Momentus Inc. (NASDAQ: MNTS) (“Momentus” or the "Company”), a U.S. commercial space company that plans to offer transportation and other in-space infrastructure services, today announced its financial results for the fourth quarter ended December 31, 2021.
"We want to be a leading player in the emerging space transportation and infrastructure market," said Momentus Chief Executive John Rood. "We’re focused on making this happen and are making meaningful progress. We’ve matured our technology through rigorous ground testing and assembly of Vigoride orbital transfer vehicles. We’ve signed Launch Services agreements with our strategic partner SpaceX for the inaugural launch of Vigoride and other missions in 2022 and 2023. And we've continued to develop our innovative Microwave Electrothermal Thruster using water as a propellant and are eager to demonstrate it in space."
Fourth Quarter 2021 Business Highlights:
Conference Call Information
Momentus Inc. will host a conference call to discuss the results at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) today. To access the conference call, parties should dial (844) 646-2696 and enter the conference ID number 9898339 (international participants should dial +1 (918) 922-6901). The live audio webcast along with supplemental information will be accessible on the Company’s Investor Relations website at https://investors.momentus.space/events-and-presentations. A recording of the webcast will also be available following the conference call.
About Momentus Inc.
Momentus is a U.S. commercial space company that plans to offer in-space infrastructure services, including in-space transportation, hosted payloads and in-orbit services. Momentus believes it can make new ways of operating in space possible with its planned in-space transfer and service vehicles that will be powered by an innovative water plasma-based propulsion system that is under development. The Company anticipates flying its first Vigoride vehicle to Low Earth Orbit on a third-party launch provider as early as June 2022, subject to receipt of appropriate government licenses, approvals and availability of slots on its launch provider's manifest, for which there is no assurance such licenses, approvals and availability will be received, if at all.
Forward-Looking Statements
This press release contains certain statements which may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding Momentus or its management team’s expectations, hopes, beliefs, intentions or strategies regarding the future, projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions, and are not guarantees of future performance. The words “may,” “will,” “anticipate,” “believe,” “expect,” “continue,” “could,” “estimate,” “future,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “aim,” “strive,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions.
Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Momentus’ control. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including but not limited to: the ability of the Company to obtain licenses and government approvals for its missions, which are essential to its operations; the ability of the Company to effectively market and sell satellite transport services and planned in-orbit services; the ability of the Company to protect its intellectual property and trade secrets; the development of markets for satellite transport and in-orbit services; the ability of the Company to develop, test and validate its technology, including its water plasma propulsion technology; delays or impediments that the Company may face in the development, manufacture and deployment of next generation satellite transport systems; the ability of the Company to convert backlog or inbound inquiries into revenue; changes in applicable laws or regulations and extensive and evolving government regulations that impact operations and business, including export control license requirements; the ability to attract