TCR2 THERAPEUTICS INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020053270 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $246.7M $158.1M $161.0M
YoY Change 53.23% 28.38% 22.9%
Cash & Equivalents $101.6M $65.30M $49.32M
Short-Term Investments $145.1M $92.83M $111.7M
Other Short-Term Assets $7.500M $5.100M $5.600M
YoY Change 33.93% 121.74% 1300.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $254.2M $163.2M $166.6M
YoY Change 52.57% 30.04% 26.8%
LONG-TERM ASSETS
Property, Plant & Equipment $6.201M $4.926M $4.463M
YoY Change 38.94% 200.73% 147.94%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.000M
YoY Change
Other Assets $400.0K $400.0K $400.0K
YoY Change 0.0% -82.61% -73.33%
Total Long-Term Assets $6.650M $5.343M $12.89M
YoY Change -48.43% 35.61% 290.73%
TOTAL ASSETS
Total Short-Term Assets $254.2M $163.2M $166.6M
Total Long-Term Assets $6.650M $5.343M $12.89M
Total Assets $260.9M $168.5M $179.5M
YoY Change 45.31% 30.2% 33.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.948M $2.483M $3.621M
YoY Change -18.59% -6.76% 141.4%
Accrued Expenses $4.904M $5.050M $4.262M
YoY Change 15.06% 80.23% 124.32%
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 $7.852M $7.533M $7.883M
YoY Change -0.39% 37.84% 107.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $635.0K $546.0K $474.0K
YoY Change 33.97% 25.81% 18.5%
Total Long-Term Liabilities $635.0K $546.0K $474.0K
YoY Change 33.97% 25.81% 18.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.852M $7.533M $7.883M
Total Long-Term Liabilities $635.0K $546.0K $474.0K
Total Liabilities $8.487M $8.079M $8.357M
YoY Change 1.56% 36.96% 98.98%
SHAREHOLDERS EQUITY
Retained Earnings -$231.3M -$182.6M -$169.8M
YoY Change 36.23% 113.33%
Common Stock $483.4M $342.9M $340.7M
YoY Change 41.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $252.4M $160.4M $171.2M
YoY Change
Total Liabilities & Shareholders Equity $260.9M $168.5M $179.5M
YoY Change 45.31% 30.2% 33.27%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3

Facts In Submission

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us-gaap Use Of Estimates
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<p style="margin-top:10pt;margin-bottom:0pt;margin-left:7.69%;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;margin-left:7.69%;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 </p> <p style="margin-top:10pt;margin-bottom:0pt;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;">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.</span></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;">As of September 30, 2020, 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 the 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.</p>
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205000
CY2020Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
14000
CY2020Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
145109000
CY2020Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Amortized Cost Basis
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsAmortizedCostBasis
144918000
CY2020Q3 us-gaap Available For Sale Securities Debt Maturities Next Rolling Twelve Months Fair Value
AvailableForSaleSecuritiesDebtMaturitiesNextRollingTwelveMonthsFairValue
145109000
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
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9110000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6733000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2909000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1807000
CY2020Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6201000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
4926000
CY2020Q3 us-gaap Depreciation
Depreciation
430000
CY2019Q3 us-gaap Depreciation
Depreciation
258000
us-gaap Depreciation
Depreciation
1114000
us-gaap Depreciation
Depreciation
558000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2043000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2812000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2816000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
488000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
300000
CY2020Q3 tcrr Accrued Contract Manufacturing Organization Fees Current
AccruedContractManufacturingOrganizationFeesCurrent
766000
CY2019Q4 tcrr Accrued Contract Manufacturing Organization Fees Current
AccruedContractManufacturingOrganizationFeesCurrent
500000
CY2020Q3 tcrr Accrued Contract Research Organization Fees Current
AccruedContractResearchOrganizationFeesCurrent
248000
CY2019Q4 tcrr Accrued Contract Research Organization Fees Current
AccruedContractResearchOrganizationFeesCurrent
182000
CY2020Q3 tcrr Accrued University Partnerships Current
AccruedUniversityPartnershipsCurrent
187000
CY2019Q4 tcrr Accrued University Partnerships Current
AccruedUniversityPartnershipsCurrent
448000
CY2020Q3 tcrr Accrued Property Received Not Yet Invoiced Current
AccruedPropertyReceivedNotYetInvoicedCurrent
198000
CY2019Q4 tcrr Accrued Property Received Not Yet Invoiced Current
AccruedPropertyReceivedNotYetInvoicedCurrent
260000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
205000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
544000
CY2020Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4904000
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
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
300000
CY2019Q3 tcrr Leased Facility Expire Date
LeasedFacilityExpireDate
2024-08
CY2019Q3 us-gaap Restricted Cash
RestrictedCash
127000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
855000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
3094000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
2550000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2559000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
2491000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1054000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
12603000
CY2020Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
866000
CY2019Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
718000
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2603000
tcrr Royalty Payments Percentage Of Net Sales
RoyaltyPaymentsPercentageOfNetSales
0.01
tcrr Royalty Payments Percentage Of License Income
RoyaltyPaymentsPercentageOfLicenseIncome
0.01
CY2020Q3 us-gaap Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
0
CY2019Q4 us-gaap Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
0
CY2020Q3 us-gaap Payments For Royalties
PaymentsForRoyalties
0
CY2019Q3 us-gaap Payments For Royalties
PaymentsForRoyalties
0
us-gaap Payments For Royalties
PaymentsForRoyalties
0
CY2020Q3 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
0
us-gaap Payments For Royalties
PaymentsForRoyalties
0
CY2019Q4 us-gaap Accrued Royalties Current And Noncurrent
AccruedRoyaltiesCurrentAndNoncurrent
0
CY2020Q3 tcrr Common Stock Per Share Votes1
CommonStockPerShareVotes1
1
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2067000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2012000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6186000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4597000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1496340
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
82509
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4189292
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.31
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
207148
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.97
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
122869
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.08
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
141639
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.94
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4131932
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1698232
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
4131932
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
18300000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y7M6D
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
0.0227
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.729
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.708
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
CY2020Q3 us-gaap Share Price
SharePrice
7.86
CY2019Q3 us-gaap Share Price
SharePrice
10.13

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