$CNTX
Context Therapeutics Inc.

2023 Q1 Form 10-K Financial Statement

#000184295223000041 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.132M $1.737M $7.790M
YoY Change 1.93% -3.38% 114.43%
% of Gross Profit
Research & Development $4.535M $2.145M $7.091M
YoY Change 235.53% 65.8% 86.36%
% of Gross Profit
Depreciation & Amortization $3.193K $3.200K $9.268K
YoY Change
% of Gross Profit
Operating Expenses $4.535M $3.882M $7.091M
YoY Change 235.53% 25.56% 86.36%
Operating Profit -$6.667M -$15.38M
YoY Change 93.63% 46.13%
Interest Expense $355.5K $327.9K $547.3K
YoY Change 5967.24% 102356.25% 751.91%
% of Operating Profit
Other Income/Expense, Net $2.688K -$2.300K -$2.004K
YoY Change -316.95% 721.43% -101.62%
Pretax Income -$6.308M -$3.557M -$14.84M
YoY Change 83.47% 15.04% 41.88%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.308M -$3.557M -$14.84M
YoY Change 83.47% 15.04% 41.88%
Net Earnings / Revenue
Basic Earnings Per Share -$0.40 -$0.93
Diluted Earnings Per Share -$0.40 -$0.22 -$0.93
COMMON SHARES
Basic Shares Outstanding 15.97M shares 15.97M shares 15.97M shares
Diluted Shares Outstanding 15.97M shares 15.97M shares

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.77M $35.50M $35.50M
YoY Change -34.9% -28.48% -28.48%
Cash & Equivalents $29.80M $35.50M $35.50M
Short-Term Investments
Other Short-Term Assets $2.117M $2.356M $2.356M
YoY Change 87.47% 45.43% 45.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $31.89M $37.85M $37.85M
YoY Change -31.95% -26.15% -26.15%
LONG-TERM ASSETS
Property, Plant & Equipment $24.38K $27.57K $79.54K
YoY Change -30.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $26.19K $32.75K $32.75K
YoY Change 9.12% -35.01%
Total Long-Term Assets $80.46K $112.3K $112.3K
YoY Change -54.15% 122.84% 122.82%
TOTAL ASSETS
Total Short-Term Assets $31.89M $37.85M $37.85M
Total Long-Term Assets $80.46K $112.3K $112.3K
Total Assets $31.97M $37.97M $37.97M
YoY Change -32.03% -26.0% -26.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.210M $936.3K $936.3K
YoY Change 166.09% -48.73% -48.73%
Accrued Expenses $1.991M $2.216M $2.188M
YoY Change 87.89% 83.59% 81.24%
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 $3.233M $3.208M $3.208M
YoY Change 101.25% 5.74% 5.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.233M $3.208M $3.208M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.233M $3.208M $3.208M
YoY Change 97.36% 5.74% 5.74%
SHAREHOLDERS EQUITY
Retained Earnings -$50.40M -$44.10M
YoY Change 54.13% 50.75%
Common Stock $15.97K $15.97K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.73M $34.76M $34.76M
YoY Change
Total Liabilities & Shareholders Equity $31.97M $37.97M $37.97M
YoY Change -32.03% -26.0% -26.0%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$6.308M -$3.557M -$14.84M
YoY Change 83.47% 15.04% 41.88%
Depreciation, Depletion And Amortization $3.193K $3.200K $9.268K
YoY Change
Cash From Operating Activities -$5.728M -$3.930M -$13.55M
YoY Change 49.95% -20.8% 53.98%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $36.84K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$500.0K
YoY Change 100.0%
Cash From Investing Activities $0.00 $0.00 -$536.8K
YoY Change -100.0% 114.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 0.000 -$102.1K
YoY Change -100.0% -100.0% -100.17%
NET CHANGE
Cash From Operating Activities -$5.728M -3.930M -$13.55M
Cash From Investing Activities $0.00 0.000 -$536.8K
Cash From Financing Activities $0.00 0.000 -$102.1K
Net Change In Cash -$5.728M -3.930M -$14.19M
YoY Change 44.75% -107.98% -128.75%
FREE CASH FLOW
Cash From Operating Activities -$5.728M -$3.930M -$13.55M
Capital Expenditures $0.00 $0.00 $36.84K
Free Cash Flow -$5.728M -$3.930M -$13.59M
YoY Change 48.59% 54.4%

Facts In Submission

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Organization and Description of Business Context Therapeutics Inc. (the “Company”) is a biopharmaceutical company dedicated to improving the lives of patients living with solid tumors. The Company was organized in April 2015 under the laws of the State of Delaware. The Company’s operations are located in Philadelphia, Pennsylvania. In April 2021, the Company completed a reverse triangular merger, which resulted in Context Therapeutics Inc. becoming the sole holder of 100% of the membership interests in Context Therapeutics LLC. In connection with the merger, all common units, preferred units, options, warrants or other rights to purchase common or preferred units of Context Therapeutics LLC converted into common stock, preferred stock, options, warrants or other rights to purchase common or preferred stock of Context Therapeutics Inc. As this was a transaction between entities under common control, the carryover basis of accounting was used to record the assets, liabilities and equity of Context Therapeutics LLC. Further, as a common control transaction, the consolidated financial statements of the Company reflect the merger transaction as if it had occurred as of the earliest period presented herein.
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<div style="margin-bottom:9pt;text-indent:18pt"><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-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. </span></div><div style="margin-bottom:9pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Estimates and assumptions are periodically reviewed, and the effects of the revisions are reflected in the accompanying consolidated financial statements in the period they are determined to be necessary. Significant estimates and assumptions made in the accompanying consolidated financial statements include, but are not limited </span></div>to, the fair value of common stock, share-based compensation arrangements, the fair value of warrants, the fair value of convertible debt, and in recording the prepayments, accruals and associated expense for certain research and development activities performed for the Company by third parties.
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Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts.
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