Aptinyx Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023010197 Filed on May 18, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.57M
YoY Change -55.5%
Cash & Equivalents $44.57M
Short-Term Investments
Other Short-Term Assets $378.0K
YoY Change 41.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.76M
YoY Change -55.17%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $206.0K
YoY Change
Total Long-Term Assets $206.0K
YoY Change 60.94%
TOTAL ASSETS
Total Short-Term Assets $47.76M
Total Long-Term Assets $206.0K
Total Assets $47.96M
YoY Change -55.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.374M
YoY Change -21.58%
Accrued Expenses $407.0K
YoY Change -82.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $5.654M
YoY Change
Total Short-Term Liabilities $9.323M
YoY Change 96.81%
LONG-TERM LIABILITIES
Long-Term Debt $19.44M
YoY Change -19.96%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $19.44M
YoY Change -20.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.323M
Total Long-Term Liabilities $19.44M
Total Liabilities $29.70M
YoY Change 1.82%
SHAREHOLDERS EQUITY
Retained Earnings -$373.8M
YoY Change 21.48%
Common Stock $677.0K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.26M
YoY Change
Total Liabilities & Shareholders Equity $47.96M
YoY Change -55.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.           Organization</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Description of business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Aptinyx Inc. (the “Company” or “Aptinyx”) was incorporated in Delaware on June 24, 2015, and maintains its headquarters in Evanston, Illinois.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Aptinyx is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of novel, proprietary, synthetic small molecules for the treatment of brain and nervous system disorders. Aptinyx has a platform for discovering proprietary compounds that work through a novel mechanism: modulation of N-methyl-D-aspartate receptors (“NMDAr”), which are vital to normal and effective brain and nervous system functions. This mechanism has applicability across numerous nervous system disorders.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Liquidity, capital resources, and going concern</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The financial statements are prepared in accordance with generally accepted accounting principles applicable to a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company has incurred operating losses and negative cash flows from operations since inception. As of March 31, 2023, the Company had an accumulated deficit of $373.8 million, cash and cash equivalents of $44.6 million, and total liabilities of $29.7 million.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background:#ffffff;">In February 2023, in light of its financial condition and the results of recent clinical studies that did not support continued development, the Company began implementation of a strategic restructuring plan to preserve capital and reduce operating costs.</span> The Company also began exploration of strategic alternatives to maximize shareholder value. As part of the restructuring plan, the Company<span style="background:#ffffff;"> eliminated </span><span style="background:#ffffff;">60%</span><span style="background:#ffffff;"> of its workforce, leaving a core team of individuals to lead the strategic alternatives review process. On May 4, 2023, following the completion of the review of strategic alternatives, the Company’s board unanimously approved a plan of liquidation and dissolution of the Company, which plan is subject to stockholder approval.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;background:#ffffff;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="background:#ffffff;">These conditions and events raise substantial doubt about the Company’s ability to continue as a going concern.</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company does not have plans to alleviate the substantial doubt about the Company’s ability to continue as a going concern. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;min-height:12.0pt;margin:0pt 0pt 12pt 0pt;">The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of this uncertainty.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The condensed financial statements are prepared in conformity with GAAP. This process requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p>
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DebtFinalFeePayable
1613000
CY2023Q1 aptx Long Term Debt Including Final Fee
LongTermDebtIncludingFinalFee
26613000
CY2023Q1 aptx Debt Instrument Unamortized Debt Discount Related To Warrants
DebtInstrumentUnamortizedDebtDiscountRelatedToWarrants
300000
CY2023Q1 aptx Debt Instrument Unamortized Debt Discount Related To Exit Fee
DebtInstrumentUnamortizedDebtDiscountRelatedToExitFee
954000
CY2023Q1 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
261000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
25098000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
5654000
CY2023Q1 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
19444000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1037000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2350000
CY2023Q1 aptx Class Of Warrant Or Right Warrants Exercised
ClassOfWarrantOrRightWarrantsExercised
0
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-21066000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-19827000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67716000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
67716000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.31
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.29
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13554000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12674000
CY2021Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P5Y
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
300000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
200000
CY2023Q1 us-gaap Purchase Obligation
PurchaseObligation
2600000
CY2023Q1 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P2Y
CY2023Q1 us-gaap Tangible Asset Impairment Charges
TangibleAssetImpairmentCharges
8200000

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0001558370-23-010197-index.html Edgar Link pending
0001558370-23-010197.txt Edgar Link pending
0001558370-23-010197-xbrl.zip Edgar Link pending
aptx-20230331.xsd Edgar Link pending
aptx-20230331x10q.htm Edgar Link pending
aptx-20230331xex31d1.htm Edgar Link pending
aptx-20230331xex31d2.htm Edgar Link pending
aptx-20230331xex32d1.htm Edgar Link pending
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aptx-20230331_cal.xml Edgar Link unprocessable
aptx-20230331_pre.xml Edgar Link unprocessable
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aptx-20230331x10q_htm.xml Edgar Link completed
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aptx-20230331_def.xml Edgar Link unprocessable
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