$COGT
Cogent Biosciences, Inc.

2018 Q2 Form 10-Q Financial Statement

#000119312518247281 Filed on August 13, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $1.666M $2.079M
YoY Change -19.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.980M $970.0K
YoY Change 104.12%
% of Gross Profit
Research & Development $9.126M $7.141M
YoY Change 27.8%
% of Gross Profit
Depreciation & Amortization $330.0K $280.0K
YoY Change 17.86% -20.0%
% of Gross Profit
Operating Expenses $9.126M $7.141M
YoY Change 27.8%
Operating Profit -$9.439M -$6.033M
YoY Change 56.46%
Interest Expense $260.0K $100.0K
YoY Change 160.0%
% of Operating Profit
Other Income/Expense, Net $416.0K $170.0K
YoY Change 144.71%
Pretax Income -$9.020M -$5.860M
YoY Change 53.92%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.023M -$5.863M
YoY Change 53.9%
Net Earnings / Revenue -541.6% -282.01%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$0.31 -$478.4K
COMMON SHARES
Basic Shares Outstanding 29.16B
Diluted Shares Outstanding 29.16B

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $94.40M $54.90M
YoY Change 71.95%
Cash & Equivalents $46.73M $32.51M
Short-Term Investments $47.70M $23.70M
Other Short-Term Assets $1.500M $600.0K
YoY Change 150.0%
Inventory
Prepaid Expenses
Receivables $1.202M $1.300M
Other Receivables $0.00 $0.00
Total Short-Term Assets $97.11M $56.80M
YoY Change 70.97%
LONG-TERM ASSETS
Property, Plant & Equipment $3.938M $4.300M
YoY Change -8.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $419.0K $1.300M
YoY Change -67.77%
Total Long-Term Assets $5.612M $5.600M
YoY Change 0.21%
TOTAL ASSETS
Total Short-Term Assets $97.11M $56.80M
Total Long-Term Assets $5.612M $5.600M
Total Assets $102.7M $62.40M
YoY Change 64.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.664M $1.700M
YoY Change -2.12%
Accrued Expenses $1.900M $800.0K
YoY Change 137.5%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.81M $9.000M
YoY Change 175.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.200M $12.20M
YoY Change -90.16%
Total Long-Term Liabilities $1.200M $12.20M
YoY Change -90.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.81M $9.000M
Total Long-Term Liabilities $1.200M $12.20M
Total Liabilities $26.05M $21.20M
YoY Change 22.87%
SHAREHOLDERS EQUITY
Retained Earnings -$73.29M
YoY Change
Common Stock $150.0M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $76.68M $41.10M
YoY Change
Total Liabilities & Shareholders Equity $102.7M $62.40M
YoY Change 64.62%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$9.023M -$5.863M
YoY Change 53.9%
Depreciation, Depletion And Amortization $330.0K $280.0K
YoY Change 17.86% -20.0%
Cash From Operating Activities -$7.910M -$5.760M
YoY Change 37.33% -35.64%
INVESTING ACTIVITIES
Capital Expenditures -$380.0K -$220.0K
YoY Change 72.73% -89.27%
Acquisitions
YoY Change
Other Investing Activities -$40.98M $4.000M
YoY Change -1124.5% -108.05%
Cash From Investing Activities -$41.38M $3.780M
YoY Change -1194.71% -107.3%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 70.32M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -7.910M -5.760M
Cash From Investing Activities -41.38M 3.780M
Cash From Financing Activities 70.32M 0.000
Net Change In Cash 21.03M -1.980M
YoY Change -1162.12% -96.74%
FREE CASH FLOW
Cash From Operating Activities -$7.910M -$5.760M
Capital Expenditures -$380.0K -$220.0K
Free Cash Flow -$7.530M -$5.540M
YoY Change 35.92% -19.71%

