2024 Q1 Form 10-K Financial Statement

#000143774924007865 Filed on March 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.181M $3.245M $7.379M
YoY Change 223.11% 14650.0% 6796.26%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.238M $5.440M $22.58M
YoY Change 9.25% -15.62% -23.15%
% of Gross Profit
Research & Development $19.01M $14.71M $68.14M
YoY Change -3.1% -28.12% -15.93%
% of Gross Profit
Depreciation & Amortization $900.0K $2.334M $8.624M
YoY Change -56.35% 23.49% 338.43%
% of Gross Profit
Operating Expenses $26.25M $20.15M $90.73M
YoY Change 0.02% -25.13% -20.9%
Operating Profit -$24.07M -$83.35M
YoY Change -5.87% -27.26%
Interest Expense $503.0K -$301.0K $1.143M
YoY Change -21.65% -150.76% -8.34%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$24.37M -$17.20M -$82.20M
YoY Change -2.94% -28.04% -23.67%
Income Tax $45.00K $174.0K $261.0K
% Of Pretax Income
Net Earnings -$24.42M -$17.38M -$82.47M
YoY Change -2.88% -27.36% -23.47%
Net Earnings / Revenue -1119.53% -535.44% -1117.56%
Basic Earnings Per Share -$0.14 -$0.57
Diluted Earnings Per Share -$0.14 -$0.12 -$0.57
COMMON SHARES
Basic Shares Outstanding 173.9M 152.0M 144.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.66M $39.71M $39.71M
YoY Change -48.94% -58.51% -58.51%
Cash & Equivalents $26.74M $31.40M $31.40M
Short-Term Investments $14.88M $4.958M $4.958M
Other Short-Term Assets $2.105M $2.815M $2.815M
YoY Change -43.94% -24.21% -24.21%
Inventory
Prepaid Expenses
Receivables $556.0K $3.008M
Other Receivables $0.00
Total Short-Term Assets $44.28M $45.54M $45.54M
YoY Change -41.6% -54.21% -54.21%
LONG-TERM ASSETS
Property, Plant & Equipment $11.10M $36.57M $36.57M
YoY Change -22.76% 134.66% -11.45%
Goodwill $4.508M $4.508M
YoY Change 0.0% 0.18%
Intangibles $4.106M $4.289M
YoY Change -15.11% -14.56%
Long-Term Investments
YoY Change
Other Assets $917.0K $926.0K $926.0K
YoY Change -62.72% -74.05% -74.05%
Total Long-Term Assets $44.39M $46.29M $46.29M
YoY Change -17.84% -14.89% -14.89%
TOTAL ASSETS
Total Short-Term Assets $44.28M $45.54M $45.54M
Total Long-Term Assets $44.39M $46.29M $46.29M
Total Assets $88.67M $91.83M $91.83M
YoY Change -31.71% -40.31% -40.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.978M $1.584M $1.584M
YoY Change 2.47% -71.27% -71.27%
Accrued Expenses $4.980M $7.802M $7.802M
YoY Change -28.62% -3.49% -7.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.360M $3.803M $3.803M
YoY Change 162.22% 3703.0% 3703.0%
Total Short-Term Liabilities $14.12M $13.72M $13.72M
YoY Change -9.99% -23.42% -23.42%
LONG-TERM LIABILITIES
Long-Term Debt $1.863M $2.623M $2.623M
YoY Change
Other Long-Term Liabilities $309.0K $17.68M $17.68M
YoY Change 25.61% 7552.81% -30.21%
Total Long-Term Liabilities $309.0K $20.30M $20.30M
YoY Change 25.61% 8688.31% -19.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.12M $13.72M $13.72M
Total Long-Term Liabilities $309.0K $20.30M $20.30M
Total Liabilities $32.98M $34.03M $34.03M
YoY Change -17.75% -21.33% -21.33%
SHAREHOLDERS EQUITY
Retained Earnings -$434.0M -$409.6M
YoY Change 23.21% 25.21%
Common Stock $490.2M $467.7M
YoY Change 10.89% 6.79%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $55.69M $57.81M $57.81M
YoY Change
Total Liabilities & Shareholders Equity $88.67M $91.83M $91.83M
YoY Change -31.71% -40.31% -40.31%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$24.42M -$17.38M -$82.47M
YoY Change -2.88% -27.36% -23.47%
Depreciation, Depletion And Amortization $900.0K $2.334M $8.624M
YoY Change -56.35% 23.49% 338.43%
Cash From Operating Activities -$21.19M -$13.52M -$70.45M
YoY Change -13.36% -53.61% -25.68%
INVESTING ACTIVITIES
Capital Expenditures $131.0K -$109.0K $1.871M
YoY Change -89.43% -90.41% -80.51%
Acquisitions
YoY Change
Other Investing Activities -$4.893M $15.00M $45.82M
YoY Change -118.33% 2.31% -523.74%
Cash From Investing Activities -$5.024M $15.10M $43.95M
YoY Change -119.73% -4.42% -315.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $15.61M
YoY Change -9.44%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $18.20M -67.00K 15.24M
YoY Change 1181.34% -100.78% -12.71%
NET CHANGE
Cash From Operating Activities -$21.19M -13.52M -70.45M
Cash From Investing Activities -$5.024M 15.10M 43.95M
Cash From Financing Activities $18.20M -67.00K 15.24M
Net Change In Cash -$8.020M 1.512M -11.26M
YoY Change -431.27% -131.8% -88.48%
FREE CASH FLOW
Cash From Operating Activities -$21.19M -$13.52M -$70.45M
Capital Expenditures $131.0K -$109.0K $1.871M
Free Cash Flow -$21.32M -$13.41M -$72.32M
YoY Change -17.03% -52.12% -30.72%

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CY2022 vxrt Gain Loss On Merger
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CY2022 vxrt Noncash Revenue Related To Sale Of Future Royalties
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<p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"><b>Use of Estimates</b> – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities (including accrued clinical and manufacturing accruals described within this <a href="#Note_2_Accrued_Clinical" style="-sec-extract:exhibit;">Note <em style="font: inherit;">2</em></a>), revenues and expenses and disclosure of contingent assets and liabilities in the consolidated financial statements and accompanying notes. Actual results and outcomes could differ from these estimates and assumptions.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p>
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt;"><b>Concentration of Credit Risk</b> – Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of cash, cash equivalents, restricted cash, available-for-sale investments and accounts receivable. The Company places its cash, cash equivalents, restricted cash and available-for-sale investments at financial institutions that management believes are of high credit quality. The Company is exposed to credit risk in the event of default by the financial institutions holding the cash, cash equivalents and restricted cash to the extent such amounts are in excess of the federally insured limits. Losses incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows.</p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt;">The primary focus of the Company’s investment strategy is to preserve capital and meet liquidity requirements. The Company’s investment policy addresses the level of credit exposure by limiting the concentration in any <em style="font: inherit;">one</em> corporate issuer or sector and establishing a minimum allowable credit rating.</p> <p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin: 0pt; text-align: left"> </p>
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