REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 |
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 13(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Title of each class |
Trading Symbol(s) |
Name of each exchange on which registered | ||
two ordinary shares, nominal value £0.0025 per share |
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* |
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£0.0025 per share |
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* | |
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
☒ | Emerging growth company |
International Financial Reporting Standards as issued | Other ☐ | |||||||
by the International Accounting Standards Board | ☐ |
Item 19. |
Exhibits |
Exhibit Number |
Description | |
12.1* |
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12.2* |
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13.1** |
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15.1* |
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15.2* |
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101.INS* |
Inline XBRL Instance Document (the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document) | |
101.SCH* |
Inline XBRL Taxonomy Extension Schema Document | |
101.CAL* |
Inline XBRL Taxonomy Extension Calculation Linkbase Document | |
101.DEF* |
Inline XBRL Taxonomy Extension Definition Linkbase Document | |
101.LAB* |
Inline XBRL Taxonomy Extension Label Linkbase Document | |
101.PRE* |
Inline XBRL Taxonomy Extension Presentation Linkbase Document | |
104 |
Cover Page Interactive Data File (formatted as inline XBRL and contained in Exhibit 101) |
* |
Filed herewith. |
** |
Furnished herewith. |
RENALYTIX PLC | ||
By: |
/s/ James McCullough | |
Name: |
James McCullough | |
Title: |
Chief Executive Officer |
F-1 | ||||
F-2 | ||||
F-3 | ||||
F-4 | ||||
F-5 | ||||
F-6 | ||||
F-7 |
(in thousands, except share and per share data) |
June 30, 2021 |
June 30, 2020 |
June 30, 2019 |
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Assets |
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Current assets: |
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Cash and cash equivalents |
$ | $ | $ | |||||||||
Short-term investments |
— | |||||||||||
Accounts receivable |
— | — | ||||||||||
Prepaid expenses and other current assets |
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Note receivable from Kantaro—current |
— | — | ||||||||||
Receivable from affiliates |
— | |||||||||||
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Total current assets |
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Property and equipment, net |
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Investment in VericiDx |
— | — | ||||||||||
Investment in Kantaro |
— | — | ||||||||||
Note receivable from Kantaro—noncurrent |
— | — | ||||||||||
Deferred offering costs |
— | — | ||||||||||
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Total assets |
$ | $ | $ | |||||||||
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Liabilities and Shareholders’ Equity |
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Current liabilities: |
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Accounts payable |
$ | $ | $ | |||||||||
Accounts payable-related party |
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Accrued expenses and other current liabilities |
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Accrued expenses—related party |
— | — | ||||||||||
Deferred revenue |
— | — | ||||||||||
Note payable—current |
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— |
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— |
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Payable to affiliate—current |
— | |||||||||||
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Total current liabilities |
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Payable to affiliate—noncurrent |
— | — | ||||||||||
Note payable—noncurrent |
— | — | ||||||||||
Other liabilities |
— | — | ||||||||||
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Total liabilities |
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Commitments and contingencies (Note 9) |
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Shareholders’ equity: |
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Ordinary shares, £ |
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Additional paid-in capital |
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Accumulated other comprehensive income (loss) |
( |
) | ( |
) | ||||||||
Accumulated deficit |
( |
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) | ( |
) | ||||||
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Total shareholders’ equity |
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Total liabilities and shareholders’ equity |
$ | $ | $ | |||||||||
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(in thousands, except share data) |
Year Ended June 30, 2021 |
Year Ended June 30, 2020 |
Year Ended June 30, 2019 |
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Revenue |
$ | $ | — | $ | — | |||||||
Cost of revenue |
— | — | ||||||||||
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Gross profit |
— | — | ||||||||||
Operating expenses: |
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Acquired in-process research and development |
— | — | ||||||||||
Research and development |
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General and administrative |
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Performance of contract liability to affiliate |
( |
) | — | — | ||||||||
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Total operating expenses |
( |
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Loss from operations |
( |
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) | ( |
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Equity in losses of affiliate |
( |
) | ( |
) | — | |||||||
Foreign currency (loss)/gain |
( |
) | ||||||||||
Fair value adjustment to VericiDx investment |
— | — | ||||||||||
Gain on loan extinguishmen t |
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Other income, net |
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Net loss |
( |
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) | ( |
) | ||||||
