$IRON
Disc Medicine, Inc.

2022 Q1 Form 10-K Financial Statement

#000095017022003288 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.673M $5.108M $20.09M
YoY Change -0.57% 1547.74% 2349.39%
% of Gross Profit
Research & Development $9.804M $12.63M $48.72M
YoY Change -16.82% 72.94%
% of Gross Profit
Depreciation & Amortization $0.00 $46.00K $231.0K
YoY Change -100.0% -28.26%
% of Gross Profit
Operating Expenses $15.18M $17.74M $69.00M
YoY Change -7.96% 5623.23% 102.71%
Operating Profit -$15.18M -$69.00M
YoY Change -7.96% 102.71%
Interest Expense $66.00K -$81.00K $2.158M
YoY Change -96.43% -68.39%
% of Operating Profit
Other Income/Expense, Net $3.000K $0.00 $700.0K
YoY Change -99.57%
Pretax Income -$15.23M -$17.82M -$71.87M
YoY Change -20.05% 5649.35% 8772.72%
Income Tax
% Of Pretax Income
Net Earnings -$15.23M -$17.82M -$71.87M
YoY Change -20.04% 5649.35% 75.99%
Net Earnings / Revenue
Basic Earnings Per Share -$10.67 -$40.95
Diluted Earnings Per Share -$352.5K -$412.9K -$1.781M
COMMON SHARES
Basic Shares Outstanding 43.21M 43.11M 878.4K
Diluted Shares Outstanding 923.8K 878.4K

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $119.1M $136.6M $136.6M
YoY Change -35.64% 11285.58% 11285.58%
Cash & Equivalents $119.1M $136.6M $136.6M
Short-Term Investments
Other Short-Term Assets $5.004M $3.473M $3.473M
YoY Change 39.0% 3373.0% 3373.0%
Inventory
Prepaid Expenses $4.681M $3.250M
Receivables
Other Receivables
Total Short-Term Assets $124.1M $140.1M $140.1M
YoY Change -34.22% 2666.04% 10676.92%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $217.0K $237.0K $337.0K
YoY Change -3.56% -99.8% -99.72%
Total Long-Term Assets $217.0K $337.0K $337.0K
YoY Change -72.07% -89.64% -99.72%
TOTAL ASSETS
Total Short-Term Assets $124.1M $140.1M $140.1M
Total Long-Term Assets $217.0K $337.0K $337.0K
Total Assets $124.3M $140.4M $140.4M
YoY Change -34.37% 1588.15% 15.02%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.110M $2.950M $2.950M
YoY Change 43.46% 24.11%
Accrued Expenses $3.405M $6.884M $6.884M
YoY Change -34.52% 1276.8% 1276.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.159M $5.000M $5.000M
YoY Change -16.82% -57.22%
Total Short-Term Liabilities $12.67M $14.83M $14.83M
YoY Change -8.0% -40.37% 2372.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $404.0K $404.0K
YoY Change -100.0%
Other Long-Term Liabilities $0.00 $358.0K $358.0K
YoY Change -100.0% -91.48% -91.48%
Total Long-Term Liabilities $0.00 $762.0K $762.0K
YoY Change -100.0% -81.86% -81.86%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.67M $14.83M $14.83M
Total Long-Term Liabilities $0.00 $762.0K $762.0K
Total Liabilities $12.67M $15.60M $15.60M
YoY Change -30.44% -48.32% 224.92%
SHAREHOLDERS EQUITY
Retained Earnings -$199.9M -$184.7M
YoY Change 51.61% 63.7%
Common Stock $4.000K $4.000K
YoY Change 0.0% 100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.6M $124.8M $124.8M
YoY Change
Total Liabilities & Shareholders Equity $124.3M $140.4M $140.4M
YoY Change -34.37% 1588.15% 15.02%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$15.23M -$17.82M -$71.87M
YoY Change -20.04% 5649.35% 75.99%
Depreciation, Depletion And Amortization $0.00 $46.00K $231.0K
YoY Change -100.0% -28.26%
Cash From Operating Activities -$16.34M -$12.67M -$59.70M
YoY Change 8.87% 5407.83% 82.52%
INVESTING ACTIVITIES
Capital Expenditures $100.0K -$10.00K $71.00K
YoY Change 222.73%
Acquisitions
YoY Change
Other Investing Activities $415.0K $415.0K
YoY Change -100.34%
Cash From Investing Activities -$100.0K $405.0K $344.0K
YoY Change -1663.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.225M -1.179M 191.5M
YoY Change -100.63% 459.11%
NET CHANGE
Cash From Operating Activities -16.34M -12.67M -59.70M
Cash From Investing Activities -100.0K 405.0K 344.0K
Cash From Financing Activities -1.225M -1.179M 191.5M
Net Change In Cash -17.56M -13.44M 132.1M
YoY Change -109.73% 5744.35% 8609.56%
FREE CASH FLOW
Cash From Operating Activities -$16.34M -$12.67M -$59.70M
Capital Expenditures $100.0K -$10.00K $71.00K
Free Cash Flow -$16.44M -$12.66M -$59.77M
YoY Change 82.62%

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CY2021 us-gaap Nature Of Operations
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<p id="notes_to_financial_statements" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Gemini Therapeutics, Inc.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"><br/></span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Notes to Consolidated Financial Statements</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1. Nature of the business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Gemini Therapeutics Inc. (the “Company” or “Gemini”) is a clinical-stage precision medicine company developing novel therapeutic compounds to treat genetically defined, age-related macular degeneration. The Company was founded on March 3, 2015.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Unless the context otherwise requires, references in these notes to “Gemini”, “the Company”, “we”, “us” and “our” and any related terms are intended to mean Gemini Therapeutics, Inc. and its consolidated subsidiary following the Business Combination (as defined below).</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Since its inception, the Company has devoted substantially all its efforts and financial resources to organizing and staffing the Company, business planning, raising capital, discovering product candidates and securing related intellectual property rights and conducting research and development activities for its product candidates. In January 2022, the Company discontinued both of its Phase 2a clinical trials for GEM103. The Company's other product candidate, GEM307, is in the preclinical stage of development.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On February 5, 2021 (the “Closing Date”), FS Development Corporation, a Delaware corporation (“FSDC”), consummated the previously announced business combination (the “Business Combination”) pursuant to the terms of the Agreement and Plan of Merger, dated as of October 15, 2020 (as amended, supplemented or otherwise modified from time to time, the “Merger Agreement”), by and among Gemini Therapeutics, Inc., a Delaware corporation (“Old Gemini”), Shareholder Representative Services LLC, a Colorado limited liability company solely in its capacity as the representative, agent and attorney-in-fact of the Company Securityholders (the “Stockholders’ Representative”), FSDC and FSG Merger Sub Inc., a Delaware corporation (“Merger Sub”).