$COGT
Cogent Biosciences, Inc.

2018 Q1 Form 10-Q Financial Statement

#000119312518161541 Filed on May 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $2.220M $1.827M
YoY Change 21.51%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.060M $940.0K
YoY Change 12.77%
% of Gross Profit
Research & Development $8.142M $6.952M
YoY Change 17.12%
% of Gross Profit
Depreciation & Amortization $310.0K $280.0K
YoY Change 10.71%
% of Gross Profit
Operating Expenses $8.142M $6.952M
YoY Change 17.12%
Operating Profit -$6.986M -$6.069M
YoY Change 15.11%
Interest Expense $80.00K $90.00K
YoY Change -11.11%
% of Operating Profit
Other Income/Expense, Net $251.0K $130.0K
YoY Change 93.08%
Pretax Income -$6.740M -$5.940M
YoY Change 13.47%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.735M -$5.939M
YoY Change 13.4%
Net Earnings / Revenue -303.38% -325.07%
Basic Earnings Per Share -$0.66
Diluted Earnings Per Share -$0.66 -$2.329M
COMMON SHARES
Basic Shares Outstanding 10.20B
Diluted Shares Outstanding 10.20B

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.40M
YoY Change
Cash & Equivalents $25.70M $34.49M
Short-Term Investments $6.700M
Other Short-Term Assets $1.300M
YoY Change
Inventory
Prepaid Expenses
Receivables $1.601M
Other Receivables $0.00
Total Short-Term Assets $35.23M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.902M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $419.0K
YoY Change
Total Long-Term Assets $8.188M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $35.23M
Total Long-Term Assets $8.188M
Total Assets $43.42M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.083M
YoY Change
Accrued Expenses $2.100M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $22.96M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $4.600M
YoY Change
Total Long-Term Liabilities $4.600M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $22.96M
Total Long-Term Liabilities $4.600M
Total Liabilities $27.52M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$64.26M
YoY Change
Common Stock $3.000M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$61.27M
YoY Change
Total Liabilities & Shareholders Equity $43.42M
YoY Change

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$6.735M -$5.939M
YoY Change 13.4%
Depreciation, Depletion And Amortization $310.0K $280.0K
YoY Change 10.71%
Cash From Operating Activities -$7.981M -$7.270M
YoY Change 9.78%
INVESTING ACTIVITIES
Capital Expenditures $75.00K $320.0K
YoY Change -76.56%
Acquisitions
YoY Change
Other Investing Activities $6.000M -$500.0K
YoY Change -1300.0%
Cash From Investing Activities $5.925M -$820.0K
YoY Change -822.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $28.00K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -535.0K 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -7.981M -7.270M
Cash From Investing Activities 5.925M -820.0K
Cash From Financing Activities -535.0K 0.000
Net Change In Cash -2.591M -8.090M
YoY Change -67.97%
FREE CASH FLOW
Cash From Operating Activities -$7.981M -$7.270M
Capital Expenditures $75.00K $320.0K
Free Cash Flow -$8.056M -$7.590M
YoY Change 6.14%

