$DYN
Dyne Therapeutics Inc

2024 Q1 Form 10-K Financial Statement

#000095017024025402 Filed on March 05, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $24.62M $8.844M $31.40M
YoY Change 210.52% 27.16% 11.34%
% of Gross Profit
Research & Development $44.54M $58.84M $210.8M
YoY Change 18.66% 77.29% 47.63%
% of Gross Profit
Depreciation & Amortization $400.0K $399.0K $1.700M
YoY Change 0.0% -0.5% 0.0%
% of Gross Profit
Operating Expenses $69.16M $67.69M $242.2M
YoY Change 52.11% 68.61% 41.65%
Operating Profit -$69.16M -$242.2M
YoY Change 52.11% 41.65%
Interest Expense $3.002M $1.751M $7.641M
YoY Change 101.07% 30.48% 161.95%
% of Operating Profit
Other Income/Expense, Net $3.508M -$701.0K $6.225M
YoY Change 174.71% 2820.83% 117.43%
Pretax Income -$65.65M -$66.64M -$235.9M
YoY Change 48.57% 71.63% 40.36%
Income Tax
% Of Pretax Income
Net Earnings -$65.65M -$66.64M -$235.9M
YoY Change 48.57% 71.63% 40.36%
Net Earnings / Revenue
Basic Earnings Per Share -$0.81 -$3.95
Diluted Earnings Per Share -$0.81 -$1.09 -$3.95
COMMON SHARES
Basic Shares Outstanding 81.96M 61.38M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $453.5M $123.1M $123.1M
YoY Change 90.4% -51.92% -51.92%
Cash & Equivalents $272.0M $121.6M $121.6M
Short-Term Investments $181.5M $1.474M $1.474M
Other Short-Term Assets $34.59M $6.275M $6.275M
YoY Change 214.41% -34.51% -34.51%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $488.1M $129.4M $129.4M
YoY Change 95.87% -51.29% -51.29%
LONG-TERM ASSETS
Property, Plant & Equipment $4.578M $4.780M $33.39M
YoY Change -17.79% -19.6% -13.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.920M $2.315M $2.315M
YoY Change -17.28% -0.17% -0.17%
Total Long-Term Assets $34.14M $35.71M $35.71M
YoY Change -13.42% -12.33% -12.33%
TOTAL ASSETS
Total Short-Term Assets $488.1M $129.4M $129.4M
Total Long-Term Assets $34.14M $35.71M $35.71M
Total Assets $522.3M $165.1M $165.1M
YoY Change 80.94% -46.11% -46.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.214M $22.94M $22.94M
YoY Change -17.74% 336.13% 336.13%
Accrued Expenses $15.15M $28.16M $28.16M
YoY Change 18.19% 23.35% 23.35%
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 $22.36M $51.10M $51.10M
YoY Change 3.59% 81.91% 81.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $21.86M $22.70M $22.70M
YoY Change -12.97% -12.28% -12.28%
Total Long-Term Liabilities $21.86M $22.70M $22.70M
YoY Change -12.97% -12.28% -12.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.36M $51.10M $51.10M
Total Long-Term Liabilities $21.86M $22.70M $22.70M
Total Liabilities $44.22M $73.79M $73.79M
YoY Change -5.32% 36.75% 36.75%
SHAREHOLDERS EQUITY
Retained Earnings -$698.2M -$632.5M
YoY Change 58.4% 59.49%
Common Stock $9.000K $6.000K
YoY Change 50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $478.1M $91.29M $91.29M
YoY Change
Total Liabilities & Shareholders Equity $522.3M $165.1M $165.1M
YoY Change 80.94% -46.11% -46.11%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$65.65M -$66.64M -$235.9M
YoY Change 48.57% 71.63% 40.36%
Depreciation, Depletion And Amortization $400.0K $399.0K $1.700M
YoY Change 0.0% -0.5% 0.0%
Cash From Operating Activities -$78.54M -$35.01M -$188.2M
YoY Change 67.43% 19.92% 22.46%
INVESTING ACTIVITIES
Capital Expenditures $191.0K $82.00K $729.0K
YoY Change -16.96% -84.2% -76.23%
Acquisitions
YoY Change
Other Investing Activities -$179.6M $26.28M $84.04M
YoY Change -758.24% 33.01% -6.9%
Cash From Investing Activities -$179.8M $26.20M $83.31M
YoY Change -764.54% 36.18% -4.46%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 408.4M 147.0K 54.32M
YoY Change 1317.28% -99.6% 45.28%
NET CHANGE
Cash From Operating Activities -78.54M -35.01M -188.2M
Cash From Investing Activities -179.8M 26.20M 83.31M
Cash From Financing Activities 408.4M 147.0K 54.32M
Net Change In Cash 150.0M -8.663M -50.53M
YoY Change 1572.58% -131.79% 73.91%
FREE CASH FLOW
Cash From Operating Activities -$78.54M -$35.01M -$188.2M
Capital Expenditures $191.0K $82.00K $729.0K
Free Cash Flow -$78.73M -$35.09M -$188.9M
YoY Change 67.02% 18.1% 20.53%