</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">FSDC was incorporated in Delaware on June 25, 2020 and was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On the day prior to the Closing Date, Old Gemini changed its name to “Gemini Therapeutics Sub, Inc.” Pursuant to the Merger Agreement, on the Closing Date, (i) FSDC changed its name to “Gemini Therapeutics, Inc.” and (ii) Old Gemini merged with and into Merger Sub (the “Merger”), with Old Gemini as the surviving company in the Merger and, after giving effect to such Merger, Old Gemini becoming a wholly-owned subsidiary of Gemini. Upon the closing of the Business Combination, and pursuant to the terms of the Merger Agreement, the existing shareholders of Old Gemini exchanged their interests for shares of common stock of Gemini.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In connection with the Business Combination, certain investors purchased an aggregate of $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">95.1</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million of the Company’s Common Stock in a private placement of public equity (the “PIPE Financing”). Together with FSDC’s cash resources and funding of the PIPE Financing, the Company received net proceeds of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">195.9</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">For additional information on the Business Combination, please refer to Note 2, </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Business Combination</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, to these consolidated financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, uncertainty of product development and commercialization, lack of marketing and sales history, development by its competitors of new technological innovations, dependence on key personnel, market acceptance of products, product liability, protection of proprietary technology, ability to raise additional financing, compliance with government regulations and the impact of the novel coronavirus disease (“COVID-19”) pandemic. If the Company does not successfully commercialize any of its product candidates, it will be unable to generate recurring product revenue or achieve profitability.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company’s product candidates will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">operates in an environment of rapid change in technology and is dependent upon the services of its employees, consultants, third-party contract research organizations and other third-party organizations.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Prior to the Business Combination, the Company primarily financed its operations through the sale of convertible preferred stock, borrowings under convertible promissory notes and borrowings under loan agreements. The Company believes that its $</span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">136.6</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million of cash and cash equivalents as of December 31, 2021 will enable it to fund its planned operations for at least twelve months from the issuance date of these consolidated financial statements, though the Company may raise additional capital</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> through a combination of equity offerings, debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements. Management’s expectations with respect to its ability to fund current planned operations is based on estimates that are subject to risks and uncertainties. Its operating plan may change as a result of many factors currently unknown to management, and there can be no assurance that the current operating plan will be achieved in the time frame anticipated by the Company, and it may need to seek additional funds sooner than anticipated. If adequate funds are not available to the Company on a timely basis, on acceptable terms or at all, management may be required to delay, limit, reduce or terminate certain of its research, product development or future commercialization efforts, obtain funds through arrangements with collaborators on terms unfavorable to the Company, or pursue merger or acquisition strategies, all of which could adversely affect the holdings or the rights of its stockholders.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Impact of the COVID-19 Pandemic</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">In March 2020, the World Health Organization declared the COVID-19 outbreak a pandemic. The ongoing COVID-19 pandemic and the increased prevalence of variants of the virus, and government measures taken in response, have had a significant impact, both direct and indirect, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The ongoing COVID-19 pandemic and related impacts have resulted in and will likely continue to result in significant disruptions to the global economy and capital markets around the world. The Company cannot predict the future progression or full impact of the outbreak and its effects on the Company’s business and operations.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company has not incurred impairment losses in the carrying values of its assets as a result of the ongoing COVID-19 pandemic, and it is not aware of any specific related event or circumstance that would require it to revise its estimates reflected in these consolidated </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">financial statements. Although the COVID-19 pandemic did not have a significant impact on the Company’s financial results in 2021, the full extent to which the ongoing COVID-19 pandemic may impact the Company’s business, results of operations, financial condition and cash flows will depend on future developments that are highly uncertain, and the estimates of the impact on the Company’s business may change based on new information that may emerge concerning COVID-19, including the duration of the pandemic, any potential subsequent waves or strains of COVID-19 infection, the effectiveness, distribution and acceptance of COVID-19 vaccines and the actions to contain it or treat its impact and the economic impact on local, regional, national and international markets.</span></p>
