$CYCN
Cyclerion Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021039205 Filed on July 29, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2
Revenue $3.000M $750.0K
YoY Change 300.0% -53.99%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.241M $6.630M
YoY Change -5.87% -25.67%
% of Gross Profit
Research & Development $12.05M $13.79M
YoY Change -12.61% -46.45%
% of Gross Profit
Depreciation & Amortization $116.0K $610.0K
YoY Change -80.98% -25.61%
% of Gross Profit
Operating Expenses $19.18M $13.79M
YoY Change 39.02% -60.22%
Operating Profit -$16.18M
YoY Change
Interest Expense -$6.000K $140.0K
YoY Change -104.29% -82.5%
% of Operating Profit
Other Income/Expense, Net -$6.000K $138.0K
YoY Change -104.35%
Pretax Income -$16.18M -$19.53M
YoY Change -17.14% -39.44%
Income Tax
% Of Pretax Income
Net Earnings -$16.18M -$19.53M
YoY Change -17.16% -39.44%
Net Earnings / Revenue -539.4% -2604.53%
Basic Earnings Per Share
Diluted Earnings Per Share -$453.2K -$702.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $70.39M $56.50M
YoY Change 24.58% -59.93%
Cash & Equivalents $70.39M $56.46M
Short-Term Investments
Other Short-Term Assets $2.599M $2.400M
YoY Change 8.29% 33.33%
Inventory
Prepaid Expenses
Receivables $0.00 $800.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $72.99M $59.60M
YoY Change 22.46% -58.81%
LONG-TERM ASSETS
Property, Plant & Equipment $153.0K $62.10M
YoY Change -99.75% -25.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.590M $6.400M
YoY Change -59.53% -16.88%
Total Long-Term Assets $2.743M $68.40M
YoY Change -95.99% -24.67%
TOTAL ASSETS
Total Short-Term Assets $72.99M $59.60M
Total Long-Term Assets $2.743M $68.40M
Total Assets $75.73M $128.0M
YoY Change -40.83% -45.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.386M $2.600M
YoY Change -46.69% -70.45%
Accrued Expenses $5.393M $9.000M
YoY Change -40.08% -30.77%
Deferred Revenue
YoY Change
Short-Term Debt $3.509M $3.500M
YoY Change 0.26%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.51M $15.60M
YoY Change -32.63% -28.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $46.30M
YoY Change -100.0% -36.05%
Total Long-Term Liabilities $0.00 $46.30M
YoY Change -100.0% -36.05%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.51M $15.60M
Total Long-Term Liabilities $0.00 $46.30M
Total Liabilities $10.51M $61.90M
YoY Change -83.02% -34.36%
SHAREHOLDERS EQUITY
Retained Earnings -$193.0M
YoY Change
Common Stock $258.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $65.22M $66.10M
YoY Change
Total Liabilities & Shareholders Equity $75.73M $128.0M
YoY Change -40.83% -45.65%

Cashflow Statement

Concept 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$16.18M -$19.53M
YoY Change -17.16% -39.44%
Depreciation, Depletion And Amortization $116.0K $610.0K
YoY Change -80.98% -25.61%
Cash From Operating Activities -$5.504M -$14.22M
YoY Change -61.29% -35.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$70.00K
YoY Change -100.0% -98.35%
Acquisitions
YoY Change
Other Investing Activities $4.000K $10.00K
YoY Change -60.0%
Cash From Investing Activities $4.000K -$60.00K
YoY Change -106.67% -98.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.63M 3.660M
YoY Change 736.8% -97.91%
NET CHANGE
Cash From Operating Activities -5.504M -14.22M
Cash From Investing Activities 4.000K -60.00K
Cash From Financing Activities 30.63M 3.660M
Net Change In Cash 25.13M -10.62M
YoY Change -336.6% -107.14%
FREE CASH FLOW
Cash From Operating Activities -$5.504M -$14.22M
Capital Expenditures $0.00 -$70.00K
Free Cash Flow -$5.504M -$14.15M
YoY Change -61.1% -20.15%

