PRPO Precipio

Precipio, Inc. is a cancer diagnostics company, which engages in the development and provision of a platform designed to eradicate the problem of misdiagnosis. Its products include MX-ICP, HemeScreen, and IV-Cell, and services include primary diagnostic, SmartPath, SmartGen, HRM kits and ICP liquid biopsy testing. The company was founded on March 6, 1997 and is headquartered in New Haven, CT.
Company profile
Ticker
PRPO
Exchange
Website
CEO
Paul Kinnon
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
Former names
TRANSGENOMIC INC
SEC CIK
Corporate docs
IRS number
911789357
PRPO stock data
()
News
12 Health Care Stocks Moving In Thursday's Intraday Session
22 Apr 21
Precipio Enters Into At-The-Market Financing Arrangement Of Up To $20M
5 Apr 21
The Daily Biotech Pulse: Pfizer Vaccine 100% Effective In Adolescents, Equillium Readout, Amgen Goes Shopping, Achilles IPO
31 Mar 21
The Week Ahead In Biotech (March 28-April 3): Acadia's Dementia Drug Update, Clinical Readouts, Few Earnings In Holiday-Shortened Week
27 Mar 21
Precipio Shares Spike Higher; Co Launches Online Store For COVID-19 Antibody Tests, HemeScreen And IVCell Product
4 Feb 21
Press releases
Precipio, Inc. to Host Earnings Call
31 Mar 21
Precipio Announces Q4-2020 and year-end Shareholder Update Call
18 Mar 21
Mr. Ron Andrews joins Precipio's Board of Directors
3 Mar 21
Mr. Richard Sandberg is appointed Chairman of Precipio's Board of Directors
3 Mar 21
Precipio Launches COVID-19 Antibody Testing at Point-of-Care
28 Jan 21
Investment data
Securities sold
Number of investors
Calendar
29 Mar 21
22 Apr 21
31 Dec 21
Financial summary
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Financial data from Precipio earnings reports.
Cash burn rate (estimated) | Burn method: Change in cash | Burn method: Operating income/loss | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 2.66M | 2.66M | 2.66M | 2.66M | 2.66M | 2.66M |
Cash burn (monthly) | (positive/no burn) | (positive/no burn) | 750.67K | 917.33K | 478K | 619.5K |
Cash used (since last report) | n/a | n/a | 2.81M | 3.43M | 1.79M | 2.32M |
Cash remaining | n/a | n/a | -154.34K | -778.3K | 866.47K | 336.72K |
Runway (months of cash) | n/a | n/a | -0.2 | -0.8 | 1.8 | 0.5 |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
1 Mar 21 | Danieli Ilan | Common Stock | Buy | Aquire P | No | No | 2.46 | 1,025 | 2.52K | 21,462 |
1 Mar 21 | Andrews Ronald Asbury | Employee Stock Option Common Stock | Grant | Aquire A | No | No | 2.6 | 5,171 | 13.44K | 5.171 |
1 Mar 21 | Andrews Ronald Asbury | Employee Stock Option Common Stock | Grant | Aquire A | No | No | 2.6 | 2,069 | 5.38K | 2,069 |
4 Jan 21 | Rimer Mark | Stock Option Common Stock | Grant | Aquire A | No | No | 2.1 | 25,000 | 52.5K | 25,000 |
4 Jan 21 | Sandberg Richard A | Stock Option Common Stock | Grant | Aquire A | No | No | 2.1 | 25,000 | 52.5K | 25,000 |
Institutional ownership Q1 2021
Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.
13F holders |
Current |
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Total holders | 0 |
Opened positions | 0 |
Closed positions | 0 |
Increased positions | 0 |
Reduced positions | 0 |
13F shares |
Current |
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Total value | 0 |
Total shares | 0 |
Total puts | 0 |
Total calls | 0 |
Total put/call ratio | – |
Largest owners |
Shares | Value |
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Financial report summary
?Risks
- There is substantial doubt about our ability to continue as a going concern.
