$CYCN
Cyclerion Therapeutics, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156459020050844 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $130.0K $400.0K $1.480M
YoY Change -91.22% -71.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.270M $8.030M $7.390M
YoY Change -1.62% 12.78% -12.54%
% of Gross Profit
Research & Development $12.09M $13.70M $20.68M
YoY Change -41.54% -38.54% -7.88%
% of Gross Profit
Depreciation & Amortization $470.0K $590.0K $650.0K
YoY Change -27.69% -15.71% 38.3%
% of Gross Profit
Operating Expenses $19.36M $22.18M $28.07M
YoY Change -31.03% -24.59% -9.16%
Operating Profit -$21.78M
YoY Change -22.26%
Interest Expense $0.00 $90.00K $530.0K
YoY Change -100.0% -87.14%
% of Operating Profit
Other Income/Expense, Net $0.00 $93.00K
YoY Change
Pretax Income -$19.23M -$18.81M -$26.06M
YoY Change -26.21% -31.15% -15.66%
Income Tax
% Of Pretax Income
Net Earnings -$19.23M -$18.81M -$26.06M
YoY Change -26.21% -31.13% -15.66%
Net Earnings / Revenue -14792.31% -4703.0% -1760.81%
Basic Earnings Per Share
Diluted Earnings Per Share -$565.3K -$586.0K -$951.8K
COMMON SHARES
Basic Shares Outstanding 33.96M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $54.40M $66.80M $94.90M
YoY Change -42.68% -42.91%
Cash & Equivalents $54.40M $66.84M $94.90M
Short-Term Investments
Other Short-Term Assets $3.163M $1.666M $2.862M
YoY Change 10.52% -27.57% 218.0%
Inventory
Prepaid Expenses $816.0K $1.218M $1.966M
Receivables $0.00 $400.0K $1.500M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $58.50M $70.12M $101.2M
YoY Change -42.19% -41.9% 11144.11%
LONG-TERM ASSETS
Property, Plant & Equipment $6.865M $10.18M $11.61M
YoY Change -40.89% -87.48% 78.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.773M $2.865M $540.0K
YoY Change 413.52% -62.79%
Total Long-Term Assets $56.88M $61.28M $85.28M
YoY Change -33.31% -31.15% 1212.02%
TOTAL ASSETS
Total Short-Term Assets $58.50M $70.12M $101.2M
Total Long-Term Assets $56.88M $61.28M $85.28M
Total Assets $115.4M $131.4M $186.5M
YoY Change -38.13% -37.34% 2419.97%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.149M $1.360M $3.230M
YoY Change -64.43% -72.8% 15.36%
Accrued Expenses $11.80M $10.60M $14.50M
YoY Change -18.62% -24.82% 1.4%
Deferred Revenue
YoY Change
Short-Term Debt $3.500M $3.500M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $16.95M $16.26M $18.25M
YoY Change -7.11% -14.86% 2.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $38.90M $39.80M $70.50M
YoY Change -44.82% -44.26%
Total Long-Term Liabilities $38.90M $39.80M $70.50M
YoY Change -44.82% -44.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.95M $16.26M $18.25M
Total Long-Term Liabilities $38.90M $39.80M $70.50M
Total Liabilities $55.90M $56.00M $88.70M
YoY Change -36.98% -38.12% 398.31%
SHAREHOLDERS EQUITY
Retained Earnings -$163.4M -$144.2M -$85.63M
YoY Change 90.86%
Common Stock $222.9M $219.6M $183.4M
YoY Change 21.58%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $59.49M $75.35M $97.73M
YoY Change
Total Liabilities & Shareholders Equity $115.4M $131.4M $186.5M
YoY Change -38.13% -37.34% 2419.97%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$19.23M -$18.81M -$26.06M
YoY Change -26.21% -31.13% -15.66%
Depreciation, Depletion And Amortization $470.0K $590.0K $650.0K
YoY Change -27.69% -15.71% 38.3%
Cash From Operating Activities -$14.04M -$15.05M -$22.17M
YoY Change -36.67% -36.79% -4.23%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K -$10.00K -$180.0K
YoY Change -83.33% -98.46% -90.11%
Acquisitions
YoY Change
Other Investing Activities $1.470M $10.00K $70.00K
YoY Change 2000.0% -90.0%
Cash From Investing Activities $1.440M $0.00 -$100.0K
YoY Change -1540.0% -100.0% -94.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 160.0K 24.27M 140.0K
YoY Change 14.29% 6459.46% -99.44%
NET CHANGE
Cash From Operating Activities -14.04M -15.05M -22.17M
Cash From Investing Activities 1.440M 0.000 -100.0K
Cash From Financing Activities 160.0K 24.27M 140.0K
Net Change In Cash -12.44M 9.220M -22.13M
YoY Change -43.79% -138.42% -2376190656512001000.0%
FREE CASH FLOW
Cash From Operating Activities -$14.04M -$15.05M -$22.17M
Capital Expenditures -$30.00K -$10.00K -$180.0K
Free Cash Flow -$14.01M -$15.04M -$21.99M
YoY Change -36.29% -35.06% 3.09%

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NetCashProvidedByUsedInOperatingActivities
-80052000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1489000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
6714000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
71000
us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
99000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-1418000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6615000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
24250000
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
175000000
us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
10378000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
172000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
365000
us-gaap Proceeds From Notes Payable
ProceedsFromNotesPayable
3509000
us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
46439000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
27931000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
211426000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-7000