or maintain a qualified workforce with the required security clearances and requisite skills; product service or product or launch failures or delays that could lead customers to use competitors’ services; investigations, claims, disputes, enforcement actions, litigation and/or other regulatory or legal proceedings; the effects of the COVID-19 pandemic on the Company’s business; the Company’s ability to comply with the terms of its National Security Agreement and any related compliance measures instituted by the director who was approved by the CFIUS Monitoring Agencies (the “Security Director”); the possibility that the Company may be adversely affected by other economic, business, and/or competitive factors; and/or other risks and uncertainties included in the section entitled “Risk Factors” in the prospectus dated September 14, 2021 related to the Registration Statement on Form S-1 (No. 333-259281) filed by the Company on September 3, 2021 , as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission (the "SEC"), accessible on the SEC’s website at www.sec.gov and the Investor Relations section of our website at investors.momentus.space. These filings identify and address other important risks and uncertainties that could cause the Company’s actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and, except as required by law, the Company assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
Fiscal Year 2021 Financial Results
MOMENTUS INC. | |||||||||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
(in thousands, except share data) | |||||||||||||||
|
|
|
| ||||||||||||
| Three Months Ended |
| Year ended | ||||||||||||
|
| 2021 |
|
|
| 2020 |
|
|
| 2021 |
|
|
| 2020 |
|
Service revenue 1 | $ | — |
|
| $ | 365 |
|
| $ | 330 |
|
| $ | 365 |
|
Cost of revenue (decrease) 2 |
| — |
|
|
| 368 |
|
|
| (135 | ) |
|
| 368 |
|
Gross margin |
| — |
|
|
| (3 | ) |
|
| 465 |
|
|
| (3 | ) |
Operating expenses: |
|
|
|
|
|
|
| ||||||||
Research and development expenses |
| 11,574 |
|
|
| 8,960 |
|
|
| 51,321 |
|
|
| 22,718 |
|
Selling, general and administrative expenses |
| 13,103 |
|
|
| 4,467 |
|
|
| 48,905 |
|
|
| 11,945 |
|
Total operating expenses |
| 24,677 |
|
|
| 13,427 |
|
|
| 100,226 |
|
|
| 34,663 |
|
Loss from operations |
| (24,677 | ) |
|
| (13,430 | ) |
|
| (99,761 | ) |
|
| (34,666 | ) |
|
|
|
|
|
|
|
| ||||||||
Other income (expense): |
|
|
|
|
|
|
| ||||||||
Decrease (increase) in fair value of SAFE notes |
| — |
|
|
| (164,595 | ) |
|
| 209,291 |
|
|
| (267,290 | ) |
Decrease (increase) in fair value of warrants |
| 27,505 |
|
|
| (1,860 | ) |
|
| 37,330 |
|
|
| (3,177 | ) |
Realized loss on disposal of asset |
| (17 | ) |
|
| (482 | ) |
|
| (17 | ) |
|
| (482 | ) |
Interest income |
| — |
|
|
| — |
|
|
| 2 |
|
|
| 7 |
|
Interest expense |
| (5,544 | ) |
|
| (324 | ) |
|
| (14,229 | ) |
|
| (470 | ) |
SEC settlement |
| — |
|
|
| — |
|
|
| (7,000 | ) |
|
| — |
|
Other income (expense) 3 |
| 5 |
|
|
| (7 | ) |
|
| (4,960 | ) |
|
| (949 | ) |
Total other income (expense) |
| 21,948 |
|
|
| (167,268 | ) |
|
| 220,417 |
|
|
| (272,360 | ) |
Income (loss) before income taxes |
| (2,728 | ) |
|
| (180,698 | ) |
|
| 120,656 |
|
|
| (307,026 | ) |
Income tax provision |
| 1 |
|
|
| — |
|
|
| 2 |
|
|
| 1 |
|
Net income ( loss) | $ | (2,729 | ) |
| $ | (180,698 | ) |
| $ | 120,654 |
|
| $ | (307,027 | ) |
Net income ( loss) per share, basic | $ | (0.05 | ) |
| $ | (2.88 | ) |
| $ | 1.85 |
|
| $ | (4.90 | ) |
Net income ( loss) per share, fully diluted | $ | (0.05 | ) |
| $ | (2.88 | ) |
| $ | 1.70 |
|
| $ | (4.90 | ) |
Weighted average shares outstanding, basic |
| 60,589,566 |
|
|
| 62,722,340 |
|
|
| 65,177,873 |
|
|
| 62,643,121 |
|
Weighted average shares outstanding, fully diluted |
| 60,589,566 |
|
|
| 62,722,340 |
|
|
| 70,918,777 |
|
|
| 62,643,121 |
|
1 - Revenue recognized related to cancellations of customer contracts, resulting in the forfeiture of customer deposits |
