[November 01, 2018] |
|
Universal Display Corporation Announces Third Quarter 2018 Financial Results
Universal
Display Corporation (Nasdaq: OLED), enabling energy-efficient
displays and lighting with its UniversalPHOLED®
technology and materials, today reported financial results for the third
quarter ended September 30, 2018.
"During the quarter, we saw a pick-up in the smartphone market, driven
by a number of new OLED display launches, including mobile products from
Apple, Google, Huawei, LG, Samsung and others," said Sidney D.
Rosenblatt, Executive Vice President and Chief Financial Officer of
Universal Display. "We believe that these launches are indicative of the
increasing demand and value of OLEDs in leading OEM product roadmaps,
and reinforces the strong secular OLED growth story. However, the
magnitude of the second-half pick-up in our material sales is not
shaping up to the degree that we had earlier forecasted."
Rosenblatt continued, "As we look to 2019, we anticipate it to be a
meaningful year of growth. With the continued proliferation of OLEDs
across the consumer electronics market, the introduction of new form
factors that will pave the way for new ideas and applications, and new
production capacity that is expected to expand the panel maker
landscape, coupled with billions of dollars committed to advancing the
commercialization of OLEDs, we believe that OLEDs are poised to become
the dominant display technology in the long-term."
Financial Highlights for the Third Quarter of
2018
Effective January 1, 2018, we adopted ASC Topic 606 using the "modified
retrospective" approach, meaning the standard was applied only to the
financial results commencing with the first quarter of 2018 with a
cumulative adjustment to retained earnings. Under this transition
method, we applied the standard only to contracts that were not complete
at the initial adoption date.
-
Total revenue increased 26% to $77.6 million in the third quarter of
2018, compared with $61.7 million in the third quarter of 2017. Total
revenue for the third quarter of 2018 would have been $91.6 million
without the impact of ASC Topic 606. Under ASC Topic 606, license fee
revenue is recognized on a per gram sales basis, whereas under the
previous rules, revenue was recognized for license payments upon
receipt or on a straight-line basis over the term of the contract.
-
Revenue from material sales increased 9% to $51.2 million in the third
quarter of 2018, compared with $47.0 million in the third quarter of
2017. The increase in material sales was due to increasing OLED panel
demand.
-
Revenue from royalty and license fees increased 94% to $23.3 million
in the third quarter of 2018, compared with $12.0 million in the third
quarter of 2017. Revenue from royalty and license fees for the third
quarter of 2018 would have been $36.9 million, or $13.6 million higher
without the impact of ASC Topic 606.
-
Cost of materials increased 17% to $13.8 million in the third quarter
of 2018, compared with $11.8 million in the third quarter of 2017.
-
Operating income increased by $10.2 million to $26.0 million in the
third quarter of 2018, compared with $15.8 million in the third
quarter of 2017.
-
Net income increased by $9.3 million to $22.8 million or $0.48 per
diluted share in the third quarter of 2018, compared with $13.5
million or $0.28 per diluted share in the third quarter of 2017.
