IPI Legacy Liquidation Co
Period
FY 2022
Revenue
$12.65M
Net Income
$-106.31M
Total Assets
$88.55M
Equity
$-44.16M
Shares Out
23.90M
Op. Cash Flow
$-93.64M
Business
IPI Legacy Liquidation Co is a former operating company in Pharmaceutical Preparations, incorporated in Delaware. Securities are no longer actively traded on a major U.S. exchange.
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Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|
| Product revenue, net | 13 | 668,000 | — | |
| Cost of goods sold | 6 | 691,000 | — | |
| Gross profit (loss) | −6 | −23,000 | — | |
| Research and development | 11 | 21 | 28 | |
| Selling, general and administrative | 78 | 51 | 17 | |
| Total operating expenses | 89 | 71 | 45 | |
| Loss from operations | −83 | −71 | −45 | |
| Interest income (expense), net | −14 | −4 | — | |
| Other income (expense), net | −9 | −805,000 | −463,000 | |
| Loss before income taxes | −106 | −77 | −46 | |
| Provision for income taxes | 0 | 2,000 | 1,000 | |
| Net loss and comprehensive loss | −106 | −77 | −46 | |
| Accretion on redeemable convertible preferred stock | 0 | −129,000 | −518,000 | |
| Net loss attributable to common stockholders | −106 | −77 | −46 | |
| Net loss per share attributable to common stockholders, basic | −4.53 | −5.25 | — | |
| Net loss per share attributable to common stockholders, diluted | −4.53 | −5.25 | — | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, basic | 23 | 15 | — | |
| Weighted-average shares used in computing net loss per share attributable to common stockholders, diluted | 23 | 15 | — |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 | FY 2019 2019-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 61 | 88 | 7 | — | |
| Trade receivable, net | 7 | 1 | — | — | |
| Inventory | 8 | 3 | 0 | — | |
| Prepaid expenses and other current assets | 3 | 2 | 1 | — | |
| Total current assets | 80 | 95 | 8 | — | |
| Property and equipment, net | 4 | 3 | 4 | — | |
| Operating lease right-of-use assets | 3 | 0 | — | — | |
| Other assets | 2 | 187,000 | 187,000 | — | |
| Total assets | 89 | 98 | 12 | — | |
| Accounts payable | 6 | 6 | 4 | — | |
| Accrued liabilities | 12 | 9 | 3 | — | |
| Current portion of deferred royalty obligation | 2 | 0 | — | — | |
| Current portion of operating lease liability | 2 | 0 | — | — | |
| Common stock warrant liabilities | 261,000 | 637,000 | — | — | |
| Total current liabilities | 22 | 16 | 11 | — | |
| Operating lease liability, net of current portion | 2 | 0 | — | — | |
| Deferred royalty obligation, net of current portion | 61 | 0 | — | — | |
| Long-term debt | 48 | 29 | 8 | — | |
| Total liabilities | 133 | 45 | 19 | — | |
| Commitments and contingencies (Note 5) | — | — | — | — | |
| Preferred stock, $0.001 par value; 10,000,000 shares authorized; none issued | 0 | 0 | — | — | |
| Common stock, $0.001 par value; 300,000,000 shares authorized; 23,739,313 and 23,123,062 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively | 24,000 | 23,000 | — | — | |
| Additional paid-in capital | 277 | 267 | 5 | — | |
| Accumulated deficit | −321 | −215 | −138 | — | |
| Total stockholders' (deficit) equity | −44 | 53 | −134 | −92 | |
| Total liabilities, and stockholders' (deficit) equity | 89 | 98 | 12 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2022 2022-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|
| Net loss | −106 | −77 | −46 | |
| Depreciation and amortization | 1 | 1 | 1 | |
| Non-cash lease expense | 980,000 | 0 | — | |
| Stock-based compensation | 5 | 3 | 4 | |
| Change in fair value of derivatives | 10 | 0 | — | |
| Non-cash Interest on royalty obligation and other non cash interest | 5 | 54,000 | — | |
| Loss on early extinguishment of debt | 3 | 2 | — | |
| Change in fair value of convertible notes | 0 | 839,000 | — | |
| Amortization of debt discount | 810,000 | 714,000 | 208,000 | |
| Write-down of inventory to net realizable value | 100,000 | 200,000 | — | |
| Change in fair value of warrant liabilities | −376,000 | −59,000 | 153,000 | |
| Accounts receivable | −6 | −1 | — | |
| Inventory | −6 | −3 | — | |
| Prepaid expenses and other current assets | −1 | −1 | 1 | |
| Accounts payable | −275,000 | 2 | 1 | |
| Accrued liabilities | 1 | 6 | −1 | |
| Operating Lease | −999,000 | 0 | −187,000 | |
| Net cash used in operating activities | −94 | −66 | −39 | |
| Purchases of property and equipment | −1 | −408,000 | −2 | |
| Net cash used in investing activities | −1 | −408,000 | −2 | |
| Proceeds from deferred royalty obligation, net of issuance costs | 48 | 0 | — | |
| Proceeds from issuance of long-term debt, net of issuance costs | 47 | 19 | — | |
| Payments on long-term debt, including final payment | −33 | 0 | — | |
| Proceeds from issuance of common stock, net of issuance costs | 4 | 120 | — | |
| Proceeds from issuance of convertible notes | 0 | 8 | — | |
| Proceeds from exercise of redeemable convertible preferred stock warrants | 0 | 197,000 | 479,000 | |
| Proceeds from issuance of common stock upon exercise of stock options | 203,000 | 796,000 | 879,000 | |
| Net cash provided by financing activities | 67 | 148 | 11 | |
| Net increase (decrease) in cash | −28 | 81 | −30 | |
| Right-of-use assets obtained in exchange for new operating lease liabilities | 4 | — | — | |
| Recognition of embedded derivative | 2 | — | −1 | |
| Accretion to redemption value on redeemable convertible preferred stock | — | 129,000 | — | |
| Conversion of redeemable convertible preferred stock upon initial public offering | — | 127 | — | |
| Issuance of common stock upon exchange / exercise of redeemable convertible preferred stock warrants upon initial public offering | — | 3 | — | |
| Recognition of fair value of warrant liabilities issued in connection with issuance of debt | 0 | 751,000 | 1 | |
| Purchase of property and equipment included in accounts payable and accrued liabilities | 538,000 | 130,000 | 369,000 | |
| Accrued inventory purchases | 2 | — | — | |
| Cash paid for interest | 5 | 1 | 134,000 |
Filings
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Frequently asked questions
What is IPI Legacy Liquidation Co's CIK number?
IPI Legacy Liquidation Co's SEC CIK number is 0001445499 (1445499). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find IPI Legacy Liquidation Co's SEC filings?
All of IPI Legacy Liquidation Co's EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.