2022 Q4 Form 10-Q Financial Statement

#000159075022000012 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3
Revenue $105.0K $1.195M
YoY Change -50.93% 474.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.854M $8.861M
YoY Change 42.79% 42.44%
% of Gross Profit
Research & Development $39.32M $22.12M
YoY Change 75.66% 172.37%
% of Gross Profit
Depreciation & Amortization $96.00K $62.00K
YoY Change 200.0% 106.67%
% of Gross Profit
Operating Expenses $49.17M $30.98M
YoY Change 67.85% 116.01%
Operating Profit -$29.79M
YoY Change 110.73%
Interest Expense $3.281M $200.0K
YoY Change 2330.37% 119.78%
% of Operating Profit
Other Income/Expense, Net $880.0K
YoY Change 867.03%
Pretax Income -$45.79M -$28.91M
YoY Change 58.17% 105.83%
Income Tax
% Of Pretax Income
Net Earnings -$45.79M -$28.91M
YoY Change 58.17% 105.83%
Net Earnings / Revenue -43604.76% -2418.83%
Basic Earnings Per Share -$0.86
Diluted Earnings Per Share -$1.13 -$0.86
COMMON SHARES
Basic Shares Outstanding 40.25M shares 28.46M shares
Diluted Shares Outstanding 33.74M shares

Balance Sheet

Concept 2022 Q4 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $424.6M $431.3M
YoY Change 115.55% 101.73%
Cash & Equivalents $155.6M $344.2M
Short-Term Investments $269.0M $87.11M
Other Short-Term Assets $6.521M $5.635M
YoY Change 137.39% 54.43%
Inventory
Prepaid Expenses
Receivables $102.0K $398.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $431.2M $437.4M
YoY Change 115.41% 100.68%
LONG-TERM ASSETS
Property, Plant & Equipment $1.326M $825.0K
YoY Change 253.6% 137.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $982.0K $1.153M
YoY Change -34.14% -20.86%
Total Long-Term Assets $3.918M $3.225M
YoY Change 10.49% -1.23%
TOTAL ASSETS
Total Short-Term Assets $431.2M $437.4M
Total Long-Term Assets $3.918M $3.225M
Total Assets $435.1M $440.6M
YoY Change 113.58% 99.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $14.23M $12.15M
YoY Change 511.16% 225.7%
Accrued Expenses $18.83M $12.77M
YoY Change 70.87% 23.78%
Deferred Revenue $288.0K $288.0K
YoY Change -0.35% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $33.35M $25.21M
YoY Change 144.57% 75.84%
LONG-TERM LIABILITIES
Long-Term Debt $4.645M $4.613M
YoY Change
Other Long-Term Liabilities $1.172M $813.0K
YoY Change -2.98% -64.26%
Total Long-Term Liabilities $1.172M $813.0K
YoY Change -2.98% -64.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $33.35M $25.21M
Total Long-Term Liabilities $1.172M $813.0K
Total Liabilities $40.03M $31.57M
YoY Change 150.28% 90.04%
SHAREHOLDERS EQUITY
Retained Earnings -$488.2M -$442.4M
YoY Change 36.25% 34.3%
Common Stock $414.0K $402.0K
YoY Change 73.22% 107.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $395.1M $409.0M
YoY Change
Total Liabilities & Shareholders Equity $435.1M $440.6M
YoY Change 113.58% 99.17%

Cashflow Statement

Concept 2022 Q4 2022 Q3
OPERATING ACTIVITIES
Net Income -$45.79M -$28.91M
YoY Change 58.17% 105.83%
Depreciation, Depletion And Amortization $96.00K $62.00K
YoY Change 200.0% 106.67%
Cash From Operating Activities -$34.04M -$20.67M
YoY Change 105.87% 74.05%
INVESTING ACTIVITIES
Capital Expenditures $231.0K -$95.00K
YoY Change -375.0% -48.65%
Acquisitions
YoY Change
Other Investing Activities -$180.4M $42.75M
YoY Change 125.11% 564.17%
Cash From Investing Activities -$180.6M $42.65M
YoY Change 125.16% 582.31%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 26.01M 290.9M
YoY Change 15202.35% 149.1%
NET CHANGE
Cash From Operating Activities -34.04M -20.67M
Cash From Investing Activities -180.6M 42.65M
Cash From Financing Activities 26.01M 290.9M
Net Change In Cash -188.6M 312.9M
YoY Change 95.32% 181.48%
FREE CASH FLOW
Cash From Operating Activities -$34.04M -$20.67M
Capital Expenditures $231.0K -$95.00K
Free Cash Flow -$34.27M -$20.57M
YoY Change 108.32% 75.99%

