Executive Summary

Q3 2023 showed modest sequential revenue growth in continuing operations ($0.72M) and strong discontinued operations revenue from completing ANTHIM manufacturing conversion ($6.70M), but operating losses widened and cash fell to ~$9.5M with substantial doubt about going concern into Q1 2024 .
R&D decreased YoY while SG&A increased; sequentially SG&A fell vs Q2. No numeric forward guidance was issued; management is actively evaluating strategic alternatives, including divestiture of Elusys, to refocus on Scorpius CDMO .
Discontinued operations booked material goodwill ($3.87M) and intangible ($2.28M) impairments tied to Elusys and disclosed ~$53M non‑cancellable manufacturing commitments with Lonza through 2025, elevating liquidity risk .
Consensus estimates from S&P Global were unavailable; therefore beats/misses relative to Street are not assessed (S&P Global consensus data unavailable due to mapping).
Near‑term stock narrative catalysts: strategic alternatives and potential Elusys divestiture, CDMO customer traction at San Antonio, and going‑concern language; absence of numeric guidance increases uncertainty .

What Went Well and What Went Wrong

What Went Well

Completed ANTHIM manufacturing conversion under U.S. government contract, driving $6.70M in discontinued‑ops revenue in Q3 2023 and lowering CoR YoY vs the Canada order in Q3 2022 .
CDMO revenue momentum: continuing operations recognized $0.60M process development and $0.10M service revenue in Q3; Q2 showed $0.70M process development from San Antonio operations .
Management tone on Scorpius: “operations are advancing well and the feedback from our customers has been extremely positive,” with evaluation of options to maximize business potential .

What Went Wrong

Liquidity: cash and short‑term investments fell to ~$9.5M and management disclosed substantial doubt about ability to continue as a going concern beyond Q1 2024 .
Discontinued‑ops impairments (Elusys): $3.87M goodwill and $2.28M intangible impairments; significant Lonza commitments (~$53M through 2025) increase cash needs .
Losses: Operating loss (continuing) widened YoY to $(11.06)M; SG&A rose YoY; total basic/diluted loss per share remained heavy at $(0.50) .

Financial Results

Continuing Operations – YoY comparison

Metric	Q3 2022	Q3 2023
Revenue ($USD Millions)	$0.06	$0.72
Cost of Revenues ($USD Millions)	$0.00	$0.55
Research & Development ($USD Millions)	$5.38	$5.16
Selling, General & Administrative ($USD Millions)	$4.84	$6.08
Operating Loss ($USD Millions)	$(10.54)	$(11.06)
Net Loss per Share – Continuing ($USD)	$(0.41)	$(0.38)

Continuing Operations – Sequential comparison

Metric	Q2 2023	Q3 2023
Revenue ($USD Millions)	$0.70	$0.72
Cost of Revenues ($USD Millions)	$0.40	$0.55
Research & Development ($USD Millions)	$5.70	$5.16
Selling, General & Administrative ($USD Millions)	$7.40	$6.08

Discontinued Operations – YoY comparison (Elusys)

Metric	Q3 2022	Q3 2023
Revenue ($USD Millions)	$5.98	$6.70
Cost of Revenues ($USD Millions)	$6.32	$2.16
R&D ($USD Millions)	$1.52	$1.03
SG&A ($USD Millions)	$0.28	$0.34
Amortization of Intangible ($USD Millions)	$0.32	$0.36
Goodwill Impairment ($USD Millions)	$0.00	$3.87
Intangible Impairment ($USD Millions)	$0.00	$2.28

Key KPIs and Balance Sheet Indicators

KPI	Q1 2023	Q2 2023	Q3 2023
Cash, Cash Equivalents & Short‑term Investments ($USD Millions)	$28.6	$18.6	~$9.5
Deferred Revenue – Current ($USD Millions)	N/A	N/A	$4.06
Contract Liabilities (Balance) ($USD Millions)	N/A	N/A	$4.09

Segment breakdown: management reports one operating segment (CDMO), so no segment table is applicable .

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Revenue	FY/Q4 2023	None disclosed	None disclosed	Maintained: no numeric guidance
Margins	FY/Q4 2023	None disclosed	None disclosed	Maintained: no numeric guidance
OpEx	FY/Q4 2023	None disclosed	Restructuring to reduce R&D and save ~$1.8M annually	Raised cost-savings focus
Liquidity/Runway	FY/Q4 2023	N/A	Cash believed sufficient into Q1 2024; substantial doubt on going concern	New disclosure
Strategic Actions	FY/Q4 2023	N/A	Actively marketing Elusys; evaluating alternatives to refocus on Scorpius	New disclosure

Earnings Call Themes & Trends

No Q3 2023 earnings call transcript was found; themes are derived from press releases and the 10‑Q.

