$DNTH
Dianthus Therapeutics, Inc. /DE/

2023 Q2 Form 10-Q Financial Statement

#000095017023022192 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.318M $6.132M $7.287M
YoY Change -17.93% -15.85% 4.55%
% of Gross Profit
Research & Development $139.0K $7.995M $16.55M
YoY Change -98.8% -51.68% 41.07%
% of Gross Profit
Depreciation & Amortization $0.00 $421.0K $511.0K
YoY Change -100.0% -17.61% 8.72%
% of Gross Profit
Operating Expenses $7.375M $32.13M $23.83M
YoY Change -59.22% 34.81% 27.45%
Operating Profit -$7.375M -$32.13M -$23.83M
YoY Change -59.22% 34.81%
Interest Expense $4.091M $2.960M $884.0K
YoY Change 403.82% 234.84% -26.94%
% of Operating Profit
Other Income/Expense, Net $636.0K $594.0K
YoY Change
Pretax Income -$3.284M -$29.17M -$22.95M
YoY Change -80.99% 27.1% 31.22%
Income Tax
% Of Pretax Income
Net Earnings -$3.284M -$29.20M -$22.95M
YoY Change -80.99% 27.23% 31.22%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.48 -$0.39
Diluted Earnings Per Share -$0.05 -$0.48 -$390.3K
COMMON SHARES
Basic Shares Outstanding 60.65M 60.64M 58.80M
Diluted Shares Outstanding 60.65M 60.65M 58.80M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.59M $78.21M $156.6M
YoY Change -44.35% -50.06% 18.37%
Cash & Equivalents $62.63M $48.52M $71.77M
Short-Term Investments $14.96M $29.68M $84.84M
Other Short-Term Assets $1.045M $5.235M $3.635M
YoY Change -60.07% 44.02% 29.82%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $78.64M $83.44M $160.2M
YoY Change -44.64% -47.93% 18.61%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00 $32.37M
YoY Change -100.0% -100.0% 320.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $1.780M
YoY Change -100.0% -1.11%
Total Long-Term Assets $0.00 $0.00 $34.15M
YoY Change -100.0% -100.0% 259.43%
TOTAL ASSETS
Total Short-Term Assets $78.64M $83.44M $160.2M
Total Long-Term Assets $0.00 $0.00 $34.15M
Total Assets $78.64M $83.44M $194.4M
YoY Change -55.1% -57.07% 34.43%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $813.0K $1.080M $4.438M
YoY Change -60.28% -75.66% 111.33%
Accrued Expenses $3.221M $4.902M $9.655M
YoY Change -44.33% -49.23% 48.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.034M $5.982M $14.09M
YoY Change -64.16% -57.55% 53.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $29.10M
YoY Change -100.0% -100.0% 354.75%
Total Long-Term Liabilities $0.00 $0.00 $29.10M
YoY Change -100.0% -100.0% 354.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.034M $5.982M $14.09M
Total Long-Term Liabilities $0.00 $0.00 $29.10M
Total Liabilities $4.034M $5.982M $43.20M
YoY Change -89.77% -86.15% 176.9%
SHAREHOLDERS EQUITY
Retained Earnings -$434.5M -$431.2M
YoY Change 18.78%
Common Stock $509.1M $508.7M
YoY Change 1.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $74.60M $77.46M $151.2M
YoY Change
Total Liabilities & Shareholders Equity $78.64M $83.44M $194.4M
YoY Change -55.1% -57.07% 34.43%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.284M -$29.20M -$22.95M
YoY Change -80.99% 27.23% 31.22%
Depreciation, Depletion And Amortization $0.00 $421.0K $511.0K
YoY Change -100.0% -17.61% 8.72%
Cash From Operating Activities -$6.544M -$35.60M -$19.74M
YoY Change -61.17% 80.33% 17.72%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $245.0K -$27.00K
YoY Change -100.0% -1007.41% 170.0%
Acquisitions
YoY Change
Other Investing Activities $18.87M $26.74M -$40.12M
YoY Change -166.66% -634.89%
Cash From Investing Activities $18.87M $26.50M -$40.14M
YoY Change -14731.01% -166.0% -635.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -6.544M -35.60M -19.74M
Cash From Investing Activities 18.87M 26.50M -40.14M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash 12.33M -9.103M -59.89M
YoY Change -172.82% -84.8% 575.9%
FREE CASH FLOW
Cash From Operating Activities -$6.544M -$35.60M -$19.74M
Capital Expenditures $0.00 $245.0K -$27.00K
Free Cash Flow -$6.544M -$35.84M -$19.71M
YoY Change -60.87% 81.82% 17.63%

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EntityIncorporationStateCountryCode
DE
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.84
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-29200000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-76500000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-431200000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="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;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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 financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual for research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</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>
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7190312
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8071638
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
29699000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
17000
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
29683000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
54596000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
2000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
183000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
54415000
CY2023Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
300000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1622000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4162000
CY2023Q1 mgta Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1390000
CY2022Q4 mgta Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
3091000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1666000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
654000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
224000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
364000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
4902000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
8271000
CY2023Q1 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.84
CY2023Q1 mgta Restructuring Retention Costs
RestructuringRetentionCosts
700000
CY2023Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-8100000
CY2023Q1 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
-3400000
CY2023Q1 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
300000
CY2023Q1 mgta Stockholder Rights Plan Expiration Date
StockholderRightsPlanExpirationDate
2024-03-30
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
506000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1905000
CY2023Q1 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
DescriptionOfLesseeLeasingArrangementsOperatingLeases
The Company had a sublease, as amended, for up to approximately 69,000 square feet of office and laboratory space in Cambridge, Massachusetts. The sublease was subject and subordinate to a prime lease between the sublandlord and the prime landlord. The term of the sublease commenced in June 2018 and was set to expire in February 2028
CY2023Q1 us-gaap Gain Loss On Termination Of Lease
GainLossOnTerminationOfLease
-8100000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1602000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1602000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
491000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
506000
CY2023Q1 us-gaap Lease Cost
LeaseCost
2093000
CY2022Q1 us-gaap Lease Cost
LeaseCost
2108000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
16455000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1595000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.02
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000

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