$COGT
Cogent Biosciences, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019031485 Filed on August 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $3.138M $1.666M
YoY Change 88.36% -19.87%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.060M $1.980M
YoY Change 54.55% 104.12%
% of Gross Profit
Research & Development $10.62M $9.126M
YoY Change 16.34% 27.8%
% of Gross Profit
Depreciation & Amortization $330.0K $330.0K
YoY Change 0.0% 17.86%
% of Gross Profit
Operating Expenses $10.62M $9.126M
YoY Change 16.34% 27.8%
Operating Profit -$10.54M -$9.439M
YoY Change 11.67% 56.46%
Interest Expense $30.00K $260.0K
YoY Change -88.46% 160.0%
% of Operating Profit
Other Income/Expense, Net $25.00K $416.0K
YoY Change -93.99% 144.71%
Pretax Income -$10.52M -$9.020M
YoY Change 16.63% 53.92%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$10.52M -$9.023M
YoY Change 16.55% 53.9%
Net Earnings / Revenue -335.12% -541.6%
Basic Earnings Per Share -$0.34 -$0.31
Diluted Earnings Per Share -$0.34 -$0.31
COMMON SHARES
Basic Shares Outstanding 30.51B 29.16B
Diluted Shares Outstanding 30.51B 29.16B

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $55.90M $94.40M
YoY Change -40.78% 71.95%
Cash & Equivalents $55.86M $46.73M
Short-Term Investments $0.00 $47.70M
Other Short-Term Assets $1.200M $1.500M
YoY Change -20.0% 150.0%
Inventory
Prepaid Expenses
Receivables $1.492M $1.202M
Other Receivables $0.00 $0.00
Total Short-Term Assets $58.60M $97.11M
YoY Change -39.66% 70.97%
LONG-TERM ASSETS
Property, Plant & Equipment $2.632M $3.938M
YoY Change -33.16% -8.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $846.0K $419.0K
YoY Change 101.91% -67.77%
Total Long-Term Assets $10.71M $5.612M
YoY Change 90.84% 0.21%
TOTAL ASSETS
Total Short-Term Assets $58.60M $97.11M
Total Long-Term Assets $10.71M $5.612M
Total Assets $69.31M $102.7M
YoY Change -32.53% 64.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.660M $1.664M
YoY Change -0.24% -2.12%
Accrued Expenses $6.400M $1.900M
YoY Change 236.84% 137.5%
Deferred Revenue $15.18M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.31M $24.81M
YoY Change -2.04% 175.71%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.200M $1.200M
YoY Change 333.33% -90.16%
Total Long-Term Liabilities $5.200M $1.200M
YoY Change 333.33% -90.16%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.31M $24.81M
Total Long-Term Liabilities $5.200M $1.200M
Total Liabilities $29.55M $26.05M
YoY Change 13.44% 22.87%
SHAREHOLDERS EQUITY
Retained Earnings -$114.3M -$73.29M
YoY Change 55.92%
Common Stock $154.0M $150.0M
YoY Change 2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $39.76M $76.68M
YoY Change
Total Liabilities & Shareholders Equity $69.31M $102.7M
YoY Change -32.53% 64.62%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$10.52M -$9.023M
YoY Change 16.55% 53.9%
Depreciation, Depletion And Amortization $330.0K $330.0K
YoY Change 0.0% 17.86%
Cash From Operating Activities -$11.34M -$7.910M
YoY Change 43.36% 37.33%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$380.0K
YoY Change -100.0% 72.73%
Acquisitions
YoY Change
Other Investing Activities $8.000M -$40.98M
YoY Change -119.52% -1124.5%
Cash From Investing Activities $8.000M -$41.38M
YoY Change -119.33% -1194.71%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 70.32M
YoY Change -99.86%
NET CHANGE
Cash From Operating Activities -11.34M -7.910M
Cash From Investing Activities 8.000M -41.38M
Cash From Financing Activities 100.0K 70.32M
Net Change In Cash -3.240M 21.03M
YoY Change -115.41% -1162.12%
FREE CASH FLOW
Cash From Operating Activities -$11.34M -$7.910M
Capital Expenditures $0.00 -$380.0K
Free Cash Flow -$11.34M -$7.530M
YoY Change 50.6% 35.92%

Facts In Submission

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NetCashProvidedByUsedInFinancingActivities
108000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69776000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
192000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
18437000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
56926000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29600000
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
57118000
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
48037000
us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
77167000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
81000
umrx Accretion Of Convertible Preferred Stock To Redemption Value
AccretionOfConvertiblePreferredStockToRedemptionValue
16000
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
6786000
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk and of Significant Suppliers </p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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;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 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>
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Company’s option to extend for an additional five-year term.
us-gaap Operating Lease Cost
OperatingLeaseCost
886000
CY2019Q2 us-gaap Variable Lease Cost
VariableLeaseCost
276000
us-gaap Variable Lease Cost
VariableLeaseCost
581000
CY2019Q2 us-gaap Lease Cost
LeaseCost
719000
us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;margin-left:4.53%;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:6pt;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 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&#8217;s estimates. </p>
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
948000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1933000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1989000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2046000
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-34500000
umrx Period For Operating Expenses And Captial Expenditure Requirements
PeriodForOperatingExpensesAndCaptialExpenditureRequirements
P12M
CY2019Q2 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
15200000
CY2019Q2 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3100000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6200000
us-gaap Contract With Customer Liability Explanation Of Change
ContractWithCustomerLiabilityExplanationOfChange
The Company recognized revenue of $3.1 and $6.2 million during the three and six months ended June 30, 2019, respectively, from the deferred revenue balance at December 31, 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.
CY2019Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
0
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
0
CY2019Q2 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
0
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2019Q2 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2019Q2 us-gaap Available For Sale Securities Current
AvailableForSaleSecuritiesCurrent
0
CY2018Q4 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
22935000
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2018Q4 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
12000
CY2019Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
2619000
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
75023000
CY2019Q2 umrx Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2018Q2 umrx Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2019Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1230000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1599000
CY2019Q2 umrx Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2417000
CY2018Q4 umrx Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1799000
CY2019Q2 umrx Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1192000
CY2018Q4 umrx Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1015000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1090000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1064000
us-gaap Lease Cost
LeaseCost
1467000
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
1512000
CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y10M2D
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
689000
CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7605000
CY2019Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
819000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1878000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1933000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1989000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
2046000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
689000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8535000
CY2019Q2 us-gaap Purchase Obligation
PurchaseObligation
2400000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4685428
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3830271
CY2019Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2018Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0

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