- Q4 Revenue of $3.5 million, up 41% year over year; and Full
Year Revenue of $12.7 million, down 12% year over year
- Q4 operating loss of $5.2 million, a 35% improvement year
over year; and Full Year operating loss of $21.1 million, a 52%
improvement year over year
- Company expands its services to a larger commercial
population as well as eligible self-insured groups with a health
plan customer
- Company completes equity financing transaction, raising
approximately $5.3 million, net in a public offering and completes
$16.3 million conversion of secured notes
- Company completes amendment to its master note purchase
agreement, which makes available up to $15.0 million of borrowing
capacity under senior secured convertible promissory notes
- Company receives $1.9 million of cash proceeds from the
exercise of Public Offering Warrants by certain holders thereof for
a total of 5,166,664 shares of the Company's common stock
- Company to Host Conference Call at 4:30 pm ET Today
Ontrak, Inc. (NASDAQ: OTRK) (“Ontrak” or the
“Company”), a leading AI-powered and telehealth-enabled healthcare
company, today reported its financial results for the fourth
quarter and year ended December 31, 2023.
Management Commentary
“In addition to new business development efforts, we focused
this quarter on continued innovation with a technology focus. We
introduced our Advanced Engagement System to offer increased
efficiencies and higher ROI, while maintaining a patient-centered
focus amidst a challenging macro environment facing our health plan
partners,” said Brandon LaVerne, the Company's Chief Executive
Officer and Chief Operating Officer. “Our WholeHealth+ program is
incredibly important and aligned to help solve for these macro
issues by delivering proven health outcomes and reducing costs
while also increasing engagement, leading to increased quality
scores. We are confident in our value-proposition to health plan
partners, and are seeing continued demand in our recent customer
expansions and further progress in our pipeline as a result.”
Fourth Quarter 2023 Financial Results Highlights
- Revenue for the fourth quarter of 2023 was $3.5 million,
representing a 41% increase compared to the same period in
2022.
- Operating loss for the fourth quarter of 2023 was $(5.2)
million compared to an operating loss of $(8.0) million for the
same period in 2022.
- Adjusted EBITDA for the fourth quarter of 2023 was $(3.6)
million compared to adjusted EBITDA of $(6.1) million for the same
period in 2022.
- Net loss for the fourth quarter of 2023 was $(6.4) million, or
a $(0.29) diluted net loss per common share (after deduction for
undeclared preferred stock dividends), compared to net loss of
$(9.1) million, or a $(2.52) diluted net loss per common share
(after deduction for undeclared preferred stock dividends) for the
same period in 2022.
- Non-GAAP net loss for the fourth quarter of 2023 was $(5.8)
million, or a $(0.27) non-GAAP diluted net loss per common share
(after deduction for undeclared preferred stock dividends),
compared to non-GAAP net loss of $(7.6) million, or a $(2.19)
non-GAAP diluted net loss per common share (after deduction for
undeclared preferred stock dividends) for the same period in
2022.
Adjusted EBITDA, non-GAAP net loss and non-GAAP diluted net loss
per common share are non-GAAP financial measures. See our
description and reconciliation of such non-GAAP measures at the end
of this release.
Fiscal Year 2023 Financial Results Highlights
- Revenue for the full year of 2023 was $12.7 million,
representing a 12% decrease from prior year.
- Operating loss for the full year of 2023 was $(20.6) million
compared to an operating loss of $(44.1) million for the prior
year.
- Adjusted EBITDA for the full year of 2023 was $(14.7) million
compared to adjusted EBITDA of $(31.5) million for the prior
year.
- Net loss for the full year of 2023 was $(27.9) million, or a
$(3.30) diluted net loss per common share (after deduction for
undeclared preferred stock dividends), compared to net loss of
$(51.6) million, or a $(15.61) diluted net loss per share (after
deduction for undeclared preferred stock dividends) for the prior
year.