Net loss attributable to noncontrolling interest |
( |
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Net loss attributable to ordinary shareholders |
( |
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) | ( |
) | ||||||
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Other comprehensive income (loss): |
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Foreign exchange translation adjustment |
( |
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) | ||||||||
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Comprehensive loss |
( |
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) | ( |
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Comprehensive loss attributable to noncontrolling interest |
( |
) | — | — | ||||||||
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Comprehensive loss attributable to Renalytix AI |
$ | ( |
) | $ | ( |
) | $ | ( |
) | |||
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Net loss per ordinary share—basic and diluted |
$ | ( |
) | $ | ( |
) | $ | ( |
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Weighted average ordinary shares—basic and diluted |
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(in thousands, except share and per share data) |
Ordinary shares |
Additional paid-in capital |
Accumulated other comprehensive income (loss) |
Accumulated deficit |
Total shareholders’ (deficit) equity attributable to Renalytix |
Noncontrolling interests |
Total shareholders’ equity |
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Shares |
Amount |
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Balance at July 1, 2018 |
$ |
$ |
— | $ |
$ |
( |
) |
$ |
( |
) |
$ |
— | $ |
( |
) | |||||||||||||||||
Ordinary shares issued to acquire Joslin license |
— | — | — | |||||||||||||||||||||||||||||
Sale of ordinary shares in initial public offering, net of offering costs of $ |
— | — | — | |||||||||||||||||||||||||||||
Share-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||||||
Currency translation adjustments |
— | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
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Balance at June 30, 2019 |
( |
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) | — | |||||||||||||||||||||||||||
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Sale of ordinary shares in secondary offering, net of offering costs of $ |
— | — | — | |||||||||||||||||||||||||||||
Share-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||||||
Currency translation adjustment |
— | — | — | ( |
) | — | ( |
) | — | ( |
) | |||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | — | ( |
) | |||||||||||||||||||||
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Balance at June 30, 2020 |
( |
) | ( |
) | — | |||||||||||||||||||||||||||
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Sale of ordinary shares in initial public offering on Nasdaq, net of offering costs and underwriting fees of $ |
— | — | — | |||||||||||||||||||||||||||||
VericiDx distribution in specie |
— | — | ( |
) | — | ( |
) | — | ||||||||||||||||||||||||
Deconsolidation of Verici |
— | — | — | — | — | — | ||||||||||||||||||||||||||
Shares issued under the employee share purchase plan |
— | — | — | — | ||||||||||||||||||||||||||||
Exercise of stock options |
— | — | — | |||||||||||||||||||||||||||||
Share-based compensation expense |
— | — | — | — | — | |||||||||||||||||||||||||||
Currency translation adjustments |
— | — | — | — | ( |
) | ||||||||||||||||||||||||||
Net loss |
— | — | — | — | ( |
) | ( |
) | ( |
) | ( |
) | ||||||||||||||||||||
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Balance at June 30, 2021 |
$ | $ | $ | $ | ( |
) | $ | $ | — | $ | ||||||||||||||||||||||
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(in thousands) |
Year Ended June 30, 2021 |
Year Ended June 30, 2020 |
Year Ended June 30, 2019 |
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Cash flows from operating activities: |
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Net loss |
$ |
( |
) | $ |
( |
) |
$ |
( |
) | |||
Adjustments to reconcile net loss to net cash used in operating activities |
||||||||||||
Non-cash in-process research and development charge |
— |
— |
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Gain on deconsolidation of VericiDx |
( |
) |
— |
— |
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Depreciation and amortization |
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Share-based compensation |
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Gain on loan |
( |
) |
— |
— |
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Realized gain on short-term investments |
( |
) |
( |
) |
( |
) | ||||||
Equity losses in affiliate, including related impairments |
— |
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Reversal of Kantaro Liability |
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( |
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Fair value adjustment to VericiDx investment |
( |
) |
— |
— |
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Unrealized foreign exchange loss (gain) |
( |
) |
— |
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Changes in operating assets and liabilities: |
— |
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Accounts receivable |
( |
) |
— |
— |
||||||||
Prepaid expenses and other current assets |
( |
) |
( |
) |
( |
) | ||||||
Related party receivable |
( |
) |
— |
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Accounts payable |
||||||||||||
Accrued expenses-related party |
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Accrued expenses and other current liabilities |
( |
) |
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Deferred revenue |
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— |
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— |
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Payable to affiliate |
( |
) | ( |
) |
— |
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Other liabilities |
— |
— |
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Net cash used in operating activities |
( |
) | ( |
) |
( |
) | ||||||
Cash flows from investing activities: |
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Note receivable—related party |
( |
) |
( |
) |
— |
|||||||
