$CCCC
C4 Therapeutics, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021012531 Filed on March 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4
Revenue $7.430M $21.38M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.410M $8.728M
YoY Change
% of Gross Profit
Research & Development $20.53M $46.56M
YoY Change 25.83%
% of Gross Profit
Depreciation & Amortization $451.0K $850.0K
YoY Change 8.41%
% of Gross Profit
Operating Expenses $27.94M $56.83M
YoY Change 45.84%
Operating Profit -$20.51M
YoY Change 66.23%
Interest Expense -$460.0K $1.832M
YoY Change
% of Operating Profit
Other Income/Expense, Net -$462.0K $325.0K
YoY Change -278.38%
Pretax Income -$20.97M -$33.30M
YoY Change 73.62%
Income Tax $0.00 $804.0K
% Of Pretax Income
Net Earnings -$20.97M -$34.10M
YoY Change 76.05%
Net Earnings / Revenue -282.25% -159.48%
Basic Earnings Per Share -$0.49
Diluted Earnings Per Share -$486.8K -$820.8K
COMMON SHARES
Basic Shares Outstanding 43.12M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $95.05M $90.55M
YoY Change
Cash & Equivalents $94.91M $90.55M
Short-Term Investments $135.4K $0.00
Other Short-Term Assets $4.900M
YoY Change
Inventory
Prepaid Expenses
Receivables $3.700M $4.623M
Other Receivables $0.00
Total Short-Term Assets $322.0M $96.77M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $4.015M $4.463M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.50M
YoY Change
Other Assets $2.600M
YoY Change
Total Long-Term Assets $52.01M $21.49M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $322.0M $96.77M
Total Long-Term Assets $52.01M $21.49M
Total Assets $374.0M $118.3M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.742M $5.385M
YoY Change
Accrued Expenses $6.500M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $37.65M $33.64M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $10.23M
YoY Change
Other Long-Term Liabilities $62.40M
YoY Change
Total Long-Term Liabilities $10.23M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $37.65M $33.64M
Total Long-Term Liabilities $10.23M
Total Liabilities $110.3M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$204.8M -$117.5M
YoY Change
Common Stock $468.6M $5.525M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $263.7M -$112.0M
YoY Change
Total Liabilities & Shareholders Equity $374.0M $118.3M
YoY Change

Cashflow Statement

Concept 2021 Q1 2019 Q4
OPERATING ACTIVITIES
Net Income -$20.97M -$34.10M
YoY Change 76.05%
Depreciation, Depletion And Amortization $451.0K $850.0K
YoY Change 8.41%
Cash From Operating Activities -$24.93M -$18.21M
YoY Change 49.61%
INVESTING ACTIVITIES
Capital Expenditures $421.0K -$70.00K
YoY Change 128.8%
Acquisitions
YoY Change
Other Investing Activities -$61.31M $14.62M
YoY Change
Cash From Investing Activities -$61.73M $14.55M
YoY Change 33448.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -151.0K 210.0K
YoY Change -196.79%
NET CHANGE
Cash From Operating Activities -24.93M -18.21M
Cash From Investing Activities -61.73M 14.55M
Cash From Financing Activities -151.0K 210.0K
Net Change In Cash -86.82M -3.450M
YoY Change 420.04%
FREE CASH FLOW
Cash From Operating Activities -$24.93M -$18.21M
Capital Expenditures $421.0K -$70.00K
Free Cash Flow -$25.36M -$18.14M
YoY Change 50.47%

