Biodesix Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Biodesix Inc. has filed its 2023 10-K, detailing financial positions, agreements, and assets as of year-end.</b>

AI Summary

BIODESIX INC (BDSX) filed a Annual Report (10-K) with the SEC on March 1, 2024. Biodesix Inc. filed its 2023 Form 10-K on March 1, 2024, reporting on its fiscal year ended December 31, 2023. The filing includes details on various assets, including Other Current Assets and Other Assets Noncurrent as of December 31, 2023. Key financial instruments and liabilities such as Warrant Liability and Contingent Consideration are detailed, with fair value measurements noted. The company references several agreements and licenses, including the BioRad License, CellCarta License, and a Third Amendment to APA Agreement with Integrated Diagnostics Inc. Information regarding share-based compensation, including Options and Restricted Stock Units (RSUs), is provided as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking BIODESIX INC, this filing contains several important signals. This filing provides a comprehensive overview of Biodesix's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed information on liabilities like Warrant Liability and Contingent Consideration, along with asset disclosures, is vital for understanding the company's financial structure and potential risks.

Risk Assessment

Risk Level: medium — BIODESIX INC shows moderate risk based on this filing. The filing contains numerous references to specific agreements, liabilities, and assets with varying dates and contexts, indicating a complex financial structure that requires careful analysis to fully assess risk.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Biodesix's current financial standing and strategic direction.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-01 — Filing Date (Date the 10-K was filed)
• 2022-04-07 — Agreement Date (Third Amendment to APA Agreement with Integrated Diagnostics Inc.)
• 2022-12-31 — Reporting Date (Warrant Liability and Contingent Consideration fair value measurements)
• 2023-01-01 — Period Start Date (Reporting for Biopharma Services and Other, Diagnostic Tests, BioRad License, CellCarta License)
• 2023-12-31 — Period End Date (Reporting for Biopharma Services and Other, Diagnostic Tests, BioRad License, CellCarta License, Other Current Assets, Options and Restricted Stock Units)

Key Players & Entities

• BIODESIX INC (company) — Filer name
• 0000950170-24-023513 (other) — Accession Number
• 20231231 (date) — Conformed Period of Report
• 20240301 (date) — Filed as of Date
• Integrated Diagnostics Inc (company) — Mentioned in relation to Third Amendment to APA Agreement
• BioRad (company) — Mentioned in relation to BioRad License
• CellCarta (company) — Mentioned in relation to CellCarta License
• Astrazeneca UK (company) — Mentioned in relation to Customer Concentration Risk

FAQ

Risk Factors

• Warrant Liability [medium — financial]: The company reports on warrant liability, including fair value measurements using Level 3 inputs, indicating potential financial obligations.
• Contingent Consideration [medium — financial]: Contingent consideration is detailed, with fair value measurements and scenario forecasts, suggesting potential future payments based on specific events or performance.
• Customer Concentration Risk [medium — financial]: The filing mentions customer concentration risk related to accounts receivable, specifically referencing AstraZeneca UK, highlighting dependence on key customers.

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share BDSX The NASDAQ Global Ma
• $45.1 million — ncer continuum of care, which generated $45.1 million and $29.3 million in revenue for fiscal
• $29.3 million — care, which generated $45.1 million and $29.3 million in revenue for fiscal year 2023 and 202
• $0.1 million — WorkSafe testing program. We generated $0.1 million and $5.2 million in revenue from COVID-
• $5.2 million — program. We generated $0.1 million and $5.2 million in revenue from COVID-19 testing during
• $49.1 m — to the prior year: Total Revenue was $49.1 million, an increase of 28% primarily dri
• $45.1 m — iven by: o Lung Diagnostic Revenue of $45.1 million, an increase of 54%; o Biopharm
• $3.9 m — Biopharma Services and other revenue of $3.9 million, an increase of 6%; o COVID-19
• $0.1 m — increase of 6%; o COVID-19 Revenue of $0.1 million, a decrease of 99%; Gross Margi
• $36.1 m — , a decrease of 99%; Gross Margin was $36.1 million, resulting in a 73% overall gross
• $77.4 m — cluding Direct costs and expenses, were $77.4 million, an increase of 4% and including
• $5.4 million — ash share-based compensation expense of $5.4 million as compared to $6.0 million in the prio
• $6.0 million — expense of $5.4 million as compared to $6.0 million in the prior year; Net Loss was $52.1
• $52.1 million — llion in the prior year; Net Loss was $52.1 million and decreased 20%, due primarily to an
• $9.2 million — perating expenses and other expenses of $9.2 million and $4.1 million, respectively; Basic

