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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
or
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-39059
AVITA MEDICAL, INC.
(Exact name of registrant as specified in its charter)
Delaware |
85-1021707 |
(State or other jurisdiction of
incorporation or organization) |
(IRS Employer
Identification No.) |
28159 Avenue Stanford
Suite 220
Valencia, CA 91355
(Address of principal executive offices and Zip Code)
Registrant’s telephone number, including area code: (661) 367-9170
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
|
Trading
Symbol |
|
Name of each exchange
on which registered |
Common Stock, par value $0.0001 per share |
|
RCEL |
|
The Nasdaq Stock Market LLC |
Securities registered pursuant to section 12(g) of the Act:
None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer |
|
☐ |
Accelerated filer |
|
☐ |
|
|
|
|
|
|
Non-accelerated filer |
|
☒ |
Smaller reporting company |
|
☒ |
|
|
|
|
|
|
Emerging growth company |
|
☒ |
|
|
|
If an emerging growth company, indicate by check mark if the registrant has selected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares of the registrant’s $0.0001 par value common stock outstanding as of November 7, 2022 was 25,030,902
DCP
TABLE OF CONTENTS
SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
FORWARD-LOOKING STATEMENT
This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future revenues; solvency; future industry market conditions; future changes in our capacity and operations; future operating and overhead costs; intellectual property; regulatory and related approvals; the conduct or outcome of pre-clinical or clinical (human) studies; operational and management restructuring activities (including implementation of methodologies and changes in the board of directors); future employment and contributions of personnel; effects on the global economy of the ongoing COVID-19 pandemic, including effects on the economy of existing and future variants on the original COVID-19 strain; tax and interest rates; productivity, business process, rationalization, investment, acquisition and acquisition integrations, consulting, operational, tax, financial and capital projects and initiatives; inflationary pressures on the U.S. and global economy; changes in the legal or regulatory environment; and future working capital, costs, revenues, business opportunities, cash flows, margins, earnings and growth. These statements involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential”, or “continue” or the negative of these terms or other similar expressions.
The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of important factors that could cause actual results to differ materially from those in the forward-looking statements, including the factors described under the sections in this Quarterly Report on Form 10-Q titled “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for our management to predict all risk factors and uncertainties.
You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
3
PART I – Financial Information
Item 1. FINANCIAL STATEMENTS
AVITA MEDICAL, INC.
Consolidated Balance Sheets
(In thousands, except share and per share data)
(Unaudited)
|
|
As of |
|
|
|
September 30, 2022 |
|
|
December 31, 2021 |
|
ASSETS |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
23,613 |
|
|
$ |
55,511 |
|
Marketable securities |
|
|
60,559 |
|
|
|
29,649 |
|
Accounts receivable, net |
|
|
3,553 |
|
|
|
3,118 |
|
BARDA receivables |
|
|
792 |
|
|
|
308 |
|
Prepaids and other current assets |
|
|
1,041 |
|
|
|
1,213 |
|
Restricted cash |
|
|
202 |
|
|
|
201 |
|
Inventory |
|
|
1,960 |
|
|
|
2,132 |
|
Total current assets |
|
|
91,720 |
|
|
|
92,132 |
|
Marketable securities, long-term |
|
|
4,012 |
|
|
|
19,692 |
|
Plant and equipment, net |
|
|
1,226 |
|
|
|
1,262 |
|
Operating lease right-of-use assets |
|
|
1,029 |
|
|
|
1,544 |
|
Corporate-owned life insurance asset |
|
|
948 |
|
|
|
304 |
|
Intangible assets, net |
|
|
449 |
|
|
|
443 |
|
Other long-term assets |
|
|
548 |
|
|
|
638 |
|
Total assets |
|
$ |
99,932 |
|
|
$ |
116,015 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
|
3,118 |
|
|
|
2,708 |
|
Accrued wages and fringe benefits |
|
|
4,776 |
|
|
|
5,363 |
|
Other current liabilities |
|
|
1,619 |
|
|
|
1,075 |
|
Total current liabilities |
|
|
9,513 |
|
|
|
9,146 |
|
Non-qualified deferred compensation plan liability |
|
|
1,016 |
|
|
|
262 |
|
Contract liabilities |
|
|
740 |
|
|
|
952 |
|
Operating lease liabilities, long-term |
|
|
405 |
|
|
|
918 |
|
Other long-term liabilities |
|
|
- |
|
|
|
113 |
|
Total liabilities |
|
$ |
11,674 |
|
|
$ |
11,391 |
|
Non-qualified deferred compensation plan share awards |
|
|
272 |
|
|
|
- |
|
Contingencies (Note 12) |
|
|
|
|
|
|
|
|
Shareholders' Equity: |
|
|
|
|
|
|
|
|
Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,030,902 and 24,925,743 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively |
|
|
3 |
|
|
|
3 |
|
Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at September 30, 2022 and December 31, 2021 |
|
|
- |
|
|
|
- |
|
Company common stock held by the non-qualified deferred compensation plan |
|
|
(127 |
) |
|
|
- |
|
Additional paid-in capital |
|
|
337,995 |
|
|
|
332,484 |
|
Accumulated other comprehensive income |
|
|
7,350 |
|
|
|
8,060 |
|
Accumulated deficit |
|
|
(257,235 |
) |
|
|
(235,923 |
) |
Total shareholders' equity |
|
$ |
87,986 |
|
|
$ |
104,624 |
|
Total liabilities and shareholders' equity |
|
$ |
99,932 |
|
|
$ |
116,015 |
|
The accompanying notes form part of the unaudited consolidated financial statements.