- Non-GAAP net loss for the full year of 2023 was $(24.9)
million, or a $(3.04) non-GAAP diluted net loss per common share
(after deduction for undeclared preferred stock dividends),
compared to non-GAAP net loss of $(39.6) million, or a $(12.54)
non-GAAP diluted net loss per share (after deduction for declared
and undeclared preferred stock dividends) for the prior year.
Fourth Quarter 2023 and Recent Operating Highlights
- Total enrolled members in our WholeHealth+ program numbered
1,758 at the end of Q4 2023, compared to 2,297 at the end of Q3
2023 and 1,333 at the end of Q4 2022.
- The Company's effective outreach pool was 2,161 at December 31,
2023 compared to 3,861 at December 31, 2022. As of the date of
filing this report, the Company's effective outreach pool was
5,094.
- On February 29, 2024, the Company announced the expansion of
Ontrak's WholeHealth+ program to a larger commercial population
with a health plan customer, one of the largest health systems in
the U.S. Mid-Atlantic and Southeast. On March 12, 2024, the Company
announced a continuing expansion of its strategic partnership with
the same health plan customer to offer its program to eligible
self-insured groups. The expanded partnership initially represents
more than 6.5 times increase in the number of this customer's
members who are eligible for the Ontrak WholeHealth+ program.
- On October 10, 2023, the Company was notified by a health plan
customer of its intent not to continue using the Company’s services
after February 2024. The customer also informed us that the
notification was related to the customer’s financial and budgetary
constraints and not reflective of the performance or value of the
Company’s services. For the year ended December 31, 2023, we billed
this customer approximately $4.3 million, representing 33.8% of our
total revenue.
- On October 31, 2023, the Company and Acuitas Capital entered
into a Fifth Amendment to the Master Note Purchase Agreement, as
amended (the "Fifth Amendment"), which, among other things, in the
event the Company completes a Qualified Financing, as defined in
the Keep Well Agreement, the following were provided: i) the
conversion of Keep Well Notes plus accrued and unpaid interest
thereon, less $7.0 million, ii) in lieu of the provision set forth
in the Fourth Amendment concerning investment of Escrowed Funds in
an offering (which is described below), the Company and Acuitas to
consummate a private placement which would consist of the escrowed
funds and $5.0 million of Keep Well Notes in pre-funded warrants.
In addition, the maturity date of the remaining $2.0 million Keep
Well Note was changed from September 30, 2024 to the date that is
two years and six months after the closing date of the offering
(May 14, 2026), unless it becomes due and payable in full earlier,
whether by acceleration or otherwise.
- On November 14, 2023, the Company announced the closing of its
previously announced public offering of:
- 4,592,068 shares of its common stock and 9,184,136 warrants to
purchase up to 9,184,136 shares of its common stock at a combined
public offering price of $0.60 per share of common stock and
accompanying warrants, and
- 5,907,932 pre-funded warrants to purchase up to 5,907,932
shares of its common stock and 11,815,864 warrants to purchase up
to 11,815,864 shares of its common stock at a combined public
offering price of $0.5999 per pre-funded warrant and accompanying
warrants, which represents the per share public offering price for
the common stock and accompanying warrants less the $0.0001 per
share exercise price for each pre-funded warrant.
- The Company estimates net proceeds of approximately $5.3
million from the public offering described above.
- In addition, concurrent with the public offering described
above, the Company announced the closing of its previously
announced concurrent private placement (the “Private Placement”) of
$11.0 million worth of unregistered pre-funded warrants to purchase
shares of the Company's common stock and unregistered warrants to
purchase shares of the Company's common stock to Acuitas. The
Company issued 18,333,333 pre-funded warrants to purchase up to
18,333,333 shares of its common stock and 36,666,666 warrants to
purchase up to 36,666,666 shares of its common stock at a purchase
price of $0.5999 per pre-funded warrant and accompanying warrants,
which represents the per share public offering price for the common
stock and accompanying warrants less the $0.0001 per share exercise
price for each pre-funded warrant. The warrants accompanying the
pre-funded warrants have an exercise price of $0.85 per share. The
consideration for the Private Placement Securities purchased by
Acuitas consisted of (a) the $6.0 million of escrowed funds then
held in an escrow account, and (b) $5.0 million of senior secured
convertible notes outstanding under the Keep Well Notes.
