2020 Q1 Form 10-Q Financial Statement
#000156459020023860 Filed on May 11, 2020
Income Statement
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| Revenue | $4.160M | $3.026M | $3.620M |
| YoY Change | 37.48% | 112.8% | 115.99% |
| Cost Of Revenue | |||
| YoY Change | |||
| Gross Profit | |||
| YoY Change | |||
| Gross Profit Margin | |||
| Selling, General & Admin | $13.00M | $10.90M | $12.75M |
| YoY Change | 19.27% | 36.25% | 85.05% |
| % of Gross Profit | |||
| Research & Development | $41.16M | $40.11M | $39.81M |
| YoY Change | 2.61% | 37.36% | 56.92% |
| % of Gross Profit | |||
| Depreciation & Amortization | $2.039M | $1.783M | $1.710M |
| YoY Change | 14.36% | 51.74% | 92.13% |
| % of Gross Profit | |||
| Operating Expenses | $54.15M | $51.01M | $52.56M |
| YoY Change | 6.16% | 37.15% | 62.96% |
| Operating Profit | -$49.99M | -$47.99M | -$48.94M |
| YoY Change | 4.18% | 34.14% | 57.08% |
| Interest Expense | $390.0K | $1.420M | $1.010M |
| YoY Change | -72.54% | 20185.71% | 248.28% |
| % of Operating Profit | |||
| Other Income/Expense, Net | $2.120M | $3.788M | $9.940M |
| YoY Change | -44.03% | 436.54% | -8383.33% |
| Pretax Income | -$47.49M | -$44.20M | -$37.99M |
| YoY Change | 7.44% | 26.04% | 22.59% |
| Income Tax | $0.00 | $0.00 | -$100.0K |
| % Of Pretax Income | |||
| Net Earnings | -$47.49M | -$44.20M | -$37.89M |
| YoY Change | 7.45% | 25.42% | 23.04% |
| Net Earnings / Revenue | -1141.66% | -1460.67% | -1046.6% |
| Basic Earnings Per Share | |||
| Diluted Earnings Per Share | -$1.378M | -$1.356M | -$1.286M |
| COMMON SHARES | |||
| Basic Shares Outstanding | 34.54M | 34.19M | |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| SHORT-TERM ASSETS | |||
| Cash & Short-Term Investments | $120.9M | $287.6M | $174.8M |
| YoY Change | -57.96% | 160.27% | 22.67% |
| Cash & Equivalents | $120.9M | $291.2M | $174.8M |
| Short-Term Investments | |||
| Other Short-Term Assets | $18.84M | $17.50M | $10.87M |
| YoY Change | 7.67% | 133.33% | 55.24% |
| Inventory | |||
| Prepaid Expenses | $9.999M | $6.587M | |
| Receivables | $0.00 | $10.00M | $10.00M |
| Other Receivables | $18.70M | $0.00 | $0.00 |
| Total Short-Term Assets | $149.8M | $315.0M | $202.3M |
| YoY Change | -52.44% | 167.04% | 34.41% |
| LONG-TERM ASSETS | |||
| Property, Plant & Equipment | $52.60M | $59.30M | $39.93M |
| YoY Change | -11.3% | 106.06% | 46.09% |
| Goodwill | |||
| YoY Change | |||
| Intangibles | |||
| YoY Change | |||
| Long-Term Investments | |||
| YoY Change | |||
| Other Assets | $6.100M | $6.300M | $3.700M |
| YoY Change | -3.17% | 70.27% | -7.5% |
| Total Long-Term Assets | $88.80M | $115.6M | $93.67M |
| YoY Change | -23.18% | 256.13% | 198.73% |
| TOTAL ASSETS | |||
| Total Short-Term Assets | $149.8M | $315.0M | $202.3M |
| Total Long-Term Assets | $88.80M | $115.6M | $93.67M |
| Total Assets | $238.6M | $430.6M | $295.9M |
| YoY Change | -44.59% | 186.3% | 62.74% |
| SHORT-TERM LIABILITIES | |||
| YoY Change | |||
| Accounts Payable | $16.50M | $14.60M | $13.09M |
| YoY Change | 13.01% | 82.5% | 72.27% |
| Accrued Expenses | $14.40M | $11.40M | $5.502M |
| YoY Change | 26.32% | 75.38% | 67.69% |
| Deferred Revenue | $105.9M | $100.9M | |
| YoY Change | 7817.25% | ||
| Short-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Long-Term Debt Due | |||
| YoY Change | |||
| Total Short-Term Liabilities | $118.9M | $131.9M | $130.0M |
| YoY Change | -9.84% | 709.06% | 614.86% |
| LONG-TERM LIABILITIES | |||
| Long-Term Debt | $0.00 | $0.00 | $0.00 |
| YoY Change | |||
| Other Long-Term Liabilities | $91.00M | $94.00M | $2.142M |
| YoY Change | -3.19% | 480.25% | 32.3% |
| Total Long-Term Liabilities | $91.00M | $94.00M | $84.68M |
| YoY Change | -3.19% | 480.25% | 423.73% |
| TOTAL LIABILITIES | |||
| Total Short-Term Liabilities | $118.9M | $131.9M | $130.0M |
| Total Long-Term Liabilities | $91.00M | $94.00M | $84.68M |
| Total Liabilities | $209.8M | $225.9M | $214.7M |
| YoY Change | -7.13% | 595.08% | 524.93% |
| SHAREHOLDERS EQUITY | |||
| Retained Earnings | -$339.7M | ||
| YoY Change | 76.28% | ||
| Common Stock | $375.1M | ||
| YoY Change | 21.0% | ||
| Preferred Stock | |||
| YoY Change | |||
| Treasury Stock (at cost) | |||
| YoY Change | |||
| Treasury Stock Shares | |||
| Shareholders Equity | $20.86M | $196.9M | $73.35M |
| YoY Change | |||
| Total Liabilities & Shareholders Equity | $238.6M | $430.6M | $295.9M |
| YoY Change | -44.59% | 186.3% | 62.74% |
Cashflow Statement
| Concept | 2020 Q1 | 2019 Q1 | 2018 Q4 |
|---|---|---|---|
| OPERATING ACTIVITIES | |||
| Net Income | -$47.49M | -$44.20M | -$37.89M |
| YoY Change | 7.45% | 25.42% | 23.04% |
| Depreciation, Depletion And Amortization | $2.039M | $1.783M | $1.710M |
| YoY Change | 14.36% | 51.74% | 92.13% |
| Cash From Operating Activities | -$26.25M | -$50.38M | -$32.82M |
| YoY Change | -47.9% | 55.37% | 44.26% |
| INVESTING ACTIVITIES | |||
| Capital Expenditures | $580.0K | $508.0K | -$3.460M |
| YoY Change | 14.17% | -56.36% | -15.2% |