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CY2022 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
85000
CY2023 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2017-12-01
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:0;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:Arial;font-style:italic;min-width:fit-content;">Use of estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Arial;font-style:italic;min-width:fit-content;"> </span></p><p style="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:Arial;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 revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and stock-based compensation expense. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p>
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:0;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:Arial;font-style:italic;min-width:fit-content;">Concentrations of credit risk and of significant suppliers</span></p><p style="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:Arial;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. The Company believes the depository institutions in which the cash and cash equivalents are held are of high-credit quality. The Company maintains its cash equivalents in money market funds that invest in U.S. treasury securities and highly liquid investments maturing within 90 days from the date of purchase. The Company’s marketable securities as of December 31, 2023 consisted of commercial paper, certificates of deposit, corporate debt securities and U.S. treasury securities. The Company has adopted an investment policy that limits the amounts the Company may invest in the securities of any single issuer with the exclusion of the U.S. government. The Company has not experienced any credit losses.</span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;"> </span></p><p style="font-size:10pt;margin-top:0;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Arial;min-width:fit-content;">The Company is dependent on a small number of third-party suppliers for its drug substance and drug product. In particular, the Company relies, and expects to continue to rely, on third-party suppliers for certain materials and components required for the development of its programs and future production of any product candidates it may develop for its programs. These programs could be adversely affected by a significant interruption in the supply process.</span></p>
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1474000
CY2023 us-gaap Number Of Operating Segments
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1
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1000
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174466000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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0
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AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
0
CY2023 dyn Cash And Cash Equivalents Maturity Period
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P90D
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172147000
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2315000
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572000
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83865000
CY2023Q4 dyn Fair Value Assets Transfers Amount
FairValueAssetsTransfersAmount
0
CY2022Q4 dyn Fair Value Assets Transfers Amount
FairValueAssetsTransfersAmount
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PropertyPlantAndEquipmentGross
10068000
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PropertyPlantAndEquipmentGross
9574000
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5288000
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3629000
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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EmployeeRelatedLiabilitiesCurrent
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CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5935000
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423000
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776000
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397000
CY2022Q4 us-gaap Accrued Professional Fees Current
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410000
CY2023Q4 dyn Accrued Research And Development Expenses Current
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12121000
CY2022Q4 dyn Accrued Research And Development Expenses Current
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11097000
CY2023Q4 dyn Accrued Facility Costs Current
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0
CY2022Q4 dyn Accrued Facility Costs Current
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CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
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23439000
CY2022Q4 us-gaap Accrued Liabilities And Other Liabilities
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18219000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.66
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.68
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Minimum
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate Maximum
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P6Y
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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P6Y
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38732000
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
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27801000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
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9914719
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
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CY2023 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
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CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
38732000
CY2023 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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8100000
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.28
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
6.24
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P3Y4M24D
CY2023 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
19972000
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15178000
CY2023 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.01
CY2023 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
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CY2022 dyn Effective Income Tax Rate Reconciliation Permanent Differences
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
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CY2023 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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-0.13
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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3122000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
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4176000
CY2023Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
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DeferredTaxAssetsOperatingLossCarryforwards
59998000
CY2023Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
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19424000
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DeferredTaxAssetsTaxCreditCarryforwards
11225000
CY2023Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
311000
CY2022Q4 us-gaap Deferred Tax Assets Property Plant And Equipment
DeferredTaxAssetsPropertyPlantAndEquipment
564000
CY2023Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
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CY2023Q4 us-gaap Deferred Tax Assets Other
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5759000
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8264000
CY2023Q4 us-gaap Deferred Tax Assets In Process Research And Development
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60902000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
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33515000
CY2023Q4 us-gaap Deferred Tax Assets Gross
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122424000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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145775000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023Q4 us-gaap Deferred Tax Assets Net
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6011000
CY2022Q4 us-gaap Deferred Tax Assets Net
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8802000
CY2023Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
6011000
CY2022Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
8802000
CY2023Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
6011000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
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8802000
CY2023Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
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0
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
113622000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Deferred Taxes Business Combination Valuation Allowance Available To Reduce Income Tax Expense
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0
CY2022 us-gaap Deferred Taxes Business Combination Valuation Allowance Available To Reduce Income Tax Expense
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0
CY2023 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
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50076000
CY2023Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
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CY2023 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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0
CY2022 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestExpense
0
CY2023 us-gaap Open Tax Year
OpenTaxYear
2020
CY2020Q4 dyn Facility Additional Area Leased
FacilityAdditionalAreaLeased
68187
CY2020Q4 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P8Y6M
CY2023 us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company has two options to extend the term of the Lease, each for a period of an additional five years; however, those renewals were not considered reasonably certain and were not included in the measurement of the right of use assets or lease obligation.
CY2023 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
The Company has two options to extend the term of the Lease, each for a period of an additional five years; however, those renewals were not considered reasonably certain and were not included in the measurement of the right of use assets or lease obligation
CY2020Q4 dyn Operating Lease Period Of Extension
OperatingLeasePeriodOfExtension
P5Y
CY2023 us-gaap Operating Lease Cost
OperatingLeaseCost
5420000
CY2021 us-gaap Operating Lease Cost
OperatingLeaseCost
5278000
CY2023 us-gaap Variable Lease Cost
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2125000
CY2021 us-gaap Variable Lease Cost
VariableLeaseCost
2113000
CY2023 us-gaap Lease Cost
LeaseCost
7545000
CY2021 us-gaap Lease Cost
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7391000
CY2023 us-gaap Operating Lease Payments
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4632000
CY2022 us-gaap Operating Lease Payments
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3247000
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P6Y3M
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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P7Y3M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.058
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.058
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4847000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4993000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5143000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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5297000
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5456000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
7034000
CY2023Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
32770000
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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5355000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
27415000
CY2023Q4 us-gaap Operating Lease Liability Current
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4720000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
22695000
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
27415000

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