$COGT
Cogent Biosciences, Inc.

2019 Q3 Form 10-Q Financial Statement

#000156459019042995 Filed on November 12, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 Q3
Revenue $1.020M $3.138M $2.043M
YoY Change -50.07% 88.36% -12.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.720M $3.060M $2.370M
YoY Change 14.77% 54.55% 79.55%
% of Gross Profit
Research & Development $10.34M $10.62M $10.25M
YoY Change 0.81% 16.34% 25.38%
% of Gross Profit
Depreciation & Amortization $320.0K $330.0K $330.0K
YoY Change -3.03% 0.0% 10.0%
% of Gross Profit
Operating Expenses $10.34M $10.62M $10.25M
YoY Change 0.81% 16.34% 25.38%
Operating Profit -$12.04M -$10.54M -$10.58M
YoY Change 13.8% 11.67% 47.5%
Interest Expense $30.00K $30.00K $410.0K
YoY Change -92.68% -88.46% 310.0%
% of Operating Profit
Other Income/Expense, Net $113.0K $25.00K $408.0K
YoY Change -72.3% -93.99% 140.0%
Pretax Income -$11.92M -$10.52M -$10.17M
YoY Change 17.21% 16.63% 45.29%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$11.92M -$10.52M -$10.17M
YoY Change 17.26% 16.55% 45.26%
Net Earnings / Revenue -1168.92% -335.12% -497.7%
Basic Earnings Per Share -$0.39 -$0.34 -$0.34
Diluted Earnings Per Share -$0.39 -$0.34 -$0.34
COMMON SHARES
Basic Shares Outstanding 30.66B 30.51B 29.88B
Diluted Shares Outstanding 30.66B 30.51B 29.88B

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.90M $55.90M $87.10M
YoY Change -47.3% -40.78% 79.96%
Cash & Equivalents $45.88M $55.86M $49.30M
Short-Term Investments $0.00 $0.00 $37.80M
Other Short-Term Assets $1.200M $1.200M $1.000M
YoY Change 20.0% -20.0% 11.11%
Inventory
Prepaid Expenses
Receivables $880.0K $1.492M $1.419M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $47.98M $58.60M $89.50M
YoY Change -46.39% -39.66% 76.53%
LONG-TERM ASSETS
Property, Plant & Equipment $2.170M $2.632M $3.613M
YoY Change -39.94% -33.16% -15.98%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $847.0K $846.0K $419.0K
YoY Change 102.15% 101.91% -70.07%
Total Long-Term Assets $9.906M $10.71M $5.287M
YoY Change 87.37% 90.84% -7.25%
TOTAL ASSETS
Total Short-Term Assets $47.98M $58.60M $89.50M
Total Long-Term Assets $9.906M $10.71M $5.287M
Total Assets $57.88M $69.31M $94.79M
YoY Change -38.93% -32.53% 68.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.594M $1.660M $803.0K
YoY Change 98.51% -0.24% -59.85%
Accrued Expenses $7.000M $6.400M $3.500M
YoY Change 100.0% 236.84% 94.44%
Deferred Revenue $14.72M $15.18M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $24.43M $24.31M $26.38M
YoY Change -7.41% -2.04% 144.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.800M $5.200M $900.0K
YoY Change 433.33% 333.33% -91.89%
Total Long-Term Liabilities $4.800M $5.200M $900.0K
YoY Change 433.33% 333.33% -91.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.43M $24.31M $26.38M
Total Long-Term Liabilities $4.800M $5.200M $900.0K
Total Liabilities $29.26M $29.55M $27.26M
YoY Change 7.36% 13.44% 24.45%
SHAREHOLDERS EQUITY
Retained Earnings -$126.2M -$114.3M -$83.45M
YoY Change 51.21% 55.92%
Common Stock $154.8M $154.0M $151.0M
YoY Change 2.52% 2.7%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.62M $39.76M $67.53M
YoY Change
Total Liabilities & Shareholders Equity $57.88M $69.31M $94.79M
YoY Change -38.93% -32.53% 68.06%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q3
OPERATING ACTIVITIES
Net Income -$11.92M -$10.52M -$10.17M
YoY Change 17.26% 16.55% 45.26%
Depreciation, Depletion And Amortization $320.0K $330.0K $330.0K
YoY Change -3.03% 0.0% 10.0%
Cash From Operating Activities -$10.21M -$11.34M -$7.580M
YoY Change 34.7% 43.36% 20.51%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $0.00 -$90.00K
YoY Change -122.22% -100.0% -66.67%
Acquisitions
YoY Change
Other Investing Activities $200.0K $8.000M $10.00M
YoY Change -98.0% -119.52% 66.67%
Cash From Investing Activities $220.0K $8.000M $9.920M
YoY Change -97.78% -119.33% 73.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 100.0K 170.0K
YoY Change -100.0% -99.86% 1600.0%
NET CHANGE
Cash From Operating Activities -10.21M -11.34M -7.580M
Cash From Investing Activities 220.0K 8.000M 9.920M
Cash From Financing Activities 0.000 100.0K 170.0K
Net Change In Cash -9.990M -3.240M 2.510M
YoY Change -498.01% -115.41% -556.36%
FREE CASH FLOW
Cash From Operating Activities -$10.21M -$11.34M -$7.580M
Capital Expenditures $20.00K $0.00 -$90.00K
Free Cash Flow -$10.23M -$11.34M -$7.490M
YoY Change 36.58% 50.6% 24.42%