- Prior to the closing of the public offering and private
placement described above, Acuitas converted approximately $16.3
million of outstanding senior secured convertible notes, pursuant
to which the Company issued to Acuitas 18,054,791 shares of its
common stock and warrants to purchase 18,054,791 shares of its
common stock, as well as 9,027,395 shares of its common stock and
warrants to purchase 9,027,395 shares of its common stock upon
obtainment of shareholder approval in December 2023.
- In February 2024, the Company announced the introduction of
Recovering Quality of Life Assessment (ReQoL) into its cutting-edge
WholeHealth+ Product and Solutions Suite. ReQoL assessments can be
used in healthcare and research settings to evaluate the impact of
mental health conditions, psychological interventions, and
healthcare interventions on patients' lives because they focus on
understanding the person over the diagnosis, consistent with
recovery strategies.
- In March 2024, the Company and Acuitas Capital entered into a
Sixth Amendment to the Master Note Purchase Agreement, as amended
(the "Sixth Amendment"). In accordance with the Sixth Amendment, on
April 5, 2024, the Company issued and sold to Acuitas Capital, and
Acuitas Capital purchased from the Company, a senior secured
convertible promissory note with a principal amount of $1.5 million
(the "Initial Demand Note"), and in Acuitas Capital’s sole
discretion, Acuitas Capital may purchase from the Company, and the
Company will issue and sell to Acuitas, up to an additional $13.5
million in principal amount of Demand Notes. In connection with
each Demand Note purchased by Acuitas from the Company (including
the Initial Demand Note), subject to stockholder approval effective
date occurring, the Company will issue to Acuitas (or an entity
affiliated with Acuitas, as designated by Acuitas) a warrant
(“Demand Warrant”), to purchase such number of shares of the
Company’s common stock that results in 200% warrant coverage. Each
Demand Warrant will have a term of five (5) years. The initial
exercise price of each Demand Warrant will be (a) in the case of
the Demand Warrant issued in connection with the Initial Demand
Note and in respect of the next $3.0 million of principal amount of
Demand Notes purchased by Acuitas, the lesser of (i) $0.3442 (after
giving effect to the reduction of the exercise price of the Public
Offering Warrants and Private Placement Warrant (collectively, the
“November 2023 Warrants”) that occurred on April 5, 2024) and (ii)
the greater of (1) the consolidated closing bid price of the
Company’s common stock as reported on The Nasdaq Stock Market or
such other exchange on which the Company’s common stock is listed
(the “Exchange”) immediately preceding the time the applicable
Demand Note is deemed issued by the Company and (2) $0.12, and (b)
in the case of the Demand Warrants issued in connection with any
subsequent Demand Notes, the consolidated closing bid price of the
Company’s common stock as reported on the Exchange immediately
preceding the time the applicable Demand Note is deemed issued by
the Company, which initial exercise price will, in each case of
clauses (a) and (b) above, be subject to further adjustment in
accordance with the terms of the Demand Warrant and the Sixth
Amendment.
- From March 28, 2024 through April 2, 2024, the Company received
a total of $1.9 million of cash proceeds from the exercise of
Public Offering Warrants by certain holders thereof for a total of
5,166,664 shares of the Company's common stock.
Financial Outlook
The following outlook is based on information available as of
the date of this press release and is subject to change in the
future.
For the quarter ending March 31, 2024, the Company estimates
revenue in the range of $2.5 million to $2.9 million.
Conference Call & Webcast Details
The Company will host a conference call/webcast today at 4:30 pm
ET/1:30 pm PT. Investors, analysts, employees and the general
public can access the call by registering online for dial-in
information or via live audio webcast at:
https://ontrakhealth.com/investors/presentations-events.
