$CGEM
Cullinan Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021042872 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.695M $4.826M
YoY Change 258.18%
% of Gross Profit
Research & Development $12.68M $11.78M $12.50M
YoY Change 27.95% -5.75%
% of Gross Profit
Depreciation & Amortization $13.00K $8.000K $30.00K
YoY Change -35.0% -73.33% -25.0%
% of Gross Profit
Operating Expenses $18.38M $16.60M $14.12M
YoY Change 59.78% 17.58%
Operating Profit -$18.38M -$16.60M -$14.12M
YoY Change 17.58%
Interest Expense $118.0K $173.0K
YoY Change -37.89%
% of Operating Profit
Other Income/Expense, Net -$2.000K -$8.000K $1.000K
YoY Change -900.0%
Pretax Income -$18.26M -$16.44M
YoY Change 61.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.35M -$15.64M -$8.622M
YoY Change 76.0% 81.35%
Net Earnings / Revenue
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$399.4K -$361.1K
COMMON SHARES
Basic Shares Outstanding 43.54M
Diluted Shares Outstanding 43.44M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.0M $336.7M $103.0M
YoY Change 238.3% 226.9%
Cash & Equivalents $88.11M $123.7M $51.10M
Short-Term Investments $232.9M $213.0M $51.90M
Other Short-Term Assets $7.794M $7.762M $1.700M
YoY Change 271.14% 356.59%
Inventory
Prepaid Expenses $7.762M
Receivables
Other Receivables
Total Short-Term Assets $328.8M $344.5M $104.7M
YoY Change 239.01% 229.0%
LONG-TERM ASSETS
Property, Plant & Equipment $89.00K $102.0K $200.0K
YoY Change -11.0% -49.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $124.3M $119.6M
YoY Change
Other Assets $147.0K $147.0K $100.0K
YoY Change 47.0% 47.0%
Total Long-Term Assets $124.6M $119.9M $300.0K
YoY Change 41422.0% 39862.0%
TOTAL ASSETS
Total Short-Term Assets $328.8M $344.5M $104.7M
Total Long-Term Assets $124.6M $119.9M $300.0K
Total Assets $453.4M $464.4M $105.0M
YoY Change 365.99% 342.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.024M $1.510M $4.500M
YoY Change -42.17% -66.44%
Accrued Expenses $5.742M $4.233M $1.100M
YoY Change 36.71% 284.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.863M $5.743M $6.000M
YoY Change 2.12% -4.28%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $67.00K $70.00K $100.0K
YoY Change -33.0% -30.0%
Total Long-Term Liabilities $67.00K $70.00K $100.0K
YoY Change -33.0% -30.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.863M $5.743M $6.000M
Total Long-Term Liabilities $67.00K $70.00K $100.0K
Total Liabilities $10.02M $5.813M $7.100M
YoY Change 3.28% -18.13%
SHAREHOLDERS EQUITY
Retained Earnings -$126.4M -$109.0M -$55.14M
YoY Change 94.48% 97.7%
Common Stock $564.7M $152.6M
YoY Change 270.1%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $443.4M $455.5M $97.65M
YoY Change
Total Liabilities & Shareholders Equity $453.4M $464.4M $105.0M
YoY Change 365.99% 342.24%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$17.35M -$15.64M -$8.622M
YoY Change 76.0% 81.35%
Depreciation, Depletion And Amortization $13.00K $8.000K $30.00K
YoY Change -35.0% -73.33% -25.0%
Cash From Operating Activities -$10.55M -$16.19M -$11.27M
YoY Change 16.33% 43.66% 10.93%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$10.00K
YoY Change -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities -$25.59M -$154.6M -$14.91M
YoY Change 1219.23% 936.82%
Cash From Investing Activities -$25.59M -$154.6M -$14.92M
YoY Change 1219.23% 936.13% 149100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 579.0K 923.0K 14.04M
YoY Change -51.75% -93.43% 663.04%
NET CHANGE
Cash From Operating Activities -10.55M -16.19M -11.27M
Cash From Investing Activities -25.59M -154.6M -14.92M
Cash From Financing Activities 579.0K 923.0K 14.04M
Net Change In Cash -35.57M -169.9M -12.15M
YoY Change 262.54% 1298.01% 45.86%
FREE CASH FLOW
Cash From Operating Activities -$10.55M -$16.19M -$11.27M
Capital Expenditures $0.00 -$10.00K
Free Cash Flow -$16.19M -$11.26M
YoY Change 43.79% 10.94%

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PaymentsToAcquirePropertyPlantAndEquipment
7000
cgem Payment Of Deferred Offering Costs
PaymentOfDeferredOfferingCosts
2688000
us-gaap Proceeds From Payments To Minority Shareholders
ProceedsFromPaymentsToMinorityShareholders
923000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14037000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
265503000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-12147000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-44528000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
63250000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
168198000
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
51103000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
123670000
cgem Deferred Offering Costs Paid In Prior Year
DeferredOfferingCostsPaidInPriorYear
65000
CY2021Q2 cgem Number Of Development Subsidiaries
NumberOfDevelopmentSubsidiaries
5
CY2020Q4 cgem Number Of Development Subsidiaries
NumberOfDevelopmentSubsidiaries
5
CY2021Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
264500000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-7.0390
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1
CY2021Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-109000000.0
CY2021Q2 cgem Cash Cash Equivalent And Short Term Investments
CashCashEquivalentAndShortTermInvestments
336700000
CY2021Q2 us-gaap Long Term Investments
LongTermInvestments
119600000
CY2020Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
5300000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
-5400000
CY2021Q2 us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
-800000
us-gaap Income Loss Attributable To Noncontrolling Interest
IncomeLossAttributableToNoncontrollingInterest
