SQZ Biotechnologies Co

2023 Q4 Form 10-Q Financial Statement

#000095017023061187 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.20M
YoY Change -87.89%
Cash & Equivalents $10.19M
Short-Term Investments
Other Short-Term Assets $1.900M
YoY Change -38.67%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $12.09M
YoY Change -86.16%
LONG-TERM ASSETS
Property, Plant & Equipment $978.0K
YoY Change -61.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.300M
YoY Change -11.91%
Total Long-Term Assets $17.70M
YoY Change -73.78%
TOTAL ASSETS
Total Short-Term Assets $12.09M
Total Long-Term Assets $17.70M
Total Assets $29.79M
YoY Change -80.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.913M
YoY Change -42.22%
Accrued Expenses $4.352M
YoY Change -44.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.832M
YoY Change -65.04%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $19.10M
YoY Change -68.7%
Total Long-Term Liabilities $19.10M
YoY Change -68.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.832M
Total Long-Term Liabilities $19.10M
Total Liabilities $27.91M
YoY Change -67.66%
SHAREHOLDERS EQUITY
Retained Earnings -$333.1M
YoY Change 27.43%
Common Stock $335.0M
YoY Change 1.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.881M
YoY Change
Total Liabilities & Shareholders Equity $29.79M
YoY Change -80.76%

Cashflow Statement

Concept 2023 Q4 2023 Q3

Facts In Submission

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dei Entity Registrant Name
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SQZ BIOTECHNOLOGIES COMPANY
dei Entity Incorporation State Country Code
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dei Entity Tax Identification Number
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200 Arsenal Yards Blvd
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<p style="margin-left:2.32%;text-indent:0;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.315%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Unaudited Interim Financial Information</span></p><p style="margin-left:2.32%;text-indent:0;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.315%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying condensed consolidated financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. The accompanying condensed consolidated balance sheet as of December 31, 2022 was derived from audited financial statements but does not include all disclosures required by GAAP. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2022 included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the SEC on March 22, 2023. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s consolidated financial position as of September 30, 2023, the consolidated results of operations for the three and nine months ended September 30, 2023 and 2022, and the consolidated cash flows for the nine months ended September 30, 2023 and 2022 have been made. The Company’s consolidated results of operations for the three and nine months ended September 30, 2023</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> are not necessarily indicative of the results of operations that may be expected for the full year or any other subsequent interim period.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:2.32%;text-indent:0;font-size:10pt;margin-top:16.2pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.315%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="margin-left:2.32%;text-indent:0;font-size:10pt;margin-top:5.4pt;font-family:Times New Roman;margin-bottom:0;margin-right:2.315%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses, and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, judgments and methodologies as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.</span></p>
CY2023Q3 sqzb Fair Value Assets Level1 To Level3 Transfers Amount
FairValueAssetsLevel1ToLevel3TransfersAmount
0
CY2023Q3 sqzb Fair Value Assets Level1 To Level2 Transfer Amount
FairValueAssetsLevel1ToLevel2TransferAmount
0
CY2023Q3 sqzb Fair Value Assets Level2 To Level1 Transfer Amount
FairValueAssetsLevel2ToLevel1TransferAmount
0
CY2023Q3 sqzb Fair Value Assets Level2 To Level3 Transfers Amount
FairValueAssetsLevel2ToLevel3TransfersAmount
0
CY2023Q3 sqzb Fair Value Liabilities Level2 To Level1 Transfer Amount
FairValueLiabilitiesLevel2ToLevel1TransferAmount
0
CY2023Q3 sqzb Fair Value Liabilities Level3 To Level1 Transfers Amount
FairValueLiabilitiesLevel3ToLevel1TransfersAmount
0
CY2023Q3 sqzb Fair Value Liabilities Level2 To Level3 Transfers Amount
FairValueLiabilitiesLevel2ToLevel3TransfersAmount
0
CY2023Q3 sqzb Fair Value Liabilities Level1 To Level3 Transfers Amount
FairValueLiabilitiesLevel1ToLevel3TransfersAmount
0
CY2023Q3 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
6467000
CY2022Q4 us-gaap Machinery And Equipment Gross
MachineryAndEquipmentGross
6840000
CY2023Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
579000
CY2022Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
579000
CY2023Q3 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
319000
CY2022Q4 us-gaap Furniture And Fixtures Gross
FurnitureAndFixturesGross
319000
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7365000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7738000
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6387000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5779000
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
978000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1959000
CY2023Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
100000
CY2022Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
300000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
500000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
800000
us-gaap Restructuring Costs
RestructuringCosts
500000
CY2023Q3 sqzb Accrued External Research And Development And Manufacturing Costs Current
AccruedExternalResearchAndDevelopmentAndManufacturingCostsCurrent
3432000
CY2022Q4 sqzb Accrued External Research And Development And Manufacturing Costs Current
AccruedExternalResearchAndDevelopmentAndManufacturingCostsCurrent
5264000
CY2023Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
68000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2578000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
852000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1051000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4352000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8893000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5358310
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.09
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y3M3D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3156275
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
1103948
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.62
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7410637
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P5Y1M17D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
7410637
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P5Y1M17D
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3642551
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.52
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y3M10D
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
983000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2376000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2829000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6630000
CY2023Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7500000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
us-gaap Lease Cost
LeaseCost
10508000
us-gaap Lease Cost
LeaseCost
12291000
us-gaap Operating Lease Impairment Loss
OperatingLeaseImpairmentLoss
6500000
CY2022Q3 us-gaap Lease Cost
LeaseCost
3801000
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
2641000
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
3347000
us-gaap Operating Lease Cost
OperatingLeaseCost
9390000
us-gaap Operating Lease Cost
OperatingLeaseCost
10867000
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
298000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
454000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1118000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
1424000
CY2023Q3 us-gaap Lease Cost
LeaseCost
2939000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-23639000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-22643000
us-gaap Net Income Loss
NetIncomeLoss
-58096000
us-gaap Net Income Loss
NetIncomeLoss
-65917000
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29491125
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29491125
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29284151
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29284151
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29491125
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
29491125
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28603020
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28603020
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.80
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.77
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.77
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.97
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.97
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.3
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.3
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7410637
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6606500
CY2022Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.60
CY2023Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.80
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
3162000
us-gaap Restructuring Charges
RestructuringCharges
7567000
us-gaap Payments For Restructuring
PaymentsForRestructuring
2966000
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
7593000
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
170000
us-gaap Restructuring Charges
RestructuringCharges
7600000
CY2023Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
200000

Files In Submission

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0000950170-23-061187.txt Edgar Link pending
0000950170-23-061187-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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sqzb-20230930.htm Edgar Link pending
sqzb-20230930.xsd Edgar Link pending
sqzb-ex10_1.htm Edgar Link pending
sqzb-20230930_def.xml Edgar Link unprocessable
sqzb-20230930_lab.xml Edgar Link unprocessable
sqzb-20230930_pre.xml Edgar Link unprocessable
sqzb-20230930_htm.xml Edgar Link completed
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