2 - The reduction of cost of revenue represents the reversal of a contingency recorded during the prior year for loss contracts related to free slots on future missions. During the prior three months ended September 30, 2021, the Company signed amendments or terminations with those customers such that the services will no longer be free of charge. The reversed contingency was offset by costs incurred related to one of the cancelled contracts. |
3 - Other expenses during the twelve months ended December 31, 2021 were due to the transaction costs allocated to the liability-classified warrant assumed in connection with the Business Combination. Other expense in the twelve months ended December 31, 2020 was due to banking fees related to SAFE financing raised during the period. |
MOMENTUS INC. | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(in thousands) | |||||||
| December 31, |
| December 31, | ||||
ASSETS |
|
|
| ||||
Current assets: |
|
|
| ||||
Cash and cash equivalents | $ | 160,036 |
|
| $ | 23,005 |
|
Restricted cash, current |
| 197 |
|
|
| 100 |
|
Prepaids and other current assets |
| 9,431 |
|
|
| 4,508 |
|
Total current assets |
| 169,664 |
|
|
| 27,613 |
|
Property, machinery and equipment, net |
| 4,829 |
|
|
| 2,321 |
|
Intangible assets, net |
| 349 |
|
|
| 305 |
|
Operating right-of-use asset |
| 7,604 |
|
|
| 316 |
|
Deferred offering costs |
| — |
|
|
| 2,610 |
|
Restricted cash, non-current |
| 314 |
|
|
| 415 |
|
Other non-current assets |
| 3,065 |
|
|
| 2,740 |
|
Total assets | $ | 185,825 |
|
| $ | 36,320 |
|
|
|
|
| ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY (DEFICIT) |
|
|
| ||||
Current liabilities: |
|
|
| ||||
Accounts payable |
| 1,911 |
|
|
| 1,863 |
|
Accrued expenses |
| 9,785 |
|
|
| 3,064 |
|
Loan payable, current |
| 20,907 |
|
|
| — |
|
Contract liabilities, current |
| — |
|
|
| 1,914 |
|
Operating lease liability, current |
| 1,189 |
|
|
| 254 |
|
Other current liabilities |
| 5,075 |
|
|
| 220 |
|
Total current liabilities |
| 38,867 |
|
|
| 7,314 |
|
Contract liabilities, non-current |
| 1,554 |
|
|
| 711 |
|
Warrant liability |
| 5,749 |
|
|
| 3,206 |
|
SAFE notes |
| — |
|
|
| 314,440 |
|
Operating lease liability, non-current |
| 7,284 |
|
|
| 72 |
|
Other non-current liabilities |
| 483 |
|
|
| 49 |
|
Total non-current liabilities |
| 15,070 |
|
|
| 318,478 |
|
Total liabilities |
| 53,937 |
|
|
| 325,792 |
|
|
|
|
| ||||
Shareholders’ equity (deficit): |
|
|
| ||||
Common stock, $0.00001 par value; 250,000,000 shares authorized and 81,211,781 issued and outstanding as of December 31, 2021; 142,804,498 shares authorized and 62,510,690 issued and outstanding as of December 31, 2020 |
| 1 |
|
|
| 1 |
|
Additional paid-in capital |
| 340,570 |
|
|
| 39,866 |
|
Accumulated deficit |
| (208,683 | ) |
|
| (329,338 | ) |
Total shareholders’ deficit |
| 131,888 |
|
|
| (289,472 | ) |
Total Liabilities and Shareholders’ Deficit | $ | 185,825 |
|
| $ | 36,320 |
|
MOMENTUS INC. | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
(in thousands) | |||||||
|
| ||||||
| Year ended December 31, | ||||||
|
| 2021 |
|
|
| 2020 |
|
Cash flows from operating activities: |
|
|
| ||||
Net income (loss) | $ | 120,654 |
|
| $ | (307,027 | ) |
Adjustments to reconcile net income (loss) to net cash used in operating activities: |
|
|
| ||||
Depreciation and amortization |
| 1,092 |
|
|
| 590 |
|
Amortization of debt discount and issuance costs |
| 11,729 |
|
|
| 116 |
|
Increase in fair value of warrants |
| (37,330 | ) |
|
| 3,177 |
|
Increase in fair value of SAFE notes |
| (209,291 | ) |
|
| 267,290 |
|
Impairment of prepaid launch costs |
| 9,450 |
|
|
| 1,500 |
|
Loss on disposal of fixed and intangible assets |
| 17 |
|
|
| 482 |
|
Stock-based compensation expense |
| 18,452 |
|
|
| 2,771 |
|
Changes in operating assets and liabilities: |
|
|
| ||||
Prepaids and other current assets |
| (14,373 | ) |
|
| (3,616 | ) |
Other non-current assets |
| (325 | ) |
|
| (760 | ) |
Accounts payable |
