$CYCN
Cyclerion Therapeutics, Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022001958 Filed on February 24, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $711.0K $533.0K $3.942M
YoY Change 1046.77% 310.0% 71.69%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.952M $4.413M $20.62M
YoY Change -26.41% -39.3% -28.45%
% of Gross Profit
Research & Development $9.743M $10.46M $37.64M
YoY Change 20.4% -13.5% -33.29%
% of Gross Profit
Depreciation & Amortization $48.00K $48.00K $472.0K
YoY Change -81.54% -89.79% -79.48%
% of Gross Profit
Operating Expenses $13.70M $14.87M $59.14M
YoY Change 1.77% -23.19% -29.23%
Operating Profit -$12.98M -$55.20M
YoY Change -3.07% -32.08%
Interest Expense $6.000K -$1.000K -$16.00K
YoY Change -102.71%
% of Operating Profit
Other Income/Expense, Net $6.000K -$16.00K
YoY Change -250.0% -102.72%
Pretax Income -$12.98M -$10.78M -$51.65M
YoY Change -3.15% -43.97% -57.81%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.98M -$10.78M -$51.65M
YoY Change -3.14% -43.97% -33.62%
Net Earnings / Revenue -1825.32% -2021.58% -1310.17%
Basic Earnings Per Share -$0.30 -$1.32
Diluted Earnings Per Share -$298.9K -$248.4K -$1.319M
COMMON SHARES
Basic Shares Outstanding 43.41M 43.32M 39.14M
Diluted Shares Outstanding 43.43K 39.14M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.13M $53.96M $53.96M
YoY Change -0.66% -0.81% -0.81%
Cash & Equivalents $41.13M $53.96M $53.96M
Short-Term Investments
Other Short-Term Assets $477.0K $468.0K $1.396M
YoY Change -73.56% -85.2% -65.1%
Inventory
Prepaid Expenses $1.007M $928.0K
Receivables $227.0K $100.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $42.84M $55.46M $55.46M
YoY Change -3.62% -5.2% -5.2%
LONG-TERM ASSETS
Property, Plant & Equipment $17.00K $65.00K $1.467M
YoY Change -73.85% -99.05% -97.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.316M $2.407M $2.407M
YoY Change -13.61% -13.2% -63.53%
Total Long-Term Assets $3.689M $3.874M $3.874M
YoY Change -93.36% -93.19% -93.19%
TOTAL ASSETS
Total Short-Term Assets $42.84M $55.46M $55.46M
Total Long-Term Assets $3.689M $3.874M $3.874M
Total Assets $46.53M $59.33M $59.33M
YoY Change -53.46% -48.58% -48.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.519M $1.828M $1.828M
YoY Change 130.05% 59.09% 30.57%
Accrued Expenses $6.586M $8.759M $8.759M
YoY Change -22.52% -25.77% -25.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.500M $0.00
YoY Change -100.0% 0.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.491M $11.09M $11.09M
YoY Change -29.52% -34.61% -34.79%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.491M $11.09M $11.09M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $9.491M $11.09M $11.09M
YoY Change -81.57% -80.17% -80.17%
SHAREHOLDERS EQUITY
Retained Earnings -$228.1M -$215.1M
YoY Change 28.97% 31.6%
Common Stock $265.1M $263.3M
YoY Change 17.68% 18.12%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.03M $48.25M $48.25M
YoY Change
Total Liabilities & Shareholders Equity $46.53M $59.33M $59.33M
YoY Change -53.46% -48.58% -48.59%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$12.98M -$10.78M -$51.65M
YoY Change -3.14% -43.97% -33.62%
Depreciation, Depletion And Amortization $48.00K $48.00K $472.0K
YoY Change -81.54% -89.79% -79.48%
Cash From Operating Activities -$12.84M -$8.630M -$36.52M
YoY Change -11.21% -38.53% -49.62%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $7.000K
YoY Change -100.0% -99.54%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $1.464M
YoY Change -100.0% -100.0% -4.94%
Cash From Investing Activities $0.00 $0.00 $1.457M
YoY Change -100.0% -100.0% 7994.44%
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 85.00K 30.79M
YoY Change -100.0% -46.87% 9.59%
NET CHANGE
Cash From Operating Activities -12.84M -8.630M -36.52M
Cash From Investing Activities 0.000 0.000 1.457M
Cash From Financing Activities 0.000 85.00K 30.79M
Net Change In Cash -12.84M -8.545M -4.271M
YoY Change -1.0% -31.31% -90.38%
FREE CASH FLOW
Cash From Operating Activities -$12.84M -$8.630M -$36.52M
Capital Expenditures $0.00 $7.000K
Free Cash Flow -$8.630M -$36.52M
YoY Change -38.4% -50.65%

Facts In Submission

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We have initiated exploratory clinical trials with CY6463 ADv, CIAS, and MELAS. The ADv study will be supported in part by a grant from the Alzheimer’s Association’s Part the Cloud-Gates Partnership Grant Program, which provides Cyclerion with $2 million of funding over two years.
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">preparation of consolidated financial statements in accordance with U.S. GAAP requires the Company’s management to make estimates and judgments that may affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the amounts of expenses during the reported periods. On an ongoing basis, the Company’s management evaluates its estimates, judgments and methodologies. Significant estimates and assumptions in the consolidated financial statements include those related to revenue, impairment of long-lived assets, valuation procedures for right-of-use</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">("ROU") </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">assets and operating lease liabilities, income taxes, including the valuation allowance for deferred tax assets, research and development expenses, contingencies, share-based compensation, and going concern. The Company bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Actual results may differ materially from these estimates under different assumptions or conditions. Changes in estimates are reflected in reported results in the period in which they become known.</span></p>
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