4
AVITA MEDICAL, INC.
Consolidated Statements of Operations
(In thousands, except share and per share data)
(Unaudited)
|
|
Three-Months Ended September 30, |
|
|
Nine-Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenues |
|
$ |
9,092 |
|
|
$ |
7,020 |
|
|
$ |
24,966 |
|
|
$ |
26,089 |
|
Cost of sales |
|
|
(1,530 |
) |
|
|
(1,088 |
) |
|
|
(4,694 |
) |
|
|
(5,287 |
) |
Gross profit |
|
|
7,562 |
|
|
|
5,932 |
|
|
|
20,272 |
|
|
|
20,802 |
|
BARDA income |
|
|
904 |
|
|
|
374 |
|
|
|
2,189 |
|
|
|
1,384 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales and marketing expenses |
|
|
(5,411 |
) |
|
|
(3,518 |
) |
|
|
(15,571 |
) |
|
|
(11,313 |
) |
General and administrative expenses |
|
|
(5,004 |
) |
|
|
(5,349 |
) |
|
|
(18,009 |
) |
|
|
(16,046 |
) |
Research and development expenses |
|
|
(3,799 |
) |
|
|
(3,388 |
) |
|
|
(10,478 |
) |
|
|
(11,471 |
) |
Total operating expenses |
|
|
(14,214 |
) |
|
|
(12,255 |
) |
|
|
(44,058 |
) |
|
|
(38,830 |
) |
Operating loss |
|
|
(5,748 |
) |
|
|
(5,949 |
) |
|
|
(21,597 |
) |
|
|
(16,644 |
) |
Interest expense |
|
|
(6 |
) |
|
|
(9 |
) |
|
|
(10 |
) |
|
|
(21 |
) |
Other income |
|
|
170 |
|
|
|
16 |
|
|
|
307 |
|
|
|
25 |
|
Loss before income taxes |
|
|
(5,584 |
) |
|
|
(5,942 |
) |
|
|
(21,300 |
) |
|
|
(16,640 |
) |
Income tax expense |
|
|
(4 |
) |
|
|
(6 |
) |
|
|
(12 |
) |
|
|
(23 |
) |
Net loss |
|
$ |
(5,588 |
) |
|
$ |
(5,948 |
) |
|
$ |
(21,312 |
) |
|
$ |
(16,663 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(0.22 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.85 |
) |
|
$ |
(0.69 |
) |
Diluted |
|
$ |
(0.22 |
) |
|
$ |
(0.24 |
) |
|
$ |
(0.85 |
) |
|
$ |
(0.69 |
) |
Weighted-average common shares: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
25,006,995 |
|
|
|
24,905,403 |
|
|
|
24,972,331 |
|
|
|
24,174,811 |
|
Diluted |
|
|
25,006,995 |
|
|
|
24,905,403 |
|
|
|
24,972,331 |
|
|
|
24,174,811 |
|
The accompanying notes form part of the unaudited consolidated financial statements.
5
AVITA MEDICAL, INC.
Consolidated Statements of Comprehensive Loss
(In thousands)
(Unaudited)
|
|
Three-Months Ended September 30, |
|
|
Nine-Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Net loss |
|
$ |
(5,588 |
) |
|
$ |
(5,948 |
) |
|
$ |
(21,312 |
) |
|
$ |
(16,663 |
) |
Change in foreign currency translation loss |
|
|
(96 |
) |
|
|
(50 |
) |
|
|
(188 |
) |
|
|
(80 |
) |
Change in net unrealized loss on marketable securities, net of tax |
|
|
(90 |
) |
|
|
(10 |
) |
|
|
(522 |
) |
|
|
(10 |
) |
Comprehensive loss |
|
$ |
(5,774 |
) |
|
$ |
(6,008 |
) |
|
$ |
(22,022 |
) |
|
$ |
(16,753 |
) |
The accompanying notes form part of the unaudited consolidated financial statements.
