$LENZ
LENZ Therapeutics, Inc.

2022 Q1 Form 10-Q Financial Statement

#000156459022019862 Filed on May 12, 2022

View on sec.gov

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 $7.712M $3.991M
YoY Change 93.23% 3198.35%
% of Gross Profit
Research & Development $18.25M $5.377M
YoY Change 239.33%
% of Gross Profit
Depreciation & Amortization $400.0K $100.0K
YoY Change 300.0%
% of Gross Profit
Operating Expenses $25.96M $9.368M
YoY Change 177.09% 7642.15%
Operating Profit -$25.96M -$9.368M
YoY Change 177.09%
Interest Expense $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $123.0K -$10.34M
YoY Change -101.19%
Pretax Income -$25.84M -$19.71M
YoY Change 31.08% 13878.01%
Income Tax
% Of Pretax Income
Net Earnings -$25.84M -$19.71M
YoY Change 31.08% 13878.01%
Net Earnings / Revenue
Basic Earnings Per Share -$0.48
Diluted Earnings Per Share -$478.4K -$339.3K
COMMON SHARES
Basic Shares Outstanding 58.01M
Diluted Shares Outstanding 54.01M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $339.2M $177.0M
YoY Change 91.61%
Cash & Equivalents $185.1M $177.0M
Short-Term Investments $154.1M
Other Short-Term Assets $4.574M $3.251M
YoY Change 40.7%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $343.8M $180.3M
YoY Change 90.69%
LONG-TERM ASSETS
Property, Plant & Equipment $9.374M $1.918M
YoY Change 388.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $12.93M
YoY Change
Other Assets $711.0K $728.0K
YoY Change -2.34%
Total Long-Term Assets $34.85M $2.646M
YoY Change 1217.08%
TOTAL ASSETS
Total Short-Term Assets $343.8M $180.3M
Total Long-Term Assets $34.85M $2.646M
Total Assets $378.6M $182.9M
YoY Change 106.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.069M $1.606M
YoY Change 91.1%
Accrued Expenses $500.0K $4.787M
YoY Change -89.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $12.77M $6.393M
YoY Change 99.67%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.542M $64.00K
YoY Change 6996.88%
Total Long-Term Liabilities $4.542M $64.00K
YoY Change 6996.88%
TOTAL LIABILITIES
Total Short-Term Liabilities $12.77M $6.393M
Total Long-Term Liabilities $4.542M $64.00K
Total Liabilities $17.31M $6.457M
YoY Change 168.03%
SHAREHOLDERS EQUITY
Retained Earnings -$167.2M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $361.3M -$84.08M
YoY Change
Total Liabilities & Shareholders Equity $378.6M $182.9M
YoY Change 106.99%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$25.84M -$19.71M
YoY Change 31.08% 13878.01%
Depreciation, Depletion And Amortization $400.0K $100.0K
YoY Change 300.0%
Cash From Operating Activities -$21.24M -$8.060M
YoY Change 163.52% 201400.0%
INVESTING ACTIVITIES
Capital Expenditures $3.273M $360.0K
YoY Change 809.17%
Acquisitions
YoY Change
Other Investing Activities -$167.4M
YoY Change
Cash From Investing Activities -$170.7M -$360.0K
YoY Change 47307.22%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 165.8M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -21.24M -8.060M
Cash From Investing Activities -170.7M -360.0K
Cash From Financing Activities 0.000 165.8M
Net Change In Cash -191.9M 157.3M
YoY Change -221.96% -3933775.0%
FREE CASH FLOW
Cash From Operating Activities -$21.24M -$8.060M
Capital Expenditures $3.273M $360.0K
Free Cash Flow -$24.51M -$8.420M
YoY Change 191.13% 210400.0%

Facts In Submission

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<p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:6pt;margin-bottom:0pt;text-indent:3.12%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of condensed financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed financial statements, and the reported amounts of expenses during the reporting period. On an ongoing basis, the Company evaluates estimates and assumptions, including but not limited to those related to the fair value of the marketable securities, the fair value of redeemable convertible preferred stock and common stock, stock-based compensation expense, accruals for research and development costs, lease assets and liabilities, the valuation of deferred tax assets, and uncertain income tax positions. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.</p>
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OperatingLeaseLiabilityNoncurrent
4500000
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P24M
CY2022Q1 grph Lessee Operating Lease Weighted Average Incremental Borrowing Rate
LesseeOperatingLeaseWeightedAverageIncrementalBorrowingRate
0.084
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
4855000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
4332000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1468000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
375000
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
11030000
CY2022Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
852000
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
10178000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
1700000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
300000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1317000
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2022Q1 us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
CY2021Q2 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
260500000
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
300000000
CY2022Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13419057
CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10034853
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Description
ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription
The shares of the Company’s common stock issued to its founders for their services as an employee, advisor, or consultant vest monthly over four years with one year cliff from the vesting commencement date.
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2022Q1 grph Share Based Compensation Arrangement By Share Based Payment Award Award Cliff Vesting Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardCliffVestingPeriod
P1Y
CY2020Q2 grph Aggregate Common Stock Vested
AggregateCommonStockVested
912212
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
7273848
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
500000
CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-19709000
CY2022Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
58010823
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.42
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1800000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
2889382
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
918825
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000
CY2022Q1 grph Early Exercise Of Stock Options Repurchase Right Lapse Period
EarlyExerciseOfStockOptionsRepurchaseRightLapsePeriod
P180D
CY2022Q1 grph Share Based Compensation Arrangement By Share Based Payment Award Remained Subject To Right Of Repurchase Of Early Exercised Stock Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainedSubjectToRightOfRepurchaseOfEarlyExercisedStockOptions
953122
CY2021Q4 grph Share Based Compensation Arrangement By Share Based Payment Award Remained Subject To Right Of Repurchase Of Early Exercised Stock Options
ShareBasedCompensationArrangementByShareBasedPaymentAwardRemainedSubjectToRightOfRepurchaseOfEarlyExercisedStockOptions
1195631
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3342000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1033000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
40800000
CY2021Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
30500000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-25835000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-5.75
CY2022Q1 grph Weighted Average Unvested Restricted Shares And Shares Subject To Repurchase Or Cancellation
WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation
-4005524
CY2021Q1 grph Weighted Average Unvested Restricted Shares And Shares Subject To Repurchase Or Cancellation
WeightedAverageUnvestedRestrictedSharesAndSharesSubjectToRepurchaseOrCancellation
-7647255
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
54005299
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
3425089
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.48
CY2021Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
11072344
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11388123
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
39041159

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