UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2023 or ☐Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) (State or Other Jurisdiction of (I ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2023 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 58-1701987 (State or O ...

FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2022 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Delaware 58-1701987 (State or Other Jurisdiction of Incorporation or Organization) 289 Great Roa ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2022 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Incorporation or Organizati ...

FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended June 30, 2022 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Delaware 58-1701987 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (State or Ot ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2022 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION Securities registered pursuant to section 12(b) of the act: | | | registered | | --- | ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2021 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in Its Charter) Delaware 58-1701987 (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Emplo ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended September 30, 2021 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from _________ to __________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) | Delaware | 58-1701987 | | ...

[PART I - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20-%20FINANCIAL%20INFORMATION) [Financial Statements (unaudited)](index=4&type=section&id=Item%201%20-%20Financial%20Statements%20(unaudited)) The unaudited financial statements for the period ended June 30, 2021, reflect a return to profitability with increased assets and positive operating cash flow, driven by revenue recovery and CARES Act benefits [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheet Highlights (in millions) | Account | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash | $2.7M | $2.8M | | Total Current Assets | $11.7M | $9.6M | | **Total Assets** | **$24.6M** | **$24.0M** | | **Liabilities & Equity** | | | | Total Current Liabilities | $4.6M | $3.9M | | Total Liabilities | $11.5M | $11.5M | | **Total Shareholders' Equity** | **$13.1M** | **$12.5M** | | **Total Liabilities and Shareholders' Equity** | **$24.6M** | **$24.0M** | [Condensed Consolidated Statements of Operations and Comprehensive Income /(Loss)](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Income%20%2F(Loss)) Statement of Operations Highlights (in millions, except per share data) | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $6.1M | $3.3M | $11.8M | $10.9M | | Gross profit (loss) | $2.4M | $(0.3M) | $5.0M | $2.5M | | Operating income (loss) | $0.2M | $(3.3M) | $0.3M | $(3.5M) | | Net income (loss) | $0.1M | $(2.1M) | $0.2M | $(2.2M) | | Diluted net income (loss) per share | $0.02 | $(0.37) | $0.04 | $(0.40) | [Condensed Consolidated Statements of Shareholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Shareholders'%20Equity) - Total Shareholders' Equity increased from **$12.5 million** at the end of 2020 to **$13.1 million** as of June 30, 2021, primarily driven by **$0.2 million** net income and **$0.4 million** stock-based compensation expense for the six-month period[10](index=10&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flow Summary for Six Months Ended June 30 (in millions) | Cash Flow Activity | 2021 | 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $0.2M | $(3.7M) | | Net cash used in investing activities | $(0.1M) | $(0.7M) | | Net cash (used in) provided by financing activities | $(0.3M) | $0.8M | | **Net decrease in cash** | **$(0.2M)** | **$(3.6M)** | | Cash, end of period | $2.7M | $3.7M | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail the significant impacts of COVID-19, including volume effects and CARES Act relief, revenue sources, and debt arrangements including PPP loan forgiveness - The COVID-19 pandemic has had a significant impact on operations, adversely affecting hiring and thus testing volume both domestically and internationally[20](index=20&type=chunk) - The company recognized an employee retention credit under the CARES Act, which reduced cost of revenues and operating expenses by **$0.8 million** for Q2 2021 and **$1.6 million** for H1 2021[22](index=22&type=chunk) - In July 2021, the company's Paycheck Protection Program (PPP) loan of approximately **$2.2 million**, including principal and accrued interest, was forgiven in full by the SBA[47](index=47&type=chunk)[70](index=70&type=chunk) Revenue by Source (in millions) | Source | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Testing | $10.4M | $9.8M | | Shipping/Collection (hair) | $1.3M | $1.0M | | Other | $0.1M | $0.1M | | **Total Revenue** | **$11.8M** | **$10.9M** | Revenue by Geographic Region (in millions) | Region | H1 2021 | H1 2020 | | :--- | :--- | :--- | | United States | $11.0M | $9.5M | | Brazil | $0.5M | $1.1M | | Other | $0.3M | $0.2M | | **Total Revenue** | **$11.8M** | **$10.9M** | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202%20-%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2021 performance improvement to increased sales volume and tax credits, with strong domestic revenue