$CCCC
C4 Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021043442 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $9.781M $16.49M
YoY Change -40.67%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $8.611M $5.611M
YoY Change 53.47%
% of Gross Profit
Research & Development $23.29M $33.37M
YoY Change -30.22%
% of Gross Profit
Depreciation & Amortization $388.0K $416.0K
YoY Change -6.73% -44.53%
% of Gross Profit
Operating Expenses $31.90M $39.68M
YoY Change -19.62%
Operating Profit -$22.12M
YoY Change
Interest Expense -$464.0K $182.0K
YoY Change -354.95%
% of Operating Profit
Other Income/Expense, Net -$464.0K -$25.00K
YoY Change 1756.0%
Pretax Income -$22.58M -$10.96M
YoY Change 106.0%
Income Tax $0.00 -$168.0K
% Of Pretax Income
Net Earnings -$22.58M -$10.79M
YoY Change 109.21%
Net Earnings / Revenue -230.86% -65.47%
Basic Earnings Per Share -$0.51 -$9.28
Diluted Earnings Per Share -$0.51 -$546.5K
COMMON SHARES
Basic Shares Outstanding 43.86M shares
Diluted Shares Outstanding 43.86M shares

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $281.3M $211.6M
YoY Change 32.93%
Cash & Equivalents $281.1M $107.7M
Short-Term Investments $140.4K $103.9M
Other Short-Term Assets $5.437M $3.300M
YoY Change 64.76%
Inventory
Prepaid Expenses
Receivables $6.213M $8.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $477.6M $223.4M
YoY Change 113.77%
LONG-TERM ASSETS
Property, Plant & Equipment $3.653M $17.60M
YoY Change -79.24%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $32.77M
YoY Change
Other Assets $579.0K $2.600M
YoY Change -77.73%
Total Long-Term Assets $50.86M $20.20M
YoY Change 151.78%
TOTAL ASSETS
Total Short-Term Assets $477.6M $223.4M
Total Long-Term Assets $50.86M $20.20M
Total Assets $528.4M $243.6M
YoY Change 116.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.469M $5.900M
YoY Change -24.25%
Accrued Expenses $10.76M $6.500M
YoY Change 65.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $44.17M $35.10M
YoY Change 25.83%
LONG-TERM LIABILITIES
Long-Term Debt $10.41M $9.700M
YoY Change 7.31%
Other Long-Term Liabilities $57.42M $81.80M
YoY Change -29.81%
Total Long-Term Liabilities $67.83M $91.50M
YoY Change -25.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $44.17M $35.10M
Total Long-Term Liabilities $67.83M $91.50M
Total Liabilities $112.0M $126.6M
YoY Change -11.54%
SHAREHOLDERS EQUITY
Retained Earnings -$227.4M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $416.4M -$135.1M
YoY Change
Total Liabilities & Shareholders Equity $528.4M $243.6M
YoY Change 116.92%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$22.58M -$10.79M
YoY Change 109.21%
Depreciation, Depletion And Amortization $388.0K $416.0K
YoY Change -6.73% -44.53%
Cash From Operating Activities -$18.01M -$31.26M
YoY Change -42.4% -142.35%
INVESTING ACTIVITIES
Capital Expenditures -$748.0K -$80.00K
YoY Change 835.0% -93.75%
Acquisitions
YoY Change
Other Investing Activities $33.18M -$103.9M
YoY Change -131.92% 598.05%
Cash From Investing Activities $32.43M -$104.0M
YoY Change -131.18% 543.29%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 170.5M 152.4M
YoY Change 11.89% 507833.33%
NET CHANGE
Cash From Operating Activities -18.01M -31.26M
Cash From Investing Activities 32.43M -104.0M
Cash From Financing Activities 170.5M 152.4M
Net Change In Cash 184.9M 17.10M
YoY Change 981.45% -70.35%
FREE CASH FLOW
Cash From Operating Activities -$18.01M -$31.26M
Capital Expenditures -$748.0K -$80.00K
Free Cash Flow -$17.26M -$31.18M
YoY Change -44.65% -141.52%

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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 condensed 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 as of the date of the condensed 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 condensed 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 condensed consolidated financial statements include, but are not limited to, amounts and timing of revenues recognized under the Company’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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CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M18D
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.10
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1136000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2340000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2410000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2482000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2557000
CY2021Q2 cccc Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
6277000
CY2021Q2 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
5693000
CY2020Q4 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3799000
CY2021Q2 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2692000
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3724000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1243000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1532000
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
243000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
469000
CY2021Q2 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9871000
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
9524000
CY2021Q2 us-gaap Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer
RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
9781000
CY2020Q2 us-gaap Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer
RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
9670000
us-gaap Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer
RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
17207000
us-gaap Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer
RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer
16486000
CY2021Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
6213000
CY2021Q2 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
28695000
CY2021Q2 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
46189000
CY2021Q2 us-gaap Deferred Revenue
DeferredRevenue
74884000
CY2020Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
4484000
CY2020Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
27603000
CY2020Q4 us-gaap Deferred Revenue Noncurrent
DeferredRevenueNoncurrent
53617000
CY2020Q4 us-gaap Deferred Revenue
DeferredRevenue
81220000
CY2021Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5535000
CY2020Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5312000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
10054000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
8808000
CY2021Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
713000
CY2020Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
227000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
713000
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
227000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
3000000
CY2021Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
9500000
CY2021Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
12500000
CY2021Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
2091000
CY2021Q2 us-gaap Long Term Debt
LongTermDebt
10409000
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2020Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-8.4335
CY2020Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
100000
CY2020Q1 cccc Payments For Relinquishment Of Right To Purchase Common Stock Upon Exercise Of Stock Options
PaymentsForRelinquishmentOfRightToPurchaseCommonStockUponExerciseOfStockOptions
700000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5228000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
161000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9073000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
277000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
5029364
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
12.72
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1400904
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
42.25
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
175478
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.04
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
104224
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
24.57
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6150566
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.50
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
971796
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
12.74
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
6150566
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
19.50
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
72900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-168000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-335000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6150566
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
31238517
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-8.4335
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-22580000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-10793000
us-gaap Net Income Loss
NetIncomeLoss
-43551000
us-gaap Net Income Loss
NetIncomeLoss
-22705000
CY2020Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
2908000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
5019000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-22580000
CY2020Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-13701000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-43551000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-27724000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43855420
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1476378
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43472327
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1469571
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2020Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-9.28
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.00
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-18.87

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