Quotient Ltd

CIK:0001596946|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2022	Dec. 31, 2021
Revenue:
Total revenue	$ 9,954	$ 10,172	$ 27,624	$ 28,728
Cost of revenue	(3,904)	(7,928)	(31,141)	(17,579)
Gross margin	6,050	2,244	(3,517)	11,149
Operating expenses:
Sales and marketing	(3,298)	(2,878)	(10,117)	(8,011)
Research and development, net of government grants	(15,909)	(13,260)	(44,316)	(42,545)
General and administrative expense:
Compensation expense in respect of share options and management equity incentives	(924)	(2,319)	(2,593)	(5,546)
Other general and administrative expenses	(11,470)	(15,038)	(28,534)	(32,009)
Total general and administrative expense	(12,394)	(17,357)	(31,127)	(37,555)
Total operating expense	(31,602)	(33,495)	(85,560)	(88,111)
Operating loss	(25,551)	(31,251)	(89,077)	(76,962)
Other (expense) income:
Interest expense, net	(8,233)	(9,559)	(9,421)	(21,914)
Other, net	20,591	(3,507)	1,011	677
Other income (expense), net	12,358	(13,066)	(8,410)	(21,237)
Loss before income taxes	(13,193)	(44,317)	(97,487)	(98,199)
Provision for income taxes	(131)	(504)	(631)	(1,019)
Net loss	(13,324)	(44,821)	(98,118)	(99,218)
Other comprehensive income (loss):
Change in fair value of foreign currency cash flow hedges	0	(37)	0	(380)
Change in unrealized gain on short-term investments	(50)	0	(24)	(193)
Foreign currency (loss) gain	(14,359)	788	12,817	2,798
Provision for pension benefit obligation	14	15	42	44
Other comprehensive income (loss), net	(14,395)	766	12,835	2,269
Comprehensive loss	(27,719)	(44,055)	(85,283)	(96,949)
Net loss available to ordinary shareholders - basic	(13,324)	(44,821)	(98,118)	(99,218)
Net loss available to ordinary shareholders - diluted	$ (13,324)	$ (44,821)	$ (98,118)	$ (99,218)
Loss per share - basic	$ (3.13)	$ (17.55)	$ (26.45)	$ (39.03)
Loss per share - diluted	$ (3.13)	$ (17.55)	$ (26.45)	$ (39.03)
Weighted-average shares outstanding - basic	4,250,698	2,553,179	3,709,021	2,542,394
Weighted-average shares outstanding - diluted	4,250,698	2,553,179	3,709,021	2,542,394
Product Sales [Member]
Revenue:
Total revenue	$ 9,954	$ 10,172	$ 27,624	$ 28,497
Other Revenues [Member]
Revenue:
Total revenue	$ 0	$ 0	$ 0	$ 231

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Net loss	$ (98,118)	$ (99,218)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, amortization and loss on disposal of fixed assets	4,285	5,696
Share-based compensation	2,593	4,738
Increase in deferred lease rentals	922	505
Swiss pension obligation	624	493
Amortization of debt discount, royalty, and unrealized foreign currency loss (gains) on debt	12,990	6,377
Impairment Of Investments	1,201	0
Change in fair value of derivative liabilities	(15,647)	(3,926)
Accrued preference share dividends	788	788
Provision for income taxes	632	1,109
Net change in assets and liabilities:
Trade accounts receivable, net	(744)	(879)
Inventories	6,544	(468)
Accounts payable and accrued liabilities	2,280	(3,805)
Accrued compensation and benefits	1,401	(5,239)
Other assets and liabilities	(8,997)	(2,344)
Net cash used in operating activities	(89,246)	(96,173)
INVESTING ACTIVITIES:
Increase in short-term investments	0	(4,500)
Realization of short-term investments	2,612	51,425
Purchase of property and equipment	(1,666)	(2,282)
Net cash from investing activities	946	44,643
FINANCING ACTIVITIES:
Repayment of finance leases	(450)	(528)
Proceeds from issuance of long-term debt	10,000	104,222
Debt issuance costs	0	(3,732)
Repayment of long-term debt	0	(12,083)
Proceeds from (cost of) issuance of ordinary shares and warrants	17,903	(81)
Net cash provided by financing activities	27,453	87,798
Effect of exchange rate fluctuations on cash and cash equivalents	(153)	2,404
Change in cash and cash equivalents	(61,000)	38,672
Beginning cash and cash equivalents	73,803	54,697
Total cash, cash equivalents and restricted cash	12,803	93,369
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	11,934	85,060
Restricted cash	869	8,309
Total cash, cash equivalents and restricted cash	$ 12,803	$ 93,369

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2022	Mar. 31, 2022
Current assets:
Cash and cash equivalents	$ 11,934	$ 65,059
Short-term investments	0	2,626
Trade accounts receivable, net	6,647	6,272
Inventories	14,327	22,036
Prepaid expenses and other current assets	7,587	5,761
Total current assets	40,495	101,754
Restricted cash	869	8,744
Long-term investments	15,580	15,467
Property and equipment, net	29,440	33,242
Operating lease right-of-use assets	28,014	29,411
Intangible assets, net	435	520
Deferred income taxes	141	123
Other non-current assets	4,352	4,728
Total assets	119,326	193,989
Current liabilities:
Accounts payable	2,813	4,524
Accrued compensation and benefits	9,414	8,503
Accrued expenses and other current liabilities	13,017	15,729
Current portion of operating lease liability	4,046	3,535
Current portion of finance lease obligation	341	537
Total current liabilities	29,631	32,828
Long-term debt, less current portion	240,288	233,313
Derivative liabilities	41	13,515
Operating lease liability, less current portion	27,583	28,753
Finance lease obligation, less current portion	136	388
Deferred income taxes	1,849	1,988
Defined benefit pension plan obligation	5,370	4,777
7% Cumulative redeemable preference shares	23,313	22,525
Total liabilities	328,211	338,087
Commitments and contingencies
Shareholders' equity (deficit):
Ordinary shares (nil par value) 4,035,013 and 2,565,284 issued and outstanding at December 31, 2022 and March 31, 2022 respectively	558,639	540,736
Additional paid in capital	48,992	46,399
Accumulated other comprehensive loss	6,644	(6,191)
Accumulated deficit	(823,160)	(725,042)
Total shareholders' equity (deficit)	(208,885)	(144,098)
Total liabilities and shareholders' equity (deficit)	$ 119,326	$ 193,989