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<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S.&#160;GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. This process may result in actual results differing materially from those estimated amounts used in the preparation of the consolidated financial statements if these results differ from historical experience or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company&#8217;s research and development collaboration arrangements and accrued research and development expense. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates. </p>
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<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash, cash equivalents, marketable securities, and restricted cash. The Company may maintain deposits in financial institutions in excess of government insured limits. The Company believes that it is not exposed to significant credit risk as its deposits are held at financial institutions that management believes to be of high credit quality and the Company has not experienced any losses on these deposits. Additionally, t<font style="color:#000000;">he Company has established guidelines relative to credit ratings and maturities intended to safeguard principal balances and maintain liquidity. The Company maintains its funds in accordance with its investment policy, which defines allowable investments, specifies credit quality standards and is designed to limit credit exposure to any single issuer.</font></p>
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<p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Revenue Recognition </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company recognizes revenue in accordance with ASC Topic&#160;606, <font style="font-style:italic;">Revenue from Contracts with Customers</font>, or ASC&#160;606. This standard applies to all contracts with customers, except for contracts that are within the scope of other standards. 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The terms of these arrangements typically include payment to the Company of one or more of the following: (1)&#160;non-refundable, upfront license fees; (2)&#160;reimbursement of certain costs; (3)&#160;customer option fees for additional goods or services; (4)&#160;development milestone payments, (5)&#160;regulatory and commercial milestone payments; and (6)&#160;royalties on net sales of licensed products. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i)&#160;identification of the promised goods or services in the contract; (ii)&#160;determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii)&#160;measurement of the transaction price, including the constraint on variable consideration; (iv)&#160;allocation of the transaction price to the performance obligations; and (v)&#160;recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must use its judgment to determine: (a)&#160;the number of performance obligations based on the determination under step (ii)&#160;above; (b)&#160;the transaction price under step (iii)&#160;above; (c)&#160;the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv)&#160;above; and (d)&#160;the contract term and pattern of satisfaction of the performance obligations under step (v)&#160;above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Amounts due to the Company for satisfying the revenue recognition criteria or that are contractually due based upon the terms of the collaboration agreements are recorded as accounts receivable in the Company&#8217;s consolidated balance sheet. Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company&#8217;s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12&#160;months following the balance sheet date are classified as current deferred revenue. Amounts not expected to be recognized as revenue within the 12&#160;months following the balance sheet date are classified as deferred revenue, net of current portion. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Upfront License Fees </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If the license to the Company&#8217;s intellectual property is determined to be distinct from the other promises or performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a promise or performance obligation is distinct from the other promises, the Company considers factors such as the research, manufacturing, and commercialization capabilities of the customer; the retention of any key rights by the Company; and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the customer can benefit from a promise for its intended purpose without the receipt of the remaining promises, whether the value of the promise is dependent on the unsatisfied promise, whether there are other vendors that could provide the remaining promise and whether it is separately identifiable from the remaining promise. For licenses that are combined with other promises, the Company exercises judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if&#160;necessary, adjusts the measure of performance and related revenue recognition. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Customer Options </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an arrangement is determined to contain customer options that allow the customer to acquire additional goods or services, the goods and services underlying the customer options are not considered to be performance obligations at the outset of the arrangement, as they are contingent upon option exercise. The Company evaluates the customer options for material rights or options to acquire additional goods or services for free or at a discount. If the customer options are determined to represent a material right, the material right is recognized as a separate performance obligation at the outset of the arrangement. The Company allocates the transaction price to material rights based on the relative standalone selling price, which is determined based on the identified discount and the probability that the customer will exercise the option. Amounts allocated to a material right are not recognized as revenue until, at the earliest, the option is exercised. If an option is not exercised and the target is terminated, the Company will accelerate and recognize all remaining revenue related to the material right performance obligation. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Research and Development Services </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The promises under the Company&#8217;s collaboration agreements may include research and development services to be performed by the Company for or on behalf of the customer. Payments or reimbursements resulting from the Company&#8217;s research and development efforts are recognized as the services are performed and presented on a gross basis because the Company is the principal for such efforts. Reimbursements from and payments to the customer that are the result of a collaborative relationship with the customer, instead of a customer relationship, such as co-development activities, are recorded as a reduction to research and development expense. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Milestone Payments </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant revenue reversal would not occur. At the end of each subsequent reporting period, the Company reevaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenues and earnings in the period of adjustment. </p> <p style="margin-bottom:6pt;margin-top:6pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For further discussion of accounting for collaboration revenues, see Note&#160;8, <font style="font-style:italic;">Collaboration and License Agreements.</font></p>
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