Rapid Micro Biosystems Files 10-Q for Q2 2024

TL;DR

RMBS Q2 10-Q is out. Financials and ops detailed.

AI Summary

Rapid Micro Biosystems, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported its financial performance and operational updates. Key financial details and business segments are outlined within the filing, providing insight into the company's status as of that date.

Why It Matters

This filing provides investors and stakeholders with the latest financial and operational information for Rapid Micro Biosystems, Inc., crucial for understanding the company's performance and outlook.

Risk Assessment

Risk Level: medium — 10-Q filings are standard disclosures, but the specific financial health and operational details within this report could indicate varying levels of risk for investors.

Key Numbers

• 20240630 — Reporting Period End Date (Indicates the specific date up to which financial information is reported.)
• 20240802 — Filing Date (Shows when the report was officially submitted to the SEC.)

Key Players & Entities

• RAPID MICRO BIOSYSTEMS, INC. (company) — Filer of the 10-Q
• 20240630 (date) — End of the reporting period
• 20240802 (date) — Filing date
• 25 HARTWELL AVENUE, LEXINGTON, MA 02421 (address) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.01 — which registered Class A common stock, $0.01 par value per share RPID The Nasdaq Gl
• $0 — trant's Class A common stock, par value $0.01, outstanding. As of July 31, 2024,

Filing Documents

• rmb-20240630.htm (10-Q) — 1617KB
• rpid-20240630xexx311.htm (EX-31.1) — 11KB
• rpid-20240630xexx312.htm (EX-31.2) — 11KB
• rpid-20240630xex321.htm (EX-32.1) — 5KB
• rpid-20240630xex322.htm (EX-32.2) — 5KB
• rmb-20240630_g1.jpg (GRAPHIC) — 11KB
• 0001380106-24-000166.txt ( ) — 7988KB
• rmb-20240630.xsd (EX-101.SCH) — 45KB
• rmb-20240630_cal.xml (EX-101.CAL) — 74KB
• rmb-20240630_def.xml (EX-101.DEF) — 249KB
• rmb-20240630_lab.xml (EX-101.LAB) — 686KB
• rmb-20240630_pre.xml (EX-101.PRE) — 461KB
• rmb-20240630_htm.xml (XML) — 1175KB

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 6 Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (Unaudited) 8 Condensed Consolidated Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 9 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (Unaudited) 11 Notes to Condensed Consolidated Financial Statements (Unaudited) 13 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 45 Item 4.

Controls and Procedures

Controls and Procedures 45 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 46 Item 1A.

Risk Factors

Risk Factors 46 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 77 Item 3. Defaults Upon Senior Securities 77 Item 4. Mine Safety Disclosures 77 Item 5. Other Information 77 Item 6. Exhibits 78 Exhibit Index 78

Signatures

Signatures 79 2 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements regarding: our business strategy for our Gro wth Direct platform and systems; our future results of operations and financi al position, including our expectations regarding revenue, gross margin, operating expenses and our ability to achieve positive cash flow; the anticipated impact of our o perational efficiency program , our efforts to reduce our use of cash for operating and investing activities and the assumptions underlying our expectation for achieving positive cash flow by the end of 2027; our expectations and assumptions related to our future funding requirements and available capital resources, which may be impacted by market uptake of our Growth Direct platform and systems, our management of inventory and supply chain, our capital expenditures, our research and development activities and our sales, marketing, manufacturing and distribution activities; our ability to maintain and expand our customer base for our Growth Direct platform and systems, including expectations for customer

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements RAPID MICRO BIOSYSTEMS, INC. Condensed consolidated balance sheets (Unaudited) (In thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 37,121 $ 24,285 Short-term investments 32,269 67,768 Accounts receivable 5,011 5,532 Inventory 21,429 19,961 Prepaid expenses and other current assets 2,367 2,869 Total current assets 98,197 120,415 Property and equipment, net 12,273 12,832 Right-of-use assets, net 5,733 6,240 Long-term investments — 2,911 Other long-term assets 598 770 Restricted cash 284 284 Total assets $ 117,085 $ 143,452 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,180 $ 1,973 Accrued expenses and other current liabilities 7,819 9,907 Deferred revenue 5,427 5,974 Lease liabilities, short-term 1,173 1,132 Total current liabilities 16,599 18,986 Lease liabilities, long-term 5,616 6,214 Other long-term liabilities 281 263 Total liabilities 22,496 25,463 Commitments and contingencies (Note 14) Stockholders' equity: Class A common stock, $ 0.01 par value; 210,000,000 shares authorized at June 30, 2024 and December 31, 2023; 37,596,927 shares and 37,099,909 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 376 371 Class B common stock, $ 0.01 par value; 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; 5,309,529 shares issued and outstanding at June 30, 2024 and December 31, 2023 53 53 Preferred stock, $ 0.01 par value: 10,000,000 shares authorized at June 30, 2024 and December 31, 2023; zero shares issued and outstanding at June 30, 2024 and December 31, 2023 — — Additional paid-in capital 548,470 546,051 Accumulated deficit ( 454,285 ) ( 428,385 ) Accumulated other comprehensive loss ( 25 ) ( 101 ) Total stockholders' equity 94,589 117,989 Total liabilities and stockholders' equity $ 117,085 $ 143,452 The accompanying notes are an

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View this 10-Q filing on SEC EDGAR