Purchases of property and equipment |
( |
) |
( |
) |
( |
) | ||||||
Software development costs |
( |
) |
( |
) |
— |
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Purchase of short-term investments |
— |
( |
) |
( |
) | |||||||
Proceeds from short-term investments |
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Decrease in cash (VericiDx deconsolidation) |
( |
) |
— |
— |
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Acquired in-process research and development |
— |
— |
( |
) | ||||||||
Net cash used in investing activities |
( |
) |
( |
) |
( |
) | ||||||
Cash flows from financing activities: |
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Gross proceeds from the issuance of ordinary shares, net of underwriting fees |
— |
— |
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Gross proceeds from the issuance of ordinary shares |
— |
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Payment of offering costs |
( |
) |
( |
) |
( |
) | ||||||
Payment from related-party notes |
— |
— |
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Proceeds from the issuance of ordinary shares under employee share purchase plan |
— |
— |
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Proceeds from exercise of stock options |
— |
— |
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Proceeds from PPP Loan |
— |
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Repayment of related-party notes |
— |
— |
( |
) | ||||||||
Net cash provided by financing activities |
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Effect of exchange rate changes on cash |
( |
) |
( |
) | ||||||||
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Net increase in cash and cash equivalents |
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Cash and cash equivalents, beginning of year |
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Cash and cash equivalents, end of year |
$ |
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Supplemental disclosure of cashflow information: |
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Cash paid for interest |
$ |
— |
$ |
— |
$ |
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Supplemental noncash investing and financing activities: |
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Ordinary shares issued to acquire Joslin license |
$ |
— |
$ |
— |
$ |
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Financing costs in accounts payable and accrued expenses |
$ |
— |
$ |
$ |
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Software development costs in accounts payable and accrued expenses |
$ |
— |
$ |
$ |
— |
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Purchase of property and equipment in accounts payable and accrued expenses |
$ |
— |
$ |
$ |
— |
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Reclassification of note receivable in Kantaro to Investment in Kantaro |
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$ |
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$ |
— |
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$ |
— |
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Deemed distribution of VericiDx ordinary shares |
$ |
$ |
— |
$ |
— |
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Conversion of VericiDx note receivable into VericiDx ordinary shares |
$ |
$ |
— |
$ |
— |
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Fair value of services exchanged for equity method investment of which services are recorded as the payable to affiliate |
$ |
— |
$ |
$ |
— |
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Year Ended June 30, |
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2021 |
2020 |
2019 |
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Balance, beginning of period |
$ |
$ |
$ |
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Deferral of revenue |
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Revenue recognized |
( |
) |
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Balance, end of period |
$ |
$ |
$ |
• |
Level 1—Quoted prices (unadjusted in active markets for identical assets or liabilities) |
• |
Level 2—Inputs other than quoted prices in active markets that are observable either directly or indirectly |
• |
Level 3—Unobservable inputs in which there is little or no market data, which require the Company to develop its own assumptions |
Fair value measurement at reporting date using |
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(in thousands) |
(Level 1) |
(Level 2) |
(Level 3) |
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June 30, 2021: |
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Assets: |
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Equity investment in VericiDx |
$ |
$ |
$ |
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June 30, 2020: |
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Assets: |
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Cash equivalents (Money Market Fund) |
$ |
$ |
$ |
|||||||||
U.S. Treasury Bills |
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Total |
$ |
$ |
$ |
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June 30, 2019 |
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Assets: |
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Cash equivalents (U.S. Treasury Bills - Maturity < 90 Days) |
$ | $ | $ | |||||||||
U.S. Treasury Bills |
$ |
$ |
$ |
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Total |
$ | $ | $ | |||||||||
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June 30, 2021 |
June 30, 2020 |
June 30, 2019 |
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Lab equipment |
$ | $ | $ | |||||||||
Software |
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Office equipment |
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Office furniture |
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Leasehold improvements |
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Construction in process |
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Total |
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Less accumulated depreciation and amortization |
( |
) | ( |
) | ( |
) | ||||||
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$ | $ | $ |
2022 |
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