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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 June 30, 2023

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

https://cdn.kscope.io/fe5bad6a24318f8d71157cc610f8e815-img178723831_0.jpg 

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

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 common stock, par value $0.0001, outstanding as of August 2, 2023 was 25,478,301

 

 


TABLE OF CONTENTS

 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENT

 

3

 

 

 

PART I – FINANCIAL INFORMATION

 

5

 

 

Item 1.

Financial Statements

 

5

 

 

Consolidated Balance Sheets – June 30, 2023 (unaudited) and December 31, 2022

 

5

 

 

Consolidated Statements of Operations for the three-months and six-months ended June 30, 2023 and 2022 (unaudited)

 

6

 

 

Consolidated Statements of Comprehensive Loss for the three-months and six-months ended June 30, 2023 and 2022 (unaudited)

 

7

 

 

Consolidated Statements of Stockholders’ Equity for the three-months and six-months ended June 30, 2023 and 2022 (unaudited)

 

8

 

 

Consolidated Statements of Cash Flows for the six-months ended June 30, 2023 and 2022 (unaudited)

 

10

 

 

Notes to Consolidated Financial Statements (unaudited)

 

11

 

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

32

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

 

37

 

 

Item 4.

Controls and Procedures

 

37

 

 

Part II – OTHER INFORMATION

 

38

 

 

Item 1.

Legal Proceedings

 

38

 

 

Item 1A

Risk Factors

 

38

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

 

39

 

 

Item 3.

Defaults Upon Senior Securities

 

39

 

 

Item 4.

Mine Safety Disclosures

 

39

 

 

Item 5.

Other Information

 

39

 

 

Item 6.

Exhibits

 

40

 

 

Signatures

 

41

 


 

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

 

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); our ability to expand our sales organization to address effectively existing and new markets that we intend to target; future employment and contributions of personnel; tax and rising 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


 

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 

Board of Directors and Stockholders
AVITA Medical, Inc.

 

Results of review of interim financial statements

 

We have reviewed the accompanying Consolidated Balance Sheet of AVITA Medical, Inc. (a Delaware corporation) and subsidiaries (the “Company”) as of June 30, 2023 and the related Consolidated Statements of Operations, Comprehensive Loss, and Stockholders’ Equity for the three-month and six-month periods ended June 30, 2023 and 2022, Cash Flows for the six-month periods ended June 30, 2023 and 2022, and the related notes (collectively referred to as the “interim financial statements”). Based on our reviews, we are not aware of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with accounting principles generally accepted in the United States of America.

 

We have previously audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (“PCAOB”), the Consolidated Balance Sheet of the Company as of December 31, 2022, and the related Consolidated Statements of Operations, Comprehensive Loss, Stockholders’ Equity, and Cash Flows for the year then ended (not presented herein); and in our report dated February 23, 2023, we expressed an unqualified opinion on those Consolidated Financial Statements. In our opinion, the information set forth in the accompanying Consolidated Balance Sheet as of December 31, 2022, is fairly stated, in all material respects, in relation to the Consolidated Balance Sheet from which it has been derived.

 

Basis for review results

 

These interim financial statements are the responsibility of the Company’s management. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our reviews in accordance with the standards of the PCAOB. A review of interim financial information consists principally of applying analytical procedures and making inquiries of persons responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly, we do not express such an opinion.

 

/s/ GRANT THORNTON LLP

 

Los Angeles, California
August 10, 2023

 

4


 

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

 

 

 

June 30, 2023

 

 

December 31, 2022

 

ASSETS

 

 

 

 

 

 

Cash and cash equivalents

 

$

37,485

 

 

$

18,164

 

Marketable securities

 

 

28,562

 

 

 

61,178

 

Accounts receivable, net

 

 

5,754

 

 

 

3,515

 

BARDA receivables

 

 

442

 

 

 

898

 

Prepaids and other current assets

 

 

2,194

 

 

 

1,578

 

Inventory

 

 

3,058

 

 

 

2,125

 

Total current assets

 

 

77,495

 

 

 

87,458

 

Marketable securities long-term

 

 

2,754

 

 

 

6,930

 

Plant and equipment, net

 

 

1,598

 

 

 

1,200

 

Operating lease right-of-use assets

 

 

1,651

 

 

 

851

 

Corporate-owned life insurance asset

 