| 1,562 |
|
|
| (997 | ) |
Accrued expenses |
| 7,042 |
|
|
| 1,813 |
|
Other current liabilities |
| 4,810 |
|
|
| 211 |
|
Contract liabilities |
| (1,071 | ) |
|
| 1,916 |
|
Lease liabilities and right-of-use assets |
| 859 |
|
|
| — |
|
Other non-current liabilities |
| 11 |
|
|
| — |
|
Net cash used in operating activities |
| (86,712 | ) |
|
| (32,534 | ) |
|
|
|
| ||||
Cash flows from investing activities: |
|
|
| ||||
Purchase of property, machinery and equipment |
| (2,972 | ) |
|
| (1,502 | ) |
Purchases of intangible assets |
| (118 | ) |
|
| (99 | ) |
Net cash used in investing activities |
| (3,090 | ) |
|
| (1,601 | ) |
|
|
|
| ||||
Cash flows from financing activities: |
|
|
| ||||
Proceeds from issuance of SAFE notes |
| 30,853 |
|
|
| 44,650 |
|
Proceeds from issuance of loan payable |
| 25,000 |
|
|
| 2,458 |
|
Proceeds from exercise of stock options |
| 336 |
|
|
| 91 |
|
Payment for repurchase of Section 16 Officer common shares for tax coverage exchange |
| (151 | ) |
|
| — |
|
Payment of notes payable |
| (1,500 | ) |
|
| (2,507 | ) |
Payment of debt issuance costs |
| (144 | ) |
|
| (37 | ) |
Payment of warrant issuance costs |
| (31 | ) |
|
| (1 | ) |
Payment for repurchase of common shares |
| (40,000 | ) |
|
| — |
|
Proceeds from issuance of common shares in PIPE |
| 110,000 |
|
|
| — |
|
Payments of issuances costs related to PIPE |
| (4,416 | ) |
|
| — |
|
Proceeds from issuance of common stock upon Business Combination |
| 128,167 |
|
|
| — |
|
Payments for issuance costs related to Business Combination |
| (21,285 | ) |
|
| — |
|
Net cash provided by financing activities |
| 226,829 |
|
|
| 44,654 |
|
|
|
|
| ||||
Increase in cash and cash equivalents |
| 137,027 |
|
|
| 10,519 |
|
Cash and cash equivalents, beginning of period |
| 23,520 |
|
|
| 13,002 |
|
Cash and cash equivalents, end of period | $ | 160,547 |
|
| $ | 23,520 |
|
|
|
|
| ||||
Supplemental disclosure of non-cash investing and financing activities |
|
|
| ||||
Issuance of common stock related to conversion of SAFE notes | $ | 136,001 |
|
| $ | — |
|
Issuance of common stock related to exercise of warrant liabilities | $ | 6,999 |
|
| $ | — |
|
Reclassification of deferred offering costs | $ | 2,610 |
|
| $ | — |
|
Deferred offering costs in accounts payable and accrued expenses at period end | $ | — |
|
| $ | 506 |
|
Assumption of merger warrants liability | $ | 31,225 |
|
| $ | — |
|
Operating lease right-of-use assets in exchange for lease obligations |
| 8,501 |
|
|
| — |
|
|
|
|
| ||||
Supplemental disclosure of cash flow information |
|
|
| ||||
Cash paid for income taxes | $ | 1 |
|
| $ | 1 |
|
Cash paid for interest | $ | 2,500 |
|
| $ | 353 |
|
Reclassifications
Certain reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation. None of the reclassifications have changed the total assets, liabilities, shareholders’ deficit, income, expenses or net losses previously reported.
Use of Non-GAAP Financial Measures (unaudited)
This press release references certain non-GAAP financial measures, including adjusted EBITDA, non-GAAP selling, general, and administrative expense and non-GAAP research and development expense. The Company defines adjusted EBITDA as earnings before interest expense, taxes, depreciation and amortization, stock-based compensation, and certain other items the Company believes are not indicative of its core operating performance. The Company defines non-GAAP selling, general, and administrative expenses and research and development expenses as those respective GAAP amounts, excluding stock-based compensation and non-recurring items not indicative of core operating performance None of these non-GAAP financial measures is a substitute for or superior to measures of financial performance prepared in accordance with generally accepted accounting principles in the United States (GAAP) and should not be considered as an alternative to any other performance measures derived in accordance with GAAP.
