$FNCH
Finch Therapeutics Group, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057912 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.109M $5.164M
YoY Change -31.18% -46.3%
% of Gross Profit
Research & Development $0.00 $0.00
YoY Change -100.0% -100.0%
% of Gross Profit
Depreciation & Amortization $44.00K $43.00K
YoY Change -22.81% -96.85%
% of Gross Profit
Operating Expenses $6.109M $5.198M
YoY Change -38.17% -92.3%
Operating Profit -$6.109M -$5.198M
YoY Change -38.17% -92.28%
Interest Expense $227.0K $280.0K
YoY Change -45.95% -34.12%
% of Operating Profit
Other Income/Expense, Net $1.275M $1.322M
YoY Change -56.5% -5388.0%
Pretax Income -$4.834M -$3.876M
YoY Change -30.45% -94.25%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.834M -$3.876M
YoY Change -30.45% -93.94%
Net Earnings / Revenue
Basic Earnings Per Share -$3.01 -$2.41
Diluted Earnings Per Share -$3.01 -$2.41
COMMON SHARES
Basic Shares Outstanding 1.606M 1.606M
Diluted Shares Outstanding 1.606M 1.606M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.04M $20.76M
YoY Change -52.91% -50.19%
Cash & Equivalents $16.04M $20.76M
Short-Term Investments
Other Short-Term Assets $1.244M $413.0K
YoY Change -49.18% -74.28%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.28M $21.18M
YoY Change -52.66% -51.21%
LONG-TERM ASSETS
Property, Plant & Equipment $507.0K $551.0K
YoY Change -30.74% -55.85%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.349M $2.348M
YoY Change 1074.0%
Total Long-Term Assets $28.30M $28.92M
YoY Change -6.79% -18.87%
TOTAL ASSETS
Total Short-Term Assets $17.28M $21.18M
Total Long-Term Assets $28.30M $28.92M
Total Assets $45.58M $50.09M
YoY Change -31.83% -36.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $29.00K $47.00K
YoY Change -93.29% -98.16%
Accrued Expenses $4.433M $3.386M
YoY Change -51.51% -68.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.462M $3.499M
YoY Change -53.4% -73.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $26.90M $27.56M
YoY Change
Total Long-Term Liabilities $26.90M $27.56M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.462M $3.499M
Total Long-Term Liabilities $26.90M $27.56M
Total Liabilities $31.36M $31.05M
YoY Change -19.52% -32.62%
SHAREHOLDERS EQUITY
Retained Earnings -$359.1M -$354.3M
YoY Change 4.11% 4.33%
Common Stock $373.3M $373.3M
YoY Change 0.13% 0.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.22M $19.04M
YoY Change
Total Liabilities & Shareholders Equity $45.58M $50.09M
YoY Change -31.83% -36.62%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$4.834M -$3.876M
YoY Change -30.45% -93.94%
Depreciation, Depletion And Amortization $44.00K $43.00K
YoY Change -22.81% -96.85%
Cash From Operating Activities -$4.726M -$4.362M
YoY Change -48.39% -67.4%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
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
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -4.726M -4.362M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 0.000
Net Change In Cash -4.726M -4.362M
YoY Change -40.05% -85.24%
FREE CASH FLOW
Cash From Operating Activities -$4.726M -$4.362M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$4.726M -$4.362M
YoY Change -48.39% -67.44%

Facts In Submission

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23110000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27472000
CY2023Q1 us-gaap Depreciation
Depreciation
1400000
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
13100000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1153000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1301000
CY2024Q1 fnch Refundable Tax Credited
RefundableTaxCredited
0
CY2023Q4 fnch Refundable Tax Credited
RefundableTaxCredited
418000
CY2024Q1 us-gaap Restructuring Reserve
RestructuringReserve
66000
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
260000
CY2024Q1 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
10000
CY2023Q4 us-gaap Accrued Employee Benefits Current
AccruedEmployeeBenefitsCurrent
125000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
215000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
116000
CY2024Q1 fnch Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
1444000
CY2023Q4 fnch Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
2220000
CY2024Q1 fnch Transfers Between Fair Value Levels
TransfersBetweenFairValueLevels
0
CY2023Q4 fnch Transfers Between Fair Value Levels
TransfersBetweenFairValueLevels
0
CY2024Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26018000
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
26584000
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2008000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1723000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
27555000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
28403000
CY2024Q1 fnch Lease Liabilities
LeaseLiabilities
29563000
CY2023Q4 fnch Lease Liabilities
LeaseLiabilities
30126000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1202000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1723000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
13000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
421000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
445000
CY2024Q1 us-gaap Sublease Income
SubleaseIncome
1042000
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
1053000
CY2024Q1 us-gaap Lease Cost
LeaseCost
581000
CY2023Q1 us-gaap Lease Cost
LeaseCost
1128000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y9M18D
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.085
CY2024Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-563000
CY2023Q1 us-gaap Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
-1066000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
3197000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
4931000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
5071000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
5215000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
5364000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
17026000
CY2024Q1 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
40804000
CY2024Q1 fnch Interest Portion Of Operating Leases Future Minimum Payments Due
InterestPortionOfOperatingLeasesFutureMinimumPaymentsDue
-11241000
CY2024Q1 fnch Present Value Of Future Minimum Lease Payments
PresentValueOfFutureMinimumLeasePayments
29563000
CY2024Q1 fnch Operating Subleases Undiscounted Cash Flows Received Next Twelve Months
OperatingSubleasesUndiscountedCashFlowsReceivedNextTwelveMonths
3174000
CY2024Q1 fnch Operating Subleases Undiscounted Cash Flows Received Year Two
OperatingSubleasesUndiscountedCashFlowsReceivedYearTwo
3135000
CY2024Q1 fnch Operating Subleases Undiscounted Cash Flows Received
OperatingSubleasesUndiscountedCashFlowsReceived
6309000
CY2023Q1 us-gaap Restructuring Charges
RestructuringCharges
3200000
CY2024Q1 us-gaap Restructuring Costs
RestructuringCosts
3900000
CY2024Q1 fnch Commitments And Contingencies Due In Next Twelve Months
CommitmentsAndContingenciesDueInNextTwelveMonths
20000
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote
CY2024Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
28000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1180000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3876000
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3876000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-3876000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-62347000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-62347000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-62347000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1605763
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1605763
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1602852
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1602852
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.41
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.41
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-39.19
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-39.19
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47108
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
75271

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