Metacrine, Inc.

2022 Q4 Form 10-Q Financial Statement

#000156459022037631 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.75M $61.73M
YoY Change -14.54% -43.47%
Cash & Equivalents $52.80M $17.03M
Short-Term Investments $0.00 $44.70M
Other Short-Term Assets $2.230M $296.0K
YoY Change 653.38% -82.59%
Inventory
Prepaid Expenses $110.0K $774.0K
Receivables
Other Receivables
Total Short-Term Assets $55.04M $65.58M
YoY Change -16.08% -40.87%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $415.0K
YoY Change -100.0% -82.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $438.0K
YoY Change
Total Long-Term Assets $0.00 $1.930M
YoY Change -100.0% -19.58%
TOTAL ASSETS
Total Short-Term Assets $55.04M $65.58M
Total Long-Term Assets $0.00 $1.930M
Total Assets $55.04M $67.51M
YoY Change -18.48% -40.41%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $691.0K $323.0K
YoY Change 113.93% -53.86%
Accrued Expenses $2.630M $8.770M
YoY Change -70.01% 157.94%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.208M $459.0K
YoY Change 163.18%
Total Short-Term Liabilities $4.529M $10.36M
YoY Change -56.27% 152.59%
LONG-TERM LIABILITIES
Long-Term Debt $12.58M $9.106M
YoY Change 38.15% -2.18%
Other Long-Term Liabilities $863.0K $531.0K
YoY Change 62.52% 1.14%
Total Long-Term Liabilities $13.44M $9.637M
YoY Change 39.49% -2.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.529M $10.36M
Total Long-Term Liabilities $13.44M $9.637M
Total Liabilities $17.97M $19.99M
YoY Change -10.11% 31.53%
SHAREHOLDERS EQUITY
Retained Earnings -$207.6M -$169.4M
YoY Change 22.55%
Common Stock $244.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.07M $47.12M
YoY Change
Total Liabilities & Shareholders Equity $55.04M $67.51M
YoY Change -18.48% -40.41%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Central Index Key
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Metacrine, Inc.
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<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:9pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s unaudited condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, and expenses and the disclosure of contingent assets and liabilities. The most significant estimates in the Company’s unaudited condensed consolidated financial statements relate to accruals for research and development expenses and stock-based compensation. These estimates and assumptions are based on current facts, historical experience, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. </p>
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us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
1096000
mtcr Stock Issued During Period Value Vesting Of Early Stock Options Exercised
StockIssuedDuringPeriodValueVestingOfEarlyStockOptionsExercised
20000
us-gaap Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
147000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
1000
us-gaap Net Income Loss
NetIncomeLoss
-48681000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
47122000
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
41484000
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1082000
CY2022Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
20000
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-5521000
CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
37065000
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
63259000
CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
2154000
CY2021Q3 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
37000
CY2021Q3 mtcr Stock Issued During Period Value Vesting Of Early Stock Options Exercised
StockIssuedDuringPeriodValueVestingOfEarlyStockOptionsExercised
5000
CY2021Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-5000
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
-18328000
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
47122000
CY2022Q3 us-gaap Short Term Investments
ShortTermInvestments
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:9pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:5%;font-size:9pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. </p>
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2313000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5249130
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3999531
CY2022Q3 mtcr Prepaid Research And Development
PrepaidResearchAndDevelopment
2120000
CY2021Q4 mtcr Prepaid Research And Development
PrepaidResearchAndDevelopment
1241000
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
110000
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
578000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
468000
CY2022Q3 us-gaap Interest Receivable
InterestReceivable
55000
CY2021Q4 us-gaap Interest Receivable
InterestReceivable
26000
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2285000
CY2022Q3 mtcr Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
746000
CY2021Q4 mtcr Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
4250000
CY2022Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
342000
CY2021Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1653000
CY2022Q3 mtcr Accrued Final Debt Payment Fee
AccruedFinalDebtPaymentFee
525000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1017000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
664000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2630000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
6567000
CY2018Q1 mtcr Lessee Operating Lease Commencement Period
LesseeOperatingLeaseCommencementPeriod
2018-03
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
Under the terms of the agreement, there was no option to extend
CY2022Q1 mtcr Right Of Use Asset Derecognized
RightOfUseAssetDerecognized
700000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
800000