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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; MARGIN-LEFT: 75px; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 18pt; LETTER-SPACING: normal; TEXT-INDENT: 0px; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> <b><i>Concentrations of Credit Risk and of Significant Suppliers</i></b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 6pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains most of its cash and cash equivalents at three accredited financial institutions. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: &quot;Times New Roman&quot;; WHITE-SPACE: normal; WORD-SPACING: 0px; TEXT-TRANSFORM: none; FONT-WEIGHT: 400; COLOR: rgb(0,0,0); FONT-STYLE: normal; ORPHANS: 2; WIDOWS: 2; MARGIN-TOP: 12pt; LETTER-SPACING: normal; TEXT-INDENT: 4%; font-variant-ligatures: normal; font-variant-caps: normal; -webkit-text-stroke-width: 0px; text-decoration-style: initial; text-decoration-color: initial"> The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.</p> </div>
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CurrentFiscalYearEndDate
--12-31
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2200000
CY2018Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2018Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
314000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.66
CY2018Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2018Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2018Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2018
CY2018Q1 dei Document Type
DocumentType
10-Q
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21 pure
CY2018Q1 dei Document Period End Date
DocumentPeriodEndDate
2018-03-31
CY2018Q1 dei Entity Registrant Name
EntityRegistrantName
UNUM THERAPEUTICS INC.
CY2018Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001622229
CY2018Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2018Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1064000
CY2018Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-619000
CY2018Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
771000
CY2018Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
419000
CY2018Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q1 umrx Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
0
CY2018Q1 umrx Tax Cuts And Jobs Act Of2017 Net Operating Losses Carryforward Maximum Percentage Of Taxable Income
TaxCutsAndJobsActOf2017NetOperatingLossesCarryforwardMaximumPercentageOfTaxableIncome
0.80 pure
CY2018Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1341000
CY2018Q1 us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-4000
CY2018Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
668000
CY2018Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
81000
CY2018Q1 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-04-30
CY2018Q1 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2018Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
5925000
CY2018Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-7981000
CY2018Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-6751000
CY2018Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
-535000
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-6735000
CY2018Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-6986000
CY2018Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
251000
CY2018Q1 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
200000
CY2018Q1 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
9000
CY2018Q1 us-gaap Other Nonoperating Income
OtherNonoperatingIncome
170000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
9000
CY2018Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2018Q1 us-gaap Paid In Kind Interest
PaidInKindInterest
5000
CY2018Q1 us-gaap Preferred Stock Dividend Payment Terms
PreferredStockDividendPaymentTerms
The Company may not declare, pay or set aside any dividends on shares of any other series of capital stock of the Company, other than dividends on common stock payable in common stock, unless the holders of the Series A and Series B preferred stock first receive, or simultaneously receive, a dividend on each outstanding share of Series A and Series B preferred stock in an amount at least equal to the greater of (i) $0.08 per share in the case of Series A preferred stock and $0.61 per share in the case of Series B preferred stock, each subject to appropriate adjustment in the event of any stock split, stock dividend, combination or other similar recapitalization with respect to such shares, and (ii) (A) in the case of a dividend on common stock or any class or series of stock that is convertible into common stock, that dividend per share of Preferred Stock as would equal the product of (1) the dividend payable on each share of such class or series determined, if applicable, as if all shares of such class or series had been converted into common stock and (2) the number of shares of common stock issuable upon conversion of each share of Preferred Stock, or (B) in the case of a dividend on any class or series that is not convertible into common stock, at a rate per share of Preferred Stock determined by (1) dividing the amount of the dividend payable on each share of such class or series of capital stock by the Original Issue Price of such class or series of capital stock (subject to appropriate adjustment in the event of any stock dividend, stock split, combination of or other similar recapitalization affecting such shares) and (2) multiplying such fraction by an amount equal to the Original Issue Price of each series of Preferred Stock. If the Company declares, pays or sets aside, on the same date, a dividend on shares of more than one class or series of capital stock of the Company, the dividend payable to the holders of the Preferred Stock shall be calculated based upon the dividend on the class or series of capital stock that would result in the highest Preferred Stock dividend. Stockholders are not entitled to any accruing dividends.
CY2018Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
75000
CY2018Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
563000
CY2018Q1 dei Trading Symbol
TradingSymbol
UMRX
CY2018Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10204591 shares
CY2018Q1 umrx Accretion Of Convertible Preferred Stock To Redemption Value
AccretionOfConvertiblePreferredStockToRedemptionValue
16000
CY2018Q1 us-gaap Preferred Stock Redemption Terms
PreferredStockRedemptionTerms
At any time on or after June 10, 2020, shares of each of the Series A and Series B preferred stock are subject to mandatory redemption by the Company in three equal annual installments beginning 60 days after receipt of a notice of redemption from the holders of at least two-thirds of the combined voting power of the holders of outstanding shares of Series A and Series B preferred stock, voting together as a single class, in an amount equal to the Original Issue Price per share of each series of Preferred Stock plus any dividends declared but unpaid thereon.
CY2018Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
28000
CY2018Q1 us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
The holders of Preferred Stock are entitled to vote, together with the holders of common stock, on matters submitted to stockholders for a vote. The holders of Preferred Stock are entitled to the number of votes equal to the number of common shares into which each such share of Preferred Stock could convert. In addition, the holders of Series A preferred stock, voting exclusively and as a separate class, are entitled to elect two directors of the Company. The holders of Series B preferred stock, voting exclusively and as a separate class, are entitled to elect one director of the Company.
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
6000000
CY2018Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8142000
CY2018Q1 us-gaap Revenue Recognition New Accounting Pronouncement Timing
RevenueRecognitionNewAccountingPronouncementTiming
The Company recognized revenue of $2.2 million during three months ended March 31, 2018 from the deferred revenue balance at January 1, 2018. The Company recognizes deferred revenue by first allocating from the beginning deferred revenue balance to the extent the beginning deferred revenue balance exceeds the revenue to be recognized. Billings during the period are added to the deferred revenue balance to be recognized in future periods. To the extent that the beginning deferred revenue balance is less than revenue to be recognized during the period, billings during the period are allocated to revenue
CY2018Q1 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
2220000
CY2018Q1 us-gaap Share Based Compensation
ShareBasedCompensation
479000
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.28
CY2018Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.00
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
777071 shares
CY2018Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
One-for-1.5701314513884 reverse stock split
CY2018Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
16000
CY2018Q1 umrx Deferred Offering Costs Included In Accounts Payable And Accrued Expense
DeferredOfferingCostsIncludedInAccountsPayableAndAccruedExpense
956000
CY2018Q1 umrx Increase Decrease In Accrued Liabilities And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentLiabilities
-908000
CY2018Q1 umrx Funding Term Of Borrowings For Operating Expenses And Capital Expenditure Requirements
FundingTermOfBorrowingsForOperatingExpensesAndCapitalExpenditureRequirements
P12M
CY2018Q1 umrx Minimum Gross Proceeds From Initial Public Offering For Automatic Conversion
MinimumGrossProceedsFromInitialPublicOfferingForAutomaticConversion
50000000

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