Facts In Submission

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us-gaap Health Care Trust Fund Description
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We have initiated our CY6463 Phase 2a clinical trial in adult participants with MELAS. Startup activities are ongoing for our Phase 2a clinical trial in ADv, with enrollment expected to begin in mid-2021.The ADv study will be supported in part by a grant from the Alzheimer’s Association’s Part the Cloud-Gates Partnership Grant Program, which provides Cyclerion with $2 million of funding over two years
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<p style="margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:10pt;text-indent:7.69%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in accordance with U.S. 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 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 </p> <p style="margin-bottom:0pt;margin-top:10pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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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AccruedEmployeeBenefitsCurrent
639000
CY2020Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
3640000
CY2021Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
222000
CY2020Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
176000
CY2021Q2 cycn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
3375000
CY2020Q4 cycn Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
7294000
CY2021Q2 cycn Sublease Termination Agreement Estimated Fair Value Of Rooms
SubleaseTerminationAgreementEstimatedFairValueOfRooms
1500000
CY2021Q2 cycn Sublease Termination Agreement Estimated Fair Value Of Services
SubleaseTerminationAgreementEstimatedFairValueOfServices
2900000
CY2021Q2 cycn Sublease Termination Agreement Prepaid Rooms And Services
SubleaseTerminationAgreementPrepaidRoomsAndServices
4400000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Number Of Employees Affected
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationNumberOfEmployeesAffected
143
CY2021Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
2258000
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
17152000
CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2105000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
10287000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
153000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
6865000
CY2021Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
100000
CY2020Q2 us-gaap Depreciation And Amortization
DepreciationAndAmortization
600000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
400000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
1200000
CY2021Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
6300000
CY2021Q2 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
6300000
CY2021Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
6300000
us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
6300000
cycn Decrease In Operating Lease Liabilities Related To Lease Modification
DecreaseInOperatingLeaseLiabilitiesRelatedToLeaseModification
41177000
cycn Decrease In Operating Lease Liabilities Related To Lease Modification
DecreaseInOperatingLeaseLiabilitiesRelatedToLeaseModification
23499000
us-gaap Operating Lease Payments
OperatingLeasePayments
1887000
us-gaap Operating Lease Payments
OperatingLeasePayments
4249000
CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.097
CY2021Q2 cycn Surrendered Lease Space
SurrenderedLeaseSpace
57000
CY2021Q2 cycn Security Deposit Returned
SecurityDepositReturned
3800
CY2021Q2 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
900000
CY2021Q2 us-gaap Lease Cost
LeaseCost
600000
us-gaap Lease Cost
LeaseCost
2200000
CY2020Q2 us-gaap Lease Cost
LeaseCost
2200000
us-gaap Lease Cost
LeaseCost
4900000
cycn Decrease In Right Of Use Assets Related To Lease Modification
DecreaseInRightOfUseAssetsRelatedToLeaseModification
42058000
cycn Decrease In Right Of Use Assets Related To Lease Modification
DecreaseInRightOfUseAssetsRelatedToLeaseModification
21386000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2340000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3953000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4652000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7989000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
150000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
150000
CY2021Q2 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
2.01
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
450000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.01
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
200000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
200000
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M1D
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M1D
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-16182000
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
-19534000
us-gaap Net Income Loss
NetIncomeLoss
-29581000
us-gaap Net Income Loss
NetIncomeLoss
-39762000
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35707000
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27791000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34899000
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27730000
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.45
CY2020Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.70
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.43
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
0.75
cycn Defined Contribution Plan Employer Matching Contribution Maximum
DefinedContributionPlanEmployerMatchingContributionMaximum
6000
CY2021Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
200000
CY2020Q2 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
100000
us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
400000

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