$CCCC
C4 Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000162828023035793 Filed on November 01, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $3.261M $11.07M $6.754M
YoY Change 14.26% 63.93% -20.54%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.30M $10.53M $9.579M
YoY Change -1.89% 9.96% 13.33%
% of Gross Profit
Research & Development $30.39M $28.35M $29.66M
YoY Change -0.85% -4.44% 22.06%
% of Gross Profit
Depreciation & Amortization $430.0K $447.0K $415.0K
YoY Change -17.47% 7.71% 25.76%
% of Gross Profit
Operating Expenses $40.69M $38.88M $39.24M
YoY Change -1.12% -0.92% 19.81%
Operating Profit -$27.81M -$32.49M
YoY Change -14.41% 33.95%
Interest Expense $2.950M $2.395M $530.0K
YoY Change 166.25% 351.89% -223.54%
% of Operating Profit
Other Income/Expense, Net $1.774M $530.0K
YoY Change 234.72% -223.54%
Pretax Income -$34.48M -$26.03M -$31.96M
YoY Change -7.28% -18.54% 29.47%
Income Tax $277.0K $1.003M $0.00
% Of Pretax Income
Net Earnings -$34.75M -$27.04M -$31.96M
YoY Change -6.54% -15.4% 29.47%
Net Earnings / Revenue -1065.75% -244.19% -473.17%
Basic Earnings Per Share -$0.55 -$0.65
Diluted Earnings Per Share -$0.68 -$0.55 -$0.65
COMMON SHARES
Basic Shares Outstanding 49.28M shares 49.19M shares 48.91M shares
Diluted Shares Outstanding 49.21M shares 48.92M shares

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $253.7M $216.6M $313.7M
YoY Change -8.14% -30.95% 92.43%
Cash & Equivalents $126.6M $60.97M $49.55M
Short-Term Investments $127.1M $155.6M $264.1M
Other Short-Term Assets $5.709M $6.617M $10.32M
YoY Change -42.51% -35.85% 91.8%
Inventory
Prepaid Expenses
Receivables $11.80M $500.0K $1.488M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $271.2M $223.7M $325.5M
YoY Change -5.69% -31.27% -21.06%
LONG-TERM ASSETS
Property, Plant & Equipment $7.132M $7.290M $7.415M
YoY Change -3.62% -1.69% 123.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $28.01M $29.86M $52.36M
YoY Change -54.06% -42.98% -33.04%
Other Assets $2.723M $3.206M $1.313M
YoY Change 78.44% 144.17% -29.18%
Total Long-Term Assets $105.3M $109.3M $136.0M
YoY Change -26.54% -19.6% 42.22%
TOTAL ASSETS
Total Short-Term Assets $271.2M $223.7M $325.5M
Total Long-Term Assets $105.3M $109.3M $136.0M
Total Assets $376.5M $333.0M $461.4M
YoY Change -12.62% -27.83% -9.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.446M $1.276M $2.370M
YoY Change 23.38% -46.16% -36.72%
Accrued Expenses $23.81M $18.46M $21.31M
YoY Change 6.2% -13.37% 71.19%
Deferred Revenue $15.47M $8.424M $18.13M
YoY Change -6.9% -53.53%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $2.250M
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $42.77M $30.27M $45.27M
YoY Change -4.0% -33.13% -7.02%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $9.052M
YoY Change -100.0% -100.0% -14.51%
Other Long-Term Liabilities $87.57M $86.72M $88.94M
YoY Change -0.33% -2.5% 78.4%
Total Long-Term Liabilities $0.00 $0.00 $9.052M
YoY Change -100.0% -100.0% -85.02%
TOTAL LIABILITIES
Total Short-Term Liabilities $42.77M $30.27M $45.27M
Total Long-Term Liabilities $0.00 $0.00 $9.052M
Total Liabilities $130.3M $117.0M $143.3M
YoY Change -7.96% -18.34% 31.27%
SHAREHOLDERS EQUITY
Retained Earnings -$528.4M -$493.6M -$358.7M
YoY Change 33.47% 37.61% 42.28%
Common Stock $774.6M $710.6M $682.3M
YoY Change 12.38% 4.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $246.1M $216.0M $318.2M
YoY Change
Total Liabilities & Shareholders Equity $376.5M $333.0M $461.4M
YoY Change -12.62% -27.83% -9.15%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$34.75M -$27.04M -$31.96M
YoY Change -6.54% -15.4% 29.47%
Depreciation, Depletion And Amortization $430.0K $447.0K $415.0K
YoY Change -17.47% 7.71% 25.76%
Cash From Operating Activities -$24.01M -$30.71M -$28.02M
YoY Change -17.57% 9.6% 52.63%
INVESTING ACTIVITIES
Capital Expenditures $157.0K $601.0K -$3.305M
YoY Change -89.46% -118.18%
Acquisitions
YoY Change
Other Investing Activities $32.10M $58.33M $23.22M
YoY Change 197.96% 151.2% -123.07%
Cash From Investing Activities $31.94M $57.72M $19.91M
YoY Change 244.09% 189.87% -119.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 57.67M -10.75M 361.0K
YoY Change 122606.38% -3078.67% -38.18%
NET CHANGE
Cash From Operating Activities -24.01M -30.71M -28.02M
Cash From Investing Activities 31.94M 57.72M 19.91M
Cash From Financing Activities 57.67M -10.75M 361.0K
Net Change In Cash 65.61M 16.26M -7.745M
YoY Change -431.4% -309.97% -93.46%
FREE CASH FLOW
Cash From Operating Activities -$24.01M -$30.71M -$28.02M
Capital Expenditures $157.0K $601.0K -$3.305M
Free Cash Flow -$24.17M -$31.31M -$24.72M
YoY Change -21.07% 26.68% 34.63%