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Revenue Comparison
|
|
|
|
|
($ in thousands)
|
|
|
Three Months Ended September 30,
|
|
|
|
2018
|
|
|
2017
|
Material sales
|
|
|
$
|
51,242
|
|
|
$
|
47,041
|
Royalty and license fees
|
|
|
|
23,325
|
|
|
|
12,013
|
Contract research services
|
|
|
|
2,983
|
|
|
|
2,629
|
Total revenue
|
|
|
$
|
77,550
|
|
|
$
|
61,683
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Cost of Materials Comparison
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($ thousands)
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|
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Three Months Ended September 30,
|
|
|
|
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2018
|
|
|
2017
|
|
Material sales
|
|
|
$
|
51,242
|
|
|
$
|
47,041
|
|
Cost of material sales
|
|
|
|
13,808
|
|
|
|
11,755
|
|
Gross margin on material sales
|
|
|
|
37,434
|
|
|
|
35,286
|
|
Gross margin as a % of material sales
|
|
|
|
73
|
%
|
|
|
75
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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Topic 606 versus 605 Adjusted Results
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For the three months ended September 30, 2018 (in thousands)
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As reported
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Adjustment
|
|
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Balances without adoption of Topic 606
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Revenue
|
|
|
$
|
77,550
|
|
|
$
|
14,054
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|
|
$
|
91,604
|
Gross margin
|
|
|
|
61,427
|
|
|
|
14,054
|
|
|
|
75,481
|
Operating income
|
|
|
|
26,032
|
|
|
|
14,054
|
|
|
|
40,086
|
Net income
|
|
|
|
22,818
|
|
|
|
11,384
|
|
|
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34,202
|
Diluted earnings per share
|
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$
|
0.48
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$
|
0.24
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|
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$
|
0.72
|
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|
|
|
|
|
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Financial Highlights for the First Nine Months
of 2018
-
Total revenue decreased 19% to $177.3 million in the first nine months
of 2018, compared with $219.8 million in the first nine months of
2017. Total revenue would have been $233.4 million in the 2018 period,
or $56.1 million higher, without the impact of ASC Topic 606.
-
Revenue from material sales decreased 19% to $113.3 million in the
first nine months of 2018, compared with $140.5 million in the first
nine months of 2017. The Company believes that the decline in material
sales was due to weaker OLED panel demand.
-
Revenue from royalty and license fees decreased 25% to $54.8 million
in the first nine months of 2018, compared with $72.7 million in the
first nine months of 2017. Revenue from royalty and license fees would
have been $108.0 million in the 2018 period, or $53.2 million higher
without the impact of ASC Topic 606.
-
Cost of materials decreased 15% to $28.8 million in the first nine
months of 2018, compared with $33.7 million in the first nine months
of 2017.
-
Operating income decreased by $46.9 million to $41.5 million in the
first nine months of 2018, compared with $88.4 million in the first
nine months of 2017.
-
Net income decreased by $31.5 million to $39.6 million or $0.83 per
diluted share in the first nine months of 2018, compared with $71.1
million or $1.49 per diluted share in the first nine months of 2017.
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Revenue Comparison
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($ in thousands)
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Nine Months Ended September 30,
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2018
|
|
|
2017
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Material sales
|
|
|
$
|
113,325
|
|
|
$
|
140,506
|
Royalty and license fees
|
|
|
|
54,758
|
|
|
|
72,705
|
Contract research services
|
|
|
|
9,188
|
|
|
|
6,551
|
Total revenue
|
|
|
$
|
177,271
|
|
|
$
|
219,762
|
|
|
|
|
|
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Cost of Materials Comparison
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($ thousands)
|
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Nine Months Ended September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
Material sales
|
|
|
$
|
113,325
|
|
|
$
|
140,506
|
|
Cost of material sales
|
|
|
|
28,782
|
|
|
|
33,748
|
|
Gross margin on material sales
|
|
|
|
84,543
|
|
|
|
106,758
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|
Gross margin as a % of material sales
|
|
|
|
75
|
%
|
|
|
76
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
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Topic 606 versus 605 Adjusted Results
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For the nine months ended September 30, 2018 (in thousands)
|
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As reported
|
|
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Adjustment
|
|
|
Balances without adoption of Topic 606
|
Revenue
|
|
|
$
|
177,271
|
|
|
$
|
56,177
|
|
|
$
|
233,448
|
Gross margin
|
|
|
|
142,055
|
|
|
|
56,177
|
|
|
|
198,232
|
Operating income
|
|
|
|
41,462
|
|
|
|
56,177
|
|
|
|
97,639
|
Net income
|
|
|
|
39,591
|
|
|
|
45,643
|
|
|
|
85,234
|
Diluted earnings per share
|
|
|
$
|
0.83
|
|
|
$
|
0.97
|
|
|
$
|
1.80
|
|
|
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|
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|
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2018 Revised Guidance
Although the OLED industry is still at an early state where many
variables can have a material impact on its growth, and the Company thus
caveats its financial guidance accordingly, the Company now believes
that its 2018 revenue will be approximately in the range of $240 million
to $250 million. The guidance was prepared utilizing accounting standard
ASC Topic 606; under the prior accounting standard ASC Topic 605, the
Company estimates that its 2018 revenues would be approximately $315
million to $325 million.