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-31943000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
124760000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
102620000
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
70677000
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
124760000
cycn Payments For Lease Modification Termination Fee And Other Initial Direct Costs
PaymentsForLeaseModificationTerminationFeeAndOtherInitialDirectCosts
6507000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
4000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
95000
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
117034000
CY2020Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
3837000
CY2019Q3 us-gaap Restricted Cash And Cash Equivalents
RestrictedCashAndCashEquivalents
7726000
cycn Decrease In Right Of Use Assets Related To Lease Modification
DecreaseInRightOfUseAssetsRelatedToLeaseModification
27333000
cycn Decrease In Operating Lease Liabilities Related To Lease Modification
DecreaseInOperatingLeaseLiabilitiesRelatedToLeaseModification
29002000
us-gaap Operating Lease Payments
OperatingLeasePayments
6076000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y9M18D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.061
cycn Operating Lease Sublease Expense
OperatingLeaseSubleaseExpense
200000
CY2019Q2 cycn Dividends Common Stock Stock Ratio
DividendsCommonStockStockRatio
0.1
CY2020Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
3500000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
30960000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
33215000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
20780000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
21602000
CY2020Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
CY2019Q3 us-gaap Depreciation And Amortization
DepreciationAndAmortization
700000
CY2020Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
2598000
CY2019Q4 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
3767000
CY2020Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1024000
CY2019Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
1730000
CY2020Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
768000
CY2019Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
969000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
872000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
441000
CY2019Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
2009000
CY2020Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
343000
CY2019Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
404000
CY2020Q3 us-gaap Lease Cost
LeaseCost
2000000
us-gaap Lease Cost
LeaseCost
6900000
CY2020Q3 cycn Rentable Square Feet Terminated From Lease Agreement
RentableSquareFeetTerminatedFromLeaseAgreement
15700
CY2020Q3 cycn Sublease Termination Agreement Estimated Fair Value Of Rooms
SubleaseTerminationAgreementEstimatedFairValueOfRooms
1500000
CY2020Q3 cycn Sublease Termination Agreement Estimated Fair Value Of Services
SubleaseTerminationAgreementEstimatedFairValueOfServices
2900000
CY2020Q3 cycn Sublease Termination Agreement Prepaid Rooms And Services
SubleaseTerminationAgreementPrepaidRoomsAndServices
4400000
CY2020Q3 cycn Gross Sublease Income Net Of Rent Expense
GrossSubleaseIncomeNetOfRentExpense
400000
cycn Gross Sublease Income Net Of Rent Expense
GrossSubleaseIncomeNetOfRentExpense
1500000
CY2020Q3 us-gaap Sublease Income
SubleaseIncome
100000
us-gaap Sublease Income
SubleaseIncome
300000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1335000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5742000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5908000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
6080000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
6256000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
30486000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
55807000
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
12888000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
42919000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Employees Affected
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationNumberOfEmployeesAffected
143
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3796000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4948000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11784000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15160000
CY2020Q3 us-gaap Defined Contribution Plan Type Extensible List
DefinedContributionPlanTypeExtensibleList
us-gaap:QualifiedPlanMember
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
cycn Defined Contribution Plan Employer Matching Contribution Maximum
DefinedContributionPlanEmployerMatchingContributionMaximum
6000
CY2020Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000
CY2019Q3 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
500000
CY2019Q4 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
2009000
us-gaap Restructuring Charges
RestructuringCharges
158000
us-gaap Payments For Restructuring
PaymentsForRestructuring
2137000
us-gaap Restructuring Reserve Accrual Adjustment1
RestructuringReserveAccrualAdjustment1
-30000
CY2020Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
0

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