growth, reduced operating expenses, and adequate liquidity for the next 12 months [Overview](index=19&type=section&id=Overview) Q2 and H1 2021 Financial Highlights vs. 2020 | Metric | Q2 2021 | Q2 2020 | H1 2021 | H1 2020 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $6.1M | $3.3M | $11.8M | $10.9M | | Net Income (Loss) | $0.1M | ($2.1M) | $0.2M | ($2.2M) | | Diluted EPS | $0.02 | ($0.37) | $0.04 | ($0.40) | - The increase in revenue and earnings for Q2 2021 was primarily due to higher domestic and international sales volume and a refundable employee retention tax credit of **$0.8 million**[54](index=54&type=chunk) - No cash dividends were paid in the first six months of 2021, compared to **$0.18** per share paid in the same period of 2020[54](index=54&type=chunk) [Results of Operations](index=19&type=section&id=Results%20of%20Operations) - Q2 2021 revenue increased **84%** YoY, driven by a **95%** increase in total volume as 2020 was heavily impacted by COVID-19, with domestic revenues rising **80%** and international revenues rising **153%** in the quarter[56](index=56&type=chunk) - For the first six months of 2021, domestic revenues increased **16%** due to stronger job creation, while international revenues decreased **42%**, primarily from lower Brazil testing volume[56](index=56&type=chunk) - Gross profit margin for H1 2021 was **42%**, up from **23%** in H1 2020, positively impacted by higher sales volume and the employee retention tax credit[57](index=57&type=chunk) - G&A expenses for Q2 2021 decreased **31%** YoY, mainly due to the absence of non-recurring legal fees from 2020 and salary reductions in 2021[58](index=58&type=chunk) - Marketing and selling expenses for Q2 2021 decreased **23%** YoY, primarily from reduced personnel and travel costs[60](index=60&type=chunk) [Liquidity and Capital Resources](index=20&type=section&id=Liquidity%20and%20Capital%20Resources) - As of June 30, 2021, the company had **$2.7 million** in cash and **$7.1 million** in working capital[64](index=64&type=chunk) - For the first six months of 2021, operating activities provided **$0.2 million** of cash, investing activities used **$0.1 million**, and financing activities used **$0.3 million**[64](index=64&type=chunk) - In July 2021, the SBA approved the forgiveness of the full **$2.2 million** PPP loan, including principal and interest[70](index=70&type=chunk) - Management believes existing funds and cash flow are adequate to fund the business for at least the next **12 months**, but notes that economic conditions related to COVID-19 are expected to continue to adversely affect results[71](index=71&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204%20-%20Controls%20and%20Procedures) Management, including the CEO and Controller, concluded that the company's disclosure controls and procedures were effective as of June 30, 2021, with no significant changes to internal controls - Management, including the CEO and Controller, concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[72](index=72&type=chunk) - No significant changes in internal control over financial reporting occurred during the most recent fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[73](index=73&type=chunk) [PART II - OTHER INFORMATION](index=22&type=section&id=PART%20II%20-%20OTHER%20INFORMATION) [Risk Factors](index=22&type=section&id=Item%201A%20-%20Risk%20Factors) There have been no material changes to the company's risk factors from its Form 10-K, except for the resolved PPP loan risk due to its full forgiveness - There have been no material changes in the risk factors from the Form 10-K, except for the risk related to the PPP Loan, which was **100%** forgiven by the SBA in July 2021[76](index=76&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202%20-%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company did not engage in any purchases of its own equity securities during the first six months of 2021 - There were no purchases of treasury stock in the first six months of 2021[77](index=77&type=chunk) [Other Information](index=22&type=section&id=Item%205%20-%20Other%20Information) The company entered into a five-year change in control severance agreement with its Vice President and Controller, providing for twelve months of termination pay under specific conditions - The company entered into a **five-year** change in control severance agreement with Andrew Limbek, Vice President, Controller, effective **September 1, 2021**[78](index=78&type=chunk) - The agreement provides for **twelve months** of termination pay if Mr. Limbek's employment is terminated without Cause or he resigns for Good Reason within **twelve months** following a Change in Control[78](index=78&type=chunk) [Exhibits](index=22&type=section&id=Item%206%20-%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including required certifications by officers and Inline XBRL documents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ Quarterly report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 For the quarterly period ended March 31, 2021 or ☐ Transition report pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934 for the transition period from ________ to ________ Commission file number: 1-13738 PSYCHEMEDICS CORPORATION (Exact Name of Registrant as Specified in its Charter) Incorporation or Organization) Del ...