92M shares
Diluted Shares Outstanding 6.336M shares 11.92M shares

Balance Sheet

Concept 2021 Q4 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $197.0M $117.1M $197.0M
YoY Change 54.36% 224.38% 54.36%
Cash & Equivalents $42.30M $46.49M $42.30M
Short-Term Investments $154.7M $70.60M $154.7M
Other Short-Term Assets $2.747M $3.100M $2.747M
YoY Change 37.35% 40.91% 37.35%
Inventory
Prepaid Expenses
Receivables $451.0K $1.400M $451.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $200.2M $121.5M $200.2M
YoY Change 54.43% 216.98% 54.45%
LONG-TERM ASSETS
Property, Plant & Equipment $375.0K $148.0K $2.055M
YoY Change 21.36% -66.59% 156.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.491M $1.000K $1.491M
YoY Change 149000.0% 65.67%
Total Long-Term Assets $3.546M $1.298M $3.546M
YoY Change 115.69% 83.07% 108.59%
TOTAL ASSETS
Total Short-Term Assets $200.2M $121.5M $200.2M
Total Long-Term Assets $3.546M $1.298M $3.546M
Total Assets $203.7M $122.8M $203.7M
YoY Change 55.2% 214.55% 55.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.329M $3.384M $2.329M
YoY Change 247.61% 107.73% 232.71%
Accrued Expenses $11.02M $12.76M $11.02M
YoY Change 13.55% 317.81% 13.59%
Deferred Revenue $289.0K $288.0K
YoY Change -3.99%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.64M $16.44M $13.64M
YoY Change 27.75% 89.77% 27.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.208M $33.00K $2.357M
YoY Change 2709.3% 371.4%
Total Long-Term Liabilities $1.208M $33.00K $2.357M
YoY Change 2709.3% -99.03% 371.4%
TOTAL LIABILITIES
Total Short-Term Liabilities $13.64M $16.44M $13.64M
Total Long-Term Liabilities $1.208M $33.00K $2.357M
Total Liabilities $15.99M $16.83M $15.99M
YoY Change 42.57% 39.7% 42.79%
SHAREHOLDERS EQUITY
Retained Earnings -$358.3M -$297.3M
YoY Change 28.47% 68.73%
Common Stock $239.0K $72.00K
YoY Change 469.05% -86.44%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.7M $106.0M $187.7M
YoY Change
Total Liabilities & Shareholders Equity $203.7M $122.8M $203.7M
YoY Change 55.2% 214.55% 55.15%

Cashflow Statement

Concept 2021 Q4 2021 Q1 2021
OPERATING ACTIVITIES
Net Income -$28.95M -$18.46M -$79.41M
YoY Change -68.1% 129.49% -28.27%
Depreciation, Depletion And Amortization $32.00K $33.00K $100.0K
YoY Change -36.0% -51.47% -50.0%
Cash From Operating Activities -$16.54M -$11.54M -$54.58M
YoY Change 75.17% 36.41% 83.29%
INVESTING ACTIVITIES
Capital Expenditures -$84.00K $15.00K $338.0K
YoY Change -940.0% 704.76%
Acquisitions
YoY Change
Other Investing Activities -$80.13M $10.89M $0.00
YoY Change 52.8% 444.5% -100.0%
Cash From Investing Activities -$80.21M $10.87M -$74.29M
YoY Change 52.98% 443.33% 47.17%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $114.2M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.0K $1.259M $125.3M
YoY Change -99.78% -92.89% 23.65%
NET CHANGE
Cash From Operating Activities -16.54M -$11.54M -$54.58M
Cash From Investing Activities -80.21M $10.87M -$74.29M
Cash From Financing Activities 170.0K $1.259M $125.3M
Net Change In Cash -96.58M $592.0K -$3.598M
YoY Change -710.85% -94.74% -117.09%
FREE CASH FLOW
Cash From Operating Activities -$16.54M -$11.54M -$54.58M
Capital Expenditures -$84.00K $15.00K $338.0K
Free Cash Flow -$16.45M -$11.55M -$54.92M
YoY Change 74.1% 36.59% 84.16%

