$CADL
Candel Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023010760 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $31.00K $100.0K
YoY Change -100.0% 0.0% -20.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.164M $3.160M $14.06M
YoY Change 15.67% -19.33% 31.73%
% of Gross Profit
Research & Development $5.469M $4.750M $20.79M
YoY Change 0.96% 23.25% 36.95%
% of Gross Profit
Depreciation & Amortization $230.0K $221.0K $778.0K
YoY Change 39.39% 24.16% 235.34%
% of Gross Profit
Operating Expenses $9.633M $8.132M $34.85M
YoY Change 6.83% 4.65% 34.8%
Operating Profit -$9.633M -$34.72M
YoY Change 7.2% 34.97%
Interest Expense $102.0K $226.0K -$490.0K
YoY Change -158.29% -2154.55% 824.53%
% of Operating Profit
Other Income/Expense, Net $838.0K $2.792M $15.93M
YoY Change -89.67% -70.13% -253.18%
Pretax Income -$8.795M -$5.083M -$18.79M
YoY Change 906.29% -418.48% -47.97%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.795M -$5.083M -$18.79M
YoY Change 906.29% -418.48% -47.97%
Net Earnings / Revenue -16396.77% -18794.0%
Basic Earnings Per Share -$0.30 -$0.65
Diluted Earnings Per Share -$0.30 -$0.18 -$0.65
COMMON SHARES
Basic Shares Outstanding 28.92M 28.89M 28.82M
Diluted Shares Outstanding 28.92M 28.82M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.26M $70.06M $70.06M
YoY Change -37.17% -15.23% -15.23%
Cash & Equivalents $59.26M $70.06M $70.06M
Short-Term Investments
Other Short-Term Assets $2.617M $1.887M $1.887M
YoY Change 97.51% -18.06% -18.06%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $61.88M $71.95M $71.95M
YoY Change -35.31% -15.3% -15.3%
LONG-TERM ASSETS
Property, Plant & Equipment $4.098M $4.424M $5.480M
YoY Change -3.89% 15.33% 42.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $266.0K $266.0K $266.0K
YoY Change -39.13% -37.26% -37.26%
Total Long-Term Assets $5.363M $5.746M $5.746M
YoY Change -9.35% 34.88% 34.88%
TOTAL ASSETS
Total Short-Term Assets $61.88M $71.95M $71.95M
Total Long-Term Assets $5.363M $5.746M $5.746M
Total Assets $67.24M $77.69M $77.69M
YoY Change -33.8% -12.91% -12.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $592.0K $380.0K $380.0K
YoY Change -57.29% -76.1% -76.1%
Accrued Expenses $2.867M $4.723M $5.187M
YoY Change -19.53% 37.38% 50.87%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $1.253M
YoY Change
Total Short-Term Liabilities $5.236M $5.615M $5.615M
YoY Change -4.31% 4.72% 4.72%
LONG-TERM LIABILITIES
Long-Term Debt $19.02M $20.85M $20.85M
YoY Change -7.32% 3623.21% 3623.21%
Other Long-Term Liabilities $2.653M $3.512M $3.512M
YoY Change -77.52% -81.66% -81.66%
Total Long-Term Liabilities $19.02M $24.36M $24.36M
YoY Change -41.16% 23.63% 23.63%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.236M $5.615M $5.615M
Total Long-Term Liabilities $19.02M $24.36M $24.36M
Total Liabilities $27.59M $29.98M $29.98M
YoY Change -27.02% 19.58% 19.58%
SHAREHOLDERS EQUITY
Retained Earnings -$107.9M -$99.10M
YoY Change 32.93% 23.42%
Common Stock $148.0M $147.3M
YoY Change 2.11% 1.95%
Preferred Stock
YoY Change
Treasury Stock (at cost) $448.0K $448.0K
YoY Change
Treasury Stock Shares
Shareholders Equity $39.65M $47.71M $47.71M
YoY Change
Total Liabilities & Shareholders Equity $67.24M $77.69M $77.69M
YoY Change -33.8% -12.91% -12.91%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$8.795M -$5.083M -$18.79M
YoY Change 906.29% -418.48% -47.97%
Depreciation, Depletion And Amortization $230.0K $221.0K $778.0K
YoY Change 39.39% 24.16% 235.34%
Cash From Operating Activities -$10.82M -$6.885M -$31.42M
YoY Change 34.35% 31.44% 41.41%
INVESTING ACTIVITIES
Capital Expenditures $138.0K $276.0K $1.297M
YoY Change -19.3% -154.76% -29.32%
Acquisitions
YoY Change
Other Investing Activities $157.0K
YoY Change
Cash From Investing Activities $19.00K -$276.0K -$1.297M
YoY Change -111.11% -45.24% -29.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 36.00K 19.97M
YoY Change -100.0% -72.18%
NET CHANGE
Cash From Operating Activities -10.82M -6.885M -31.42M
Cash From Investing Activities 19.00K -276.0K -1.297M
Cash From Financing Activities 0.000 36.00K 19.97M
Net Change In Cash -10.80M -7.125M -12.74M
YoY Change -192.37% 24.09% -126.69%
FREE CASH FLOW
Cash From Operating Activities -$10.82M -$6.885M -$31.42M
Capital Expenditures $138.0K $276.0K $1.297M
Free Cash Flow -$10.96M -$7.161M -$32.72M
YoY Change 33.23% 51.27% 36.02%

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CY2021 us-gaap Net Income Loss
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CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:6.0pt;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:9.5pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.5pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:6.0pt;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:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and related disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of revenue and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, which include but are not limited to management’s judgments of accrued expenses, valuation of stock-based option awards, valuations of warrants, and income taxes. Actual results could differ from those estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:6.0pt;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:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation (the Practice Aid), to estimate the fair value of its common stock and warrants. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company’s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:6.0pt;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:9.5pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:9.5pt;font-family:&quot;Arial&quot;, sans-serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:6.0pt;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:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. Periodically, the Company maintains deposits and investments in accredited financial institutions in-excess of the federally insured limits. The Company deposits its cash in financial institutions with a high credit quality and has not experienced any losses on such accounts and does not believe it is exposed to any unusual credit risk beyond the normal risk associated with commercial banking relationships.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:9.5pt;font-family:&quot;Arial&quot;, sans-serif;min-width:fit-content;"> </span></p>
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CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
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CY2022 cadl Sharebased Compensation Arrangement By Sharebased Payment Award Options Unvested Weighted Average Remaining Contractual
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CY2021 us-gaap Income Tax Expense Benefit
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CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022 us-gaap Income Tax Examination Description
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The federal and state tax returns are generally subject to examination for the years ended December 31, 2014 through December 31, 2022. There are currently no pending tax examinations
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12291041

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