$CADL
Candel Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021047259 Filed on September 08, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $31.00K $31.00K $31.00K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.795M $2.040M $860.0K
YoY Change 189.04% 137.21%
% of Gross Profit
Research & Development $5.265M $3.292M $1.795M
YoY Change 190.4% 83.4%
% of Gross Profit
Depreciation & Amortization $21.00K $7.000K $10.00K
YoY Change -60.38% -30.0%
% of Gross Profit
Operating Expenses $8.060M $5.332M $2.650M
YoY Change 189.93% 101.21%
Operating Profit -$8.029M -$5.301M -$2.619M
YoY Change 192.07% 102.41%
Interest Expense -$14.00K -$15.00K $90.00K
YoY Change -134.15% -116.67%
% of Operating Profit
Other Income/Expense, Net -$8.133M -$11.78M -$257.0K
YoY Change -4270.77% 4483.27%
Pretax Income -$16.16M -$17.08M -$2.880M
YoY Change 532.81% 493.06%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$16.16M -$17.08M -$2.876M
YoY Change 532.81% 493.88%
Net Earnings / Revenue -52135.48% -55096.77% -9277.42%
Basic Earnings Per Share -$0.69 -$1.46
Diluted Earnings Per Share -$692.9K -$1.46 -$0.10
COMMON SHARES
Basic Shares Outstanding 28.69M 11.72M
Diluted Shares Outstanding 23.33M 11.72M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $88.39M $24.32M
YoY Change
Cash & Equivalents $88.39M $24.32M $20.76M
Short-Term Investments
Other Short-Term Assets $2.565M $110.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $90.95M $24.43M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.587M $4.606M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $423.0K $1.712M
YoY Change
Total Long-Term Assets $5.010M $6.318M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $90.95M $24.43M
Total Long-Term Assets $5.010M $6.318M
Total Assets $95.96M $30.74M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $925.0K $759.0K
YoY Change
Accrued Expenses $3.243M $3.511M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.397M $4.494M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $541.0K $521.0K
YoY Change
Other Long-Term Liabilities $28.04M $19.84M
YoY Change
Total Long-Term Liabilities $28.58M $20.37M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.397M $4.494M
Total Long-Term Liabilities $28.58M $20.37M
Total Liabilities $32.97M $24.86M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$81.89M -$65.73M
YoY Change
Common Stock $144.9M $22.55M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $62.99M -$43.18M -$12.34M
YoY Change
Total Liabilities & Shareholders Equity $95.96M $30.74M
YoY Change

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$16.16M -$17.08M -$2.876M
YoY Change 532.81% 493.88%
Depreciation, Depletion And Amortization $21.00K $7.000K $10.00K
YoY Change -60.38% -30.0%
Cash From Operating Activities -$6.894M -$4.459M -$1.940M
YoY Change 100.35% 129.85%
INVESTING ACTIVITIES
Capital Expenditures -$392.0K -$710.0K $300.0K
YoY Change -61.68% -336.67%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0%
Cash From Investing Activities -$392.0K -$710.0K -$270.0K
YoY Change -61.15% 162.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.36M 333.0K 460.0K
YoY Change 15411.96% -27.61%
NET CHANGE
Cash From Operating Activities -6.894M -4.459M -1.940M
Cash From Investing Activities -392.0K -710.0K -270.0K
Cash From Financing Activities 71.36M 333.0K 460.0K
Net Change In Cash 64.07M -4.836M -1.750M
YoY Change -1705.74% 176.34%
FREE CASH FLOW
Cash From Operating Activities -$6.894M -$4.459M -$1.940M
Capital Expenditures -$392.0K -$710.0K $300.0K
Free Cash Flow -$6.502M -$3.749M -$2.240M
YoY Change 168.9% 67.37%

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CapitalExpendituresIncurredButNotYetPaid
1612000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
14000
cadl Proceeds From Paycheck Protection Program Loan
ProceedsFromPaycheckProtectionProgramLoan
460000
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
410000
cadl Number Of Product Candidates
NumberOfProductCandidates
2
us-gaap Net Income Loss
NetIncomeLoss
-21558000
CY2020 us-gaap Net Income Loss
NetIncomeLoss
-17680000
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-65729000
CY2021Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31000
CY2021Q2 us-gaap Deferred Costs
DeferredCosts
1300000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Use of estimates </p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company’s condensed 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, fair value of common stock, valuation of share-based awards, valuations of warrants, fair value of debt and income taxes. Actual results could differ from those estimates. </p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilizes 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. </p>
CY2020Q4 us-gaap Deferred Costs
DeferredCosts
83000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
33000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
40000
CY2021Q2 us-gaap Restricted Cash
RestrictedCash
423000
CY2020Q4 us-gaap Restricted Cash
RestrictedCash
266000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Arial;text-transform:none;font-variant: normal;">Concentrations of credit risk </p> <p style="margin-bottom:0pt;margin-top:4pt;text-indent:0%;font-size:10pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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. </p>
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
4773000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2921000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
167000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1105000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1198000
CY2021Q2 cadl Accrued Third Party Research And Development Expenses Current
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1342000
CY2020Q4 cadl Accrued Third Party Research And Development Expenses Current
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1299000
CY2021Q2 us-gaap Accrued Professional Fees Current
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1064000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
645000
CY2021Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3511000
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3142000
CY2021Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
17187676
CY2020Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
17187676
us-gaap Conversion Of Stock Shares Converted1
ConversionOfStockSharesConverted1
7066399
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
75000000
CY2021Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2021Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11731889
CY2021Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11731889
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
11635094
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
11635094
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
5336263
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
2972
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4013311
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.52
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
632631
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.97
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
13200
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
1.55
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
24410
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
1.46
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4608332
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1.60
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1051560
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
1.36
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares
3556772
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedWeightedAverageGrantDateFairValue
1.53
CY2021Q2 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
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
406000
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1069000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
303000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
271000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
6060000.00
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M23D
CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
31000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
63000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
63000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-17080000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-2876000
us-gaap Loss Contingency Loss In Period
LossContingencyLossInPeriod
0
us-gaap Net Income Loss
NetIncomeLoss
-4648000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11720530
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11614754
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11684374
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
11614551
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.46
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.25
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.85
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
CY2021Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19125375
CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15619977
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
19125375
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
15619977

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