- We will 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 product candidates 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 product candidates.
- 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.
- We face risks related to the Paycheck Protection Program loan (PPP Loan), which could negatively impact our financial position.
- 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.
- We depend on certain technologies that are licensed to us. We do not control these technologies and any loss of our rights to them could prevent us from selling some of our products.
- Third parties may assert ownership or commercial rights to inventions we develop.
- Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets.
- The testing, manufacturing and marketing of medical diagnostic devices entails an inherent risk of product liability and personal injury claims.
- All of our diagnostic technology development and our clinical services are performed at two laboratories, and in the event either or both of these facilities were to be affected by a termination of the lease or a man-made or natural disaster, our operations could be severely impaired.
- An impairment in the carrying value of our intangible assets could negatively affect our results of operations.
- The price of our common stock may fluctuate significantly, which could negatively affect us and holders of our common stock.
- The price of our stock may be vulnerable to manipulation.
- 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.
- The sale or issuance of our common stock to Lincoln Park may cause significant dilution and the sale of the shares of common stock acquired by Lincoln Park, or the perception that such sales may occur, could cause the price of our common stock to fall.
- The issuance of our common stock to creditors or litigants may cause significant dilution to our stockholders and cause the price of our common stock to fall
Management Discussion
- Net Change in Cash. Cash increased by $1.8 million and $0.5 million during the years ended December 31, 2020 and 2019, respectively.
- Cash Flows Used in Operating Activities. The cash flows used in operating activities of $7.4 million during the year ended December 31, 2020 included a 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. The non-cash adjustments included $1.3 million for the 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 $1.2 million for loss on extinguishment of convertible notes, which resulted from a March 2020 amendment to certain Bridge Notes whereby, among other things, the floor price at which conversions may occur was amended from $2.25 to $0.40. See Note 6 – Convertible Notes for further discussion. The other non-cash adjustments to net loss of approximately $2.3 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, 2019 included the net loss of $13.2 million, an increase in accounts receivable of $0.8 million, a decrease in accounts payable of $1.9 million and a decrease in operating lease liabilities of $0.2 million. These were partially offset by a decrease in other assets of $0.4 million and non-cash adjustments of $6.6 million.
- Cash Flows Used In Investing Activities. Cash flows used in investing activities were $0.1 million for the years ended December 31, 2020 and 2019, respectively, resulting from purchases of property and equipment partially offset by proceeds from sales of fixed assets.
Content analysis
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Financial reports
10-K
2020 FY
Annual report
29 Mar 21
10-Q
2020 Q3
Quarterly report
13 Nov 20
10-Q
2020 Q2
Quarterly report
13 Aug 20
10-Q
2020 Q1
Quarterly report
14 May 20
10-K/A
2019 FY