CY2022Q1 mtcr Property And Equipment Derecognized
PropertyAndEquipmentDerecognized
300000
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
700000
CY2022Q1 mtcr Gain On Lease Termination And Asset Sale
GainOnLeaseTerminationAndAssetSale
500000
us-gaap Depreciation
Depreciation
100000
us-gaap Depreciation
Depreciation
200000
CY2022Q3 us-gaap Variable Lease Cost
VariableLeaseCost
0
CY2021Q3 us-gaap Variable Lease Cost
VariableLeaseCost
95000
us-gaap Variable Lease Cost
VariableLeaseCost
96000
us-gaap Variable Lease Cost
VariableLeaseCost
279000
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
293000
us-gaap Operating Lease Expense
OperatingLeaseExpense
294000
us-gaap Operating Lease Expense
OperatingLeaseExpense
872000
CY2021Q3 mtcr Operating Lease Cash Paid For Amounts Included In Measurement Of Lease Liabilities
OperatingLeaseCashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
215000
mtcr Operating Lease Cash Paid For Amounts Included In Measurement Of Lease Liabilities
OperatingLeaseCashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
215000
mtcr Operating Lease Cash Paid For Amounts Included In Measurement Of Lease Liabilities
OperatingLeaseCashPaidForAmountsIncludedInMeasurementOfLeaseLiabilities
640000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2021Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2022Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1212000
CY2021Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
1697000
CY2022Q3 us-gaap Long Term Debt
LongTermDebt
13788000
CY2021Q4 us-gaap Long Term Debt
LongTermDebt
13303000
CY2022Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
1208000
CY2022Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
12580000
CY2021Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
13303000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1082000
CY2022Q3 mtcr Long Term Debt Maturities Repayments Of Principal And Interest Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestRemainderOfFiscalYear
401000
CY2022Q3 mtcr Long Term Debt Maturities Repayments Of Principal And Interest In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInNextTwelveMonths
5866000
CY2022Q3 mtcr Long Term Debt Maturities Repayments Of Principal And Interest In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearTwo
9051000
CY2022Q3 mtcr Long Term Debt Maturities Repayments Of Principal And Interest In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAndInterestInYearThree
3910000
CY2022Q3 mtcr Debt Instrument Carrying Amount And Interest And Final Payment Fee
DebtInstrumentCarryingAmountAndInterestAndFinalPaymentFee
19228000
CY2022Q3 mtcr Debt Instrument Interest And Final Payment Fee
DebtInstrumentInterestAndFinalPaymentFee
4228000
CY2022Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
15000000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2154000
CY2021Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
27522000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2021Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
6000
CY2021Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
27517000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2132
CY2021Q4 mtcr Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Stock Liability
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedStockLiability
3000
mtcr Stock Issued During Period Share Vesting Of Early Stock Options Exercised
StockIssuedDuringPeriodShareVestingOfEarlyStockOptionsExercised
2132
mtcr Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Stock Liability Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsStockLiabilityVestedInPeriod
3000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3425285
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.17
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
6000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1378817
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.47
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
972529
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.43
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3831573
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.31
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
27000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
3831573
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
4.31
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
27000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1420946
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
6.54
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.33
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.45
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1800000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4364000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5260000
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8925172
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
7293600
us-gaap Description Of Defined Contribution Pension And Other Postretirement Plans
DescriptionOfDefinedContributionPensionAndOtherPostretirementPlans
The Company maintains a defined contribution 401(k) plan available to eligible employees. Employee contributions are voluntary and are determined on an individual basis, limited to the maximum amount allowable under federal tax regulations. The Company, at its discretion, may make certain matching contributions to the 401(k) plan.
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
0
CY2022Q1 mtcr Percentage Of Staff Reduction Due To Discontinued Business Operation
PercentageOfStaffReductionDueToDiscontinuedBusinessOperation
0.50
CY2022Q3 us-gaap Restructuring Charges
RestructuringCharges
0
us-gaap Restructuring Charges
RestructuringCharges
900000

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