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us-gaap Net Cash Provided By Used In Financing Activities
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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 condensed 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 condensed 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>
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>
us-gaap Impairment Of Long Lived Assets Held For Use
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CY2022Q3 us-gaap Unrecognized Tax Benefits
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CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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CY2022Q3 us-gaap Available For Sale Securities Debt Securities
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CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
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6000 usd
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2021Q4 us-gaap Available For Sale Securities Debt Securities
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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us-gaap Debt Securities Available For Sale Realized Gain Loss
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4000 usd
CY2022Q3 us-gaap Debt Securities Available For Sale Term
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CY2022Q3 vrdn Accrued Outsourcing Clinicaland Preclinical Studies
AccruedOutsourcingClinicalandPreclinicalStudies
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6316000 usd
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CY2022Q3 vrdn Accrued Liabilityof Warrantson Temporary Equity
AccruedLiabilityofWarrantsonTemporaryEquity
100000 usd
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100000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
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300000 usd
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210000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
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12774000 usd
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11018000 usd
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200000 usd
us-gaap Interest Expense
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300000 usd
CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
vrdn Lessee Operating Lease Number Of Renewal Terms
LesseeOperatingLeaseNumberOfRenewalTerms
3 renewal_term
CY2022Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
1600000 usd
CY2021Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.06
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P12M
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
100000 usd
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
100000 usd
CY2020Q4 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.06
CY2022Q2 vrdn Area Of Office Space Expanded
AreaOfOfficeSpaceExpanded
2432 sqft
CY2022Q2 vrdn Area Of Office Space Terminated
AreaOfOfficeSpaceTerminated
1087 sqft
CY2022Q2 vrdn Area Of Office Space Extension
AreaOfOfficeSpaceExtension
3284 sqft
CY2022Q2 us-gaap Lessee Operating Lease Term Of Contract
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P4Y
CY2022Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P3Y
CY2022Q2 vrdn Operating Lease Annual Base Rent
OperatingLeaseAnnualBaseRent
400000 usd
CY2022Q3 vrdn Area Of Office Space Expanded
AreaOfOfficeSpaceExpanded
5240 sqft
CY2022Q3 vrdn Area Of Office Space Terminated
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1087 sqft
CY2022Q3 vrdn Area Of Office Space Extension
AreaOfOfficeSpaceExtension
3284 sqft
CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P4Y
CY2022Q3 vrdn Operating Lease Annual Base Rent
OperatingLeaseAnnualBaseRent
900000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
152000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
625000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
640000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1417000 usd
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
170000 usd
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
1247000 usd
CY2022Q3 us-gaap Operating Lease Liability Current
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600000 usd
CY2022Q3 us-gaap Operating Lease Liability Noncurrent
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800000 usd
CY2022Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
400000 usd
CY2021Q3 us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000 usd
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
100000 usd
CY2022Q3 vrdn Operating Leases Operating Expense
OperatingLeasesOperatingExpense
83000 usd
vrdn Operating Leases Operating Expense
OperatingLeasesOperatingExpense
200000 usd
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
363963 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
15.82
CY2021Q3 vrdn Operating Leases Operating Expense
OperatingLeasesOperatingExpense
35000 usd
vrdn Operating Leases Operating Expense
OperatingLeasesOperatingExpense
100000 usd
CY2022Q3 vrdn Capital Stock Shares Authorized
CapitalStockSharesAuthorized
205000000 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2022Q3 vrdn Common Stock Voteper Share
CommonStockVoteperShare
1 vote
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2022Q3 vrdn Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Net
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsNet
363963 shares
CY2021Q4 vrdn Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Net
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsNet
420629 shares
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
15.82
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
420629 shares
CY2021Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
16.00
vrdn Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
56666 shares
vrdn Class Of Warrant Or Right Exercised In Period Weighted Average Grant Date Fair Value
ClassOfWarrantOrRightExercisedInPeriodWeightedAverageGrantDateFairValue
16.50
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3982000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5433211 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3998361 shares
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4943000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14487000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
10974000 usd
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
53000000.0 usd
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M29D
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21770705 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
26774099 shares

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