$INZY
Inozyme Pharma, Inc.

2021 Q1 Form 10-K Financial Statement

#000156459021015250 Filed on March 25, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2019 Q4 2019
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.370M $4.590M
YoY Change 191.33% 31.52%
% of Gross Profit
Research & Development $6.603M $16.22M
YoY Change 3.01% 100.25%
% of Gross Profit
Depreciation & Amortization $160.0K $60.00K $80.00K
YoY Change 433.33% 166.67%
% of Gross Profit
Operating Expenses $10.97M $20.81M
YoY Change 38.78% 79.52%
Operating Profit -$10.97M -$20.81M
YoY Change 38.78%
Interest Expense $60.00K $1.110M
YoY Change -64.71% 296.43%
% of Operating Profit
Other Income/Expense, Net -$78.00K $1.082M
YoY Change -146.43% -75.13%
Pretax Income -$11.05M -$19.72M
YoY Change 42.76% 183.33%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$11.05M -$19.72M
YoY Change 42.8% 183.39%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$471.6K -$971.0K
COMMON SHARES
Basic Shares Outstanding 23.46M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2019 Q4 2019
SHORT-TERM ASSETS
Cash & Short-Term Investments $145.1M $47.10M
YoY Change 255.64% 9.03%
Cash & Equivalents $16.49M $31.61M $31.60M
Short-Term Investments $128.6M $15.50M
Other Short-Term Assets $2.800M $200.0K
YoY Change 600.0% 100.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $148.0M $47.46M $47.50M
YoY Change 258.35% 9.7%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000M $298.0K $300.0K
YoY Change 1150.0% 50.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.500M
YoY Change
Other Assets $3.300M $200.0K
YoY Change 725.0%
Total Long-Term Assets $10.90M $484.0K $400.0K
YoY Change 1457.14% 100.0%
TOTAL ASSETS
Total Short-Term Assets $148.0M $47.46M $47.50M
Total Long-Term Assets $10.90M $484.0K $400.0K
Total Assets $158.9M $47.94M $47.90M
YoY Change 278.33% 10.11%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.700M $901.0K $900.0K
YoY Change 6.25% -10.0%
Accrued Expenses $5.100M $2.335M $2.300M
YoY Change 54.55% 64.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.800M $3.236M $3.200M
YoY Change 38.78% 33.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.200M
YoY Change
Total Long-Term Liabilities $3.200M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.800M $3.236M $3.200M
Total Long-Term Liabilities $3.200M $0.00
Total Liabilities $10.00M $3.236M $3.200M
YoY Change 104.08% 33.33%
SHAREHOLDERS EQUITY
Retained Earnings -$34.65M
YoY Change
Common Stock $1.428M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $148.9M -$33.22M $44.70M
YoY Change
Total Liabilities & Shareholders Equity $158.9M $47.94M $47.90M
YoY Change 278.33% 10.11%

Cashflow Statement

Concept 2021 Q1 2019 Q4 2019
OPERATING ACTIVITIES
Net Income -$11.05M -$19.72M
YoY Change 42.8% 183.39%
Depreciation, Depletion And Amortization $160.0K $60.00K $80.00K
YoY Change 433.33% 166.67%
Cash From Operating Activities -$12.38M -$13.52M -$18.81M
YoY Change 97.54% 99.26%
INVESTING ACTIVITIES
Capital Expenditures $88.00K -$100.0K $139.0K
YoY Change -12.87% -153.46%
Acquisitions
YoY Change
Other Investing Activities $660.0K -$10.05M -$8.250M
YoY Change -119.94% -189.0%
Cash From Investing Activities $573.0K -$10.15M -$8.391M
YoY Change -116.81% -193.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 249.0K 40.00K 22.97M
YoY Change 4880.0% -28.11%
NET CHANGE
Cash From Operating Activities -12.38M -13.52M -18.81M
Cash From Investing Activities 573.0K -10.15M -8.391M
Cash From Financing Activities 249.0K 40.00K 22.97M
Net Change In Cash -11.55M -23.63M -4.231M
YoY Change 19.51% -113.42%
FREE CASH FLOW
Cash From Operating Activities -$12.38M -$13.52M -$18.81M
Capital Expenditures $88.00K -$100.0K $139.0K
Free Cash Flow -$12.46M -$13.42M -$18.95M
YoY Change 95.79% 106.42%

