LIFECORE BIOMEDICAL, INC. \DE\

Listed Company

LFCRCIK 0001005286NasdaqAcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends May 25

Period

FY 2025

Revenue

—

Net Income

$-38.72M

Total Assets

$239.34M

Equity

$1.34M

Shares Out

37.48M

Op. Cash Flow

$-206.0K

Business

LIFECORE BIOMEDICAL, INC. is a fully integrated contract development and manufacturing organization (CDMO) that develops and aseptically manufactures complex, highly viscous sterile injectable pharmaceutical and medical device products. The company provides clinical and commercial services including proprietary fermentation-based production of non-animal-sourced hyaluronic acid (HA), formulation development, analytical method development, sterile filtration, scale-up, stability and process validation, and aseptic filling of syringes, vials and cartridges. Lifecore operates as a single integrated business segment combining CDMO and HA manufacturing operations. It serves customers globally through direct commercial supply, technology transfer relationships and distribution to pharmaceutical, biotechnology and medical device companies.

Summary from filing dated 2025-08-07

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Revenues	129	128	103	111	101
Cost of goods sold	89	86	75	72	62
Gross profit	40	42	28	39	39
Research and development expenses	8	9	9	8	7
Selling, general, and administrative expenses	44	40	39	35	28
Loss on sale or disposal of assets, net of portion classified as cost of sales	7	0	—	—	—
Restructuring (recovery) costs	−2	2	4	8	13
Operating loss	−17	−9	−22	−12	−9
Change in fair value of debt derivative liability, related party	409,000	40	0	0	—
Other expense, net	−3,000	−3	−1	760,000	−11
(Loss) income from continuing operations before income taxes	−39	10	−64	−21	−30
Income tax expense	−43,000	−183,000	−308,000	5	6
(Loss) income from continuing operations	−39	9	—	—	—
Income from discontinued operations	0	3	—	—	—
Net (loss) income	−39	12	−100	−117	—
Preferred stock dividends	−3	0	—	—	—
Accretion of preferred stock to redemption value	−192,000	0	—	—	—
Fair value of conversion ratio improvement to preferred stockholders	−2	0	—	—	—
(Loss) income available to common stockholders	−44	12	—	—	—
(Loss) income from continuing operations available to common stockholders (in dollars per share)	−1.27	0.3	−2.14	−0.53	−0.8
Income from discontinued operations (in dollars per share)	0	0.09	−1.18	−3.44	−0.3
Basic (loss) income per share (in dollars per share)	−1.27	0.39	−3.32	−3.97	−1.1
(Loss) income from continuing operations available to common stockholders (in dollars per share)	−1.27	0.26	−2.14	−0.53	−0.8
Income from discontinued operations (in dollars per share)	0	0.07	−1.18	−3.44	−0.3
Diluted (loss) income per share (in dollars per share)	−1.27	0.33	−3.32	−3.97	−1.1
Basic (in shares)	35	30	30	29	29
Diluted (in shares)	35	37	30	29	29

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2023 2023-02-28	FY 2022 2022-11-30
Cash and cash equivalents	8	8	19	3	6
Current portion of note receivable	8	0	—	—	—
Contract assets	7	4	—	—	—
Inventory	32	40	41	42	38
Prepaid expenses and other current assets	1	1	5	1	2
Total current assets	86	81	94	83	119
Property, plant and equipment, net of accumulated depreciation of $57,412 and $50,334	129	149	134	126	120
Goodwill	14	14	14	14	14
Intangible assets, net of accumulated amortization of $3,700	4	4	4	—	—
Other assets	7	6	3	3	2
Total assets	239	254	254	237	276
Accounts payable	8	16	22	15	13
Accrued expenses and other current liabilities, see note 7	22	23	—	—	—
Total current liabilities	30	39	39	37	196
Debt derivative liability, related party	25	25	65	—	—
Other liabilities	10	12	174,000	203,000	201,000
Total liabilities	192	200	218	163	205
Commitments and contingencies, see note 9	—	—	—	—	—
Series A Redeemable Convertible Preferred Stock, $0.001 par value; 2,000,000 shares authorized; 45,736 and 42,461 shares issued and outstanding, redemption value $46,308 and $42,991	46	43	39	39	—
Common Stock, $0.001 par value; 75,000,000 shares authorized; 37,026,234 and 30,562,961 shares issued and outstanding	37,000	31,000	30,000	30,000	—
Additional paid-in capital	207	178	174	174	174
Accumulated deficit	−205	−167	−179	−139	−103
Total stockholders equity	1	11	−4	35	71
Total liabilities, convertible preferred stock and stockholders equity	239	254	254	237	276

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-05-31	FY 2024 2024-05-31	FY 2023 2023-05-31	FY 2022 2022-05-31	FY 2021 2021-05-31
Depreciation and amortization	8	8	13	18	20
Stock-based compensation	10	6	4	3	3
Non-cash interest expense	20	15	—	—	—
Change in debt derivative liability, related party	−409,000	−40	0	0	—
Loss on sale or disposal of assets	8	18,000	—	—	—
Gain on settlement of lease liability	−3	0	—	—	—
Other, net	49,000	2	86,000	−426,000	−74,000
Accounts receivable	−2	−3	11	−6	6
Contract assets	−3	871,000	—	—	—
Inventories	8	862,000	−15	−2	−3
Other assets	378,000	3	2	−689,000	—
Accounts payable	−2	−7	16	9	−6
Accrued expenses and other liabilities	−6	2	—	—	—
Net cash (used in) provided by operating activities	−206,000	257,000	−17	−23	16
Purchases of property, plant, and equipment	−13	−18	—	—	−24
Proceeds from sale of equipment	7	0	0	1	13
Net cash used in investing activities	−6	−18	−5	80	−12
Issuance of common stock, net of fees	24	0	5	0	0
Payments on revolving credit facility	−146	−147	—	—	—
Proceeds from revolving credit facility	129	150	—	—	—
Payments of debt principal	−930,000	−714,000	0	0	—
Payments for debt issuance costs	−435,000	−231,000	−6	−821,000	−10
Customer deposit	0	5	—	—	—
Proceeds from exercise of stock options	0	724,000	0	0	—
Proceeds from finance lease incentive	2	0	—	—	—
Payments related to employee stock plans	−1	−152,000	−274,000	−789,000	−405,000
Net cash provided by financing activities	6	8	40	−57	−3
Net decrease in cash and cash equivalents	−197,000	−11	17	348,000	742,000

Filings

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