Facts In Submission

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IncreaseDecreaseInOtherOperatingAssets
428000
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
419000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
75000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-349000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
1167000
us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities
3007000
us-gaap Increase Decrease In Deferred Liabilities
IncreaseDecreaseInDeferredLiabilities
-35000
umrx Increase Decrease In Operating Leases
IncreaseDecreaseInOperatingLeases
-1092000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-3232000
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1707000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-33069000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23469000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
20000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
549000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
204000
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
47682000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
22988000
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
22700000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
23172000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-25531000
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
66793000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
5000000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
108000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
214000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
2056000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
108000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
69951000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-9789000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
20951000
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
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
47137000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
50551000
us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
77154000
umrx Accretion Of Convertible Preferred Stock To Redemption Value
AccretionOfConvertiblePreferredStockToRedemptionValue
16000
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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-bottom:0pt;margin-top:12pt;margin-left:4.54%;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>
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-34500000
umrx Period For Operating Expenses And Captial Expenditure Requirements
PeriodForOperatingExpensesAndCaptialExpenditureRequirements
P12M
CY2019Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
1000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7200000
us-gaap Contract With Customer Liability Explanation Of Change
ContractWithCustomerLiabilityExplanationOfChange
The Company recognized revenue of $1.0 and $7.2 million during the three and nine months ended September 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.
CY2019Q3 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
0
CY2018Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
0
CY2019Q3 us-gaap Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
0
CY2019Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
0
CY2019Q3 us-gaap Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2019Q3 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
CY2019Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
484000
CY2018Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
75023000
CY2019Q3 umrx Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2018Q3 umrx Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2019Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2259000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1599000
CY2019Q3 umrx Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
2618000
CY2018Q4 umrx Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1799000
CY2019Q3 umrx Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
588000
CY2018Q4 umrx Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1015000
CY2019Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1073000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1064000
CY2019Q3 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
6538000
CY2018Q4 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
5477000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
788000
CY2018Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
860000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2399000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2186000
us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-04-30
us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Company’s option to extend for an additional five-year term.
CY2019Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
443000
us-gaap Operating Lease Cost
OperatingLeaseCost
1329000
CY2019Q3 us-gaap Variable Lease Cost
VariableLeaseCost
254000
us-gaap Variable Lease Cost
VariableLeaseCost
835000
CY2019Q3 us-gaap Lease Cost
LeaseCost
697000
us-gaap Lease Cost
LeaseCost
2164000
CY2019Q3 us-gaap Operating Lease Payments
OperatingLeasePayments
2240000
CY2019Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y6M29D
CY2019Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0625
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
474000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1933000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1989000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2046000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
689000
CY2019Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
7131000
CY2019Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
719000
CY2019Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
6412000
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
CY2019Q3 us-gaap Purchase Obligation
PurchaseObligation
1600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4663988
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3768371
CY2019Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2018Q3 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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