$CYCN
Cyclerion Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021448 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $711.0K
YoY Change -100.0% -100.0% 1046.77%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.357M $3.269M $3.952M
YoY Change -4.66% -17.28% -26.41%
% of Gross Profit
Research & Development $886.0K $3.773M $9.743M
YoY Change -91.33% -61.27% 20.4%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $48.00K
YoY Change -100.0% -100.0% -81.54%
% of Gross Profit
Operating Expenses $4.243M $7.042M $13.70M
YoY Change -69.12% -48.58% 1.77%
Operating Profit -$4.243M -$7.042M -$12.98M
YoY Change -68.41% -45.76% -3.07%
Interest Expense $62.00K $88.00K $6.000K
YoY Change 37.78% 1366.67%
% of Operating Profit
Other Income/Expense, Net $62.00K $88.00K $6.000K
YoY Change 37.78% 1366.67% -250.0%
Pretax Income -$4.181M -$6.954M -$12.98M
YoY Change -68.77% -46.42% -3.15%
Income Tax
% Of Pretax Income
Net Earnings -$4.181M -$6.954M -$12.98M
YoY Change -68.77% -46.42% -3.14%
Net Earnings / Revenue -1825.32%
Basic Earnings Per Share -$1.83 -$0.16 -$0.30
Diluted Earnings Per Share -$1.83 -$0.16 -$298.9K
COMMON SHARES
Basic Shares Outstanding 43.52M 43.52M 43.41M
Diluted Shares Outstanding 2.282M 43.52K 43.43K

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.641M $7.169M $41.13M
YoY Change -81.4% -82.57% -0.66%
Cash & Equivalents $5.641M $7.169M $41.13M
Short-Term Investments
Other Short-Term Assets $1.472M $503.0K $477.0K
YoY Change 30.38% 5.45% -73.56%
Inventory
Prepaid Expenses $1.044M $567.0K $1.007M
Receivables $0.00 $96.00K $227.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $7.113M $8.335M $42.84M
YoY Change -77.55% -80.54% -3.62%
LONG-TERM ASSETS
Property, Plant & Equipment $1.125M $0.00 $17.00K
YoY Change -14.12% -100.0% -73.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.859M $1.950M $2.316M
YoY Change -16.41% -15.8% -13.61%
Total Long-Term Assets $2.984M $3.121M $3.689M
YoY Change -15.56% -15.4% -93.36%
TOTAL ASSETS
Total Short-Term Assets $7.113M $8.335M $42.84M
Total Long-Term Assets $2.984M $3.121M $3.689M
Total Assets $10.10M $11.46M $46.53M
YoY Change -71.33% -75.38% -53.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.864M $3.925M $2.519M
YoY Change -32.63% 55.82% 130.05%
Accrued Expenses $1.973M $3.466M $6.586M
YoY Change -71.36% -47.37% -22.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.947M $7.531M $9.491M
YoY Change -49.79% -20.65% -29.52%
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%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.947M $7.531M $9.491M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $4.947M $7.531M $9.491M
YoY Change -49.79% -20.65% -81.57%
SHAREHOLDERS EQUITY
Retained Earnings -$270.3M -$266.1M -$228.1M
YoY Change 16.69% 28.97%
Common Stock $275.5M $270.1M $265.1M
YoY Change 1.86% 17.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.150M $3.925M $37.03M
YoY Change
Total Liabilities & Shareholders Equity $10.10M $11.46M $46.53M
YoY Change -71.33% -75.38% -53.46%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.181M -$6.954M -$12.98M
YoY Change -68.77% -46.42% -3.14%
Depreciation, Depletion And Amortization $0.00 $0.00 $48.00K
YoY Change -100.0% -100.0% -81.54%
Cash From Operating Activities -$6.555M -$6.214M -$12.84M
YoY Change -39.41% -51.59% -11.21%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
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 5.024M 0.000
YoY Change 29452.94% -100.0%
NET CHANGE
Cash From Operating Activities -6.555M -6.214M -12.84M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 5.024M 0.000
Net Change In Cash -1.531M -6.213M -12.84M
YoY Change -85.83% -51.6% -1.0%
FREE CASH FLOW
Cash From Operating Activities -$6.555M -$6.214M -$12.84M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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:10.0pt;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><span style="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;"> </span></p>
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CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2181000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0
CY2023Q1 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
362000
CY2022Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
238000
CY2023Q1 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
248000
CY2022Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
246000
CY2023Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
186000
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
186000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
924000
CY2023Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
141000
CY2022Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
809000
CY2023Q1 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
140000
CY2022Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
68000
CY2023Q1 cycn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
2001000
CY2022Q4 cycn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
2382000
CY2020Q3 cycn Rentable Square Feet Terminated From Lease Agreement
RentableSquareFeetTerminatedFromLeaseAgreement
15700
CY2023Q1 cycn Sublease Termination Agreement Estimated Fair Value Of Rooms
SubleaseTerminationAgreementEstimatedFairValueOfRooms
1500000
CY2023Q1 cycn Sublease Termination Agreement Estimated Fair Value Of Services
SubleaseTerminationAgreementEstimatedFairValueOfServices
2900000
CY2023Q1 cycn Prepaid Rooms Balance Related To Other Assets
PrepaidRoomsBalanceRelatedToOtherAssets
1400000
CY2023Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P8Y10M17D
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
426000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1767000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
809417
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
300000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
100000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-6954000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-12978000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43521
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43521
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
43425
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
43425
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.30
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.30
CY2023Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
7520423000
CY2022Q1 us-gaap Amount Of Dilutive Securities Stock Options And Restrictive Stock Units
AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits
8325027000
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
CY2023Q1 cycn Defined Contribution Plan Employer Matching Contribution Maximum
DefinedContributionPlanEmployerMatchingContributionMaximum
6000
CY2023Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
CY2022Q1 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
CY2022Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
809000
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
0
CY2023Q1 us-gaap Payments For Restructuring
PaymentsForRestructuring
668000
CY2023Q1 us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
0
CY2023Q1 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
141000
cycn Ptc Grant Award
PtcGrantAward
2000000
CY2023Q1 cycn Allowable Expenses On Grant Revenue
AllowableExpensesOnGrantRevenue
0
CY2022Q1 cycn Allowable Expenses On Grant Revenue
AllowableExpensesOnGrantRevenue
500000
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
100000

Files In Submission

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cycn-20230331_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
cycn-20230331_pre.xml Edgar Link unprocessable
0000950170-23-021448-index-headers.html Edgar Link pending
0000950170-23-021448-index.html Edgar Link pending
0000950170-23-021448.txt Edgar Link pending
0000950170-23-021448-xbrl.zip Edgar Link pending
cycn-20230331.htm Edgar Link pending
cycn-20230331.xsd Edgar Link pending
cycn-20230331_cal.xml Edgar Link unprocessable
cycn-ex31_1.htm Edgar Link pending
cycn-ex31_2.htm Edgar Link pending
cycn-ex32_1.htm Edgar Link pending
cycn-ex32_2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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cycn-20230331_lab.xml Edgar Link unprocessable
cycn-20230331_htm.xml Edgar Link completed
R9.htm Edgar Link pending
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