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1380000 USD
CY2020 us-gaap Increase Decrease In Accrued Liabilities
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5012000 USD
CY2021 vrdn Increase Decrease In Unbilled Revenue
IncreaseDecreaseInUnbilledRevenue
451000 USD
CY2020 vrdn Increase Decrease In Unbilled Revenue
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0 USD
CY2021 us-gaap Increase Decrease In Contract With Customer Liability
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636000 USD
CY2020 us-gaap Increase Decrease In Contract With Customer Liability
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2000000 USD
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0 USD
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0 USD
CY2020 us-gaap Repayments Of Notes Payable
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10293000 USD
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0 USD
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CY2020 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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42299000 USD
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45897000 USD
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267000 USD
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4000 USD
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0 USD
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87000 USD
CY2020 vrdn Amortization Of Stock Issuance Costs
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32000 USD
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197000000 USD
CY2021 us-gaap Use Of Estimates
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<div style="margin-bottom: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-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s consolidated financial statements are prepared in accordance with U.S. GAAP, which requires it to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual for clinical trial costs and other outsourced research and development expenses, and the valuation of share-based awards. Although these estimates are based on the Company’s knowledge of current events and actions it may take in the future, actual results may ultimately differ from these estimates and assumptions.</span></div>
CY2019 vrdn Restructuring And Related Cost Number Of Plan Phases
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2 plan_phase
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CY2021 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentrations of Credit Risk</span></div><div style="margin-bottom:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, which include short-term investments that have maturities of less than three months. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts. The Company invests its excess cash primarily in deposits and money market funds held with one financial institution.</span></div>
CY2021 us-gaap Impairment Of Long Lived Assets Held For Use
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0 USD
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0 USD
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0 USD
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0 USD
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0 USD
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1 segment
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127710000 USD
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197022000 USD
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6000 USD
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163000 USD
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0 USD
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8000 USD
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4000 USD
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0 USD
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2151000 USD
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3752000 USD
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100000 USD
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100000 USD
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200000 USD
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6316000 USD
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5400000 USD
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100000 USD
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100000 USD
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0 USD
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9703000 USD
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1600000 USD
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200000 USD
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100000 USD
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420629 shares
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498500 shares
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15.91
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498500 shares
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16.00
CY2021 vrdn Class Of Warrant Or Right Exercised In Period
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16.50
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CY2021 us-gaap Allocated Share Based Compensation Expense
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P3Y2M1D
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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23010000 shares
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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0.158
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
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0.000
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
-0.129
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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-0.009
CY2021 vrdn Effective Income Tax Rate Reconciliation Section382 Limit Percent
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0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
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0
CY2020 vrdn Effective Income Tax Rate Reconciliation Section382 Limit Percent
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-0.249
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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-0.023
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
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0.002
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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40992000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
22622000 USD
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1686000 USD
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494000 USD
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3055000 USD
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2037000 USD
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3123000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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1571000 USD
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5013000 USD
CY2020Q4 vrdn Deferred Tax Assets Tax Deferred Expense Startup Costs
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2467000 USD
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53869000 USD
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29191000 USD
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53430000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
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29073000 USD
CY2021Q4 us-gaap Deferred Tax Assets Net
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439000 USD
CY2020Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
118000 USD
CY2021Q4 vrdn Deferred Tax Liabilities Operating Lease Right Of Use Asset
DeferredTaxLiabilitiesOperatingLeaseRightOfUseAsset
439000 USD
CY2020Q4 vrdn Deferred Tax Liabilities Operating Lease Right Of Use Asset
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118000 USD
CY2021Q4 us-gaap Deferred Income Tax Liabilities
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439000 USD
CY2020Q4 us-gaap Deferred Income Tax Liabilities
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118000 USD
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 USD
CY2020Q4 us-gaap Deferred Tax Assets Liabilities Net
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0 USD
CY2020 vrdn Tax Credit Carryforward Limitations On Use Amount
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59000000 USD
CY2020 vrdn Tax Credit Carryforward Limitations On Use Amount
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59000000 USD
CY2020 vrdn Tax Credit Carryforward Write Off
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15300000 USD
CY2021Q4 vrdn Deferred Tax Assets Net Before Valuation Allowance
DeferredTaxAssetsNetBeforeValuationAllowance
53400000 USD
CY2020Q4 vrdn Deferred Tax Assets Net Before Valuation Allowance
DeferredTaxAssetsNetBeforeValuationAllowance
29100000 USD
CY2020 vrdn Deferred Tax Asset Valuation Allowance Percent
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1
CY2021 vrdn Deferred Tax Asset Valuation Allowance Percent
DeferredTaxAssetValuationAllowancePercent
1
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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24400000 USD
CY2020 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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17200000 USD
CY2020Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
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0 USD
CY2021Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
0 USD

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