$IRON
Disc Medicine, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021027214 Filed on May 13, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.700M
YoY Change
% of Gross Profit
Research & Development $11.79M $8.217M
YoY Change 43.43%
% of Gross Profit
Depreciation & Amortization $65.00K $77.00K
YoY Change -15.58%
% of Gross Profit
Operating Expenses $16.49M $9.631M
YoY Change 71.22%
Operating Profit -$16.49M -$9.631M
YoY Change 71.22%
Interest Expense $1.848M $153.0K
YoY Change 1107.84%
% of Operating Profit
Other Income/Expense, Net $700.0K
YoY Change
Pretax Income -$19.05M
YoY Change
Income Tax
% Of Pretax Income
Net Earnings -$19.05M -$9.746M
YoY Change 95.44%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$594.8K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $185.0M
YoY Change
Cash & Equivalents $185.0M $13.52M
Short-Term Investments
Other Short-Term Assets $3.600M
YoY Change
Inventory
Prepaid Expenses $3.619M
Receivables
Other Receivables
Total Short-Term Assets $188.6M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $229.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $225.0K
YoY Change
Total Long-Term Assets $777.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $188.6M
Total Long-Term Assets $777.0K
Total Assets $189.4M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.562M
YoY Change
Accrued Expenses $5.200M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $5.000M
YoY Change
Total Short-Term Liabilities $13.78M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $4.100M
YoY Change
Other Long-Term Liabilities $300.0K
YoY Change
Total Long-Term Liabilities $4.400M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.78M
Total Long-Term Liabilities $4.400M
Total Liabilities $18.22M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$131.9M
YoY Change
Common Stock $4.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.2M $10.00K
YoY Change
Total Liabilities & Shareholders Equity $189.4M
YoY Change

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$19.05M -$9.746M
YoY Change 95.44%
Depreciation, Depletion And Amortization $65.00K $77.00K
YoY Change -15.58%
Cash From Operating Activities -$15.01M -$9.881M
YoY Change 51.88%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $20.08M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 195.5M 20.09M
YoY Change 872.88%
NET CHANGE
Cash From Operating Activities -15.01M -9.881M
Cash From Investing Activities
Cash From Financing Activities 195.5M 20.09M
Net Change In Cash 180.5M 10.21M
YoY Change 1667.19%
FREE CASH FLOW
Cash From Operating Activities -$15.01M -$9.881M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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<p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of estimates</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that effect 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 periods. 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&#8217;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.</p>
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CY2021Q1 us-gaap Nature Of Operations
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<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1. Nature of the business </p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Gemini Therapeutics, Inc. (the &#8220;Company&#8221; or &#8220;Gemini&#8221;) 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 and is currently located in Cambridge, Massachusetts.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unless the context otherwise requires, references in these notes to &#8220;Gemini&#8221;, &#8220;the Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221; and &#8220;our&#8221; and any related terms are intended to mean the post-Business Combination Gemini Therapeutics, Inc. and its consolidated subsidiary.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Business Combination Transaction</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On February 5, 2021 (the &#8220;Closing Date&#8221;), FS Development Corporation, a Delaware corporation (&#8220;FSDC&#8221;), consummated the previously announced business combination (the &#8220;Business Combination&#8221;) 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 &#8220;Merger Agreement&#8221;), by and among Gemini Therapeutics, Inc., a Delaware corporation (&#8220;Old Gemini&#8221;), 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 &#8220;Stockholders&#8217; Representative&#8221;), FSDC and FSG Merger Sub Inc., a Delaware corporation (&#8220;Merger Sub&#8221;).</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">On the day prior to the Closing Date, Old Gemini changed its name to &#8220;Gemini Therapeutics Sub, Inc.&#8221; Pursuant to the Merger Agreement, on the Closing Date, (i) FSDC changed its name to &#8220;Gemini Therapeutics, Inc.&#8221; and (ii) Old Gemini merged with and into Merger Sub (the &#8220;Merger&#8221;), 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.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the Business Combination, certain investors purchased an aggregate of $95.1 million of the Company&#8217;s Common Stock in a private placement of public equity (the &#8220;PIPE Financing&#8221;). Together with FSDC&#8217;s cash resources and funding of the PIPE Financing, the Company received net proceeds of approximately $195.9 million.</p> <p style="text-align:justify;margin-bottom:0pt;margin-top:10pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For additional information on the Business Combination, please refer to Note 3, <font style="font-style:italic;">Business Combination</font>, to these condensed consolidated financial statements.</p>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of credit risk and of significant suppliers</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p> <p style="text-align:justify;margin-top:10pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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.</p>
CY2021Q1 us-gaap Cash Available For Distributions
CashAvailableForDistributions
185000000
CY2021Q1 gmtx Net Proceeds From Business Combination
NetProceedsFromBusinessCombination
195900000
CY2021Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
21000000
CY2021Q1 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
20523000
CY2021Q1 gmtx Other Issuance Costs Included In Accounts Payable And Accrued Expenses And Other Current Liabilities
OtherIssuanceCostsIncludedInAccountsPayableAndAccruedExpensesAndOtherCurrentLiabilities
437000
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
CY2021Q1 us-gaap Property Plant And Equipment Estimated Useful Lives
PropertyPlantAndEquipmentEstimatedUsefulLives
Shorter of the useful life of the asset
CY2021Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q4 us-gaap Deferred Offering Costs
DeferredOfferingCosts
2600000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Exercised
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised
15257
CY2021Q1 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2021Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
184061000
CY2020Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
4015000
CY2020Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
76000
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
CY2020Q1 gmtx Warrant Liability
WarrantLiability
66000
CY2021Q1 gmtx Accrued Payroll And Benefits
AccruedPayrollAndBenefits
726000
CY2020Q4 gmtx Accrued Payroll And Benefits
AccruedPayrollAndBenefits
1500000
CY2021Q1 gmtx Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
3794000
CY2020Q4 gmtx Accrued Research And Development Expense
AccruedResearchAndDevelopmentExpense
3136000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
577000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
691000
CY2021Q1 gmtx Accrued Interest
AccruedInterest
30000
CY2020Q4 gmtx Accrued Interest
AccruedInterest
437000
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
87000
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
46000
CY2020Q3 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
14000000
CY2020Q3 gmtx Accrued Simple Interest
AccruedSimpleInterest
0.08
CY2021Q1 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
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
CY2021Q1 gmtx Preferred Stock Shares Outstanding1
PreferredStockSharesOutstanding1
0
CY2021Q1 gmtx Preferred Stock Shares Issued1
PreferredStockSharesIssued1
0
CY2021Q1 gmtx Common Stock Share Issue
CommonStockShareIssue
42998664
CY2021Q1 gmtx Common Stock Share Outstanding
CommonStockShareOutstanding
43002144
CY2021Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1593000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
94000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5602935
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2213810
CY2021Q1 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
105000

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