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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
CEO
Paul Kinnon
Employees
Incorporated
Location
Fiscal year end
Former names
TRANSGENOMIC INC
SEC CIK
IRS number
911789357

PRPO stock data

(
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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

29 Mar 21
22 Apr 21
31 Dec 21
Quarter (USD)
Dec 20 Sep 20 Jun 20 Mar 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
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Change in cash
Diluted EPS

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

Beta Read what these cash burn values mean

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

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 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
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Financial report summary

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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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