$GYRE
GYRE THERAPEUTICS, INC.

2021 Q4 Form 10-K Financial Statement

#000156459022012877 Filed on March 31, 2022

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q1 2021
Revenue $2.440M $1.467M $7.300M
YoY Change 20.2% -91.04% -65.15%
Cost Of Revenue $2.454M $1.480M $7.380M
YoY Change 20.89% -66.96% -19.43%
Gross Profit -$14.00K -$10.00K -$42.00K
YoY Change -100.08% -100.36%
Gross Profit Margin -0.57% -0.68% -0.58%
Selling, General & Admin $4.164M $5.410M $18.96M
YoY Change -2.94% 46.61% 17.2%
% of Gross Profit
Research & Development $16.14M $17.01M $68.89M
YoY Change 10.82% 28.28% 30.04%
% of Gross Profit
Depreciation & Amortization $115.0K $45.00K $290.0K
YoY Change 80.0% 110.14%
% of Gross Profit
Operating Expenses $20.30M $22.43M $68.89M
YoY Change 7.74% 4.65% 30.04%
Operating Profit -$20.31M -$22.44M -$68.93M
YoY Change 7.82% 342.78% 67.37%
Interest Expense -$91.00K $17.00K $39.00K
YoY Change -403.33% -94.91% -93.05%
% of Operating Profit
Other Income/Expense, Net $75.00K -$17.00K -$87.00K
YoY Change -183.33% -950.0% -4.4%
Pretax Income -$20.33M -$22.44M -$87.93M
YoY Change 7.5% 454.07% 56.35%
Income Tax
% Of Pretax Income
Net Earnings -$20.33M -$22.44M -$87.90M
YoY Change 7.5% 453.61% 56.29%
Net Earnings / Revenue -833.16% -1529.52% -1204.11%
Basic Earnings Per Share -$2.87
Diluted Earnings Per Share -$647.1K -$790.4K -$2.870M
COMMON SHARES
Basic Shares Outstanding 30.64M
Diluted Shares Outstanding 30.64M

Balance Sheet

Concept 2021 Q4 2021 Q1 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.85M $107.0M $46.85M
YoY Change -40.97% 2.43% -40.99%
Cash & Equivalents $44.35M $83.04M $44.35M
Short-Term Investments $2.500M $24.00M $2.504M
Other Short-Term Assets $2.807M $8.500M $2.807M
YoY Change -58.72% 254.17% -58.72%
Inventory
Prepaid Expenses
Receivables $1.818M $1.000M $1.818M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $51.48M $116.5M $51.48M
YoY Change -42.49% 7.57% -42.48%
LONG-TERM ASSETS
Property, Plant & Equipment $970.0K $2.000M $3.714M
YoY Change 124.02% -4.76% 61.48%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $0.00 $0.00
YoY Change -100.0% -100.0%
Other Assets $472.0K $500.0K $472.0K
YoY Change -10.61% 150.0% -5.6%
Total Long-Term Assets $4.186M $2.600M $4.186M
YoY Change -21.55% 13.04% -21.02%
TOTAL ASSETS
Total Short-Term Assets $51.48M $116.5M $51.48M
Total Long-Term Assets $4.186M $2.600M $4.186M
Total Assets $55.66M $119.1M $55.66M
YoY Change -41.31% 7.69% -41.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.419M $3.000M $6.419M
YoY Change 8.23% 130.77% 8.8%
Accrued Expenses $7.516M $9.900M $7.516M
YoY Change -24.08% -5.71% -24.08%
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 $14.17M $14.20M $14.17M
YoY Change -20.4% 19.33% -20.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $408.0K $800.0K $408.0K
YoY Change -59.2% -33.33% -59.2%
Total Long-Term Liabilities $408.0K $800.0K $408.0K
YoY Change -59.2% -33.33% -59.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.17M $14.20M $14.17M
Total Long-Term Liabilities $408.0K $800.0K $408.0K
Total Liabilities $14.57M $15.00M $14.57M
YoY Change -22.39% 15.0% -22.48%
SHAREHOLDERS EQUITY
Retained Earnings -$402.7M -$337.2M
YoY Change 27.94% 28.42%
Common Stock $31.00K $31.00K
YoY Change 40.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $41.09M $104.1M $41.09M
YoY Change
Total Liabilities & Shareholders Equity $55.66M $119.1M $55.66M
YoY Change -41.31% 7.7% -41.28%

Cashflow Statement

Concept 2021 Q4 2021 Q1 2021
OPERATING ACTIVITIES
Net Income -$20.33M -$22.44M -$87.90M
YoY Change 7.5% 453.61% 56.29%
Depreciation, Depletion And Amortization $115.0K $45.00K $290.0K
YoY Change 80.0% 110.14%
Cash From Operating Activities -$17.68M -$24.36M -$83.76M
YoY Change -20.02% 408.48% 52.15%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$839.0K
YoY Change -100.0% 179.67%
Acquisitions
YoY Change
Other Investing Activities $2.866M $27.60M $49.03M
YoY Change -89.62% 0.73% 395.23%
Cash From Investing Activities $2.866M $27.58M $48.19M
YoY Change -89.62% 0.66% 398.7%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $49.30M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 49.46M 49.55M
YoY Change 52.82% -17.93%
NET CHANGE
Cash From Operating Activities -17.68M -24.36M -83.76M
Cash From Investing Activities 2.866M 27.58M 48.19M
Cash From Financing Activities 0.000 49.46M 49.55M
Net Change In Cash -14.81M 52.68M 13.99M
YoY Change -369.27% -4.2% -6.7%
FREE CASH FLOW
Cash From Operating Activities -$17.68M -$24.36M -$83.76M
Capital Expenditures $0.00 -$839.0K
Free Cash Flow -$17.68M -$82.92M
YoY Change -19.65% 51.45%

