Avid Bioservices, Inc. Is Being Investigated For Securities Law Violations And Affected Investors Are Urged To Contact The Schall Law Firm ...

The Schall Law Firm Invites Shareholders With Losses To Join An Inquiry Into Avid Bioservices, Inc. For Securities Fraud ...

TUSTIN, Calif., Jan. 08, 2025 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO) ("Avid" or the "Company"), a dedicated biologics contract development and manufacturing organization ("CDMO") working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today posted an investor presentation in connection with its pending transaction with GHO Capital Partners LLP ("GHO") and Ampersand Capital Partners ("Ampersand") on its ...

Avid Urges Stockholders to Vote FOR the Pending Transaction TODAYTUSTIN, Calif., Jan. 08, 2025 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), a dedicated biologics contract development and manufacturing organization (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today posted an investor presentation in connection with its pending transaction with GHO Capital Partne ...

TUSTIN, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), a dedicated biologics contract development and manufacturing organization (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced the expiration of the waiting period under the Hart-Scott-Rodino (“HSR”) Antitrust Improvements Act of 1976 with respect to the previously announced agre ...

TUSTIN, Calif., Dec. 30, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ:CDMO) ("Avid" or the "Company"), a dedicated biologics contract development and manufacturing organization ("CDMO") working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced the expiration of the waiting period under the Hart-Scott-Rodino ("HSR") Antitrust Improvements Act of 1976 with respect to the previously announced agree ...

Files Definitive Proxy Statement and Mails Letter to StockholdersTUSTIN, Calif., Dec. 18, 2024 (GLOBE NEWSWIRE) -- Avid Bioservices, Inc. (NASDAQ: CDMO) (“Avid” or the “Company”), a dedicated biologics contract development and manufacturing organization (“CDMO”) working to improve patient lives by providing high quality development and manufacturing services to biotechnology and pharmaceutical companies, today announced that it has commenced mailing definitive proxy materials and a letter to stockholders in ...

Financial Performance - Revenues for the second fiscal quarter ended October 31, 2024, were $33.5 million, an increase of 32% or $8.1 million compared to the same period in the prior year[119] - Revenues for the six months ended October 31, 2024, were $73.7 million, an increase of approximately $10.5 million, or 17%, compared to $63.1 million for the same period in 2023[142] - Gross loss for the three months ended October 31, 2024, was $2.0 million, improving from a gross loss of $4.7 million in the same period last year[134] - Gross profit for the six months ended October 31, 2024, was $3.7 million, representing a 5% gross margin, compared to a gross loss of $0.6 million (negative 1% gross margin) for the same period in the prior year[143] - Operating loss for the three months ended October 31, 2024, was $12.6 million, compared to an operating loss of $11.2 million in the same period last year[136] - Operating loss for the six months ended October 31, 2024, was $15.1 million, an increase of $1.7 million compared to a loss of $13.4 million in the same period in 2023[146] - Interest expense increased to $3.3 million for the three months ended October 31, 2024, up approximately $2.4 million from the prior year[137] - Interest expense rose to $5.7 million for the six months ended October 31, 2024, compared to $1.7 million for the same period in the prior year, reflecting an increase of approximately $4.1 million[147] - Other income (expense), net, was an expense of $1.5 million for the three months ended October 31, 2024, compared to income of $0.1 million in the same period last year[138] - Other income (expense), net, was an expense of $2.1 million for the six months ended October 31, 2024, compared to income of $0.4 million for the same period in the prior year, a decrease of $2.5 million[148] - The company recorded no income tax benefit for the three months ended October 31, 2024, compared to a tax benefit of $2.4 million in the same prior year period[139] Backlog and Future Revenue - The company ended the quarter with a backlog of approximately $220 million, up from approximately $199 million at the end of the same quarter in fiscal 2024[119] - As of October 31, 2024, the company's backlog was approximately $220 million, an increase from approximately $193 million as of April 30, 2024[171] - The company anticipates a significant portion of its backlog will be recognized as revenue over the next five fiscal quarters, but it is subject to risks such as customer cancellations and supply chain delays[171] Expenses and Costs - Selling, general and administrative (SG&A) expenses increased to $10.6 million, a rise of 61% or $4.0 million compared to the prior year[135] - SG&A expenses increased to $18.8 million for the six months ended October 31, 2024, up $5.9 million, or 46%, from $12.8 million in the prior year[144] Cash and Capital Expenditures - As of October 31, 2024, the company had cash and cash equivalents of $33.4 million, which is expected to be sufficient to fund operations for at least the next 12 months[151] - Net cash provided by operating activities for the six months ended October 31, 2024, was $314,000, a decrease of $5.7 million compared to $6.0 million for the same period in 2023[154] - The company anticipates capital expenditures of approximately $5 million to $7 million during fiscal 2025[164] Merger Agreement - The company entered into a Merger Agreement on November 6, 2024, with Space Finco, Inc., which will result in the company becoming a wholly owned subsidiary[120] - On November 6, 2024, the company entered into a Merger Agreement, which includes customary covenants regarding the conduct of its business prior to the closing of the Merger[165] - The company may terminate the Merger Agreement if the Merger is not consummated by May 6, 2025, with a possible extension to November 6, 2025[167] Accounting Policies and Market Risks - There were no significant changes in the company's critical accounting policies during the six months ended October 31, 2024[168] - The company has made estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, and expenses based on historical experience[168] - There were no material changes in the market risks described in the company's Annual Report on Form 10-K during the six months ended October 31, 2024[172] Growth Strategy - The company aims to increase its operating profit margin to best-in-class within the industry as part of its growth strategy[117]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 Title of each Class Trading Symbol Name of each exchange on which registered Common Stock, $0.001 par value per share CDMO The NASDAQ Stock Market LLC FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): December 10, 2024 AVID BIOSERVICES, INC. (Exact name of registrant as specified in its charter) Delaware 001-32839 95-3698422 (State of other juri ...

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