$DSGN
Design Therapeutics Inc

2024 Q2 Form 10-Q Financial Statement

#000095017024055788 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.527M $4.599M
YoY Change -18.17% -22.33%
% of Gross Profit
Research & Development $10.52M $9.801M
YoY Change -38.37% -37.69%
% of Gross Profit
Depreciation & Amortization $151.0K $143.0K
YoY Change 13.53% 10.85%
% of Gross Profit
Operating Expenses $15.04M $14.40M
YoY Change -33.43% -33.49%
Operating Profit -$15.04M -$14.40M
YoY Change -33.43% -33.49%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $3.250M $3.295M
YoY Change 22.23% 39.8%
Pretax Income -$11.79M -$11.11M
YoY Change -40.85% -42.44%
Income Tax
% Of Pretax Income
Net Earnings -$11.79M -$11.11M
YoY Change -40.85% -42.44%
Net Earnings / Revenue
Basic Earnings Per Share -$0.21 -$0.20
Diluted Earnings Per Share -$0.21 -$0.20
COMMON SHARES
Basic Shares Outstanding 56.50M 56.49M
Diluted Shares Outstanding 56.56M 56.49M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $261.0M $270.7M
YoY Change -13.88% -14.17%
Cash & Equivalents $45.70M $29.40M
Short-Term Investments $215.3M $241.3M
Other Short-Term Assets $2.428M $1.524M
YoY Change -17.89% -57.03%
Inventory
Prepaid Expenses $2.428M $1.524M
Receivables
Other Receivables
Total Short-Term Assets $264.8M $273.9M
YoY Change -13.46% -14.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.728M $1.718M
YoY Change -7.15% -9.82%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $429.0K $427.0K
YoY Change -3.38% -5.53%
Total Long-Term Assets $4.740M $4.907M
YoY Change -15.13% -15.45%
TOTAL ASSETS
Total Short-Term Assets $264.8M $273.9M
Total Long-Term Assets $4.740M $4.907M
Total Assets $269.6M $278.8M
YoY Change -13.49% -14.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.297M $1.372M
YoY Change -32.52% -50.0%
Accrued Expenses $5.097M $5.722M
YoY Change -50.08% -9.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.394M $7.094M
YoY Change -47.3% -21.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.946M $2.142M
YoY Change -27.98% -25.57%
Total Long-Term Liabilities $1.946M $2.142M
YoY Change -27.98% -25.57%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.394M $7.094M
Total Long-Term Liabilities $1.946M $2.142M
Total Liabilities $8.340M $9.236M
YoY Change -43.78% -22.55%
SHAREHOLDERS EQUITY
Retained Earnings -$200.5M -$188.7M
YoY Change 33.67% 45.04%
Common Stock $462.0M $458.5M
YoY Change 2.94% 3.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $261.2M $269.6M
YoY Change
Total Liabilities & Shareholders Equity $269.6M $278.8M
YoY Change -13.49% -14.15%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$11.79M -$11.11M
YoY Change -40.85% -42.44%
Depreciation, Depletion And Amortization $151.0K $143.0K
YoY Change 13.53% 10.85%
Cash From Operating Activities -$11.26M -$12.44M
YoY Change -18.43% -28.61%
INVESTING ACTIVITIES
Capital Expenditures $161.0K $195.0K
YoY Change 80.9% 124.14%
Acquisitions
YoY Change
Other Investing Activities $27.49M $20.81M
YoY Change 127.77% 5.0%
Cash From Investing Activities $27.33M $20.62M
YoY Change 128.12% 4.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 229.0K 20.00K
YoY Change 9.05%
NET CHANGE
Cash From Operating Activities -11.26M -12.44M
Cash From Investing Activities 27.33M 20.62M
Cash From Financing Activities 229.0K 20.00K
Net Change In Cash 16.30M 8.197M
YoY Change -1111.29% 255.0%
FREE CASH FLOW
Cash From Operating Activities -$11.26M -$12.44M
Capital Expenditures $161.0K $195.0K
Free Cash Flow -$11.42M -$12.63M
YoY Change -17.79% -27.85%

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<p id="organization" 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;">1. Orga</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">nization</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;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;">Design Therapeutics, Inc. (the “Company”) was incorporated in Delaware in December 2017 and is based in Carlsbad, California. The Company is a biopharmaceutical company pioneering the research and development of GeneTAC</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">TM</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> molecules, which are a novel class of small-molecule gene targeted chimera therapeutic candidates designed to be disease-modifying by addressing the underlying cause of diseases caused by inherited nucleotide repeat expansion mutations. The Company’s lead product candidate is in Friedreich ataxia (“FA”), its second product candidate is in Fuchs endothelial corneal dystrophy (“FECD”), and it is also advancing GeneTAC</span><span style="color:#000000;white-space:pre-wrap;vertical-align:super;font-size:6.7pt;font-family:Times New Roman;min-width:fit-content;">TM </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">programs to address other diseases.</span></p><p style="font-size:10pt;margin-top:18pt;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;font-style:italic;min-width:fit-content;">Liquidity and Capital Resources</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;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 accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. The Company has incurred net operating losses since inception and had an accumulated deficit of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">$</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">188.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of March 31, 2024. The Company had cash, cash equivalents and investment sec</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">urities of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">270.7</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million as of </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">March 31, 2024, and has not generated positive cash flow from operations.</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Management expects to incur net losses for the foreseeable future. There can be no assurance that the Company will ever earn revenues or achieve profitability, or if achieved, that they will be sustained on a continuing basis. In addition, the research, product development and clinical development activities as well as the commercialization of the Company's products, if approved, will require significant additional financing. The Company may be unable to secure such financing when needed, or if available, such financings may be under terms that are unfavorable to the Company or the current stockholders. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce the scope of, or eliminate development programs, which may adversely affect its business and operations. The Company's currently available cash and cash equivalents as of March 31, 2024</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> are sufficient to meet its anticipated cash requirements for more than 12 months following the date the financial statements are issued.</span>
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CY2023Q3 dsgn Type Of Stock Options Granted To Purchase Common Stock
TypeOfStockOptionsGrantedToPurchaseCommonStock
2

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