The Company believes that presenting these non-GAAP financial measures provides useful supplemental information to investors about the Company that is helpful in understanding and evaluating its operating results, enhancing the overall understanding of its past performance and future prospects, and allowing for greater transparency with respect to key financial metrics used by its management in financial and operational-decision making. However, there are a number of limitations related to the use of non-GAAP measures and their nearest GAAP equivalents. For example, other companies may calculate non-GAAP measures differently, or may use other measures to calculate their financial performance, and therefore any non-GAAP measures the Company uses may not be directly comparable to similarly titled measures of other companies.
Full year adjusted EBITDA
A reconciliation of adjusted EBITDA to net loss for the years ended December 31, 2021, and December 31, 2020 is set forth below:
| Year Ended December 31 | ||||||
|
| 2021 |
|
|
| 2020 |
|
Net Income (Loss) | $ | 120,654 |
|
| $ | (307,027 | ) |
Income tax expense |
| 2 |
|
|
| 1 |
|
Interest income |
| (2 | ) |
|
| (7 | ) |
Interest expense |
| 14,229 |
|
|
| 470 |
|
Depreciation & amortization |
| 1,092 |
|
|
| 590 |
|
EBITDA |
| 135,975 |
|
|
| (305,974 | ) |
(Decrease) increase in fair value of SAFE notes |
| (209,291 | ) |
|
| 267,290 |
|
(Decrease) increase in fair value of warrants |
| (37,330 | ) |
|
| 3,177 |
|
Realized loss on disposal of assets |
| 17 |
|
|
| 482 |
|
SEC settlement |
| 7,000 |
|
|
| — |
|
Transaction costs allocated to warrant liability |
| 4,780 |
|
|
| — |
|
Investment banking fees related to SAFE financing |
| 175 |
|
|
| 1,005 |
|
Prepaid launch deposit impairment |
| 9,450 |
|
|
| 1,500 |
|
SEC and CFIUS legal expenses |
| 10,038 |
|
|
| — |
|
Reduction in SEC and CFIUS legal expenses due to fee dispute resolution |
| (2,551 | ) |
|
| — |
|
Class action litigation legal expenses |
| 852 |
|
|
| — |
|
SEC compliance costs |
| 1,073 |
|
|
| — |
|
NSA compliance costs |
| 1,835 |
|
|
| — |
|
Severance and other related expenses |
| 136 |
|
|
| 268 |
|
Stock-based compensation |
| 18,452 |
|
|
| 2,771 |
|
Adjusted EBITDA | $ | (59,388 | ) |
| $ | (29,482 | ) |
A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the years ended December 31, 2021 and December 31, 2020, is set forth below:
| Year Ended December 31 | |||||
(in thousands) |
| 2021 |
|
|
| 2020 |
Selling, general, and administrative expenses | $ | 48,905 |
|
| $ | 11,945 |
Stock-based compensation |
| 16,110 |
|
|
| 2,584 |
SEC and CFIUS legal expenses |
| 10,038 |
|
|
| — |
Reduction in SEC and CFIUS legal expenses due to fee dispute resolution |
| (2,551 | ) |
|
| — |
Class action litigation legal expenses |
| 852 |
|
|
| — |
SEC compliance costs |
| 1,073 |
|
|
| — |
NSA compliance costs |
| 1,835 |
|
|
| — |
Severance and other related expenses |
| 63 |
|
|
| 110 |
Non-GAAP selling, general, administration expenses | $ | 21,483 |
|
| $ | 9,251 |
A reconciliation of research and development expenses to non-GAAP research and development expenses for the years ended December 31, 2021, and December 31, 2020, is set forth below:
| Year Ended December 31 | ||||
(in thousands) |
| 2021 |
|
| 2020 |
Research and development expenses | $ | 51,321 |
| $ | 22,718 |
Prepaid launch deposit impairment |
| 9,450 |
|
| 1,500 |
Stock-based compensation |
| 2,341 |
|
| 188 |
Severance and other related expenses |
| 74 |
|
| 158 |
Non-GAAP Research and development expenses | $ | 39,456 |
| $ | 20,873 |
Quarterly adjusted EBITDA
