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Precipio (PRPO)

Precipio has built a platform designed to eradicate the problem of misdiagnosis by harnessing the intellect, expertise and technology developed within academic institutions and delivering quality diagnostic information to physicians and their patients worldwide, as well as proprietary products that serve laboratories worldwide. Through its collaborations with world-class academic institutions specializing in cancer research, diagnostics and treatment such as the Yale School of Medicine, Harvard's Dana-Farber Cancer Institute, and the University of Pennsylvania, Precipio offers a new standard of diagnostic accuracy enabling the highest level of patient care.

Company profile

Ticker
PRPO
Exchange
CEO
Paul Kinnon
Employees
Incorporated
Location
Fiscal year end
Former names
TRANSGENOMIC INC
SEC CIK
Subsidiaries
Precipio Diagnostics, LLC • Precipio SPV, Inc. ...
IRS number
911789357

PRPO stock data

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

11 Aug 22
18 Aug 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 7.47M 7.47M 7.47M 7.47M 7.47M 7.47M
Cash burn (monthly) 596K 685.67K 811K 1.05M 548.67K 628.67K
Cash used (since last report) 983.01K 1.13M 1.34M 1.73M 904.94K 1.04M
Cash remaining 6.49M 6.34M 6.14M 5.74M 6.57M 6.44M
Runway (months of cash) 10.9 9.2 7.6 5.5 12.0 10.2

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Mar 22 Sabet Ahmed Zaki Common Stock Buy Acquire P No No 1.5433 327 504.66 5,613
1 Mar 22 Danieli Ilan Common Stock Buy Acquire P No No 1.5485 3,268 5.06K 29,546
11 Jan 22 Fisher Douglas Stock Option Common Stock Grant Acquire A No No 1.54 40,000 61.6K 40,000
11 Jan 22 Cohen David Seth Stock Option Common Stock Grant Acquire A No No 1.54 40,000 61.6K 40,000
13F holders Current Prev Q Change
Total holders 0 0
Opened positions 0 0
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares Current Prev Q Change
Total value 0 0
Total shares 0 0
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners Shares Value Change
Largest transactions Shares Bought/sold Change

Financial report summary

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Risks
  • There is substantial doubt about our ability to continue as a going concern.
  • We may need to raise substantial additional capital to commercialize our diagnostic technology, and our failure to obtain funding when needed may force us to delay, reduce or eliminate our product development programs or collaboration efforts or force us to restrict or cease operations.
  • We have incurred losses since our inception and expect to incur losses for the foreseeable future. We cannot be certain that we will achieve or sustain profitability.
  • We have been, and may continue to be, subject to costly litigation.
  • The commercial success of our products, including those we are developing, will depend upon the degree of market acceptance of these products among physicians, patients, health care payers and the medical community and on our ability to successfully market our products.
  • If we cannot compete successfully with our competitors, including new entrants in the market, we may be unable to increase or sustain our revenue or achieve and sustain profitability.
  • We may not be able to develop new products or enhance the capabilities of our systems to keep pace with rapidly changing technology and customer requirements, which could have a material adverse effect on our business and operating results.
  • We face risks related to health pandemics and other widespread outbreaks of contagious disease, including the novel coronavirus, COVID-19, which could significantly disrupt our operations and impact our financial results.
  • We may experience temporary disruptions and delays in processing biological samples at our facilities.
  • We depend upon a limited number of key personnel, and if we are not able to retain them or recruit additional qualified personnel, the execution of our strategy, management of our business and commercialization of our product candidates could be delayed or negatively impacted.
  • We will need to increase the size of our organization, and we may experience difficulties in managing growth.
  • We currently have limited experience in marketing products. If we are unable to establish marketing and sales capabilities and retain the proper talent to execute on our sales and marketing strategy, we may not be able to generate product revenue.
  • Cybersecurity risks could compromise our information and expose us to liability, which may harm our ability to operate effectively and may cause our business and reputation to suffer.
  • Our ability to use net operating loss carryforwards to offset future taxable income for U.S. federal tax purposes is subject to limitation and risk that could further limit our ability to utilize our net operating losses.
  • Governmental payers and health care plans have taken steps to control costs.
  • Changes in payer mix could have a material adverse impact on our net sales and profitability.
  • Our laboratories require ongoing CLIA certification.
  • Failure to comply with HIPAA could be costly.
  • Our failure to comply with any applicable government laws and regulations or otherwise respond to claims relating to improper handling, storage or disposal of hazardous chemicals that we use may adversely affect our results of operations.
  • We may become subject to the Anti-Kickback Statute, Stark Law, False Claims Act, Civil Monetary Penalties Law and may be subject to analogous provisions of applicable state laws and could face substantial penalties if we fail to comply with such laws.
  • We cannot be certain that measures taken to protect our intellectual property will be effective.
  • The price of our common stock may fluctuate significantly, which could negatively affect us and holders of our common stock.
  • If we cannot continue to satisfy Nasdaq listing maintenance requirements and other rules, our securities may be delisted, which could negatively impact the price of our securities.
  • Increased costs associated with corporate governance compliance may significantly impact our results of operations.
  • We have not paid dividends on our common stock in the past and do not expect to pay dividends on our common stock for the foreseeable future. Any return on investment may be limited to the value of our common stock.
  • If securities or industry analysts do not publish research or reports about our business, or if they change their recommendations regarding our stock adversely, our stock price and trading volume could decline.
Management Discussion
  • Net Change in Cash. Cash increased by $9.0 million and $1.8 million during the years ended December 31, 2021 and 2020, respectively.
  • Cash Flows Used in Operating Activities. The cash flows used in operating activities of $6.6 million during the year ended December 31, 2021 included a net loss of $8.5 million, an increase in inventories and other assets of $0.6 million and a decrease in accrued expenses and operating lease liabilities of $0.3 million. These were partially offset by a decrease in in accounts receivable of $0.3 million, an increase in accounts payable of $0.1 million and non-cash adjustments of approximately $2.4 million. The non-cash adjustments included a $0.2 million change in provision for losses on doubtful accounts. We routinely provide a reserve for doubtful accounts as a result of having limited in-network payer contracts. Non-cash adjustments also included $0.8 million for a gain on forgiveness of debt. The other non-cash adjustments to net loss of approximately $3.3 million include, among other things, depreciation and amortization, warrant revaluations and stock based compensation. The cash flows used in operating activities in the year ended December 31, 2020 included the net loss of $10.6 million, an increase in accounts receivable of $1.6 million, an increase in inventories and other assets of $0.2 million and a decrease in accounts payable and operating lease liabilities of $0.5 million. These were partially offset by an increase in accrued expenses and other liabilities of $0.7 million and non-cash adjustments of $4.8 million.
  • Cash Flows Used In Investing Activities. Cash flows used in investing activities were $0.7 million and $0.1 million for the years ended December 31, 2021 and 2020, respectively, resulting from purchases of property and equipment partially offset by proceeds from sales of fixed assets.

Content analysis

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Positive
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Legalese
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H.S. freshman Avg
New words: adequate, clarify, compete, conflict, consume, discovery, enhance, extension, geopolitical, growth, harm, infrastructure, larger, precautionary, pursue, recurrence, respond, Russia, satisfactory, strategic, suffer, superior, Ukraine, unanticipated
Removed: deflation, highly, merger, month, PPP, predicted