 

2,091

 

 

 

1,238

 

Intangible assets, net

 

 

456

 

 

 

465

 

Other long-term assets

 

 

285

 

 

 

122

 

Total assets

 

$

86,330

 

 

$

98,264

 

LIABILITIES, NON-QUALIFIED DEFERRED COMPENSATION PLAN SHARE AWARDS AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

 

3,837

 

 

 

3,002

 

Accrued wages and fringe benefits

 

 

6,200

 

 

 

6,623

 

Current non-qualified deferred compensation liability

 

 

2,572

 

 

 

78

 

Other current liabilities

 

 

1,201

 

 

 

990

 

Total current liabilities

 

 

13,810

 

 

 

10,693

 

Non-qualified deferred compensation liability

 

 

1,224

 

 

 

1,270

 

Contract liabilities

 

 

374

 

 

 

698

 

Operating lease liabilities, long term

 

 

1,047

 

 

 

306

 

Total liabilities

 

 

16,455

 

 

 

12,967

 

Non-qualified deferred compensation plan share awards

 

 

1,228

 

 

 

557

 

Commitments and contingencies (Note 12)

 

 

 

 

 

 

Stockholders' equity:

 

 

 

 

 

 

Common stock, $0.0001 par value per share, 200,000,000 shares authorized, 25,447,615 and 25,208,436 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

3

 

 

 

3

 

Preferred stock, $0.0001 par value per share, 10,000,000 shares authorized, no shares issued or outstanding at June 30, 2023 and December 31, 2022.

 

 

-

 

 

 

-

 

Company common stock held by the non-qualified deferred compensation plan ("NQDC Plan")

 

 

(892

)

 

 

(127

)

Additional paid-in capital

 

 

343,769

 

 

 

339,825

 

Accumulated other comprehensive income

 

 

7,959

 

 

 

7,627

 

Accumulated deficit

 

 

(282,192

)

 

 

(262,588

)

Total stockholders' equity

 

 

68,647

 

 

 

84,740

 

Total liabilities, non-qualified deferred compensation plan share awards and stockholders' equity

 

$

86,330

 

 

$

98,264

 

 

 

 

 

 

 

 

 

The accompanying notes form part of the unaudited Consolidated Financial Statements.

5


 

AVITA MEDICAL, INC.

Consolidated Statements of Operations

(In thousands, except share and per share data)

(Unaudited)

 

 

 

Three-Months Ended

 

 

Six-Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

11,753

 

 

$

8,335

 

 

$

22,303

 

 

$

15,874

 

Cost of sales

 

 

(2,204

)

 

 

(1,386

)

 

 

(3,871

)

 

 

(3,164

)

Gross profit

 

 

9,549

 

 

 

6,949

 

 

 

18,432

 

 

 

12,710

 

BARDA income

 

 

530

 

 

 

551

 

 

 

1,157

 

 

 

1,285

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Sales and marketing expenses

 

 

(10,003

)

 

 

(5,332

)

 

 

(16,543

)

 

 

(10,160

)

General and administrative expenses

 

 

(6,165

)

 

 

(5,471

)

 

 

(14,460

)

 

 

(13,005

)

Research and development expenses

 

 

(5,076

)

 

 

(3,059

)

 

 

(9,662

)

 

 

(6,679

)

Total operating expenses

 

 

(21,244

)

 

 

(13,862

)

 

 

(40,665

)

 

 

(29,844

)

Operating loss

 

 

(11,165

)

 

 

(6,362

)

 

 

(21,076

)

 

 

(15,849

)

Interest expense

 

 

(7

)

 

 

(4

)

 

 

(11

)

 

 

(4

)

Other income

 

 

801

 

 

 

109

 

 

 

1,526

 

 

 

137

 

Loss before income taxes

 

 

(10,371

)

 

 

(6,257

)

 

 

(19,561

)

 

 

(15,716

)

Income tax expense

 

 

(13

)

 

 

(4

)

 

 

(43

)

 

 

(8

)

Net loss

 

$

(10,384

)

 

$

(6,261

)

 

$

(19,604

)

 

$

(15,724

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

$

(0.41

)

 

$

(0.25

)

 

$

(0.78

)

 

$

(0.63

)

Weighted-average common shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic and Diluted

 

 

25,239,723

 

 

 

24,971,243

 

 

 

25,221,009

 

 

 

24,954,712

 

 

The accompanying notes form part of the unaudited Consolidated Financial Statements.