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3279000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
60971000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
49551000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
1003000 usd
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 usd
us-gaap Interest Paid Net
InterestPaidNet
990000 usd
us-gaap Interest Paid Net
InterestPaidNet
1203000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
6421000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
5083000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
54000 usd
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
1455000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
44067000 usd
us-gaap Profit Loss
ProfitLoss
-97700000 usd
us-gaap Profit Loss
ProfitLoss
-91000000 usd
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-493600000 usd
CY2023Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
246400000 usd
us-gaap Use Of Estimates
UseOfEstimates
<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>
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Excluding Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss
186359000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000 usd
CY2023Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
911000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Excluding Accrued Interest
DebtSecuritiesAvailableForSaleExcludingAccruedInterest
185455000 usd
CY2023Q3 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Allowance For Credit Loss Excluding Accrued Interest
DebtSecuritiesAvailableForSaleAmortizedCostAllowanceForCreditLossExcludingAccruedInterest
0 usd
CY2023Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15192000 usd
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
15523000 usd
CY2023Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
7902000 usd
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8123000 usd
CY2023Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7290000 usd
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
7400000 usd
CY2023Q3 us-gaap Depreciation
Depreciation
447000 usd
CY2022Q3 us-gaap Depreciation
Depreciation
415000 usd
us-gaap Depreciation
Depreciation
1450000 usd
us-gaap Depreciation
Depreciation
1155000 usd
CY2023Q3 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
7399000 usd
CY2022Q4 cccc Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
9824000 usd
CY2023Q3 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
5974000 usd
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
6831000 usd
CY2023Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2111000 usd
CY2022Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
3114000 usd
CY2023Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
15484000 usd
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
19769000 usd
CY2018Q4 cccc Number Of Performance Obligations
NumberOfPerformanceObligations
12 performanceobligation
CY2023Q3 cccc Transaction Price Allocated To Performance Obligation
TransactionPriceAllocatedToPerformanceObligation
67906000 usd
CY2023Q3 cccc Transaction Price Unsatisfied To Performance Obligation
TransactionPriceUnsatisfiedToPerformanceObligation
19392000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
11072000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
6754000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
17495000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
28242000 usd
CY2023Q3 us-gaap Receivables Net Current
ReceivablesNetCurrent
500000 usd
CY2023Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
8424000 usd
CY2023Q3 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
19623000 usd
CY2023Q3 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
28047000 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
CY2023Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
11028000 usd
CY2022Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5517000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
16923000 usd
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
24005000 usd
CY2023Q3 us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
43000 usd
CY2022Q3 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
43000 usd
us-gaap Contract With Customer Performance Obligation Satisfied In Previous Period
ContractWithCustomerPerformanceObligationSatisfiedInPreviousPeriod
518000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
1018000 usd
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
11482000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
2287000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
9195000 usd
CY2023Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-600000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8200000 usd
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6011000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
20876000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23097000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
4427620 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.89
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.86
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9868099 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6952795 shares
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-27037000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-31958000 usd
us-gaap Net Income Loss
NetIncomeLoss
-97739000 usd
us-gaap Net Income Loss
NetIncomeLoss
-90990000 usd
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49212126 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49212126 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48921928 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48921928 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49103351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49103351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
48827503 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
48827503 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.99
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.99
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.86
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.86
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1000000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.010

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