2024 Q3 Form 10-Q Financial Statement

#000159075024000019 Filed on August 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q4
Revenue $86.00K $72.00K $72.00K
YoY Change 19.44% 0.0% -31.43%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $14.41M $16.07M $32.99M
YoY Change -31.1% -16.6% 234.82%
% of Gross Profit
Research & Development $69.16M $56.19M $38.56M
YoY Change 127.61% 40.19% -1.93%
% of Gross Profit
Depreciation & Amortization $130.0K $142.0K $150.0K
YoY Change 0.0% 7.58% 56.25%
% of Gross Profit
Operating Expenses $83.57M $72.26M $71.55M
YoY Change 62.91% 21.76% 45.51%
Operating Profit -$83.48M -$72.19M
YoY Change 62.97% 21.78%
Interest Expense $6.791M $7.194M $4.618M
YoY Change 90.76% 3497.0% 40.75%
% of Operating Profit
Other Income/Expense, Net $6.791M $7.194M
YoY Change 90.54% 70.8%
Pretax Income -$76.69M -$64.99M -$66.86M
YoY Change 60.91% 18.03% 46.03%
Income Tax
% Of Pretax Income
Net Earnings -$76.69M -$64.99M -$66.86M
YoY Change 60.91% 18.03% 46.03%
Net Earnings / Revenue -89173.26% -90268.06% -92861.11%
Basic Earnings Per Share -$1.15 -$1.02
Diluted Earnings Per Share -$1.15 -$1.02 -$1.34
COMMON SHARES
Basic Shares Outstanding 63.89M shares 63.82M shares 52.59M shares
Diluted Shares Outstanding 66.42M shares 63.85M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $753.2M $571.4M $477.4M
YoY Change 140.65% 70.92% 12.44%
Cash & Equivalents $200.3M $107.7M $102.8M
Short-Term Investments $552.9M $463.7M $374.5M
Other Short-Term Assets $14.10M $10.30M $9.006M
YoY Change 31.8% -13.74% 38.11%
Inventory
Prepaid Expenses
Receivables $14.00K $0.00 $102.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $767.4M $581.7M $486.5M
YoY Change 136.96% 67.95% 12.83%
LONG-TERM ASSETS
Property, Plant & Equipment $1.290M $1.514M $1.672M
YoY Change -28.33% -19.55% 26.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $853.0K $659.0K $604.0K
YoY Change -32.46% -44.34% -38.49%
Total Long-Term Assets $4.543M $3.999M $3.946M
YoY Change -7.63% -22.14% 0.71%
TOTAL ASSETS
Total Short-Term Assets $767.4M $581.7M $486.5M
Total Long-Term Assets $4.543M $3.999M $3.946M
Total Assets $771.9M $585.7M $490.4M
YoY Change 134.79% 66.63% 12.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.338M $3.140M $2.239M
YoY Change 69.69% -24.03% -84.27%
Accrued Expenses $34.74M $30.37M $24.11M
YoY Change 80.7% 25.31% 28.05%
Deferred Revenue $288.0K $288.0K $288.0K
YoY Change 0.0% 0.0% 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.964M $0.00
YoY Change
Total Short-Term Liabilities $41.36M $36.76M $26.64M
YoY Change 77.93% 28.28% -20.13%
LONG-TERM LIABILITIES
Long-Term Debt $20.52M $17.49M $20.21M
YoY Change 2.62% 271.35% 334.98%
Other Long-Term Liabilities $2.161M $1.648M $989.0K
YoY Change 67.65% 7.92% -15.61%
Total Long-Term Liabilities $22.68M $19.14M $989.0K
YoY Change 1659.81% 1153.11% -15.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $41.36M $36.76M $26.64M
Total Long-Term Liabilities $22.68M $19.14M $989.0K
Total Liabilities $64.40M $56.33M $48.40M
YoY Change 42.55% 58.17% 20.92%
SHAREHOLDERS EQUITY
Retained Earnings -$916.1M -$839.4M -$725.9M
YoY Change 39.01% 37.29% 48.69%
Common Stock $792.0K $639.0K $540.0K
YoY Change 81.24% 46.56% 30.43%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $707.5M $529.3M $442.0M
YoY Change
Total Liabilities & Shareholders Equity $771.9M $585.7M $490.4M
YoY Change 134.79% 66.63% 12.72%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q4
OPERATING ACTIVITIES
Net Income -$76.69M -$64.99M -$66.86M
YoY Change 60.91% 18.03% 46.03%
Depreciation, Depletion And Amortization $130.0K $142.0K $150.0K
YoY Change 0.0% 7.58% 56.25%
Cash From Operating Activities -$67.71M -$46.06M -$38.00M
YoY Change 73.69% 1.87% 11.63%
INVESTING ACTIVITIES
Capital Expenditures $293.0K $104.0K $48.00K
YoY Change -26.75% -68.58% -79.22%
Acquisitions
YoY Change
Other Investing Activities -$84.37M $62.08M -$169.7M
YoY Change -274.15% 51.25% -5.94%
Cash From Investing Activities -$84.67M $61.98M -$169.7M
YoY Change -276.24% 52.23% -6.03%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 245.0M 108.0K 198.9M
YoY Change 1484.88% -96.48% 664.75%
NET CHANGE
Cash From Operating Activities -67.71M -46.06M -38.00M
Cash From Investing Activities -84.67M 61.98M -169.7M
Cash From Financing Activities 245.0M 108.0K 198.9M
Net Change In Cash 92.65M 16.03M -8.770M
YoY Change 277.85% -1218.35% -95.35%
FREE CASH FLOW
Cash From Operating Activities -$67.71M -$46.06M -$38.00M
Capital Expenditures $293.0K $104.0K $48.00K
Free Cash Flow -$68.00M -$46.16M -$38.05M
YoY Change 72.67% 1.35% 11.01%

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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, including manufacturing activities, 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>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. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.
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