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
136600000
CY2021Q1 gmtx Net Proceeds From Business Combination
NetProceedsFromBusinessCombination
195900000
CY2021Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
21000000.0
CY2021 gmtx Equity Issuance Costs And Other Costs
EquityIssuanceCostsAndOtherCosts
-20960000
CY2021 us-gaap Proceeds From Sales Of Business Affiliate And Productive Assets
ProceedsFromSalesOfBusinessAffiliateAndProductiveAssets
195882000
CY2021Q1 gmtx Number Of Shares Issued Due To Business Combination And Private Investment In Public Equity
NumberOfSharesIssuedDueToBusinessCombinationAndPrivateInvestmentInPublicEquity
25041150
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
42998664
CY2021 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates contained within these financial statements include, but are not limited to, the accruals of research and development expenses, share-based awards utilized for stock-based compensation purposes, and, prior to the Business Combination, the estimated fair value of the Company’s common stock and warrant liability. 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. Actual results may differ materially from those estimates or assumptions.</span></p>
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
300000
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
136627000
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
4503000
CY2021Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
323000
CY2020Q4 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
323000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
136950000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4826000
CY2021 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:2.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Concentration of credit risk and of significant suppliers</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in accredited financial institutions in amounts that could exceed federally insured limits. Cash equivalents are invested in money market funds. The Company maintains each of its cash balances with high-quality and accredited financial institutions and accordingly, such funds are not exposed to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The Company is dependent on third-party manufacturers to supply products for research and development activities in its programs. In particular, the Company relies and expects to continue to rely on a small number of manufacturers to supply its requirements for the active pharmaceutical ingredients and formulated drugs related to these programs. These programs could be adversely affected by a significant interruption in the supply of active pharmaceutical ingredients and formulated drugs.</span></p>
CY2021 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Shorter of the useful life of the asset or the life of the lease
CY2021Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2600000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
15257
CY2021 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1900000
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
15257
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.46
CY2019Q1 gmtx Contractual Term Of Issuance
ContractualTermOfIssuance
P10Y
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
15257
CY2019Q4 gmtx Warrant Liability
WarrantLiability
68000
CY2020 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
8000
CY2020Q4 gmtx Warrant Liability
WarrantLiability
76000
CY2021 gmtx Exercise Of Warrants
ExerciseOfWarrants
76000
CY2021Q4 gmtx Warrant Liability
WarrantLiability
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
0
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
955000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
0
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
661000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
0
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
294000
CY2021 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
200000
CY2020 us-gaap Cost Of Goods And Services Sold Depreciation
CostOfGoodsAndServicesSoldDepreciation
300000
CY2021 us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
300000
CY2021Q4 gmtx Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
4031000
CY2020Q4 gmtx Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
3136000
CY2021Q4 gmtx Accrued Payroll And Benefits
AccruedPayrollAndBenefits
2603000
CY2020Q4 gmtx Accrued Payroll And Benefits
AccruedPayrollAndBenefits
1500000
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
233000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
691000
CY2021Q4 gmtx Accrued Interest
AccruedInterest
17000
CY2020Q4 gmtx Accrued Interest
AccruedInterest
437000
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.88
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P7Y8M12D
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46000
CY2021Q4 gmtx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
6884000
CY2020Q4 gmtx Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
5810000
CY2021Q4 us-gaap Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
11
CY2021Q4 gmtx Percentage Of Workforce
PercentageOfWorkforce
0.26
CY2021Q4 us-gaap Severance Costs1
SeveranceCosts1
1400000
CY2021 us-gaap Restructuring Costs
RestructuringCosts
1400000
CY2021 us-gaap Severance Costs1
SeveranceCosts1
0.5
CY2021 gmtx Unpaid Severance Costs
UnpaidSeveranceCosts
0.9
CY2020Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
14000000.0
CY2020Q3 gmtx Accrued Simple Interest
AccruedSimpleInterest
0.08
CY2021 us-gaap Other Expenses
OtherExpenses
700000
CY2020Q4 us-gaap Long Term Debt
LongTermDebt
14000000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2311000
CY2020Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
11689000
CY2020Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
11689000
CY2020Q4 us-gaap Debt Current
DebtCurrent
0
CY2021 us-gaap Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
1700000
CY2020 us-gaap Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
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