Dividend
The Company also announced a fourth quarter cash dividend of $0.06 per
share on the Company's common stock. The dividend is payable on December
28, 2018 to all shareholders of record on December 14, 2018.
Conference Call Information
In conjunction with this release, Universal Display will host a
conference call on Thursday, November 1, 2018 at 5:00 p.m. Eastern Time.
The live webcast of the conference call can be accessed under the events
page of the Company's Investor Relations website at ir.oled.com.
Those wishing to participate in the live call should dial 1-877-524-8416
(toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the
scheduled conference call time. An online archive of the webcast will be
available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in developing
and delivering state-of-the-art, organic light emitting diode (OLED)
technologies, materials and services to the display and lighting
industries. Founded in 1994, the Company currently owns or has
exclusive, co-exclusive or sole license rights with respect to more than
4,800 issued and pending patents worldwide. Universal Display licenses
its proprietary technologies, including its breakthrough high-efficiency
UniversalPHOLED® phosphorescent OLED technology that can enable the
development of low power and eco-friendly displays and solid-state
lighting. The Company also develops and offers high-quality,
state-of-the-art UniversalPHOLED materials that are recognized as key
ingredients in the fabrication of OLEDs with peak performance. In
addition, Universal Display delivers innovative and customized solutions
to its clients and partners through technology transfer, collaborative
technology development and on-site training.
Headquartered in Ewing, New Jersey, with international offices in China,
Hong Kong, Ireland, Japan, South Korea, and Taiwan, and wholly-owned
subsidiary Adesis, Inc. based in New Castle, Delaware, Universal Display
works and partners with a network of world-class organizations,
including Princeton University, the University of Southern California,
the University of Michigan, and PPG Industries, Inc. The Company has
also established relationships with companies such as AU Optronics
Corporation, BOE Technology, DuPont Displays, Inc., EverDisplay
Optronics (Shanghai) Limited, Govisionox Optoelectronics, Innolux
Corporation, Japan Display Inc., Kaneka Corporation, Konica Minolta
Technology Center, Inc., LG Display Co., Ltd., Lumiotec, Inc., OLEDWorks
LLC, OSRAM, Pioneer Corporation, Royole Corporation, Samsung Display
Co., Ltd., Sharp Corporation, Sumitomo Chemical Company, Ltd., Tianma
Micro-electronics, Tohoku Pioneer Corporation, and Visionox Technology.
To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo
are trademarks or registered trademarks of Universal Display
Corporation. All other company, brand or product names may be trademarks
or registered trademarks.
All statements in this document that are not historical, such as
those relating to Universal Display Corporation's technologies and
potential applications of those technologies, the Company's expected
results and future declaration of dividends, as well as the growth of
the OLED market and the Company's opportunities in that market, are
forward-looking financial statements within the meaning of the Private
Securities Litigation Reform Act of 1995. You are cautioned not to place
undue reliance on any forward-looking statements in this document, as
they reflect Universal Display Corporation's current views with respect
to future events and are subject to risks and uncertainties that could
cause actual results to differ materially from those contemplated. These
risks and uncertainties are discussed in greater detail in Universal
Display Corporation's periodic reports on Form 10-K and Form 10-Q filed
with the Securities and Exchange Commission, including, in particular,
the section entitled "Risk Factors" in Universal Display Corporation's
annual report on Form 10-K for the year ended December 31, 2017.
Universal Display Corporation disclaims any obligation to update any
forward-looking statement contained in this document.