Annual report (amended)
7 Apr 20
10-K
2019 FY
Annual report
27 Mar 20
10-Q
2019 Q3
Quarterly report
13 Nov 19
10-Q
2019 Q2
Quarterly report
9 Aug 19
10-Q
2019 Q1
Quarterly report
16 May 19
NT 10-Q
Notice of late quarterly filing
15 May 19
Current reports
8-K
Entry into a Material Definitive Agreement
2 Apr 21
8-K
Precipio Announces Q4-2020 and year-end Shareholder Update Call
18 Mar 21
8-K
Mr. Richard Sandberg is appointed Chairman of Precipio’s Board of Directors
3 Mar 21
8-K
Precipio Announces Q3-2020 Shareholder Update Call
12 Nov 20
8-K
Precipio Announces a Shareholder Call to Discuss its COVID-19 Progress and Future Plans
4 Sep 20
8-K
Departure of Directors or Certain Officers
28 Aug 20
8-K
Precipio Announces Q2-2020 Corporate Update Call For Shareholders
7 Aug 20
8-K
Precipio Announces Q2-2020 Unaudited Pathology Services Revenue Increased Approximately 50% over Q1’20
22 Jul 20
8-K
Other Events
13 Jul 20
8-K
Other Events
30 Jun 20
Registration and prospectus
424B5
Prospectus supplement for primary offering
2 Apr 21
424B3
Prospectus supplement
7 Jul 20
S-1/A
IPO registration (amended)
7 Jul 20
S-1/A
IPO registration (amended)
6 Jul 20
S-1
IPO registration
26 Jun 20
424B3
Prospectus supplement
13 Apr 20
S-3/A
Shelf registration (amended)
9 Apr 20
S-1/A
IPO registration (amended)
8 Apr 20
S-3
Shelf registration
27 Mar 20
S-1
IPO registration
27 Mar 20
Proxies
DEFA14A
Additional proxy soliciting materials
29 Apr 20
DEF 14A
Definitive proxy
29 Apr 20
DEFA14A
Additional proxy soliciting materials
29 Apr 19
DEF 14A
Definitive proxy
29 Apr 19
DEF 14A
Definitive proxy
27 Nov 18
PRE 14A
Preliminary proxy
15 Nov 18
DEFA14A
Additional proxy soliciting materials
15 Jun 18
DEF 14A
Definitive proxy
29 May 18
PRE 14A
Preliminary proxy
18 May 18
DEF 14A
Definitive proxy
28 Dec 17
Other
EFFECT
Notice of effectiveness
8 Jul 20
CORRESP
Correspondence with SEC
1 Jul 20
UPLOAD
Letter from SEC
1 Jul 20
EFFECT
Notice of effectiveness
14 Apr 20
EFFECT
Notice of effectiveness
14 Apr 20
CORRESP
Correspondence with SEC
8 Apr 20
CORRESP
Correspondence with SEC
8 Apr 20
UPLOAD
Letter from SEC
5 Apr 20
UPLOAD
Letter from SEC
5 Apr 20
EFFECT
Notice of effectiveness
31 Jan 20
Ownership
4
Precipio / RONALD ASBURY ANDREWS ownership change
4 Mar 21
3
Precipio / RONALD ASBURY ANDREWS ownership change
4 Mar 21
4
Precipio / ILAN DANIELI ownership change
3 Mar 21
4
Precipio / ILAN DANIELI ownership change
5 Jan 21
4
Precipio / Mark Rimer ownership change
5 Jan 21
4
Precipio / RICHARD A SANDBERG ownership change
5 Jan 21
4
Precipio / KATHLEEN LAPORTE ownership change
5 Jan 21
4
Precipio / David Seth Cohen ownership change
5 Jan 21
4
Precipio / Douglas Fisher ownership change
5 Jan 21
4
Precipio / Carl Iberger ownership change
5 Jan 21
Transcripts
2020 Q4
Earnings call transcript
1 Apr 21
2020 Q3
Earnings call transcript
19 Nov 20
2020 Q2
Earnings call transcript
17 Aug 20
2020 Q1
Earnings call transcript
19 May 20
2019 Q3
Earnings call transcript
13 Nov 19
2019 Q2
Earnings call transcript
21 Aug 19
2018 Q3
Earnings call transcript
19 Nov 18
2018 Q2
Earnings call transcript
23 Aug 18
2017 Q3
Earnings call transcript
21 Nov 17
Reddit threads
Daily Discussion Thread - March 31st, 2021
31 Mar 21
Daily Discussion Thread - March 30th, 2021
30 Mar 21
Daily Discussion Thread - March 26th, 2021
26 Mar 21
Daily Discussion Thread - March 25th, 2021
25 Mar 21
Daily Discussion Thread - March 24th, 2021
24 Mar 21
Daily Discussion Thread - March 23rd, 2021
23 Mar 21
Daily Discussion Thread - March 19th, 2021
19 Mar 21
Daily Discussion Thread - March 18th, 2021
18 Mar 21
Daily Discussion Thread - March 17th, 2021
17 Mar 21
Daily Discussion Thread - March 16th, 2021
16 Mar 21