Renovacor, Inc.

2022 Q4 Form 10-Q Financial Statement

#000095017022024481 Filed on November 10, 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 $53.71M $85.32M
YoY Change -37.05% 11015.29%
Cash & Equivalents $53.70M $85.30M
Short-Term Investments
Other Short-Term Assets $1.941M $2.635M
YoY Change -26.34% 2736.08%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $55.65M $87.96M
YoY Change -36.73% 10121.38%
LONG-TERM ASSETS
Property, Plant & Equipment $1.441M $20.00K
YoY Change 7105.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $163.0K
YoY Change
Total Long-Term Assets $2.088M $20.00K
YoY Change 10340.0% -99.98%
TOTAL ASSETS
Total Short-Term Assets $55.65M $87.96M
Total Long-Term Assets $2.088M $20.00K
Total Assets $57.74M $87.98M
YoY Change -34.37% 1.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.228M $1.502M
YoY Change 114.91%
Accrued Expenses $3.945M $2.184M
YoY Change 80.63% 646.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.433M $3.686M
YoY Change 128.78% 365.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $30.88M
YoY Change -100.0%
Other Long-Term Liabilities $6.601M $30.88M
YoY Change -78.62%
Total Long-Term Liabilities $6.601M $30.88M
YoY Change -78.62%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.433M $3.686M
Total Long-Term Liabilities $6.601M $30.88M
Total Liabilities $15.03M $34.56M
YoY Change -56.5% 4261.15%
SHAREHOLDERS EQUITY
Retained Earnings -$31.70M -$18.50M
YoY Change 71.35%
Common Stock $74.36M $71.88M
YoY Change 3.46% 27124050.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $42.71M $53.41M
YoY Change
Total Liabilities & Shareholders Equity $57.74M $87.98M
YoY Change -34.37% 1.0%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3

Facts In Submission

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Renovacor, Inc.
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201 Broadway
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Concentration of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash primarily held at one financial institution, which, at times, may exceed federally insured limits, and cash equivalents consisting of investments in money market funds managed by a variety of financial institutions. The Company's credit risk is managed by investing in only highly rated money market instruments. As a result, no significant additional credit risk is believed by management to be inherent in the Company’s assets and the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risk on such accounts</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">.</span></p>
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"/> </p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expense, and related disclosures. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. Estimates relied upon in preparing these financial statements relate to, but are not limited to, the fair value of financial instruments, stock-based compensation assumptions and accrued expenses (including accrued and prepaid clinical costs). Actual results may differ from these estimates under different assumptions or conditions.</span></p>
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q3 rcor Shares Of Common Stock Immediately After Merger
SharesOfCommonStockImmediatelyAfterMerger
17256042
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1000000.0
CY2022Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1000000.0
us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
true
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0
CY2022Q3 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
options to extend
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1763000
rcor Settlement Of Convertible Note At Closing
SettlementOfConvertibleNoteAtClosing
2500000
rcor Effect Of Merger Net Of Redemptions And Transaction Costs Included In Cash Flow
EffectOfMergerNetOfRedemptionsAndTransactionCostsIncludedInCashFlow
86792000
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
1941000
CY2022Q3 rcor Laboratory Equipment Gross
LaboratoryEquipmentGross
1319000
CY2021Q4 rcor Laboratory Equipment Gross
LaboratoryEquipmentGross
380000
CY2022Q3 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
178000
CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
1497000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
380000
CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
56000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
1000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
1441000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
379000
CY2022Q3 rcor Prepaid Research And Development Costs
PrepaidResearchAndDevelopmentCosts
310000
CY2021Q4 rcor Prepaid Research And Development Costs
PrepaidResearchAndDevelopmentCosts
209000
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
1277000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
1369000
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
354000
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
185000
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1986000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1282000
CY2022Q3 rcor External Research And Development Expenses
ExternalResearchAndDevelopmentExpenses
1133000
CY2021Q4 rcor External Research And Development Expenses
ExternalResearchAndDevelopmentExpenses
409000
CY2022Q3 rcor Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
26000
CY2021Q4 rcor Accrued Property And Equipment Current
AccruedPropertyAndEquipmentCurrent
360000
CY2022Q3 rcor Merger Related Costs
MergerRelatedCosts
450000
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
162000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
347000
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
188000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
100000
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3945000
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2498000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
63000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
254000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
76000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
17000
CY2022Q3 rcor Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
124000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
550000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
44000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
506000
CY2022Q3 rcor Future Lease Payments Not Recorded On Balance Sheets
FutureLeasePaymentsNotRecordedOnBalanceSheets
5000000.0
CY2022Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y3M18D
us-gaap Lessee Operating Lease Existence Of Option To Terminate
LesseeOperatingLeaseExistenceOfOptionToTerminate
true
us-gaap Lessee Operating Lease Option To Terminate
LesseeOperatingLeaseOptionToTerminate
right to terminate
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y3M10D
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0302
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
0
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
6000000
CY2021Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1987636
CY2021Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1987636
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
no
CY2022Q3 rcor Warrants Outstanding
WarrantsOutstanding
12837868
CY2021Q4 rcor Warrants Outstanding
WarrantsOutstanding
12837868
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13637130
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
582000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
518000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1815000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
710000
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16867038
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.99
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.22
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1400000
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15732137
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16867038
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15732137

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