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|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
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CONSOLIDATED BALANCE SHEETS
|
(UNAUDITED)
|
(in thousands, except share and per share data)
|
|
|
|
|
September 30, 2018
|
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December 31, 2017
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ASSETS
|
|
|
|
|
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|
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CURRENT ASSETS:
|
|
|
|
|
|
|
|
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Cash and cash equivalents
|
|
|
$
|
101,638
|
|
|
$
|
132,840
|
|
Short-term investments
|
|
|
|
391,972
|
|
|
|
287,446
|
|
Accounts receivable
|
|
|
|
43,207
|
|
|
|
52,355
|
|
Inventory
|
|
|
|
69,031
|
|
|
|
36,265
|
|
Other current assets
|
|
|
|
11,943
|
|
|
|
10,276
|
|
Total current assets
|
|
|
|
617,791
|
|
|
|
519,182
|
|
PROPERTY AND EQUIPMENT, net of accumulated depreciation of $42,425
and $36,368
|
|
|
|
67,467
|
|
|
|
56,450
|
|
ACQUIRED TECHNOLOGY, net of accumulated amortization of $106,755
and $91,312
|
|
|
|
116,086
|
|
|
|
131,529
|
|
OTHER INTANGIBLE ASSETS, net of accumulated amortization of $3,036
and $2,000
|
|
|
|
13,804
|
|
|
|
14,840
|
|
GOODWILL
|
|
|
|
15,535
|
|
|
|
15,535
|
|
INVESTMENTS
|
|
|
|
-
|
|
|
|
14,794
|
|
DEFERRED INCOME TAXES
|
|
|
|
13,910
|
|
|
|
27,022
|
|
OTHER ASSETS
|
|
|
|
39,151
|
|
|
|
604
|
|
TOTAL ASSETS
|
|
|
$
|
883,744
|
|
|
$
|
779,956
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
|
|
|
CURRENT LIABILITIES:
|
|
|
|
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
13,330
|
|
|
$
|
13,774
|
|
Accrued expenses
|
|
|
|
31,790
|
|
|
|
35,019
|
|
Deferred revenue
|
|
|
|
69,143
|
|
|
|
14,981
|
|
Other current liabilities
|
|
|
|
16
|
|
|
|
50
|
|
Total current liabilities
|
|
|
|
114,279
|
|
|
|
63,824
|
|
DEFERRED REVENUE
|
|
|
|
40,684
|
|
|
|
23,902
|
|
RETIREMENT PLAN BENEFIT LIABILITY
|
|
|
|
34,937
|
|
|
|
33,176
|
|
OTHER LIABILITIES
|
|
|
|
18,337
|
|
|
|
-
|
|
Total liabilities
|
|
|
|
208,237
|
|
|
|
120,902
|
|
SHAREHOLDERS' EQUITY:
|
|
|
|
|
|
|
|
|
|
Preferred Stock, par value $0.01 per share, 5,000,000 shares
authorized, 200,000 shares of Series A Nonconvertible Preferred
Stock issued and outstanding (liquidation value of $7.50 per share
or $1,500)
|
|
|
|
2
|
|
|
|
2
|
|
Common Stock, par value $0.01 per share, 200,000,000 shares
authorized, 48,672,538 and 48,476,034 shares issued, and
47,310,901 and 47,118,171 shares outstanding, at September 30,
2018 and December 31, 2017, respectively
|
|
|
|
487
|
|
|
|
485
|
|
Additional paid-in capital
|
|
|
|
613,310
|
|
|
|
611,063
|
|
Retained earnings
|
|
|
|
112,337
|
|
|
|
99,126
|
|
Accumulated other comprehensive loss
|
|
|
|
(9,994
|
)
|
|
|
(11,464
|
)
|
Treasury stock, at cost (1,361,637 and 1,357,863 shares at
September 30, 2018 and December 31, 2017, respectively)
|
|
|
|
(40,635
|
)
|
|
|
(40,158
|
)
|
