TCR2 THERAPEUTICS INC.

2020 Q2 Form 10-Q Financial Statement

#000156459020039480 Filed on August 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2 2019 Q1

Balance Sheet

Concept 2020 Q2 2019 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $124.8M $169.6M $161.7M
YoY Change -26.43%
Cash & Equivalents $49.70M $40.98M $46.41M
Short-Term Investments $75.10M $128.6M $115.3M
Other Short-Term Assets $9.000M $6.100M $3.900M
YoY Change 47.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $133.8M $175.7M $165.6M
YoY Change -23.84%
LONG-TERM ASSETS
Property, Plant & Equipment $5.957M $3.172M $1.936M
YoY Change 87.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $11.10M $30.00M
YoY Change
Other Assets $600.0K $300.0K $300.0K
YoY Change 100.0%
Total Long-Term Assets $6.582M $14.58M $32.27M
YoY Change -54.87%
TOTAL ASSETS
Total Short-Term Assets $133.8M $175.7M $165.6M
Total Long-Term Assets $6.582M $14.58M $32.27M
Total Assets $140.4M $190.3M $197.9M
YoY Change -26.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.987M $4.044M $2.830M
YoY Change -26.14%
Accrued Expenses $3.373M $3.116M $2.950M
YoY Change 8.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.360M $7.160M $5.357M
YoY Change -11.17%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $609.0K $464.0K $455.0K
YoY Change 31.25%
Total Long-Term Liabilities $609.0K $464.0K $455.0K
YoY Change 31.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.360M $7.160M $5.357M
Total Long-Term Liabilities $609.0K $464.0K $455.0K
Total Liabilities $6.969M $7.624M $5.812M
YoY Change -8.59%
SHAREHOLDERS EQUITY
Retained Earnings -$214.3M -$156.0M -$144.9M
YoY Change 37.44%
Common Stock $347.4M $2.000K $2.000K
YoY Change 17367550.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $133.4M $182.6M $192.0M
YoY Change
Total Liabilities & Shareholders Equity $140.4M $190.3M $197.9M
YoY Change -26.22%

Cashflow Statement

Concept 2020 Q2 2019 Q2 2019 Q1

Facts In Submission

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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these unaudited consolidated financial statements include, but are not limited to, the fair value of the royalty transfer agreement obligations, the valuation of redeemable convertible preferred and common stock prior to the IPO and the fair value of stock-based compensation awards granted under the Company’s equity-based compensation plans. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited consolidated financial statements, actual results may materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the consolidated financial statements in the period they are determined to be necessary.</p>
us-gaap Concentration Risk Credit Risk
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<p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Concentrations of credit risk and of manufacturing risk</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and investments. The Company’s cash, cash equivalents and investments are held by financial institutions in the United States. Amounts on deposit may at times exceed federally insured limits. Management believes that the financial institutions are financially sound, and accordingly, minimal credit risk exists with respect to the financial institutions.</p> <p style="margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As of </span><span style="font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">June 30, 2020</span><span style="font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">, the Company has manufacturing arrangements with vendors for the supply of materials for use in preclinical and clinical studies. If the Company were to experience any disruptions in </span><span style="font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">the</span><span style="font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"> party’s ability or willingness to continue to provide manufacturing services, the Company may experience significant delays in its product development timelines and may incur substantial costs to secure alternative sources of manufacturing.</span></p>
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CashAndCashEquivalentsAtCarryingValue
40980000
CY2020Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
417000
CY2019Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
290000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
74716000
CY2019Q2 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
75118000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
92686000
CY2019Q4 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
92828000
CY2020Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
8436000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6733000
CY2020Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2479000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1807000
CY2020Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
5957000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4926000
CY2020Q2 us-gaap Depreciation
Depreciation
379000
CY2019Q2 us-gaap Depreciation
Depreciation
165000
us-gaap Depreciation
Depreciation
684000
us-gaap Depreciation
Depreciation
300000
CY2020Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1998000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2816000
CY2020Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
256000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
300000
CY2020Q2 tcrr Accrued Contract Manufacturing Organization Fees Current
AccruedContractManufacturingOrganizationFeesCurrent
408000
CY2019Q4 tcrr Accrued Contract Manufacturing Organization Fees Current
AccruedContractManufacturingOrganizationFeesCurrent
500000
CY2020Q2 tcrr Accrued Contract Research Organization Fees Current
AccruedContractResearchOrganizationFeesCurrent
80000
CY2019Q4 tcrr Accrued Contract Research Organization Fees Current
AccruedContractResearchOrganizationFeesCurrent
182000
CY2020Q2 tcrr Accrued University Partnerships Current
AccruedUniversityPartnershipsCurrent
180000
CY2019Q4 tcrr Accrued University Partnerships Current
AccruedUniversityPartnershipsCurrent
448000
CY2020Q2 tcrr Accrued Property Received Not Yet Invoiced Current
AccruedPropertyReceivedNotYetInvoicedCurrent
203000
CY2019Q4 tcrr Accrued Property Received Not Yet Invoiced Current
AccruedPropertyReceivedNotYetInvoicedCurrent
260000
CY2020Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
248000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
544000
CY2020Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3373000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5050000
CY2018Q1 tcrr Leased Facility Expire Date
LeasedFacilityExpireDate
2025-07
CY2018Q1 us-gaap Restricted Cash
RestrictedCash
290000
CY2019Q1 tcrr Collaboration Agreement Term
CollaborationAgreementTerm
P3Y
CY2018Q4 tcrr Collaboration Agreement Termination Notice Required Period
CollaborationAgreementTerminationNoticeRequiredPeriod
P12M
CY2018Q4 tcrr Collaboration Agreement Termination Period
CollaborationAgreementTerminationPeriod
P12M
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
300000
CY2019Q3 tcrr Leased Facility Expire Date
LeasedFacilityExpireDate
2024-08
CY2019Q3 us-gaap Restricted Cash
RestrictedCash
127000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
1700000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3072000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2547000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2559000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2491000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1054000
CY2020Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
13423000
CY2020Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
862000
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
694000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1737000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1325000
tcrr Royalty Payments Percentage Of Net Sales
RoyaltyPaymentsPercentageOfNetSales
0.01
tcrr Royalty Payments Percentage Of License Income
RoyaltyPaymentsPercentageOfLicenseIncome
0.01
CY2020Q2 us-gaap Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
0
CY2019Q2 us-gaap Payments For Royalties
PaymentsForRoyalties
0
us-gaap Payments For Royalties
PaymentsForRoyalties
0
CY2019Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
0
CY2020Q2 tcrr Common Stock Per Share Votes1
CommonStockPerShareVotes1
1
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2064000
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1444000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4119000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2585000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
74903
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
24845
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
160948
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
75098
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
112420
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4162722
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.38
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1516598
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4162722
CY2020Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
19800000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y9M18D
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 Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.005
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0233
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.722
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.709
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
CY2020Q2 us-gaap Share Price
SharePrice
6.51
CY2019Q2 us-gaap Share Price
SharePrice
10.27

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