6


 

AVITA MEDICAL, INC.

Consolidated Statements of Comprehensive Loss

(In thousands)

(Unaudited)

 

 

 

Three-Months Ended

 

 

Six-Months Ended

 

 

 

June 30, 2023

 

 

June 30, 2022

 

 

June 30, 2023

 

 

June 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(10,384

)

 

$

(6,261

)

 

$

(19,604

)

 

$

(15,724

)

Foreign currency translation gain/(loss)

 

 

1

 

 

 

(110

)

 

 

(10

)

 

 

(92

)

Net unrealized gain/(loss) on marketable securities, net of tax

 

 

100

 

 

 

(135

)

 

 

342

 

 

 

(432

)

Comprehensive loss

 

$

(10,283

)

 

$

(6,506

)

 

$

(19,272

)

 

$

(16,248

)

 

The accompanying notes form part of the unaudited Consolidated Financial Statements.

7


 

AVITA MEDICAL, INC.

Consolidated Statements of Stockholders’ Equity

(In thousands, except shares)

(Unaudited)

 

 

 

Three-Months Ended June 30, 2023

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Company common stock held by the NQDC Plan

 

 

Additional
Paid-in Capital

 

 

Accumulated Other
Comprehensive
Gain (Loss)

 

 

Accumulated
Deficit

 

 

Total
Stockholders'
Equity

 

Balance at March 31, 2023

 

 

25,327,761

 

 

$

3

 

 

$

(892

)

 

$

342,400

 

 

$

7,858

 

 

$

(271,808

)

 

$

77,561

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(10,384

)

 

 

(10,384

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,175

 

 

 

-

 

 

 

-

 

 

 

1,175

 

Exercise of stock options

 

 

114,854

 

 

 

-

 

 

 

-

 

 

 

661

 

 

 

-

 

 

 

-

 

 

 

661

 

Vesting of restricted stock units

 

 

5,000

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Change in redemption value of share awards in NQDC plan

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(467

)

 

 

-

 

 

 

-

 

 

 

(467

)

Other comprehensive gain

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

101

 

 

 

-

 

 

 

101

 

Balance at June 30, 2023

 

 

25,447,615

 

 

$

3

 

 

$

(892

)

 

$

343,769

 

 

$

7,959

 

 

$

(282,192

)

 

$

68,647

 

 

 

 

Three-Months Ended June 30, 2022

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Company common stock held by the NQDC Plan

 

 

Additional
Paid-in Capital

 

 

Accumulated Other
Comprehensive
Gain (Loss)

 

 

Accumulated
Deficit

 

 

Total
Stockholders'
Equity

 

Balance at March 31, 2022

 

 

24,955,581

 

 

$

3

 

 

$

-

 

 

$

335,417

 

 

$

7,781

 

 

$

(245,386

)

 

$

97,815

 

Net loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(6,261

)

 

 

(6,261

)

Stock-based compensation

 

 

-

 

 

 

-

 

 

 

-

 

 

 

1,414

 

 

 

-

 

 

 

-

 

 

 

1,414

 

Vesting of restricted stock units

 

 

47,507

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

Change in classification of deferred compensation share awards

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(192

)

 

 

-

 

 

 

-

 

 

 

(192

)

Change in redemption value of share awards in NQDC plan

 

 

 

 

 

 

 

 

 

 

 

29

 

 

 

 

 

 

 

 

 

29

 

Other comprehensive loss

 

 

-

 

 

 

-

 

 

 

-

 

 

 

-

 

 

 

(245

)

 

 

-

 

 

 

(245

)

Balance at June 30, 2022

 

 

25,003,088

 

 

$

3

 

 

$

-

 

 

$

336,668

 

 

$

7,536

 

 

$

(251,647

)

 

$

92,560

 

 

8


 

 

 

 

Six-Months Ended June 30, 2023

 

 

 

Common Stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Company common stock held by the NQDC Plan

 

 

Additional
Paid-in Capital

 

 

Accumulated Other
Comprehensive
Gain (Loss)

 

 

Accumulated
Deficit

 

 

Total
Stockholders'
Equity

 

Balance at December 31, 2022

 

 

25,208,436

 

 

$

3

 

 

$

(