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0.21 pure
dei Entity Central Index Key
EntityCentralIndexKey
0001622229
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y10M24D
dei Entity Registrant Name
EntityRegistrantName
UNUM THERAPEUTICS INC.
dei Document Period End Date
DocumentPeriodEndDate
2018-06-30
dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
3043000
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
503000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-18000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
910000
us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
-1084000
us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
372000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
419000
us-gaap Investment Income Interest
InvestmentIncomeInterest
340000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-04-30
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
900000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-15774000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
667000
us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
300000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-35445000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69776000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15894000
us-gaap Net Income Loss
NetIncomeLoss
-15758000
us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
3000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
327000
us-gaap Operating Income Loss
OperatingIncomeLoss
-16425000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
3000
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
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 were 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.
us-gaap Paid In Kind Interest
PaidInKindInterest
11000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
463000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2056000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
47682000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
39000
us-gaap Preferred Stock Dividend Payment Terms
PreferredStockDividendPaymentTerms
The Company could 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 received, or simultaneously received, 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 was 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 was 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 declared, paid or set 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 would have been calculated based upon the dividend on the class or series of capital stock that would have resulted in the highest Preferred Stock dividend. Stockholders were not entitled to any accruing dividends.
us-gaap Preferred Stock Voting Rights
PreferredStockVotingRights
The holders of Preferred Stock were entitled to vote, together with the holders of common stock, on matters submitted to stockholders for a vote. The holders of Preferred Stock were 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, were entitled to elect two directors of the Company. The holders of Series B preferred stock, voting exclusively and as a separate class, were entitled to elect one director of the Company.
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
5000000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
66793000
us-gaap Revenue Recognition New Accounting Pronouncement Timing
RevenueRecognitionNewAccountingPronouncementTiming
The Company recognized revenue of $1.7 million and $3.9 million during the three and six months ended June 30, 2018, respectively, 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 that 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.
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12700000
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
17268000
us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
3886000
us-gaap Share Based Compensation
ShareBasedCompensation
1326000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
One-for-1.5701314513884 reverse stock split
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.39
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
829546 shares
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
16000
dei Trading Symbol
TradingSymbol
UMRX
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-6033000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-7000
CY2017Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2017Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
2079000
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
17000
CY2017Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10190228 shares
CY2017Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
170000
CY2017Q2 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
100000
CY2017Q2 us-gaap Net Income Loss
NetIncomeLoss
-5863000
CY2017Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-7000
CY2017Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
73000
us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-LEFT: 4%; MARGIN-TOP: 18pt"> <i>Use of Estimates</i></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates, assumptions and judgments reflected in these condensed consolidated financial statements include, but are not limited to, revenue, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company&#x2019;s estimates.</p> </div>
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
19732542 shares
umrx Accretion Of Convertible Preferred Stock To Redemption Value
AccretionOfConvertiblePreferredStockToRedemptionValue
16000
umrx Tax Cuts And Jobs Act Of2017 Change In Tax Rate Income Tax Expense Benefit
TaxCutsAndJobsActOf2017ChangeInTaxRateIncomeTaxExpenseBenefit
0
umrx Increase Decrease In Accrued Liabilities And Other Current Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherCurrentLiabilities
227000
umrx Minimum Gross Proceeds From Initial Public Offering For Automatic Conversion
MinimumGrossProceedsFromInitialPublicOfferingForAutomaticConversion
50000000
umrx Tax Cuts And Jobs Act Of2017 Net Operating Losses Carryforward Maximum Percentage Of Taxable Income
TaxCutsAndJobsActOf2017NetOperatingLossesCarryforwardMaximumPercentageOfTaxableIncome
0.80 pure
umrx Period For Operating Expenses And Captial Expenditure Requirements
PeriodForOperatingExpensesAndCaptialExpenditureRequirements
P12M
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.34 pure
CY2017Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
282000
CY2017Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-5870000
CY2017Q2 us-gaap Costs And Expenses
CostsAndExpenses
8112000
CY2017Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.58
CY2017Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
971000
CY2017Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
97000
CY2017Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-5880000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
847000
CY2018Q2 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-9029000
CY2018Q2 us-gaap Costs And Expenses
CostsAndExpenses
11105000
CY2018Q2 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
1700000
CY2018Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2018Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.31
CY2018Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1979000
CY2018Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2018Q2 us-gaap Investment Income Interest
InvestmentIncomeInterest
259000
CY2018Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
400000
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9023000
CY2018Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
416000
CY2018Q2 us-gaap Operating Leases Rent Expense Sublease Rentals1
OperatingLeasesRentExpenseSubleaseRentals1
200000
CY2018Q2 us-gaap Net Income Loss
NetIncomeLoss
-9023000
CY2018Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-6000
CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
157000
CY2018Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-9439000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-6000
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
9126000
CY2018Q2 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
1666000
CY2018Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
29155790 shares

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