Filing Documents

• bdsx-20231231.htm (10-K) — 2937KB
• bdsx-ex10_34.htm (EX-10.34) — 49KB
• bdsx-ex10_35.htm (EX-10.35) — 47KB
• bdsx-ex23_1.htm (EX-23.1) — 2KB
• bdsx-ex31_1.htm (EX-31.1) — 14KB
• bdsx-ex31_2.htm (EX-31.2) — 14KB
• bdsx-ex32_1.htm (EX-32.1) — 8KB
• bdsx-ex32_2.htm (EX-32.2) — 8KB
• bdsx-ex97_1.htm (EX-97.1) — 32KB
• img35377828_0.jpg (GRAPHIC) — 27KB
• img35377828_1.jpg (GRAPHIC) — 66KB
• img35377828_2.jpg (GRAPHIC) — 116KB
• img35377828_3.jpg (GRAPHIC) — 92KB
• img35377828_4.jpg (GRAPHIC) — 27KB
• img35377828_5.jpg (GRAPHIC) — 75KB
• 0000950170-24-023513.txt (&nbsp;) — 13278KB
• bdsx-20231231.xsd (EX-101.SCH) — 2002KB
• bdsx-20231231_htm.xml (XML) — 1867KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 33 Item 1B. Unresolved Staff Comments 76 Item 1C. Cybersecurity 76 Item 2.

Properties

Properties 76 Item 3.

Legal Proceedings

Legal Proceedings 77 Item 4. Mine Safety Disclosures 77 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 78 Item 6. [Reserved] 78 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 79 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 91 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 92 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 92 Item 9A.

Controls and Procedures

Controls and Procedures 92 Item 9B. Other Information 92 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 92 PART III Item 10. Directors, Executive Officers and Corporate Governance 93 Item 11.

Executive Compensation

Executive Compensation 93 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 93 Item 13. Certain Relationships and Related Transactions, and Director Independence 93 Item 14. Principal Accountant Fees and Services 93 PART IV Item 15. Exhibit and Financial Statement Schedules 94 Item 16 Form 10-K Summary 94 i SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Annual Report on Form 10-K, including statements regarding our future financial condition, results of operations, business strategy and plans, and objectives of management for future operations, as well as statements regarding industry trends, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "should," "will" or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements are subject to a number of risks, uncertainties, factors, and assumptions described under the section titled "Risk Factors" and elsewhere in this Annual Report on Form 10-K, regarding, among other things: our inability to achieve or sustain profitability; our audited financial statements include a statement that there is a substantial doubt about our ability to continue as a going concern and a continuation of negative financial trends could result in our inability to continue as a going concern; our ability to attain signi

B usiness

Item 1. B usiness. Our mission is to unite biopharma, physicians, and patients to transform the standard of care and improve outcomes with personalized diagnostics. Our vision is a world where all critical diseases are diagnosed early and treated quickly with the guidance of personalized diagnostic solutions, so humanity can thrive without the burden of disease. Business Overview Biodesix, Inc. ("Biodesix", "we," "us," "our" or the "Company") is a leading diagnostic solutions company with a focus in lung disease. By combining a multi-omic approach with a holistic view of the patient's disease state, we believe our testing solutions provide physicians with greater insights to help personalize their patients' care and meaningfully improve disease detection, evaluation, and treatment. Our unique approach to precision medicine provides timely and actionable clinical information, which we believe helps improve overall patient outcomes and lowers the overall healthcare cost by reducing the use of ineffective and unnecessary treatments and procedures. In addition to our diagnostic tests, we provide biopharmaceutical companies with services that include diagnostic research, clinical trial testing, and the discovery, development, and commercialization of companion diagnostics. We also recognize revenue from other services, including amounts derived from licensing our technologies. Our core belief is that no single technology will answer all clinical questions that we encounter. Therefore, we employ multiple technologies, including genomics, transcriptomics, proteomics, radiomics, and artificial intelligence (AI) enabled informatics, to discover innovative diagnostic tests for potential clinical use. Our multi-omic approach is designed to enable us to discover diagnostic tests that answer critical clinical questions faced by physicians, researchers, and biopharmaceutical companies. We operate in a single segment and derive our revenue from two sources: (i) providi

View Full Filing

View this 10-K filing on SEC EDGAR