$CCCC
C4 Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023027941 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $11.07M $2.664M
YoY Change 63.93% -80.74%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.53M $10.31M
YoY Change 9.96% 4.15%
% of Gross Profit
Research & Development $28.35M $29.93M
YoY Change -4.44% -4.46%
% of Gross Profit
Depreciation & Amortization $447.0K $458.0K
YoY Change 7.71% 5.29%
% of Gross Profit
Operating Expenses $38.88M $40.23M
YoY Change -0.92% -2.39%
Operating Profit -$27.81M -$37.57M
YoY Change -14.41% 37.19%
Interest Expense $2.395M $1.646M
YoY Change 351.89% -5978.57%
% of Operating Profit
Other Income/Expense, Net $1.774M $1.646M
YoY Change 234.72% -5978.57%
Pretax Income -$26.03M -$35.92M
YoY Change -18.54% 31.04%
Income Tax $1.003M $0.00
% Of Pretax Income
Net Earnings -$27.04M -$35.92M
YoY Change -15.4% 31.04%
Net Earnings / Revenue -244.19% -1348.42%
Basic Earnings Per Share -$0.55 -$0.73
Diluted Earnings Per Share -$0.55 -$0.73
COMMON SHARES
Basic Shares Outstanding 49.19M shares 49.06M shares
Diluted Shares Outstanding 49.21M shares 49.06M shares

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $216.6M $267.3M
YoY Change -30.95% -13.16%
Cash & Equivalents $60.97M $44.88M
Short-Term Investments $155.6M $222.4M
Other Short-Term Assets $6.617M $6.074M
YoY Change -35.85% -31.57%
Inventory
Prepaid Expenses
Receivables $500.0K $1.028M
Other Receivables $0.00 $0.00
Total Short-Term Assets $223.7M $274.4M
YoY Change -31.27% -13.81%
LONG-TERM ASSETS
Property, Plant & Equipment $7.290M $7.572M
YoY Change -1.69% 19.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $29.86M $19.42M
YoY Change -42.98% -78.44%
Other Assets $3.206M $3.288M
YoY Change 144.17% 150.04%
Total Long-Term Assets $109.3M $100.6M
YoY Change -19.6% -42.21%
TOTAL ASSETS
Total Short-Term Assets $223.7M $274.4M
Total Long-Term Assets $109.3M $100.6M
Total Assets $333.0M $375.0M
YoY Change -27.83% -23.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.276M $2.247M
YoY Change -46.16% -49.46%
Accrued Expenses $18.46M $20.23M
YoY Change -13.37% 15.61%
Deferred Revenue $8.424M $13.97M
YoY Change -53.53% -36.98%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $10.34M
YoY Change -100.0% 1278.0%
Total Short-Term Liabilities $30.27M $48.24M
YoY Change -33.13% 4.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $86.72M $93.06M
YoY Change -2.5% 1.86%
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $30.27M $48.24M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $117.0M $141.3M
YoY Change -18.34% -4.45%
SHAREHOLDERS EQUITY
Retained Earnings -$493.6M -$466.6M
YoY Change 37.61% 42.82%
Common Stock $710.6M $702.1M
YoY Change 4.14% 3.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $216.0M $233.7M
YoY Change
Total Liabilities & Shareholders Equity $333.0M $375.0M
YoY Change -27.83% -23.85%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$27.04M -$35.92M
YoY Change -15.4% 31.04%
Depreciation, Depletion And Amortization $447.0K $458.0K
YoY Change 7.71% 5.29%
Cash From Operating Activities -$30.71M -$19.00M
YoY Change 9.6% -14.41%
INVESTING ACTIVITIES
Capital Expenditures $601.0K $362.0K
YoY Change -118.18% -168.43%
Acquisitions
YoY Change
Other Investing Activities $58.33M $15.51M
YoY Change 151.2% -54.05%
Cash From Investing Activities $57.72M $15.15M
YoY Change 189.87% -54.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -10.75M -746.0K
YoY Change -3078.67% -388.03%
NET CHANGE
Cash From Operating Activities -30.71M -19.00M
Cash From Investing Activities 57.72M 15.15M
Cash From Financing Activities -10.75M -746.0K
Net Change In Cash 16.26M -4.595M
YoY Change -309.97% -140.69%
FREE CASH FLOW
Cash From Operating Activities -$30.71M -$19.00M
Capital Expenditures $601.0K $362.0K
Free Cash Flow -$31.31M -$19.36M
YoY Change 26.68% -10.65%

Facts In Submission

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<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of estimates</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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, prepaid and accrued research and development expense, incremental borrowing rate used in the measurement of lease liabilities, and estimated volatility used in fair valuation of stock options. The Company assesses estimates on an ongoing basis; however, actual results could materially differ from those estimates.</span></div>
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RevenueFromContractWithCustomerExcludingAssessedTax
6423000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
21488000 usd
CY2023Q2 us-gaap Receivables Net Current
ReceivablesNetCurrent
1028000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
13971000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
24647000 usd
CY2023Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
38618000 usd
CY2022Q4 us-gaap Receivables Net Current
ReceivablesNetCurrent
1473000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
16618000 usd
CY2022Q4 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
16895000 usd
CY2022Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
33513000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
12676000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
17086000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2127180 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.51
CY2023Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2664000 usd
CY2022Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12122000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5895000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
18488000 usd
CY2023Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0 usd
CY2022Q2 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
503000 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
0 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
518000 usd
CY2023Q2 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
665000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1018000 usd
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
10335000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
11482000 usd
CY2023Q2 us-gaap Long Term Debt Current
LongTermDebtCurrent
10335000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2287000 usd
CY2023Q2 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
0 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9195000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1500000 usd
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
9500000 usd
CY2023Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11000000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6425000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8148000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7929853 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7055913 shares
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-35922000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-27412000 usd
us-gaap Net Income Loss
NetIncomeLoss
-70702000 usd
us-gaap Net Income Loss
NetIncomeLoss
-59032000 usd
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49063631 shares
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49063631 shares
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48823698 shares
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48823698 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49048062 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49048062 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48779508 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48779508 shares
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.56
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.44
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.44
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.21
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.21

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