$CGEM
Cullinan Therapeutics, Inc.

2021 Q3 Form 10-Q Financial Statement

#000156459021055440 Filed on November 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.695M $1.590M
YoY Change 258.18% -5.36%
% of Gross Profit
Research & Development $12.68M $9.910M
YoY Change 27.95% 87.69%
% of Gross Profit
Depreciation & Amortization $13.00K $20.00K
YoY Change -35.0% 100.0%
% of Gross Profit
Operating Expenses $18.38M $11.50M
YoY Change 59.78% 65.47%
Operating Profit -$18.38M
YoY Change
Interest Expense $118.0K $190.0K
YoY Change -37.89% 90.0%
% of Operating Profit
Other Income/Expense, Net -$2.000K $0.00
YoY Change
Pretax Income -$18.26M -$11.31M
YoY Change 61.44% 65.11%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$17.35M -$9.858M
YoY Change 76.0% 49.82%
Net Earnings / Revenue
Basic Earnings Per Share -$0.40
Diluted Earnings Per Share -$399.4K -$238.2K
COMMON SHARES
Basic Shares Outstanding 43.54M
Diluted Shares Outstanding 43.44M

Balance Sheet

Concept 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $321.0M $94.90M
YoY Change 238.3%
Cash & Equivalents $88.11M $41.30M
Short-Term Investments $232.9M $53.60M
Other Short-Term Assets $7.794M $2.100M
YoY Change 271.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $328.8M $97.00M
YoY Change 239.01%
LONG-TERM ASSETS
Property, Plant & Equipment $89.00K $100.0K
YoY Change -11.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $124.3M
YoY Change
Other Assets $147.0K $100.0K
YoY Change 47.0%
Total Long-Term Assets $124.6M $300.0K
YoY Change 41422.0%
TOTAL ASSETS
Total Short-Term Assets $328.8M $97.00M
Total Long-Term Assets $124.6M $300.0K
Total Assets $453.4M $97.30M
YoY Change 365.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.024M $3.500M
YoY Change -42.17%
Accrued Expenses $5.742M $4.200M
YoY Change 36.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.863M $7.700M
YoY Change 2.12%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $67.00K $100.0K
YoY Change -33.0%
Total Long-Term Liabilities $67.00K $100.0K
YoY Change -33.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.863M $7.700M
Total Long-Term Liabilities $67.00K $100.0K
Total Liabilities $10.02M $9.700M
YoY Change 3.28%
SHAREHOLDERS EQUITY
Retained Earnings -$126.4M -$64.99M
YoY Change 94.48%
Common Stock $152.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $443.4M $87.65M
YoY Change
Total Liabilities & Shareholders Equity $453.4M $97.30M
YoY Change 365.99%

Cashflow Statement

Concept 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$17.35M -$9.858M
YoY Change 76.0% 49.82%
Depreciation, Depletion And Amortization $13.00K $20.00K
YoY Change -35.0% 100.0%
Cash From Operating Activities -$10.55M -$9.070M
YoY Change 16.33% 54.51%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$25.59M -$1.940M
YoY Change 1219.23%
Cash From Investing Activities -$25.59M -$1.940M
YoY Change 1219.23% 19300.0%
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 1.200M
YoY Change -51.75% -3100.0%
NET CHANGE
Cash From Operating Activities -10.55M -9.070M
Cash From Investing Activities -25.59M -1.940M
Cash From Financing Activities 579.0K 1.200M
Net Change In Cash -35.57M -9.810M
YoY Change 262.54% 65.71%
FREE CASH FLOW
Cash From Operating Activities -$10.55M -$9.070M
Capital Expenditures $0.00
Free Cash Flow -$9.070M
YoY Change 54.78%

Facts In Submission

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<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>
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cgem Voting Agreement Description
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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.
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NetIncomeLoss
-17350000
us-gaap Net Income Loss
NetIncomeLoss
-23453000
us-gaap Net Income Loss
NetIncomeLoss
-33056000
CY2020Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19721992
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
150000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
608000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
618000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
313000
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
1689000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43254230
CY2020Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.50
CY2021Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.40
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.21
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.76
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
274357
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7334314

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