700000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;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="text-align:justify;margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the accompanying unaudited consolidated financial statements in accordance with GAAP requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues, expenses and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company’s management evaluates the estimates, including those related to expenses and accruals. The Company’s management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Estimates and assumptions reflected in these unaudited consolidated financial statements include, but are not limited to, the fair value of the royalty transfer agreements, accrued research and development costs, the valuation of acquired in-process research and development asset and the fair value of equity awards issued by the Company and its subsidiaries prior to the IPO. Actual results may differ from these estimates under different assumptions or conditions. </p>
CY2021Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
332787000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
24000
CY2021Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
139000
CY2021Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
332672000
CY2020Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2000
CY2021Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2700000
us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-7.0390
CY2019Q4 us-gaap Common Stock Value
CommonStockValue
2000
CY2019Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
138543000
CY2019Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-4000
CY2019Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-41540000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
97001000
CY2019Q4 us-gaap Minority Interest
MinorityInterest
864000
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
97865000
CY2020Q2 us-gaap Common Stock Value
CommonStockValue
2000
CY2020Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
152580000
CY2020Q2 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
203000
CY2020Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-55135000
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
97650000
CY2020Q2 us-gaap Minority Interest
MinorityInterest
1269000
CY2020Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
98919000
CY2020Q4 us-gaap Common Stock Value
CommonStockValue
3000
CY2020Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
292348000
CY2020Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-93339000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
199010000
CY2020Q4 us-gaap Minority Interest
MinorityInterest
1304000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
200314000
CY2020Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1763000
CY2021Q2 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1110000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1018000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
672000
CY2020Q4 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
1829000
CY2021Q2 cgem Accrued Research And Development Costs
AccruedResearchAndDevelopmentCosts
2446000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
31000
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
5000
CY2020Q4 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
4641000
CY2021Q2 cgem Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
4233000
cgem Voting Agreement Description
VotingAgreementDescription
Voting Agreement dated May 28, 2020, among the Company and other stockholders of MICA, MICA increased the size of its board of directors from four to five directors, of which three directors are designated by the Company.
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
34900878
CY2021Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote and to receive dividends when and if declared by the board of directors of the Company.
CY2021Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
0
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4165000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7673000
cgem Royalty Percentage
RoyaltyPercentage
0.010
CY2020 us-gaap Royalty Expense
RoyaltyExpense
0
us-gaap Royalty Expense
RoyaltyExpense
0
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2021Q2 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2017Q4 cgem Operating Lease Commence Date
OperatingLeaseCommenceDate
2018-02-01
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2024-06-30
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
300299000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
608442000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
617856000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
312850000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1839447000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-8622000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-15636000
us-gaap Net Income Loss
NetIncomeLoss
-13595000
us-gaap Net Income Loss
NetIncomeLoss
-15706000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19619748
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43295372
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19115380
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
42713059
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.44
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.36
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.71
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.37
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
376325
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7131156

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