A reconciliation of adjusted EBITDA to net loss for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:
| Three Months Ended | ||||||||||
(in thousands) | December 31, 2021 |
| December 31, 2020 |
| September 30, 2021 | ||||||
Net Income (Loss) | $ | (2,729 | ) |
| $ | (180,698 | ) |
| $ | (5,614 | ) |
Income tax expense |
| 1 |
|
|
| — |
|
|
| — |
|
Interest income |
| — |
|
|
| — |
|
|
| — |
|
Interest expense |
| 5,544 |
|
|
| 324 |
|
|
| 4,328 |
|
Depreciation & amortization |
| 324 |
|
|
| 171 |
|
|
| 320 |
|
EBITDA |
| 3,140 |
|
|
| (180,202 | ) |
|
| (966 | ) |
(Decrease) increase in fair value of SAFE notes |
| — |
|
|
| 164,595 |
|
|
| (26,924 | ) |
(Decrease) increase in fair value of warrants |
| (27,505 | ) |
|
| 1,860 |
|
|
| 2,712 |
|
Realized loss on disposal of assets |
| 17 |
|
|
| 482 |
|
|
| — |
|
Transaction costs allocated to warrant liability |
| — |
|
|
| — |
|
|
| 4,780 |
|
Prepaid launch deposit impairment |
| — |
|
|
| 1,500 |
|
|
| — |
|
SEC and CFIUS legal expenses |
| 464 |
|
|
| — |
|
|
| 2,188 |
|
Reduction in SEC and CFIUS legal expenses due to fee dispute |
| (2,551 | ) |
|
| — |
|
|
| — |
|
Class action litigation legal expenses |
| 797 |
|
|
| — |
|
|
| 54 |
|
SEC compliance costs |
| 1,073 |
|
|
| — |
|
|
| — |
|
NSA compliance costs |
| 905 |
|
|
| — |
|
|
| 882 |
|
Severance and other related expenses1 |
| (13 | ) |
|
| 110 |
|
|
| (7 | ) |
Stock-based compensation |
| 7,265 |
|
|
| 1,129 |
|
|
| 3,075 |
|
Adjusted EBITDA | $ | (16,407 | ) |
| $ | (10,527 | ) |
| $ | (14,207 | ) |
1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid |
A reconciliation of selling, general, and administrative expenses to non-GAAP selling, general, and administrative expenses for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:
| Three Months Ended | ||||||||
(in thousands) | December 31, 2021 |
| December 31, 2020 |
| September 30, 2021 | ||||
Selling, general, and administrative expenses | $ | 13,103 |
|
| $ | 4,467 |
| $ | 12,057 |
Stock-based compensation |
| 5,109 |
|
|
| 1,050 |
|
| 3,023 |
SEC and CFIUS legal expenses |
| 464 |
|
|
| — |
|
| 2,188 |
Reduction in SEC and CFIUS legal expenses due to fee dispute resolution |
| (2,551 | ) |
|
| — |
|
| — |
Class action litigation legal expenses |
| 797 |
|
|
| — |
|
| 54 |
SEC compliance costs |
| 1,073 |
|
|
| — |
|
| — |
NSA compliance costs |
| 905 |
|
|
| — |
|
| 882 |
Severance and other related expenses1 |
| (13 | ) |
|
| 110 |
|
| — |
Non-GAAP selling, general, administration expenses | $ | 7,318 |
|
| $ | 3,306 |
| $ | 5,910 |
1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid |
A reconciliation of research and development expenses to non-GAAP research and development expenses for the three months ended December 31, 2021, December 31, 2020, and September 30, 2021, is set forth below:
| Three Months Ended | ||||||||
(in thousands) | December 31, 2021 |
| December 31, 2020 |
| September 30, 2021 | ||||
Research and development expenses | $ | 11,574 |
| $ | 8,960 |
| $ | 9,047 |
|
Prepaid launch deposit impairment |
| — |
|
| 1,500 |
|
| — |
|
Stock-based compensation |
| 2,156 |
|
| 78 |
|
| 52 |
|
Severance and other related expenses1 |
| — |
|
| — |
|
| (7 | ) |
Non-GAAP Research and development expenses | $ | 9,418 |
| $ | 7,382 |
| $ | 9,002 |
|
1 - Loss contingencies for certain severance agreements were reversed when the Company determined they would not be signed and paid |
Last Trade: | US$0.72 |
Daily Change: | 0.12 19.00 |
Daily Volume: | 2,018,396 |
Market Cap: | US$18.450M |
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