Total shareholders' equity
|
|
|
|
675,507
|
|
|
|
659,054
|
|
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
$
|
883,744
|
|
|
$
|
779,956
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF INCOME
|
(UNAUDITED)
|
(in thousands, except share and per share data)
|
|
|
|
|
Three Months Ended September 30,
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
|
2018
|
|
|
2017
|
|
REVENUE
|
|
|
$
|
77,550
|
|
|
$
|
61,683
|
|
|
$
|
177,271
|
|
|
$
|
219,762
|
|
COST OF SALES
|
|
|
|
16,123
|
|
|
|
13,465
|
|
|
|
35,216
|
|
|
|
37,762
|
|
Gross margin
|
|
|
|
61,427
|
|
|
|
48,218
|
|
|
|
142,055
|
|
|
|
182,000
|
|
OPERATING EXPENSES:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development
|
|
|
|
13,616
|
|
|
|
11,596
|
|
|
|
38,922
|
|
|
|
34,099
|
|
Selling, general and administrative
|
|
|
|
12,120
|
|
|
|
11,695
|
|
|
|
34,473
|
|
|
|
31,611
|
|
Amortization of acquired technology and other intangible assets
|
|
|
|
5,493
|
|
|
|
5,498
|
|
|
|
16,479
|
|
|
|
16,485
|
|
Patent costs
|
|
|
|
1,937
|
|
|
|
1,875
|
|
|
|
5,691
|
|
|
|
5,096
|
|
Royalty and license expense
|
|
|
|
2,229
|
|
|
|
1,764
|
|
|
|
5,028
|
|
|
|
6,342
|
|
Total operating expenses
|
|
|
|
35,395
|
|
|
|
32,428
|
|
|
|
100,593
|
|
|
|
93,633
|
|
OPERATING INCOME
|
|
|
|
26,032
|
|
|
|
15,790
|
|
|
|
41,462
|
|
|
|
88,367
|
|
Interest income, net
|
|
|
|
2,118
|
|
|
|
861
|
|
|
|
5,155
|
|
|
|
2,328
|
|
Other (expense) income, net
|
|
|
|
(7
|
)
|
|
|
6
|
|
|
|
(66
|
)
|
|
|
(7
|
)
|
Interest and other (expense) income, net
|
|
|
|
2,111
|
|
|
|
867
|
|
|
|
5,089
|
|
|
|
2,321
|
|
INCOME BEFORE INCOME TAXES
|
|
|
|
28,143
|
|
|
|
16,657
|
|
|
|
46,551
|
|
|
|
90,688
|
|
INCOME TAX EXPENSE
|
|
|
|
(5,325
|
)
|
|
|
(3,137
|
)
|
|
|
(6,960
|
)
|
|
|
(19,616
|
)
|
NET INCOME
|
|
|
$
|
22,818
|
|
|
$
|
13,520
|
|
|
$
|
39,591
|
|
|
$
|
71,072
|
|
NET INCOME PER COMMON SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
$
|
0.48
|
|
|
$
|
0.28
|
|
|
$
|
0.83
|
|
|
$
|
1.50
|
|
DILUTED
|
|
|
$
|
0.48
|
|
|
$
|
0.28
|
|
|
$
|
0.83
|
|
|
$
|
1.49
|
|
WEIGHTED AVERAGE SHARES USED IN COMPUTING NET INCOME PER COMMON
SHARE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
BASIC
|
|
|
|
46,869,998
|
|
|
|
46,801,051
|
|
|
|
46,841,036
|
|
|
|
46,716,726
|
|
DILUTED
|
|
|
|
46,914,553
|
|
|
|
46,871,720
|
|
|
|
46,893,768
|
|
|
|
46,793,429
|
|
CASH DIVIDENDS DECLARED PER COMMON SHARE
|
|
|
$
|
0.06
|
|
|
$
|
0.03
|
|
|
$
|
0.18
|
|
|
$
|
0.09
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
|
CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(UNAUDITED)
|
(in thousands)
|
|
|
|
|
Nine Months Ended September 30,
|
|
|
|
|
2018
|
|
|
2017
|
|
CASH FLOWS FROM OPERATING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
|
|
|
$
|
39,591
|
|
|
$
|
71,072
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
|
|
|
|
Amortization of deferred revenue and recognition of unbilled
receivables
|
|
|
|
(52,325
|
)
|
|
|
(7,206
|
)
|
Depreciation
|
|
|
|
6,094
|
