2022 Q1 Form 10-Q Financial Statement
#000095017022008015 Filed on May 06, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
Revenue | $0.00 | $0.00 |
YoY Change | ||
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $4.673M | $4.700M |
YoY Change | -0.57% | |
% of Gross Profit | ||
Research & Development | $9.804M | $11.79M |
YoY Change | -16.82% | 43.43% |
% of Gross Profit | ||
Depreciation & Amortization | $0.00 | $65.00K |
YoY Change | -100.0% | -15.58% |
% of Gross Profit | ||
Operating Expenses | $15.18M | $16.49M |
YoY Change | -7.96% | 71.22% |
Operating Profit | -$15.18M | -$16.49M |
YoY Change | -7.96% | 71.22% |
Interest Expense | $66.00K | $1.848M |
YoY Change | -96.43% | 1107.84% |
% of Operating Profit | ||
Other Income/Expense, Net | $3.000K | $700.0K |
YoY Change | -99.57% | |
Pretax Income | -$15.23M | -$19.05M |
YoY Change | -20.05% | |
Income Tax | ||
% Of Pretax Income | ||
Net Earnings | -$15.23M | -$19.05M |
YoY Change | -20.04% | 95.44% |
Net Earnings / Revenue | ||
Basic Earnings Per Share | -$10.67 | |
Diluted Earnings Per Share | -$352.5K | -$594.8K |
COMMON SHARES | ||
Basic Shares Outstanding | 43.21M | |
Diluted Shares Outstanding | 923.8K |
Balance Sheet
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $119.1M | $185.0M |
YoY Change | -35.64% | |
Cash & Equivalents | $119.1M | $185.0M |
Short-Term Investments | ||
Other Short-Term Assets | $5.004M | $3.600M |
YoY Change | 39.0% | |
Inventory | ||
Prepaid Expenses | $4.681M | $3.619M |
Receivables | ||
Other Receivables | ||
Total Short-Term Assets | $124.1M | $188.6M |
YoY Change | -34.22% | |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $229.0K | |
YoY Change | ||
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | $217.0K | $225.0K |
YoY Change | -3.56% | |
Total Long-Term Assets | $217.0K | $777.0K |
YoY Change | -72.07% | |
TOTAL ASSETS | ||
Total Short-Term Assets | $124.1M | $188.6M |
Total Long-Term Assets | $217.0K | $777.0K |
Total Assets | $124.3M | $189.4M |
YoY Change | -34.37% | |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $5.110M | $3.562M |
YoY Change | 43.46% | |
Accrued Expenses | $3.405M | $5.200M |
YoY Change | -34.52% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $4.159M | $5.000M |
YoY Change | -16.82% | |
Total Short-Term Liabilities | $12.67M | $13.78M |
YoY Change | -8.0% | |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $4.100M |
YoY Change | -100.0% | |
Other Long-Term Liabilities | $0.00 | $300.0K |
YoY Change | -100.0% | |
Total Long-Term Liabilities | $0.00 | $4.400M |
YoY Change | -100.0% | |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $12.67M | $13.78M |
Total Long-Term Liabilities | $0.00 | $4.400M |
Total Liabilities | $12.67M | $18.22M |
YoY Change | -30.44% | |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$199.9M | -$131.9M |
YoY Change | 51.61% | |
Common Stock | $4.000K | $4.000K |
YoY Change | 0.0% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $111.6M | $171.2M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $124.3M | $189.4M |
YoY Change | -34.37% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$15.23M | -$19.05M |
YoY Change | -20.04% | 95.44% |
Depreciation, Depletion And Amortization | $0.00 | $65.00K |
YoY Change | -100.0% | -15.58% |
Cash From Operating Activities | -$16.34M | -$15.01M |
YoY Change | 8.87% | 51.88% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $100.0K | |
YoY Change | ||
Acquisitions | ||
YoY Change | ||
Other Investing Activities | ||
YoY Change | ||
Cash From Investing Activities | -$100.0K | |
YoY Change | ||
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -1.225M | 195.5M |
YoY Change | -100.63% | 872.88% |
NET CHANGE | ||
Cash From Operating Activities | -16.34M | -15.01M |
Cash From Investing Activities | -100.0K | |
Cash From Financing Activities | -1.225M | 195.5M |
Net Change In Cash | -17.56M | 180.5M |
YoY Change | -109.73% | 1667.19% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$16.34M | -$15.01M |
Capital Expenditures | $100.0K | |
Free Cash Flow | -$16.44M | |
YoY Change |
Facts In Submission
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Gemini Therapeutics, Inc. /DE | |
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DE | |
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297 Boston Post Road #248 | |
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MA | |
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CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
4826000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
119387000 | |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
185309000 | |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
47000 | |
CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
60000 | |
CY2022Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
0 | |
CY2021Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
14515000 | |
CY2021Q1 | gmtx |
Exercise Of Warrants
ExerciseOfWarrants
|
76000 | |
CY2021Q1 | gmtx |
Unpaid Issuance Costs In Accounts Payable And Accrued Expenses And Other Current Liabilities
UnpaidIssuanceCostsInAccountsPayableAndAccruedExpensesAndOtherCurrentLiabilities
|
437000 | |
CY2022Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p 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: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;min-width:fit-content;">1. Nature of the business</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">In February 2022, the Company announced a corporate restructuring and that it initiated a process to evaluate strategic alternatives. The Company expects to devote substantial time and resources to exploring strategic alternatives that its board of directors believes will maximize shareholder value. Despite devoting significant efforts to identify and evaluate potential strategic alternatives, there can be no assurance that this strategic review process will result in the Company pursuing any transaction or that any transaction, if pursued, will be completed on attractive terms or at all. The Company has not set a timetable for completion of this strategic review process, and its board of directors has not approved a definitive course of action. Additionally, there can be no assurances that any particular course of action, business arrangement or transaction, or series of transactions, will be pursued, successfully consummated or lead to increased stockholder value or that the Company will make any additional cash distributions to its stockholders.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;"> 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;min-width:fit-content;">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;min-width:fit-content;"> million.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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;min-width:fit-content;">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;min-width:fit-content;">, to these condensed consolidated financial statements.