$CYCN
Cyclerion Therapeutics, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023009223 Filed on March 22, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $608.0K $1.625M
YoY Change -100.0% 14.07% -58.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.269M $3.506M $14.50M
YoY Change -17.28% -20.55% -29.66%
% of Gross Profit
Research & Development $3.773M $4.450M $31.49M
YoY Change -61.27% -57.45% -16.32%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $65.00K
YoY Change -100.0% -100.0% -86.23%
% of Gross Profit
Operating Expenses $7.042M $7.956M $46.00M
YoY Change -48.58% -46.5% -22.22%
Operating Profit -$7.042M -$44.37M
YoY Change -45.76% -19.61%
Interest Expense $88.00K $132.0K $294.0K
YoY Change 1366.67% -13300.0% -1937.5%
% of Operating Profit
Other Income/Expense, Net $88.00K $294.0K
YoY Change 1366.67% -1937.5%
Pretax Income -$6.954M -$7.216M -$44.08M
YoY Change -46.42% -33.03% -14.66%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$6.954M -$7.216M -$44.08M
YoY Change -46.42% -33.03% -14.66%
Net Earnings / Revenue -1186.84% -2712.49%
Basic Earnings Per Share -$0.16 -$1.01
Diluted Earnings Per Share -$0.16 -$0.17 -$1.01
COMMON SHARES
Basic Shares Outstanding 43.52M 43.49M 43.47M
Diluted Shares Outstanding 43.52K 43.47M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.169M $13.38M $13.38M
YoY Change -82.57% -75.2% -75.2%
Cash & Equivalents $7.169M $13.38M $13.38M
Short-Term Investments
Other Short-Term Assets $503.0K $537.0K $1.342M
YoY Change 5.45% 14.74% -3.87%
Inventory
Prepaid Expenses $567.0K $805.0K
Receivables $96.00K $96.00K $96.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $8.335M $14.82M $14.82M
YoY Change -80.54% -73.28% -73.28%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $1.218M
YoY Change -100.0% -100.0% -16.97%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.950M $2.041M $2.041M
YoY Change -15.8% -15.21% -15.21%
Total Long-Term Assets $3.121M $3.259M $3.259M
YoY Change -15.4% -15.88% -15.88%
TOTAL ASSETS
Total Short-Term Assets $8.335M $14.82M $14.82M
Total Long-Term Assets $3.121M $3.259M $3.259M
Total Assets $11.46M $18.08M $18.08M
YoY Change -75.38% -69.53% -69.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.925M $2.970M $2.970M
YoY Change 55.82% 62.47% 62.47%
Accrued Expenses $3.466M $4.589M $4.589M
YoY Change -47.37% -47.61% -47.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $3.500M $0.00
YoY Change 0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.531M $7.627M $7.627M
YoY Change -20.65% -31.2% -31.2%
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
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.531M $7.627M $7.627M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $7.531M $7.627M $7.627M
YoY Change -20.65% -31.2% -31.2%
SHAREHOLDERS EQUITY
Retained Earnings -$266.1M -$259.2M
YoY Change 16.69% 20.52%
Common Stock $270.1M $269.6M
YoY Change 1.86% 2.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.925M $10.45M $10.45M
YoY Change
Total Liabilities & Shareholders Equity $11.46M $18.08M $18.08M
YoY Change -75.38% -69.53% -69.53%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$6.954M -$7.216M -$44.08M
YoY Change -46.42% -33.03% -14.66%
Depreciation, Depletion And Amortization $0.00 $0.00 $65.00K
YoY Change -100.0% -100.0% -86.23%
Cash From Operating Activities -$6.214M -$7.043M -$40.61M
YoY Change -51.59% -18.39% 11.21%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -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 12.00K 29.00K
YoY Change -85.88% -99.91%
NET CHANGE
Cash From Operating Activities -6.214M -7.043M -40.61M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 12.00K 29.00K
Net Change In Cash -6.213M -7.031M -40.58M
YoY Change -51.6% -17.72% 850.11%
FREE CASH FLOW
Cash From Operating Activities -$6.214M -$7.043M -$40.61M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$7.043M -$40.61M
YoY Change -18.39% 11.19%

Facts In Submission

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recently capped enrollment in our signal-seeking clinical study of zagociguat for the potential treatment of Alzheimer's disease with vascular pathology ("ADv")..Data from the ADv study are expected in the first half of 2023. The ADv study is supported in part by a $2 million grant from the Alzheimer’s Association’s Part the Cloud-Gates Partnership Grant Program (the "PTC Grant").
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The 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 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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