Cryo Cell International Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Cryo Cell International Inc. filed its 2023 10-K report detailing fiscal year-end activities, agreements, and financial instruments.</b>

AI Summary

CRYO CELL INTERNATIONAL INC (CCEL) filed a Annual Report (10-K) with the SEC on February 28, 2024. The company's fiscal year ended November 30, 2023. The filing includes details on various agreements, including research agreements and employment agreements. Specific financial instruments mentioned include revolving credit facilities and interest rate swaps. The report references Duke University in relation to licensing agreements and equity ownership. Key dates and events related to stock options and vesting conditions are detailed.

Why It Matters

For investors and stakeholders tracking CRYO CELL INTERNATIONAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Cryo Cell International Inc.'s financial health, operational activities, and legal agreements for the fiscal year ending November 30, 2023, crucial for investors to assess performance and future outlook. The detailed information on agreements with entities like Duke University and Emmes Biopharma Services, along with financial instruments and stock option details, is essential for understanding the company's strategic partnerships and compensation structures.

Risk Assessment

Risk Level: medium — CRYO CELL INTERNATIONAL INC shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial and operational information, it does not highlight any immediate, severe risks or significant positive developments that would drastically alter its risk profile from a medium assessment.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand the company's performance and potential challenges.

Key Numbers

• 2023-11-30 — Fiscal Year End (Fiscal year end date)
• 2024-02-28 — Filing Date (Date the 10-K was filed)
• 001-40767 — SEC File Number (SEC file number for the company)
• 2.5% — Equity Ownership (Percentage of fully diluted equity ownership related to Duke University agreement)

Key Players & Entities

• CRYO CELL INTERNATIONAL INC (company) — Filer name
• Duke University (company) — Mentioned in relation to agreements and equity
• Emmes Biopharma Services (company) — Mentioned in relation to agreements
• Texas Capital Bank National Association (company) — Mentioned in relation to agreements
• Miami (location) — Mentioned in relation to a date
• Oldsmar, FL (location) — Business and mailing address

FAQ

Risk Factors

• Financial Instruments and Credit Facilities [medium — financial]: The company utilizes various financial instruments, including revolving credit facilities and interest rate swaps, which carry inherent risks related to market fluctuations and counterparty performance.
• Compliance with Regulations [medium — regulatory]: As a company operating in the health and allied services sector, Cryo Cell International Inc. is subject to various healthcare and business regulations, the non-compliance of which could lead to penalties.
• Operational Dependencies [medium — operational]: The company's operations may depend on key personnel, strategic partnerships (e.g., with Duke University), and the successful execution of licensing and research agreements.

Key Dates

• 2023-11-30: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-28: 10-K Filing Date — Date the annual report was officially submitted to the SEC.

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This is the primary document type filed, providing the core financial and operational data for the fiscal year.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value CCEL NYSE American LLC
• $50,000 — y under which the Company agrees to pay $50,000 (effective February 1, 2012 this paymen
• $75,000 — y 1, 2012 this payment was increased to $75,000 for new clients, effective June 1, 2017
• $100,000 — e 1, 2017 this payment was increased to $100,000 for new clients that choose the premium

Filing Documents

• ccel-20231130.htm (10-K) — 2730KB
• ccel-ex10_66.htm (EX-10.66) — 91KB
• ccel-ex31_1.htm (EX-31.1) — 11KB
• ccel-ex31_2.htm (EX-31.2) — 11KB
• ccel-ex31_3.htm (EX-31.3) — 11KB
• ccel-ex32_1.htm (EX-32.1) — 12KB
• ccel-ex97.htm (EX-97) — 42KB
• img16391170_0.jpg (GRAPHIC) — 7KB
• img264272522_0.jpg (GRAPHIC) — 9KB
• 0000950170-24-022275.txt (&nbsp;) — 13143KB
• ccel-20231130.xsd (EX-101.SCH) — 1857KB
• ccel-20231130_htm.xml (XML) — 2617KB

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS 1 ITEM 1.

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 11 ITEM 1B. UNRESOLVED STAFF COMMENTS 24 ITEM 2.

PROPERTIES

PROPERTIES 24 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 24 ITEM 4. MINE SAFETY DISCLOSURES 25 PART II ITEM 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 26 ITEM 6.

SELECTED FINANCIAL DATA

SELECTED FINANCIAL DATA 26 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 26 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 37 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 38 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 73 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 73 ITEM 9B. OTHER INFORMATION 74 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 75 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 78 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 83 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 84 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 84 PART IV ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 86 ITEM 16. FORM 10-K SUMMARY 88

SIGNATURES

SIGNATURES 89 Forward-Lookin g Statements This Form 10K, press releases and certain information provided periodically in writing or orally by the Company's officers or its agents may contain statements which constitute "forwardlooking statements". The terms "Cryo-Cell International, Inc.," "Cryo-Cell," "Company," "we," "our" and "us" refer to Cryo-Cell International, Inc. The words "expect," "believe," "goal," "plan," "intend," "estimate" and similar expressions and variations thereof, if used, are intended to specifically identify forwardlooking statements. Similarly, statements that describe future financial performance or plans or strategies are forward-looking statements. Those statements appear in a number of places in this Form 10K and in other places, and include statements regarding the intent, belief or current expectations of the Company, its directors or its officers with respect to, among other things, our future performance and operating results, our future operating plans, our liquidity and capital resources; and our legal proceedings. Investors and prospective investors are cautioned that any such forwardlooking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those projected in the forwardlooking statements as a result of various factors. These uncertainties and other factors include the success product diversification, the Company's actual future ownership stake in future therapies emerging from its collaborative research partnerships, the success related to its IP portfolio, the Company's future competitive position in stem cell innovation, future success of its core business and the competitive impact of public cord blood banking on the Company's business, the success of the Company's initiative to expand its core business units to include biopharmaceutical manufacturing and operating clinics, the uncertainty of profitability from its biopharmaceutical

B USINESS

ITEM 1. B USINESS . Introduction Cryo-Cell International, Inc. (the "Company" or "Cryo-Cell") is a Delaware corporation that was incorporated in 1989. The Company is organized in three reportable segments; 1.) cellular processing and cryogenic storage for family use, with a current focus on the collection and preservation of umbilical cord blood and tissue stem cells, 2.) the manufacture of PrepaCyte CB Processing System ("PrepaCyte CB") units, the processing technology used to process umbilical cord blood stem cells, and 3.) cellular processing and cryogenic storage of umbilical cord blood stem cells for public use. The Company, in combination with its global affiliates, currently stores over 235,000 cord blood and cord tissue specimens worldwide for the exclusive benefit of newborn babies and possibly other members of their families. Founded in 1989, the Company was the world's first private cord blood bank to separate and store stem cells in 1992. The Company's U.S.-based business operations, including the processing and storage of specimens, are handled from its headquarters facility in Oldsmar, Florida. The specimens are stored in commercially available cryogenic storage units at this technologically and operationally advanced facility. In recent years, utilizing its infrastructure, experience and resources derived from its umbilical cord blood stem cell business, the Company has expanded its research and development activities to develop technologies related to stem cells harvested from sources beyond umbilical cord blood stem cells. During fiscal 2011, the Company introduced the advanced new cord tissue service, which stores a section of the umbilical cord tissue. The Company offers the cord tissue service in combination with the umbilical cord blood service. Cord Blood Stem Cell Processing and Storage Business Background of Business Nearly fifty years ago researchers discovered that cells could be cryopreserved at extremely low temperatures and a

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View this 10-K filing on SEC EDGAR