NOVN · Novan, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Revenue | $23.68M | $2.96M | $4.92M | $5.99M | $2.65M | $2.14M |
| Cost of Revenue | $0 | - | - | - | - | - |
| Gross Profit | $23.68M | - | - | - | - | - |
| R&D | $15.99M | $20.42M | $19.81M | $25.17M | $23.05M | $25.21M |
| SG&A | $12.34M | $12.34M | $11.27M | $10.41M | $11.51M | $13.11M |
| Total Operating Expenses | $57.91M | $32.87M | $35.13M | $35.58M | $34.55M | $38.33M |
| D&A | $1.18M | $344.0K | $1.17M | $2.03M | $1.66M | $1.42M |
| Operating Income | ($34.23M) | ($29.91M) | ($30.21M) | ($30.69M) | ($28.56M) | ($36.19M) |
| Interest Expense | $0 | - | $0 | $2.0K | $1.05M | - |
| Income Tax | $0 | $0 | $0 | $0 | $0 | $0 |
| Net Income | ($31.31M) | ($29.69M) | ($29.29M) | ($30.64M) | ($12.67M) | ($37.13M) |
| EPS - Basic | ($1.42) | ($2.96) | - | - | - | - |
| EPS - Diluted | ($1.42) | ($2.96) | - | - | - | - |
Balance Sheet
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $12.32M | $47.09M | $35.88M | $13.71M | $8.19M | $2.52M |
| Accounts Receivable | $22.00M | - | - | - | - | - |
| Inventory | $1.20M | - | - | - | - | - |
| Accounts Payable | $13.69M | $2.17M | $1.19M | $1.60M | $1.25M | $479.0K |
| Current Assets | $42.37M | $54.13M | $44.01M | $15.72M | $9.35M | $3.70M |
| Total Assets | $90.33M | $68.96M | $46.83M | $29.10M | $26.36M | $21.13M |
| Current Liabilities | $46.40M | $11.15M | $8.70M | $12.90M | $9.06M | $8.42M |
| Long-term Debt | - | $0 | $478.0K | - | - | - |
| Total Liabilities | $85.72M | $50.64M | $43.85M | $52.88M | $21.16M | $23.36M |
| Stockholders' Equity | $4.61M | $18.32M | $2.98M | ($23.79M) | $5.20M | ($2.22M) |
| Retained Earnings | ($310.28M) | ($278.97M) | ($249.28M) | ($203.68M) | ($172.33M) | ($160.16M) |
Cash Flow
| Line item | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($30.88M) | ($24.78M) | ($31.06M) | ($19.88M) | ($28.63M) | ($29.86M) |
| Investing Cash Flow | ($18.86M) | ($7.53M) | ($126.0K) | ($422.0K) | ($1.06M) | ($2.14M) |
| Financing Cash Flow | $16.02M | $44.09M | $52.81M | $25.82M | $35.35M | ($88.0K) |
| CapEx | $4.27M | $9.05M | $648.0K | $422.0K | $1.11M | $2.17M |
| Free Cash Flow | ($35.16M) | ($33.83M) | ($31.71M) | ($20.30M) | ($29.73M) | ($32.02M) |
Ratios
| Metric | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | 100.0% | - | - | - | - | - |
| Operating margin | -144.5% | -1011.3% | -614.1% | -512.2% | -1079.4% | -1690.9% |
| EBITDA margin | -139.6% | -999.7% | -590.3% | -478.3% | -1016.5% | -1624.4% |
| Net margin | -132.2% | -1003.8% | -595.4% | -511.5% | -478.9% | -1734.9% |
| Free cash flow margin | -148.5% | -1143.6% | -644.5% | -338.8% | -1123.7% | -1496.5% |
| FCF / Net income | 1.12 | 1.14 | 1.08 | 0.66 | 2.35 | 0.86 |
| R&D / Revenue | 67.5% | 690.2% | 402.7% | 420.2% | 870.9% | 1178.1% |
| SG&A / Revenue | 52.1% | 417.3% | 229.1% | 173.8% | 434.9% | 612.8% |
| Effective tax rate | - | - | - | - | - | - |
| Return on assets | -34.7% | -43.1% | -62.6% | -105.3% | -48.1% | -175.7% |
| Return on equity | -679.9% | -162.1% | -984.0% | 128.8% | -243.8% | 1670.9% |
| Return on invested capital | - | -129.0% | -690.9% | - | - | - |
| Liquidity | ||||||
| Current ratio | 0.91 | 4.85 | 5.06 | 1.22 | 1.03 | 0.44 |
| Quick ratio | 0.89 | 4.85 | 5.06 | 1.22 | 1.03 | 0.44 |
| Cash ratio | 0.27 | 4.22 | 4.12 | 1.06 | 0.90 | 0.30 |
| Leverage | ||||||
| Debt / Equity | - | 0.00 | 0.16 | - | - | - |
| Debt / Assets | - | 0.00 | 0.01 | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - |
| Interest coverage | - | - | - | -15344.0x | -27.3x | - |
| Equity multiplier | 19.62 | 3.76 | 15.73 | -1.22 | 5.07 | -9.51 |
| Liabilities / Assets | 0.95 | 0.73 | 0.94 | 1.82 | 0.80 | 1.11 |
| Efficiency | ||||||
| Asset turnover | 0.26 | 0.04 | 0.11 | 0.21 | 0.10 | 0.10 |
| Inventory turnover | 0.00 | - | - | - | - | - |
| Days sales outstanding | 339d | - | - | - | - | - |
| Days inventory outstanding | - | - | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | 700.6% | -39.9% | -17.9% | 126.4% | 23.6% | 1810.7% |
| Revenue CAGR (3y) | 58.1% | 3.8% | 32.0% | 276.8% | - | - |
| Revenue CAGR (5y) | 61.7% | 92.5% | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -14.4% | 1.0% | 1.5% | -7.4% | 21.1% | 39.5% |
| Net income growth (YoY) | -5.5% | -1.4% | 4.4% | -141.8% | 65.9% | 37.8% |
| EPS growth (YoY) | 52.0% | - | - | - | - | - |
| EPS CAGR (3y) | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - |
| FCF growth (YoY) | -3.9% | -6.7% | -56.2% | 31.7% | 7.2% | 42.1% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -74.9% | 515.4% | - | - | - | 87.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Product / service
$2.82M totalLicense And Collaboration$2.82M · 100.0%
Stability scores
Altman Z′
FY 2022 · bankruptcy risk
-3.83
Distress
Private-firm variant - uses book equity instead of market cap. > 2.90 safe · 1.23-2.90 grey · < 1.23 distress.
Piotroski F-score
FY 2022 · 9-point quality
3/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✓ROA improved YoY
- ✓Cash flow > net income
- -Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- ✓Asset turnover improved
Peer comparison
Same SIC group: Pharmaceutical Preparations
Comparing Novan against the 5 most active filers in the same SIC group.