Participants interested in dialing in to the conference call are
requested to register a day in advance or at a minimum 15 minutes
before the start of the call to obtain a unique pin for the
call.
A replay of the call will be available via webcast for on-demand
listening shortly after the completion of the call, at the same web
link, and will remain available for approximately 90 days.
About Ontrak, Inc.
Ontrak Health (NASDAQ: OTRK) is a leading AI and
telehealth-enabled healthcare company, whose mission is to help
improve the health and save the lives of as many people as
possible. Ontrak identifies, engages, activates, and provides care
pathways to treatment for the most vulnerable members of the
behavioral health population who would otherwise fall through the
cracks of the healthcare system. We engage individuals with
anxiety, depression, substance use disorder and chronic disease
through personalized care coaching and customized care pathways
that help them receive the treatment and advocacy they need,
despite the socio-economic, medical and health system barriers that
exacerbate the severity of their comorbid illnesses. The company’s
integrated intervention platform uses AI, predictive analytics and
digital interfaces combined with dozens of care coach engagements
to deliver improved member health, better healthcare system
utilization, and durable outcomes and savings to healthcare
payors.
Learn more at www.ontrakhealth.com
Forward-Looking Statements
This press release contains “forward-looking” statements that
are based on the Company’s beliefs and assumptions and on
information currently available to the Company on the date of this
press release and are made pursuant to the Safe Harbor provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements include all statements that are not
historical facts and can be identified by terms such as “may,”
“will,” “could,” “should,” “believes,” “estimates,” “projects,”
“potential,” “expects,” “plan,” “anticipates,” “intends,”
“continues,” “forecast,” “designed,” “goal,” or the negative of
those words or other comparable words. Forward-looking statements
may include, but are not limited to, the expectations around state
approval and timing of launch of the new customer contract, the
Company’s belief that its strategy will accelerate the Company’s
return to growth, maximize the Company’s differentiated platform,
and strengthen the Company’s position, the Company’s expectations
regarding reductions in costs resulting from its cost saving
measures, and the Company’s estimated revenue for 2023.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual
results, performance or achievements to be materially different
from those expressed or implied by forward-looking statements,
including, without limitation, risks related to: the Company’s
ability to successfully execute on its strategy and business plan;
the Company’s ability to increase its revenue and efficiently
manage expenses and achieve profitability; the Company’s high
customer concentration and the ability of its customers to
terminate their contracts for convenience; the adequacy of the
Company’s existing cash resources and anticipated capital
commitments and future cash requirements to enable the Company to
continue as a going concern; the Company’s ability to raise
additional capital when needed; difficulty enrolling new members
and maintaining existing members in the Company’s programs; the
effectiveness of the Company’s treatment programs; lower than
anticipated eligible members under the Company’s contracts; the
Company’s dependence on key personnel and the Company’s ability to
recruit and retain key personnel; the Company’s ability to maintain
the listing of its stock on Nasdaq; the outcomes of ongoing legal
proceedings brought by the U.S. Department of Justice and the
Securities and Exchange Commission against the Company’s largest
stockholder and former Chief Executive Officer and Chairman, and
whether governmental authorities will institute separate
investigations or proceedings against the Company and/or its
current or former executives and/or directors; substantial
regulation in the health care industry; changes in regulations or
issuance of new regulations or interpretations; the Company’s
limited operating history; difficulty in developing, exploiting and
protecting proprietary technologies; business disruption and
related risks; general economic conditions, nationally and
globally, and their effect on the market for our service; intense
competition and competitive pressures and trends in the Company’s
industry and the Company’s ability to successfully compete; changes
in laws, regulations, or policies; and risks related to the
Company’s ability to realize the potential benefits of and to
effectively integrate acquisitions. For a further list and
description of the risks and uncertainties the Company faces,
please refer to the Company’s most recent Securities and Exchange
Commission filings which are available on its website at
http://www.sec.gov. Forward-looking statements are current only as
of the date they are made and the Company assumes no obligation to
update any forward-looking statements, whether as a result of new
information, future events or otherwise, except as required by
law.