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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 ongoing and evolving 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:10.0pt;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;min-width:fit-content;">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</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;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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 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:10.0pt;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;min-width:fit-content;">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="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;min-width:fit-content;">$</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;min-width:fit-content;">119.1</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;min-width:fit-content;"> million</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;min-width:fit-content;"> of cash and cash equivalents as of March 31, 2022 will enable it to fund its planned operations for at least twelve months from the issuance date of these condensed consolidated financial statements, though the Company may raise additional capital 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. Furthermore, the operating plan could materially change depending on the outcome of our ongoing strategic alternative review process, including to the extent we identify and enter into any potential strategic transaction. 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><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">Impact of the COVID-19 Pandemic</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">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:10.0pt;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;min-width:fit-content;">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 condensed consolidated financial statements. Although the COVID-19 pandemic did not have a significant impact on the Company’s condensed consolidated financial results in the first quarter of 2022, 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> | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
119100000 | |
CY2021Q1 | gmtx |
Net Proceeds From Business Combination
NetProceedsFromBusinessCombination
|
195900000 | |
CY2021Q1 | us-gaap |
Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
|
21000000.0 | |
CY2021Q1 | gmtx |
Equity Issuance Costs And Other Costs
EquityIssuanceCostsAndOtherCosts
|
-20960000 | |
CY2021Q1 | 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 | |
CY2022Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">Use of estimates</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:10.0pt;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;min-width:fit-content;">The preparation of the unaudited condensed consolidated 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> | |
CY2022Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
300000 | |
CY2021Q4 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
300000 | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
119064000 | |
CY2021Q4 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
136627000 | |
CY2022Q1 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
323000 | |
CY2021Q4 | us-gaap |
Restricted Cash Noncurrent
RestrictedCashNoncurrent
|
323000 | |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
119387000 | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
136950000 | |
CY2022Q1 | gmtx |
Accrued Payroll And Benefits
AccruedPayrollAndBenefits
|
1756000 | |
CY2021Q4 | gmtx |
Accrued Payroll And Benefits
AccruedPayrollAndBenefits
|
2603000 | |
CY2022Q1 | gmtx |
Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
|
695000 | |
CY2021Q4 | gmtx |
Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
|
4031000 | |
CY2022Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
565000 | |
CY2021Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
233000 | |
CY2022Q1 | gmtx |
End Of Term Charge For Term Loan
EndOfTermChargeForTermLoan
|
376000 | |
CY2021Q4 | gmtx |
End Of Term Charge For Term Loan
EndOfTermChargeForTermLoan
|
0 | |
CY2022Q1 | gmtx |
Accrued Interest
AccruedInterest
|
13000 | |
CY2021Q4 | gmtx |
Accrued Interest
AccruedInterest
|
17000 | |
CY2022Q1 | gmtx |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
3405000 | |
CY2021Q4 | gmtx |
Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
|
6884000 | |
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 | |
CY2022Q1 | us-gaap |
Restructuring And Related Cost Number Of Positions Eliminated
RestructuringAndRelatedCostNumberOfPositionsEliminated
|
24 | |
CY2022Q1 | gmtx |
Percentage Of Workforce
PercentageOfWorkforce
|
0.80 | |
CY2022Q1 | us-gaap |
Restructuring Costs
RestructuringCosts
|
1700000 | |
CY2022Q1 | gmtx |
Unpaid Severance Costs
UnpaidSeveranceCosts
|
1500000 | |
CY2022Q1 | us-gaap |
Severance Costs1
SeveranceCosts1
|
1700000 | |
CY2021 | gmtx |
Unpaid Severance Costs
UnpaidSeveranceCosts
|
900000 | |
CY2020Q3 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
14000000.0 | |
CY2020Q3 | gmtx |
Accrued Simple Interest
AccruedSimpleInterest
|
0.08 | |
CY2021Q1 | us-gaap |
Other Expenses
OtherExpenses
|
700000 | |
CY2022Q1 | us-gaap |
Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
|
0 | |
CY2021Q1 | us-gaap |
Interest Expense Customer Deposits
InterestExpenseCustomerDeposits
|
1700000 | |
CY2021Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
10000000 | |
CY2021Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q1 | gmtx |
Preferred Stock Shares Outstanding1
PreferredStockSharesOutstanding1
|
0 | |
CY2022Q1 | gmtx |
Preferred Stock Shares Issued1
PreferredStockSharesIssued1
|
0 | |
CY2022Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
250000000 | |
CY2022Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
CY2022Q1 | us-gaap |
Dividends Common Stock
DividendsCommonStock
|
0 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
1728326 | |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1976000 | |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1593000 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-15231000 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-19048000 | |
CY2022Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
43212803 | |
CY2021Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
32027161 | |
CY2022Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.35 | |
CY2021Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.59 | |
CY2022Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
6752133 | |
CY2021Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5602935 | |
CY2022Q1 | us-gaap |
Costs And Expenses Related Party
CostsAndExpensesRelatedParty
|
0 | |
CY2021Q1 | us-gaap |
Costs And Expenses Related Party
CostsAndExpensesRelatedParty
|
100000 |