6
AVITA MEDICAL, INC.
Consolidated Statements of Shareholders’ Equity
(In thousands, except shares)
(Unaudited)
|
|
Three-Months Ended September 30, 2022 |
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Company common stock held by the NQDC |
|
|
Additional
Paid-in Capital |
|
|
Accumulated Other
Comprehensive
Gain (Loss) |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders'
Equity |
|
Balance at June 30, 2022 |
|
|
25,003,088 |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
336,668 |
|
|
$ |
7,536 |
|
|
$ |
(251,647 |
) |
|
$ |
92,560 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
|
|
|
|
- |
|
|
|
- |
|
|
|
(5,588 |
) |
|
|
(5,588 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,229 |
|
|
|
- |
|
|
|
- |
|
|
|
1,229 |
|
Vesting of restricted stock units |
|
|
9,887 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Company common stock held by the NQDC |
|
|
17,927 |
|
|
|
- |
|
|
|
(127 |
) |
|
|
127 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in redemption value of share awards in NQDC plan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(29 |
) |
|
|
- |
|
|
|
- |
|
|
|
(29 |
) |
Other comprehensive loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(186 |
) |
|
|
- |
|
|
|
(186 |
) |
Balance at September 30, 2022 |
|
|
25,030,902 |
|
|
$ |
3 |
|
|
$ |
(127 |
) |
|
$ |
337,995 |
|
|
$ |
7,350 |
|
|
$ |
(257,235 |
) |
|
$ |
87,986 |
|
|
|
Three-Months Ended September 30, 2021 |
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Company common stock held by the NQDC |
|
|
Additional
Paid-in Capital |
|
|
Accumulated Other
Comprehensive
Gain (Loss) |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders'
Equity |
|
Balance at June 30, 2021 |
|
|
24,895,864 |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
328,889 |
|
|
$ |
8,259 |
|
|
$ |
(221,496 |
) |
|
$ |
115,655 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(5,948 |
) |
|
|
(5,948 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
1,842 |
|
|
|
- |
|
|
|
- |
|
|
|
1,842 |
|
Exercise of stock options |
|
|
500 |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
|
|
- |
|
|
|
- |
|
|
|
3 |
|
Vesting of restricted stock units |
|
|
28,754 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Other comprehensive loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(60 |
) |
|
|
- |
|
|
|
(60 |
) |
Balance at September 30, 2021 |
|
|
24,925,118 |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
330,734 |
|
|
$ |
8,199 |
|
|
$ |
(227,444 |
) |
|
$ |
111,492 |
|
|
|
Nine-Months Ended September 30, 2022 |
|
|
|
Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Company common stock held by the NQDC |
|
|
Additional
Paid-in Capital |
|
|
Accumulated Other
Comprehensive
Gain (Loss) |
|
|
Accumulated
Deficit |
|
|
Total
Shareholders'
Equity |
|
Balance at December 31, 2021 |
|
|
24,925,743 |
|
|
$ |
3 |
|
|
$ |
- |
|
|
$ |
332,484 |
|
|
$ |
8,060 |
|
|
$ |
(235,923 |
) |
|
$ |
104,624 |
|
Net loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(21,312 |
) |
|
|
(21,312 |
) |
Share-based compensation |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
5,495 |
|
|
|
- |
|
|
|
- |
|
|
|
5,495 |
|
Exercise of stock options |
|
|
125 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
|
|
- |
|
|
|
- |
|
|
|
1 |
|
Vesting of restricted stock units |
|
|
87,107 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Company common stock held by the NQDC |
|
|
17,927 |
|
|
|
- |
|
|
|
(127 |
) |
|
|
127 |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
Change in classification of deferred compensation share awards |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(192 |
) |
|
|
- |
|
|
|
- |
|
|
|
(192 |
) |
Change in redemption value of share awards in NQDC plan |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
80 |
|
|
|
- |
|
|
|
- |
|
|
|
80 |
|
Other comprehensive loss |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(710 |
) |
|
|
- |
|
|
|
(710 |
) |
Balance at September 30, 2022 |
|
|
25,030,902 |
|
|
$ |
3 |
|
|
|