Non-GAAP Financial Measures
To supplement its consolidated financial statements, which are
prepared and presented in accordance with U.S. generally accepted
accounting principles, or GAAP, the Company has provided in this
press release and the quarterly conference call held on the date
hereof certain non-GAAP financial measures. The non-GAAP financial
measures presented include EBITDA, Adjusted EBITDA, Non-GAAP net
loss, and Non-GAAP net loss per common share, which are not U.S.
GAAP financial measures. We believe that the presentation of these
financial measures enhances an investor’s understanding of our
financial performance. We further believe that these financial
measures are useful financial metrics to assess our operating
performance from period-to-period by excluding certain items that
we believe are not representative of our core business.
EBITDA consists of net loss before interest, taxes, depreciation
and amortization expenses. Adjusted EBITDA consists of net loss
before interest, taxes, depreciation, amortization, stock-based
compensation, write-off of debt issuance costs, write-off of other
assets, restructuring, severance and related costs, gain on
termination of operating lease, and gain/loss on change in fair
value of warrant liability. We believe that making such adjustments
provides investors meaningful information to understand our results
of operations and the ability to analyze our financial and business
trends on a period-to-period basis.
Non-GAAP net loss consists of net loss adjusted for stock-based
compensation, write-off of debt issuance costs, write-off of other
assets, restructuring, severance and related costs, gain on
termination of operating lease and gain/loss on change in fair
value of warrant liability. Non-GAAP net loss per common share
consists of loss per share adjusted for non-GAAP net loss
attributable to common stockholders. We believe that making such
adjustments provides investors meaningful information to understand
our results of operations and the ability to analyze our financial
and business trends on a period-to-period basis.
We believe the above non-GAAP financial measures are commonly
used by investors to evaluate our performance and that of our
competitors. However, our use of the term EBITDA, Adjusted EBITDA,
Non-GAAP net loss and Non-GAAP net loss per common share may vary
from that of others in our industry. None of EBITDA, Adjusted
EBITDA, Non-GAAP net loss or Non-GAAP net loss per common share
should be considered as an alternative to net loss before taxes,
net loss, net loss per common share or any other performance
measures derived in accordance with U.S. GAAP as measures of
performance.
See the Reconciliation of Non-GAAP Measures table at the end of
this press release for a reconciliation of the Non-GAAP financial
measures to U.S. GAAP financial measures.
ONTRAK, INC. Consolidated
Statements of Operations (in thousands, except per share
data)
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Revenue
$
3,539
$
2,510
$
12,743
$
14,514
Cost of revenue
1,252
973
3,943
7,461
Gross profit
$
2,287
$
1,537
$
8,800
$
7,053
Operating expenses:
Research and development
1,893
1,861
6,626
10,974
Sales and marketing
931
1,113
3,580
5,006
General and administrative
4,676
6,562
19,269
34,256
Restructuring, severance and related
charges
—
—
457
934
Total operating expenses
7,500
9,536
29,932
51,170
Operating loss
(5,213
)
(7,999
)
(21,132
)
(44,117
)
Other income (expense), net
10
(248
)
334
(3,461
)
Interest expense, net
(1,193
)
(911
)
(7,202
)
(3,907
)
Loss before income taxes
(6,396
)
(9,158
)
(28,000
)
(51,485
)