| Acquisitions | |||
| YoY Change | |||
| Other Investing Activities | |||
| YoY Change | |||
| Cash From Investing Activities | -$580.0K | -$508.0K | -$3.460M |
| YoY Change | 14.17% | -56.36% | -15.2% |
| FINANCING ACTIVITIES | |||
| Cash Dividend Paid | |||
| YoY Change | |||
| Common Stock Issuance & Retirement, Net | $162.1M | ||
| YoY Change | |||
| Debt Paid & Issued, Net | |||
| YoY Change | |||
| Cash From Financing Activities | 614.0K | 163.5M | 640.0K |
| YoY Change | -99.62% | 10540.6% | 10.34% |
| NET CHANGE | |||
| Cash From Operating Activities | -26.25M | -50.38M | -32.82M |
| Cash From Investing Activities | -580.0K | -508.0K | -3.460M |
| Cash From Financing Activities | 614.0K | 163.5M | 640.0K |
| Net Change In Cash | -26.21M | 112.8M | -35.64M |
| YoY Change | -123.25% | -452.25% | 35.77% |
| FREE CASH FLOW | |||
| Cash From Operating Activities | -$26.25M | -$50.38M | -$32.82M |
| Capital Expenditures | $580.0K | $508.0K | -$3.460M |
| Free Cash Flow | -$26.83M | -$50.89M | -$29.36M |
| YoY Change | -47.28% | 51.5% | 57.26% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2020Q1 | us-gaap |
Prepaid Expense Current
PrepaidExpenseCurrent
|
9999000 | |
| CY2020Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
18843000 | |
| CY2019Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
10901000 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
51014000 | |
| CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-47988000 | |
| CY2020Q1 | us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
385000 | |
| CY2019Q1 | us-gaap |
Investment Income Dividend
InvestmentIncomeDividend
|
1424000 | |
| CY2020Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-47487000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
73348000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
161785000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation Gross
StockIssuedDuringPeriodValueShareBasedCompensationGross
|
4345000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
1481000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
97000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
196856000 | |
| CY2019Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
63732000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-3026000 | |
| CY2019Q1 | wve |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-663000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
-103000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-50381000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
508000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-508000 | |
| CY2019Q1 | us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
162065000 | |
| CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
1481000 | |
| CY2019Q1 | wve |
Deferred Follow On Offering Costs In Accounts Payable And Accrued Expenses
DeferredFollowOnOfferingCostsInAccountsPayableAndAccruedExpenses
|
280000 | |
| CY2020Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
120900000 | |
| CY2020Q1 | us-gaap |
Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
|
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#212529;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Reclassifications</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:0%;color:#212529;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has reclassified certain prior period financial statement amounts to conform to its current period presentation. These reclassifications have not changed the results of operations of prior periods.</p> | |
| CY2020Q1 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
18692000 | |
| CY2019Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
8205000 | |
| CY2020Q1 | us-gaap |
Dividends Receivable
DividendsReceivable
|
104000 | |
| CY2019Q4 | us-gaap |
Dividends Receivable
DividendsReceivable
|
200000 | |
| CY2020Q1 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
47000 | |
| CY2019Q4 | us-gaap |
Other Assets Miscellaneous Current
OtherAssetsMiscellaneousCurrent
|
284000 | |
| CY2020Q1 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
18843000 | |
| CY2019Q4 | us-gaap |
Other Assets Current
OtherAssetsCurrent
|
8689000 | |
| CY2020Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2019Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | |
| CY2020Q1 | us-gaap |
Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
|
0.22 | |
| CY2020Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
3400000 | |
| CY2020Q1 | us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
2100000 | |
| CY2020Q1 | us-gaap |
Restructuring And Related Cost Expected Cost Remaining1
RestructuringAndRelatedCostExpectedCostRemaining1
|
1300000 | |
| CY2019Q4 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
0 | |
| CY2020Q1 | us-gaap |
Restructuring Charges
RestructuringCharges
|
3385000 | |
| CY2020Q1 | us-gaap |
Payments For Restructuring
PaymentsForRestructuring
|
2096000 | |
| CY2020Q1 | us-gaap |
Restructuring Reserve
RestructuringReserve
|
1289000 |
