Theseus Pharmaceuticals, Inc.

2023 Q4 Form 10-Q Financial Statement

#000174502023000080 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $205.1M $212.4M
YoY Change -3.44% 134.98%
Cash & Equivalents $46.89M $115.6M
Short-Term Investments $158.2M $96.87M
Other Short-Term Assets $4.500M $215.0M
YoY Change -97.91% 135.01%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $209.6M $215.0M
YoY Change -2.52% 135.01%
LONG-TERM ASSETS
Property, Plant & Equipment $414.0K $425.0K
YoY Change -2.59%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $20.30M $8.541M
YoY Change 137.68%
Other Assets $399.0K $1.865M
YoY Change -78.61% -69.59%
Total Long-Term Assets $25.04M $15.30M
YoY Change 63.71% 149.4%
TOTAL ASSETS
Total Short-Term Assets $209.6M $215.0M
Total Long-Term Assets $25.04M $15.30M
Total Assets $234.6M $230.3M
YoY Change 1.88% 135.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.313M $1.819M
YoY Change -27.82% -23.95%
Accrued Expenses $4.931M $5.987M
YoY Change -17.64% 114.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.003M $7.806M
YoY Change -10.29% 37.43%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.100M $3.893M
YoY Change -20.37% 331.12%
Total Long-Term Liabilities $3.100M $3.893M
YoY Change -20.37% 331.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.003M $7.806M
Total Long-Term Liabilities $3.100M $3.893M
Total Liabilities $10.11M $11.70M
YoY Change -13.63% 77.72%
SHAREHOLDERS EQUITY
Retained Earnings -$155.1M -$98.50M
YoY Change 57.46% 86.2%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $224.5M $218.6M
YoY Change
Total Liabilities & Shareholders Equity $234.6M $230.3M
YoY Change 1.88% 135.91%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Year Focus
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2023-09-30
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us-gaap Nature Of Operations
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Nature of the Business<div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Theseus Pharmaceuticals, Inc. (“Theseus” or the “Company”) is a clinical-stage biopharmaceutical company focused on improving the lives of cancer patients through the discovery, development and commercialization of transformative targeted therapies. The Company was incorporated in December 2017 under the laws of the State of Delaware, and its principal offices are in Cambridge, Massachusetts.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Basis of Presentation</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying condensed consolidated financial statements and footnotes to the condensed consolidated financial statements have been prepared on the same basis as the most recently audited annual consolidated financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of September 30, 2023 and the results of its operations and its cash flows for the interim periods presented. The results for the three and nine months ended September 30, 2023 are not necessarily indicative of results to be expected for the year ending December 31, 2023, any other interim periods, or any future year or period. These 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.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. The Company’s product candidate and development programs will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Because of the numerous risks and uncertainties associated with product development, the Company is unable to predict the timing or amount of increased expenses, or when or if the Company will be able to achieve or maintain profitability. Even if the Company is able to generate revenue from product sales, the Company may not become profitable. If the Company fails to become profitable or is unable to sustain profitability on a continuing basis, then the Company may be unable to continue its operations at planned levels and be forced to reduce or terminate its operations. The Company expects to incur substantial operating losses and negative cash flows from operations for the foreseeable future.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In accordance with ASC 205-40, </span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Going Concern</span><span style="color:#000000;font-family:'Arial',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the condensed consolidated financial statements are issued. As of September 30, 2023, the Company had an accumulated deficit of $155.1 million. During the nine months ended September 30, 2023, the Company incurred a loss of $42.9 million and utilized $39.7 million of cash in operations. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash, cash equivalents, and marketable securities of $225.4 million at September 30, 2023 will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next twelve months from issuance of the accompanying condensed consolidated financial statements.</span></div>
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us-gaap Use Of Estimates
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Use of EstimatesThe preparation of financial statements in conformity with U.S. 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 financial statements and the reported amounts of expenses during the reporting periods. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including in certain circumstances, future projections, that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to, the accruals for research and development expenses.
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Concentration of Credit RiskFinancial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company deposits its cash in financial institutions that it believes have high credit quality and have not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits. The Company has not experienced any losses on its cash deposits. The Company’s short-term and long-term marketable securities are invested in high grade securities with limited concentration in any one issuer, and as a result, the Company believes represent minimal credit risk.
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