Wed, Apr 30, 1:11 PM (11 days ago)
### 22nd Century Group, Inc. (XXII) 10-K/A Summary **Company Overview:** 22nd Century Group, Inc. (XXII) is a biotechnology company focused on improving health and wellness through plant technologies. The company filed an amendment (10-K/A) to its annual report, primarily to include omitted portions of Part III, Items 10 through 14, which detail corporate governance, executive compensation, security ownership, and related transactions. **Financial Performance:** - **Revenue and Net Income:** The financial statements were not included in this amendment, so specific revenue and net income figures are not provided. However, the company has historically faced financial challenges, with increasing net losses from 2022 to 2024. - **Operating Expenses:** The company has been focusing on cost management, including reduced compensation for non-employee directors in 2024 due to financial restructuring. **Earnings Per Share (EPS):** - **2024 EPS:** Not explicitly stated, but the company reported a net loss, indicating negative EPS. - **Future Outlook:** The company is developing new performance-based incentive compensation plans for 2025, aiming to align executive compensation with company performance and stockholder value creation. **Strategic Overview:** - **Executive Compensation:** The Compensation Committee has developed a new performance-based incentive compensation plan for 2025, including annual cash bonuses and long-term equity incentives. The plan aims to align executive compensation with company performance and stockholder value creation. - **Board and Governance:** The Board of Directors consists of four members, all of whom are independent except for the Chairman and CEO, Lawrence D. Firestone. The Board has standing committees for Audit, Compensation, and Corporate Governance & Nominating. **Future Outlook:** - **2025 Compensation:** The company plans to reintroduce equity-based compensation for non-employee directors in 2025, consisting of a mix of non-qualifying stock options and restricted stock units. - **Growth Strategy:** The company is focusing on commercialization of its products and profitability, with the Compensation Committee adapting compensation programs to meet these evolving needs. **Risk Factors:** - **Financial Condition:** The company has faced financial challenges, including increasing net losses and the need for financial restructuring. - **Market Position:** The company's market value as of June 30, 2024, was approximately $6.9 million, with 2,369,552 shares of common stock issued and outstanding as of March 17, 2025. **Market Position Changes:** - **Stock Performance:** The company's stock performance has been volatile, with a reverse stock split of 1 for 135 on December 17, 2024. - **Stockholder Return:** The total stockholder return (TSR) has been negative, reflecting the company's financial challenges. **Conclusion:** 22nd Century Group, Inc. is focusing on aligning executive compensation with company performance and stockholder value creation. The company has faced financial challenges but is implementing strategies to improve its financial condition and market position. The amendment provides detailed information on corporate governance, executive compensation, and related transactions, ensuring transparency and compliance with regulatory requirements.