$CYCN
Cyclerion Therapeutics, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022007378 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q4
Revenue $306.0K $711.0K $533.0K
YoY Change -89.8% 1046.77% 310.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.521M $3.952M $4.413M
YoY Change -43.58% -26.41% -39.3%
% of Gross Profit
Research & Development $10.22M $9.743M $10.46M
YoY Change -15.23% 20.4% -13.5%
% of Gross Profit
Depreciation & Amortization $17.00K $48.00K $48.00K
YoY Change -85.34% -81.54% -89.79%
% of Gross Profit
Operating Expenses $13.74M $13.70M $14.87M
YoY Change -28.35% 1.77% -23.19%
Operating Profit -$13.43M -$12.98M
YoY Change -16.96% -3.07%
Interest Expense $45.00K $6.000K -$1.000K
YoY Change -850.0%
% of Operating Profit
Other Income/Expense, Net $45.00K $6.000K
YoY Change -850.0% -250.0%
Pretax Income -$13.39M -$12.98M -$10.78M
YoY Change -17.27% -3.15% -43.97%
Income Tax
% Of Pretax Income
Net Earnings -$13.39M -$12.98M -$10.78M
YoY Change -17.27% -3.14% -43.97%
Net Earnings / Revenue -4375.16% -1825.32% -2021.58%
Basic Earnings Per Share -$6.16 -$0.30
Diluted Earnings Per Share -$308.1K -$298.9K -$248.4K
COMMON SHARES
Basic Shares Outstanding 43.45M 43.41M 43.32M
Diluted Shares Outstanding 2.173M 43.43K

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.32M $41.13M $53.96M
YoY Change -56.92% -0.66% -0.81%
Cash & Equivalents $30.32M $41.13M $53.96M
Short-Term Investments
Other Short-Term Assets $1.129M $477.0K $468.0K
YoY Change -56.56% -73.56% -85.2%
Inventory
Prepaid Expenses $1.007M $928.0K
Receivables $227.0K $227.0K $100.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $31.68M $42.84M $55.46M
YoY Change -56.6% -3.62% -5.2%
LONG-TERM ASSETS
Property, Plant & Equipment $1.310M $17.00K $65.00K
YoY Change 756.21% -73.85% -99.05%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.224M $2.316M $2.407M
YoY Change -14.13% -13.61% -13.2%
Total Long-Term Assets $3.534M $3.689M $3.874M
YoY Change 28.84% -93.36% -93.19%
TOTAL ASSETS
Total Short-Term Assets $31.68M $42.84M $55.46M
Total Long-Term Assets $3.534M $3.689M $3.874M
Total Assets $35.21M $46.53M $59.33M
YoY Change -53.5% -53.46% -48.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.767M $2.519M $1.828M
YoY Change 99.64% 130.05% 59.09%
Accrued Expenses $6.890M $6.586M $8.759M
YoY Change 27.76% -22.52% -25.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $3.500M
YoY Change -100.0% -100.0% 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.852M $9.491M $11.09M
YoY Change -6.26% -29.52% -34.61%
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%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.852M $9.491M $11.09M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $9.852M $9.491M $11.09M
YoY Change -6.26% -81.57% -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 $25.36M $37.03M $48.25M
YoY Change
Total Liabilities & Shareholders Equity $35.21M $46.53M $59.33M
YoY Change -53.5% -53.46% -48.58%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q4
OPERATING ACTIVITIES
Net Income -$13.39M -$12.98M -$10.78M
YoY Change -17.27% -3.14% -43.97%
Depreciation, Depletion And Amortization $17.00K $48.00K $48.00K
YoY Change -85.34% -81.54% -89.79%
Cash From Operating Activities -$10.82M -$12.84M -$8.630M
YoY Change 96.55% -11.21% -38.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.00K 0.000 85.00K
YoY Change -99.94% -100.0% -46.87%
NET CHANGE
Cash From Operating Activities -10.82M -12.84M -8.630M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 17.00K 0.000 85.00K
Net Change In Cash -10.80M -12.84M -8.545M
YoY Change -142.99% -1.0% -31.31%
FREE CASH FLOW
Cash From Operating Activities -$10.82M -$12.84M -$8.630M
Capital Expenditures $0.00
Free Cash Flow -$8.630M
YoY Change -38.4%

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We have initiated exploratory clinical trials with CY6463 in ADv, CIAS, and MELAS. The ADv study is supported in part by a grant from the Alzheimer’s Association’s Part the Cloud-Gates Partnership Grant Program (the "PTC Grant"), which provides Cyclerion with $2 million of funding over two years.
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CY2021Q1 us-gaap Lease Cost
LeaseCost
1600000
CY2022Q1 us-gaap Lease Cost
LeaseCost
0
CY2020Q3 cycn Rentable Square Feet Terminated From Lease Agreement
RentableSquareFeetTerminatedFromLeaseAgreement
15700
CY2022Q1 cycn Sublease Termination Agreement Estimated Fair Value Of Rooms
SubleaseTerminationAgreementEstimatedFairValueOfRooms
1500000
CY2022Q1 cycn Sublease Termination Agreement Estimated Fair Value Of Services
SubleaseTerminationAgreementEstimatedFairValueOfServices
2900000
CY2022Q1 cycn Prepaid Rooms Balance Related To Other Assets
PrepaidRoomsBalanceRelatedToOtherAssets
1400000
CY2022Q1 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
41100000
CY2022Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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;min-width:fit-content;">preparation of consolidated financial statements in accordance with U.S. generally accepted accounting principles ("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 ("ROU") assets and operating lease liabilities, income taxes, including the valuation allowance for deferred tax assets, research and development expenses, contingencies, share-based</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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">compensation </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;min-width:fit-content;">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><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P8Y10M17D
CY2021Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
65000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-12978000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-13399000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
43425000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34081000
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.30
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.39
CY2022Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2265000
CY2021Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2265000
CY2022Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2248000
CY2021Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2200000
CY2022Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17000
CY2021Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
1369000
CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
266000
CY2021Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
345000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
398000
CY2021Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
28000
CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
498000
CY2021Q4 cycn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
2904000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2312000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1767000
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
450000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.01
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y11M4D
CY2022Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2022Q1 cycn Defined Contribution Plan Employer Matching Contribution Maximum
DefinedContributionPlanEmployerMatchingContributionMaximum
6000
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
CY2021Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
cycn Ptc Grant Award
PtcGrantAward
2000000
CY2022Q1 cycn Allowable Expenses On Grant Revenue
AllowableExpensesOnGrantRevenue
500000
CY2022Q1 us-gaap Deferred Revenue
DeferredRevenue
300000

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