Income tax benefit (expense)
—
52
80
(88
)
Net loss
(6,396
)
(9,106
)
(27,920
)
(51,573
)
Dividends on preferred stock - declared
and undeclared
(2,238
)
(2,238
)
(8,954
)
(8,954
)
Net loss attributable to common
stockholders
$
(8,634
)
$
(11,344
)
$
(36,874
)
$
(60,527
)
Net loss per common share, basic and
diluted
$
(0.29
)
$
(2.52
)
$
(3.30
)
$
(15.61
)
Weighted-average common shares
outstanding, basic and diluted
29,950
4,505
11,159
3,877
ONTRAK, INC. Consolidated
Balance Sheets (in thousands, except share and per share
data)
December 31,
2023
2022
Assets
Current assets:
Cash
$
9,701
$
5,032
Restricted cash - current
—
4,477
Receivables, net
—
973
Unbilled receivables
207
453
Deferred costs - current
128
156
Prepaid expenses and other current
assets
2,743
3,168
Total current assets
12,779
14,259
Long-term assets:
Property and equipment, net
913
2,498
Restricted cash - long-term
—
204
Goodwill
5,713
5,713
Intangible assets, net
99
1,125
Other assets
147
1,326
Operating lease right-of-use assets
195
632
Total assets
$
19,846
$
25,757
Liabilities and stockholders'
equity
Current liabilities:
Accounts payable
$
563
$
1,927
Accrued compensation and benefits
442
1,987
Deferred revenue
97
326
Current portion of operating lease
liabilities
56
653
Other accrued liabilities
2,784
4,576
Total current liabilities
3,942
9,469
Long-term liabilities:
Long-term debt, net
1,467
10,065
Long-term operating lease liabilities
166
546
Total liabilities
5,575
20,080
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value;
50,000,000 shares authorized; 3,770,265 shares issued and
outstanding at each of December 31, 2023 and 2022
—
—
Common stock, $0.0001 par value,
500,000,000 shares authorized; 38,466,979 and 4,527,914 shares
issued and outstanding at December 31, 2023 and 2022,
respectively
6
3
Additional paid-in capital
484,926
448,415
Accumulated deficit
(470,661
)
(442,741
)
Total stockholders' equity
14,271
5,677
Total liabilities and stockholders'
equity
$
19,846
$
25,757
ONTRAK, INC. Consolidated
Statements of Cash Flows (in thousands)
Year Ended December
31,
2023
2022
Cash flows from operating
activities
Net loss
$
(27,920
)
$
(51,573
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Stock-based compensation expense
2,948
7,532
Write-off of debt issuance costs
—
3,334
Paid-in-kind interest expense
3,753
553
Bad debt expense
531
—
Gain on termination of operating lease
(471
)
—
Write-off of other asset
100
259
Depreciation expense
1,801
2,494
Amortization expense
4,581
2,706
Change in fair value of warrants
(35
)
(133
)
401(k) employer match in common shares
—
628
Common stock issued for consulting
services
—
102
Changes in operating assets and
liabilities:
Receivables
972
4,965
Unbilled receivables
(285
)
2,781
Prepaid and other assets
668
1,558
Accounts payable
(1,179
)
791
Deferred revenue
(229
)
(115
)
Lease liabilities
(166
)
(328
)
Other accrued liabilities
(567
)
480
Net cash used in operating activities
(15,498
)
(23,966
)
Cash flows from investing
activities
Purchases of property and equipment
(285
)
(1,156
)
Net cash used in investing activities
(285
)
(1,156
)
Cash flows from financing
activities
Proceeds from Keep Well Notes
8,000
11,000
Proceeds from Keep Well Agreement held in
escrow and funded Private Placement
6,000
—
Common stock, Pre-Funded Warrants and
Warrants issued in Public Offering
6,299
—
Financing transaction costs
(1,744
)
(907
)
Repayment of 2024 Notes
—
(39,194
)
Proceeds from issuance of common stock
—
4,000
Common stock issuance costs
—
(706
)
Financed insurance premium payments
(2,647
)
(2,777
)
Finance lease obligations
(134
)
(282
)