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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">3. Recent Accounting Pronouncements </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies that are adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recently Issued and Adopted Accounting Standards </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU No.&#160;2018-13,<font style="font-style:italic;">&#160;Disclosure Framework&#160;&#8211; Changes to the Disclosure Requirements for Fair Value Measurement </font>(&#8220;ASU 2018-13&#8221;), which modifies certain disclosure requirements on fair value measurements. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level&#160;3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU&#160;2018-13 is effective for fiscal years beginning after December&#160;15, 2019. The Company adopted ASU 2018-13 on January&#160;1, 2020 and the adoption did not have a material impact on its consolidated financial statements. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recently Issued Accounting Standards Adopted in 2021</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In February 2016, the FASB issued ASU 2016-02, <font style="font-style:italic;">Leases (&#8220;Topic 842&#8221;)</font>. The new standard, as amended, establishes a right-of-use model and requires a lessee to recognize on the balance sheet a right-of-use asset and corresponding lease liability for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations and comprehensive loss. As a result of the FASB&#8217;s issuance of ASU No.&#160;2020-05, <font style="font-style:italic;">&#8220;Revenue From Contracts With Customers (Topic 606) and Leases (Topic&#160;842): Effective Dates for Certain Entities&#8221;,</font> the new standard is effective for annual periods beginning after December&#160;15, 2021 for nonpublic entities, with early adoption permitted. On January 1, 2021, the Company adopted Topic 842 using the modified retrospective approach. The Company recorded operating lease assets (right-of-use assets) of $2.4 million and operating lease liabilities of $4.0 million and reversed a lease liability of $1.6 million related to straight-line rent and incentives. There was no impact to accumulated deficit upon adoption of Topic 842. The underlying assets of the Company&#8217;s leases are primarily office and laboratory space.</p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Recently Issued Accounting Standards Not Yet Adopted </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.17%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;&#160;&#160;<font style="font-size:10pt;">In June 2016, the FASB issued ASU No.&#160;2016-13, </font><font style="font-style:italic;font-size:10pt;">Financial Instruments-Credit Losses (&#8220;Topic 326&#8221;): Measurement of Credit Losses on Financial Instruments (&#8220;ASU 2016-13&#8221;)</font><font style="font-size:10pt;">. ASU 2016-13 and its subsequent related updates establish a new forward-looking &#8220;expected loss model&#8221; that requires entities to estimate current expected credit losses on accounts receivable and financial instruments by using all practical and relevant information. The new standard and its subsequent related updates are effective for fiscal years beginning after December&#160;15, 2022, including interim periods within those fiscal years, with early adoption permitted. The Company is currently assessing the impact that adopting this standard will have on its consolidated financial statements but does not expect it to be material. </font></p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In August 2018, the FASB issued ASU 2018-15, <font style="font-style:italic;">Intangibles-Goodwill and Other-Internal Use Software: Customer&#8217;s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is</font> <font style="font-style:italic;">a Service Contract (&#8220;ASU 2018-15&#8221;)</font>. ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. The accounting for the service element of a hosting arrangement that is a service contract is not affected by these amendments. ASU 2018-15 is effective for fiscal years beginning after December&#160;15, 2020, and interim periods within fiscal years beginning after December&#160;15, 2021 for all non-public entities, with early adoption permitted. The Company is currently assessing the impact that adopting this standard will have on its consolidated financial statements. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In December 2019, the FASB issued ASU 2019-12, <font style="font-style:italic;">Income Taxes &#8211; Simplifying the Accounting for Income Taxes</font>. The new guidance simplifies the accounting for income taxes by removing several exceptions in the current standard and adding guidance to reduce complexity in certain areas, such as requiring that an entity reflect the effect of an enacted change in tax laws or rates in the annual effective tax rate computation in the interim period that includes the enactment date. The new standard is effective for fiscal years beginning after December&#160;15, 2021, and interim periods within fiscal years beginning after December&#160;15, 2022 for all non-public entities, with early adoption permitted. The Company is currently assessing the impact that adopting this standard will have on its consolidated financial statements. </p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.17%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Estimates and judgments are based on historical information and other market-specific or various relevant assumptions, including, in certain circumstances, future projections that management believes to be reasonable under the circumstances. Actual results could differ materially from estimates. Significant estimates and assumptions are used for, but not limited to the accruals for research and development expenses, the fair value of equity instruments issued prior to the IPO, and the grant date fair value of stock-based awards. For equity instruments issued prior to the completion of the Company&#8217;s IPO, the Company utilized various valuation methodologies in accordance with the framework of the 2013 American Institute of Certified Public Accountants Technical Practice Aid,&#160;<font style="font-style:italic;">Valuation of Privately-Held Company Equity Securities Issued as Compensation</font>, to estimate the fair value of its equity instruments. The Company evaluates its estimates and assumptions on an ongoing basis. All revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p>
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<p style="margin-bottom:0pt;margin-top:12pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Off-Balance Sheet Risk </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term and long-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits and limits its exposure to credit risk by placing its cash with high credit quality financial institutions. The Company&#8217;s investments are comprised of U.S. Treasury and U.S. government agency debt securities and commercial paper of corporations. The Company mitigates credit risk by maintaining a diversified portfolio and limiting the amount of investment exposure as to institution, maturity and investment type. </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:9.06%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. </p>
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CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
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On July 17, 2020, the Company’s stockholders approved the 2020 Stock Incentive Plan (the “2020 Plan”), which became effective on July 23, 2020. The 2020 Plan provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. The number of shares of the Company’s common stock reserved for issuance under the 2020 Plan is 1,588,315 shares, plus the 426,065 shares of common stock remaining available for issuance under the 2017 Plan as of July 23, 2020. The number of shares reserved under the 2020 Plan shall be annually increased on January 1, 2021 and each January 1 thereafter through January 1, 2030 by the lower of (i) 4% of the number of shares of common stock outstanding on the first day of such fiscal year and (ii) an amount determined by the Company’s board of directors.As of the effective date of the 2020 Plan, no further awards will be made under the 2017 Plan. Any options or awards outstanding under the 2017 Plan remain outstanding and effective and are governed by their existing terms. The shares of the Company’s common stock subject to outstanding awards under the 2017 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right will be added back to the shares of common stock available for issuance under the 2020 Plan. No more than 1,588,315 shares of the Company’s common stock may be granted subject to incentive stock options under the 2020 Plan. As of December 31, 2020, 568,235 shares of common stock remain available for future issuance under the 2020 Plan. On January 1, 2021, the number of shares of common stock reserved under the 2020 Plan was increased by 935,398 shares.
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20000
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594000
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
222000
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408000
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4520000
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173000
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77000
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24571000
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9332000
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24199000
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9320000
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372000
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12000
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14900000
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3064457
CY2019 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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11325820

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