Facts In Submission

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:5.24%;white-space:nowrap" valign="top"> <p style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><span style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</span></p></td> <td valign="top"> <p id="NOTES_TO_CONSOLIDATED" style="margin-top:12pt;margin-bottom:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Nature of Operations</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;margin-left:5.24%;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Catalyst Biosciences, Inc. and its subsidiary (the “Company” or “Catalyst”) is a <span style="color:#000000;">fully integrated research and clinical development biopharmaceutical company with expertise in protease engineering, discovery, translational research, clinical development, and manufacturing. The Company is focused on advancing its protease product candidates in the fields of hemostasis and complement regulation.</span> <span style="color:#000000;">The Company is located in South San Francisco, California and operates in</span> one segment. </p>
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CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2044000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
410000
CY2021Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2454000
CY2021Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
69000
CY2021Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
2385000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
500000
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2603715
CY2021 cbio Cash Paid For Amounts Included In The Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInTheMeasurementOfLeaseLiabilities
1641000
CY2020 cbio Cash Paid For Amounts Included In The Measurement Of Lease Liabilities
CashPaidForAmountsIncludedInTheMeasurementOfLeaseLiabilities
602000
CY2021 cbio Prepaid Cash Payment For Lease Liabilities
PrepaidCashPaymentForLeaseLiabilities
208000
CY2021 us-gaap Operating Lease Payments
OperatingLeasePayments
1849000
CY2020 us-gaap Operating Lease Payments
OperatingLeasePayments
602000
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1350000
CY2020 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
44605
CY2020 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.04
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
250641
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
17930
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1337000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
5.31
CY2021 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
5000
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.63
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.26
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
593
CY2021 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
566.33
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2603630
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.70
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1513039
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.37
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
4.00
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.20
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2600000
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
3000000.0
CY2021 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
56912
CY2020 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
51056
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0000
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0000
CY2021 cbio Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0035
CY2020 cbio Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0058
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.0586
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.1226
CY2021 cbio Effective Income Tax Rate Reconciliation Derecognition
EffectiveIncomeTaxRateReconciliationDerecognition
0.0000
CY2020 cbio Effective Income Tax Rate Reconciliation Derecognition
EffectiveIncomeTaxRateReconciliationDerecognition
-0.4455
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.2626
CY2020 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.1225
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.0025
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseOther
-0.0038
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0000
CY2021 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1749000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4704000
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2021Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2020Q4 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
0
CY2021 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2000000.0
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1000000
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
1095000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
47541000
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
29505000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
12939000
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
7789000
CY2021Q4 cbio Deferred Tax Assets Fixed Assets And Intangibles
DeferredTaxAssetsFixedAssetsAndIntangibles
3000
CY2020Q4 cbio Deferred Tax Assets Fixed Assets And Intangibles
DeferredTaxAssetsFixedAssetsAndIntangibles
7000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
61483000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
38396000
CY2021 us-gaap Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
-23100000
CY2020 us-gaap Valuation Allowances And Reserves Period Increase Decrease
ValuationAllowancesAndReservesPeriodIncreaseDecrease
6900000
CY2021 cbio Research And Development Tax Credit Carry Forwards Derecognized
ResearchAndDevelopmentTaxCreditCarryForwardsDerecognized
15200000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
4700000
CY2020Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3000000.0
CY2019Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
1871000
CY2020 cbio Unrecognized Tax Benefits Increase Decrease Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreaseDecreaseResultingFromPriorPeriodTaxPositions
-295000
CY2020 us-gaap Unrecognized Tax Benefits Increases Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions
1379000
CY2021 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
39000
CY2020 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
561000
CY2021 cbio Miscellaneous Income Expense
MiscellaneousIncomeExpense
9000
CY2020 cbio Miscellaneous Income Expense
MiscellaneousIncomeExpense
659000
CY2021 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-87000
CY2020 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-91000
CY2020 cbio Interest And Other Income Expense Net
InterestAndOtherIncomeExpenseNet
1129000
CY2021Q1 cbio Underwriting Commissions And Offering Expenses Payable
UnderwritingCommissionsAndOfferingExpensesPayable
3600000
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49300000
CY2021Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.35
CY2021 us-gaap Severance Costs1
SeveranceCosts1
400000
CY2020 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2355700
CY2021 cbio Charges Related To Write Off Of Prepaid Manufacturing Cost
ChargesRelatedToWriteOffOfPrepaidManufacturingCost
3800000
CY2021 cbio Restructuring Liability
RestructuringLiability
200000
CY2021 us-gaap Restructuring Charges
RestructuringCharges
4168000

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