|
|
|
3,638
|
|
Amortization of intangibles
|
|
|
|
16,479
|
|
|
|
16,485
|
|
Inventory write-down
|
|
|
|
1,045
|
|
|
|
-
|
|
Amortization of premium and discount on investments, net
|
|
|
|
(4,191
|
)
|
|
|
(2,055
|
)
|
Stock-based compensation to employees
|
|
|
|
9,697
|
|
|
|
8,467
|
|
Stock-based compensation to Board of Directors and Scientific
Advisory Board
|
|
|
|
3,234
|
|
|
|
1,890
|
|
Earnout liability recorded for Adesis acquisition
|
|
|
|
-
|
|
|
|
509
|
|
Deferred income tax expense
|
|
|
|
15,820
|
|
|
|
6,804
|
|
Retirement plan expense
|
|
|
|
3,378
|
|
|
|
3,214
|
|
Decrease (increase) in assets:
|
|
|
|
|
|
|
|
|
|
Accounts receivable
|
|
|
|
9,148
|
|
|
|
(18,262
|
)
|
Inventory
|
|
|
|
(33,811
|
)
|
|
|
(15,419
|
)
|
Other current assets
|
|
|
|
(116
|
)
|
|
|
(2,835
|
)
|
Other assets
|
|
|
|
(37,769
|
)
|
|
|
(40
|
)
|
Increase (decrease) in liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts payable and accrued expenses
|
|
|
|
439
|
|
|
|
3,904
|
|
Other current liabilities
|
|
|
|
(34
|
)
|
|
|
(768
|
)
|
Deferred revenue
|
|
|
|
99,940
|
|
|
|
1,863
|
|
Other liabilities
|
|
|
|
18,337
|
|
|
|
-
|
|
Net cash provided by operating activities
|
|
|
|
94,956
|
|
|
|
71,261
|
|
CASH FLOWS FROM INVESTING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
|
(20,925
|
)
|
|
|
(23,221
|
)
|
Purchases of investments
|
|
|
|
(500,985
|
)
|
|
|
(456,264
|
)
|
Proceeds from sale of investments
|
|
|
|
415,697
|
|
|
|
351,024
|
|
Net cash used in investing activities
|
|
|
|
(106,213
|
)
|
|
|
(128,461
|
)
|
CASH FLOWS FROM FINANCING ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of common stock
|
|
|
|
616
|
|
|
|
529
|
|
Repurchase of common stock
|
|
|
|
(477
|
)
|
|
|
-
|
|
Proceeds from the exercise of common stock options
|
|
|
|
-
|
|
|
|
29
|
|
Payment of withholding taxes related to stock-based compensation to
employees
|
|
|
|
(11,598
|
)
|
|
|
(9,330
|
)
|
Cash dividends paid
|
|
|
|
(8,486
|
)
|
|
|
(4,240
|
)
|
Net cash used in financing activities
|
|
|
|
(19,945
|
)
|
|
|
(13,012
|
)
|
DECREASE IN CASH AND CASH EQUIVALENTS
|
|
|
|
(31,202
|
)
|
|
|
(70,212
|
)
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
|
|
|
132,840
|
|
|
|
139,365
|
|
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
|
|
$
|
101,638
|
|
|
$
|
69,153
|
|
The following non-cash activities occurred:
|
|
|
|
|
|
|
|
|
|
Unrealized gain (loss) on available-for-sale securities
|
|
|
$
|
274
|
|
|
$
|
(117
|
)
|
Common stock issued to Board of Directors and Scientific Advisory
Board that was earned and accrued for in a previous period
|
|
|
|
300
|
|
|
|
300
|
|
Common stock issued to employees that was earned and accrued for in
a previous period
|
|
|
|
-
|
|
|
|
174
|
|
Net change in accounts payable and accrued expenses related to
purchases of property and equipment
|
|
|
|
3,814
|
|
|
|
2,572
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20181101006110/en/
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