XML 14 R4.htm IDEA: XBRL DOCUMENT v3.22.2
Condensed Consolidated Statements of Operations (unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Income Statement [Abstract]        
Net sales $ 56,067,826 $ 42,889,965 $ 110,736,024 $ 87,373,705
Cost of sales 24,704,294 19,994,229 49,254,885 41,240,751
Gross profit 31,363,532 22,895,736 61,481,139 46,132,954
Operating expenses:        
Research and development 1,743,812 1,135,771 3,711,478 2,042,941
Marketing 17,267,461 5,045,945 22,997,714 9,284,962
Selling, general, and administrative 18,505,610 12,333,837 36,143,291 23,571,140
Write-off of acquired Drawbridge in-process research and development 0 1,563,015 0 1,563,015
Income (loss) from operations (6,153,351) 2,817,168 (1,371,344) 9,670,896
Other (income) expense:        
Interest expense, net (31,514) (81,256) (61,671) (363,901)
Guarantee fees 0 (140,407) 0 (279,271)
Change in fair value of warrant liability 594,899 317,725 528,980 (1,310,026)
Loss On Drawbridge Transaction 0 (165,998) 0 (165,998)
Other income (expense), net (13,761) 38,143 44,094 38,143
Total other (income) expense, net 549,624 (31,793) 511,403 (2,081,053)
Income (loss) before income taxes and loss from equity interests in unconsolidated affiliates (5,603,727) 2,785,375 (859,941) 7,589,843
Income tax expense 174,553 3,008 207,098 43,538
Net income (loss) before loss from equity interests in unconsolidated affiliates (5,778,280) 2,782,367 (1,067,039) 7,546,305
Gain (Loss) from equity interests in unconsolidated affiliates 11,037 (3,115,658) 11,037 (3,173,106)
Net income (5,767,243) (333,291) (1,056,002) 4,373,199
Net loss-non-controlling interests (176,538) (245,061) (444,356) (245,061)
Net income (loss) attributable to Thorne HealthTech, Inc. (5,590,705) (88,230) (611,646) 4,618,260
Undistributed earnings (loss) attributable to Series E convertible preferred stockholders 0 (88,230) 0 4,618,260
Net income attributable to common stockholders $ (5,590,705) $ 0 $ (611,646) $ 0
Earnings per share:        
Basic [1] $ 0.11 $ 0 $ 0.01 $ 0
Diluted $ 0.11 $ 0 $ 0.01 $ 0
Weighted average common shares outstanding:        
Denominator for basic earnings (loss) per share-weighted average shares (B) [1] 52,731,604 17,650,035 52,648,653 17,650,035
Diluted [1] 52,731,604 17,650,035 52,648,653 17,650,035
[1] For the three and six months ended June 30, 2022, 18.1 million and 17.2 million warrants and stock-based awards, respectively, were excluded from the computation of diluted earnings (loss) per share because the effect would have been anti-dilutive under the treasury stock method