Topic	Previous Mentions (Q1 & Q2 2023)	Current Period (Q3 2023)	Trend
CDMO focus and San Antonio operations	Investing in San Antonio and Kansas; “making steady progress” ; evaluating strategic options; encouraging preclinical data; plan to license/partner R&D assets	“Operations are advancing well” with positive customer feedback; evaluating options to maximize business potential	Strengthening CDMO focus; momentum building
Strategic alternatives	Evaluating strategic options to advance operations	Active marketing of Elusys; refocus plan to shed non‑core assets	Intensified actions
R&D de‑prioritization	Oncology assets deprioritized (HS‑130); PTX‑35 closing costs; HS‑110 site close‑outs	Workforce reduction (~14%) and R&D reduction; R&D down YoY	Sharply reduced R&D
Liquidity/Runway	Cash $28.6M (Q1) and $18.6M (Q2)	~$9.5M cash/short‑term investments; substantial doubt on going concern	Deteriorating liquidity
Regulatory/manufacturing commitments	N/A	Lonza commitments ~$53M through 2025 for ANTHIM bulk drug substance	Elevated obligations
Product performance (ANTHIM)	Canada order fulfilled in Q3 2022 ($5.9M)	23,732 vials conversion completed; $6.7M recognized	Continued execution

Management Commentary

“We are very pleased with the progress of our Scorpius San Antonio facility where operations are advancing well and the feedback from our customers has been extremely positive. As a result, we are currently evaluating a variety of strategic options to maximize the potential of the business.” – Jeff Wolf, CEO .
Q2: “Development of our biomanufacturing operations continues to progress… evaluating a variety of strategic options to advance these operations… highly encouraged by the latest preclinical data… focus on licensing or partnering these assets to maximize value for shareholders” .
Q1: “We continue to invest in and advance our research and biomanufacturing efforts, including our San Antonio and Manhattan, Kansas biologics manufacturing facilities. We are making steady progress…” .

Q&A Highlights

No Q3 2023 earnings call transcript or Q&A was available for NHWK in the source document catalog; therefore no analyst Q&A themes or clarifications can be provided [ListDocuments: earnings‑call‑transcript returned 0].

Estimates Context

S&P Global consensus estimates for Q3 2023 EPS, revenue, and EBITDA were unavailable due to missing CIQ mapping for NHWK (tool error). As a result, we cannot assess beats/misses versus Street or quantify estimate deltas at this time (S&P Global consensus data unavailable due to mapping).
If/when S&P Global mapping is resolved, compare continuing operations revenue ($0.72M) and total EPS $(0.50) to consensus for a proper beat/miss analysis .

Key Takeaways for Investors

Strategic path shift: Expect management to pursue strategic alternatives (including Elusys divestiture) to reduce obligations and concentrate resources on CDMO; monitoring transaction progress is critical to the equity story .
Liquidity risk: With ~$9.5M cash/short‑term investments and substantial doubt about going concern into Q1 2024, capital‑raising or asset sales are likely near‑term catalysts; dilution risk is non‑trivial .
CDMO traction: Process development revenue is building and customer feedback is positive; sequential SG&A reductions suggest early cost discipline as CDMO scales .
Discontinued operations volatility: ANTHIM‑related revenue provides near‑term offsets but is accompanied by material Lonza commitments and impairment charges; the balance of cash inflows/outflows will shape runway .
R&D pivot: Continued de‑prioritization and workforce reductions lower burn but limit optionality in legacy oncology programs; partnership/licensing remains the stated path for any residual assets .
Absence of numeric guidance and no call transcript increases uncertainty; trading likely centers on strategic updates, liquidity actions, and CDMO contract wins rather than quarterly beats/misses .
Risk management: Watch deferred revenue/contract liabilities and accounts receivable trends for evidence of CDMO pipeline and collections; deferred revenue current at ~$4.06M implies booked work .

Appendix: Prior Quarters (for trend context)

Q1 2023: Revenue from license ($0.10M) and process development ($0.70M); net loss $(12.8)M; cash/short‑term investments ~$28.6M .
Q2 2023: Process development revenue $0.70M; CoR $0.40M; R&D $5.70M; SG&A $7.40M; net loss $(13.9)M, EPS $(0.53); cash/short‑term investments ~$18.6M .

Notes: The company filed as NightHawk Biosciences, Inc. in Q3 2023; Scorpius is the CDMO subsidiary and strategic focus referenced throughout these filings .

Scorpius Holdings, Inc. (NHWK)·Q3 2023 Earnings Summary