Dividends paid
—
(2,239
)
Payment of taxes related to net-settled
stock awards
(3
)
(6
)
Net cash provided by (used in) financing
activities
15,771
(31,111
)
Net change in cash and restricted cash
(12
)
(56,233
)
Cash and restricted cash at beginning of
period
9,713
65,946
Cash and restricted cash at end of
period
$
9,701
$
9,713
Supplemental disclosure of cash flow
information:
Interest paid
$
67
$
2,330
Income taxes paid
3
136
Non-cash financing and investing
activities:
Conversion of Keep Well Notes to Common
Stock and Warrants Issued
$
16,249
$
—
Keep Well Note cancelled and funded
Private Placement
5,000
—
Common stock issued in connection with
Keep Well Agreement
—
1,249
Warrants issued in connection with Keep
Well Notes and 2024 Notes
11,034
1,002
Losses on extinguishments of debt with
related party
4,494
—
Write-off of debt issuance costs related
to conversion of Keep Well Notes
3,654
—
Write-off of debt issuance costs related
to cancelled Keep Well Notes in Private Placement
1,522
—
Financed insurance premiums
2,103
2,474
Accrued debt issuance costs
42
5
Finance lease and accrued purchases of
property and equipment
3
171
Common stock issued to settle contingent
liability
—
293
ONTRAK, INC. Reconciliation of
Non-GAAP Measures (in thousands, except per share
data)
Reconciliation of
Operating Loss to EBITDA and Adjusted EBITDA
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Operating loss
$
(5,213
)
$
(7,999
)
$
(21,132
)
$
(44,117
)
Depreciation expense
925
272
1,801
2494
Amortization expense (1)
122
413
1,196
1,630
EBITDA
(4,166
)
(7,314
)
(18,135
)
(39,993
)
Stock-based compensation expense
608
1,250
2,948
7,532
Restructuring, severance and related costs
(2)
—
—
457
934
Adjusted EBITDA
$
(3,558
)
$
(6,064
)
$
(14,730
)
$
(31,527
)
Reconciliation of
Net Loss to Non-GAAP Net Loss; and Net Loss per Common Share to
Non-GAAP Net Loss per Common Share
Three Months Ended
December 31,
Year Ended December
31,
2023
2022
2023
2022
Net loss
$
(6,396
)
$
(9,106
)
$
(27,920
)
$
(51,573
)
Stock-based compensation expense
608
1,250
2,948
7,532
Write-off of debt issuance costs (3)
—
—
—
3,334
Restructuring, severance and related costs
(2)
—
—
457
934
Write-off of other asset
—
259
100
259
Gain on change in fair value of warrant
liability
(9
)
(12
)
(35
)
(133
)
Gain on termination of operating lease
(4)
—
—
(471
)
—
Non-GAAP net loss
(5,797
)
(7,609
)
(24,921
)
(39,647
)
Dividends on preferred stock - declared
and undeclared
(2,238
)
(2,238
)
(8,954
)
(8,954
)
Non-GAAP net loss attributable to common
stockholders
$
(8,035
)
$
(9,847
)
$
(33,875
)
$
(48,601
)
Net loss per common share - basic and
diluted
$
(0.29
)
$
(2.52
)
$
(3.30
)
$
(15.61
)
Non-GAAP net loss per common share - basic
and diluted
(0.27
)
(2.19
)
(3.04
)
(12.54
)
Weighted-average common shares outstanding
- basic and diluted
29,950
4,505
11,159
3,877
_______________________
(1)
Relates to operating and
financing right-of-use assets and acquired intangible assets.
(2)
Includes one-time severance and
related benefit costs related to reduction in workforce plans
announced in March 2023 and August 2022 as part of Company's
continued cost savings measure.
(3)
Relates to write-off of debt
issuance costs on our 2024 Notes.
(4)
Represents gain realized on
derecognition of ROU operating asset and related lease liability
due to early termination of the lease of the office space located
in Santa Monica, CA in February 2023.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240416826622/en/
For Investors: Ryan Halsted
Gilmartin Group investors@ontrakhealth.com
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