$CYCN
Cyclerion Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024025935 Filed on March 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.771M $8.132M
YoY Change -49.49% -43.93%
% of Gross Profit
Research & Development $44.00K $30.00K $1.515M
YoY Change -98.83% -99.33% -95.19%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00
YoY Change -100.0%
% of Gross Profit
Operating Expenses $1.618M $1.795M $12.95M
YoY Change -77.02% -77.44% -71.84%
Operating Profit -$1.618M -$12.95M
YoY Change -77.02% -70.81%
Interest Expense $101.0K $358.0K
YoY Change -23.48% 21.77%
% of Operating Profit
Other Income/Expense, Net $76.00K $358.0K
YoY Change -13.64% 21.77%
Pretax Income -$1.694M -$5.263M
YoY Change -76.52% -88.06%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$1.542M -$1.694M -$5.263M
YoY Change -77.83% -76.52% -88.06%
Net Earnings / Revenue
Basic Earnings Per Share -$0.62 -$2.25
Diluted Earnings Per Share -$0.62 -$0.69 -$2.25
COMMON SHARES
Basic Shares Outstanding 2.710M 2.445M 2.338M
Diluted Shares Outstanding 2.494M 2.338M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.696M $7.571M $7.571M
YoY Change -20.55% -43.42% -43.42%
Cash & Equivalents $5.696M $7.571M $7.571M
Short-Term Investments
Other Short-Term Assets $10.00K $11.00K $453.0K
YoY Change -98.01% -97.95% -66.24%
Inventory
Prepaid Expenses $308.0K $442.0K
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $6.014M $8.024M $8.024M
YoY Change -27.85% -45.86% -45.86%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.350M $5.350M $5.350M
YoY Change
Other Assets $0.00 $0.00
YoY Change -100.0% -100.0%
Total Long-Term Assets $5.350M $5.350M $5.350M
YoY Change 71.42% 64.16% 64.16%
TOTAL ASSETS
Total Short-Term Assets $6.014M $8.024M $8.024M
Total Long-Term Assets $5.350M $5.350M $5.350M
Total Assets $11.36M $13.37M $13.37M
YoY Change -0.8% -26.02% -26.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $741.0K $1.198M $1.198M
YoY Change -81.12% -59.66% -59.66%
Accrued Expenses $539.0K $786.0K $786.0K
YoY Change -84.45% -82.87% -82.87%
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 $1.441M $2.086M $2.086M
YoY Change -80.87% -72.65% -72.65%
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 $1.441M $2.086M $2.086M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.441M $2.086M $2.086M
YoY Change -80.87% -72.65% -72.65%
SHAREHOLDERS EQUITY
Retained Earnings -$266.0M -$264.4M
YoY Change -0.06% 2.01%
Common Stock $275.9M $275.7M
YoY Change 2.16% 2.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.923M $11.29M $11.29M
YoY Change
Total Liabilities & Shareholders Equity $11.36M $13.37M $13.37M
YoY Change -0.8% -26.02% -26.02%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$1.542M -$1.694M -$5.263M
YoY Change -77.83% -76.52% -88.06%
Depreciation, Depletion And Amortization $0.00 $0.00
YoY Change -100.0%
Cash From Operating Activities -$1.871M -$1.541M -$21.25M
YoY Change -69.89% -78.12% -47.69%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.000K $10.40M
YoY Change
Cash From Investing Activities $2.000K $10.40M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $5.000M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.000K 5.024M
YoY Change -66.67% 17224.14%
NET CHANGE
Cash From Operating Activities -1.871M -1.541M -21.25M
Cash From Investing Activities 2.000K 10.40M
Cash From Financing Activities 4.000K 5.024M
Net Change In Cash -1.875M -1.541M -5.811M
YoY Change -69.82% -78.08% -85.68%
FREE CASH FLOW
Cash From Operating Activities -$1.871M -$1.541M -$21.25M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;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. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Significant </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">estimates and</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">assumptions </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">in the consolidated financial statements include those related to revenue, fair value determination of other investment, 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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