$LUMO
Lumos Pharma Inc

2020 Q4 Form 10-Q Financial Statement

#000112623420000118 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $0.00 $74.00K $433.0K
YoY Change -100.0% 114.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.600M $5.200M $1.100M
YoY Change 318.18% 246.67% -79.63%
% of Gross Profit
Research & Development $2.500M $2.075M $2.400M
YoY Change 4.17% 72.63% -57.89%
% of Gross Profit
Depreciation & Amortization $200.0K $100.0K $1.600M
YoY Change -87.5% 700.0%
% of Gross Profit
Operating Expenses $7.100M $7.231M $3.500M
YoY Change 102.86% 168.01% -68.47%
Operating Profit -$7.157M -$8.689M
YoY Change 165.27% -20.62%
Interest Expense $0.00 $0.00 $400.0K
YoY Change -100.0% -20.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $6.490M $0.00
YoY Change 22279.31% -100.0%
Pretax Income -$7.100M -$667.0K -$8.300M
YoY Change -14.46% -75.01% -20.95%
Income Tax -$14.00M -$2.432M $0.00
% Of Pretax Income
Net Earnings -$2.400M $1.765M -$8.271M
YoY Change -70.98% -166.13% -21.74%
Net Earnings / Revenue 2385.14% -1910.16%
Basic Earnings Per Share $0.21 -$0.22
Diluted Earnings Per Share -$289.2K $0.21 -$2.024M
COMMON SHARES
Basic Shares Outstanding 8.297M shares 8.293M shares 37.31M shares
Diluted Shares Outstanding 8.487M shares

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $98.70M $105.6M $5.000M
YoY Change 1874.0% 7.21% -95.86%
Cash & Equivalents $98.70M $105.6M $5.000M
Short-Term Investments
Other Short-Term Assets $3.500M $3.200M $100.0K
YoY Change 3400.0% -3.03% -98.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables $26.15M $26.18M $35.00K
Total Short-Term Assets $128.4M $135.2M $5.069M
YoY Change 2434.01% 31.66% -96.01%
LONG-TERM ASSETS
Property, Plant & Equipment $335.0K $594.0K $84.00K
YoY Change 298.81% -79.44% -97.75%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00
YoY Change
Total Long-Term Assets $584.0K $1.033M $457.0K
YoY Change 27.79% -74.18% -88.18%
TOTAL ASSETS
Total Short-Term Assets $128.4M $135.2M $5.069M
Total Long-Term Assets $584.0K $1.033M $457.0K
Total Assets $129.0M $136.2M $5.526M
YoY Change 2235.02% 27.69% -95.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $244.0K $137.0K $365.0K
YoY Change -33.15% -5.52% -34.23%
Accrued Expenses $5.898M $6.293M $709.0K
YoY Change 731.88% -48.1% -91.29%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $6.461M $6.965M $1.263M
YoY Change 411.56% -50.39% -85.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.000M $6.000M $200.0K
YoY Change 2900.0% -3.23% -97.1%
Total Long-Term Liabilities $6.000M $10.69M $191.0K
YoY Change 3041.36% 71.92% -97.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.461M $6.965M $1.263M
Total Long-Term Liabilities $6.000M $10.69M $191.0K
Total Liabilities $12.46M $17.65M $1.454M
YoY Change 757.02% -12.85% -90.8%
SHAREHOLDERS EQUITY
Retained Earnings -$65.99M -$63.58M -$59.68M
YoY Change 10.58% -80.48% -79.49%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00 $0.00
YoY Change -100.0%
Treasury Stock Shares 0.000 shares 176.6K shares
Shareholders Equity $116.6M $118.5M -$59.46M
YoY Change
Total Liabilities & Shareholders Equity $129.0M $136.2M $5.526M
YoY Change 2235.02% 27.69% -95.78%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$2.400M $1.765M -$8.271M
YoY Change -70.98% -166.13% -21.74%
Depreciation, Depletion And Amortization $200.0K $100.0K $1.600M
YoY Change -87.5% 700.0%
Cash From Operating Activities -$7.000M $400.0K -$23.80M
YoY Change -70.59% -121.05% 1730.77%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $32.50M $100.0K
YoY Change -100.0%
Cash From Investing Activities -$100.0K $32.50M $100.0K
YoY Change -200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 100.0K 0.000 -100.0K
YoY Change -200.0%
NET CHANGE
Cash From Operating Activities -7.000M 400.0K -23.80M
Cash From Investing Activities -100.0K 32.50M 100.0K
Cash From Financing Activities 100.0K 0.000 -100.0K
Net Change In Cash -7.000M 32.90M -23.80M
YoY Change -70.59% -1831.58% 1730.77%
FREE CASH FLOW
Cash From Operating Activities -$7.000M $400.0K -$23.80M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$7.000M $400.0K -$23.80M
YoY Change -70.59% -121.05% 1730.77%

Facts In Submission

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LUMOS PHARMA, INC.
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8292803 shares
us-gaap Disposal Group Not Discontinued Operation Gain Loss On Disposal
DisposalGroupNotDiscontinuedOperationGainLossOnDisposal
0 USD
us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
426000 USD
us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4848000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
495000 USD
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
123000 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
-224000 USD
us-gaap Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
0 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-2907000 USD
us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
954000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-16017000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6357000 USD
us-gaap Cash Acquired In Excess Of Payments To Acquire Business
CashAcquiredInExcessOfPaymentsToAcquireBusiness
84179000 USD
us-gaap Cash Acquired In Excess Of Payments To Acquire Business
CashAcquiredInExcessOfPaymentsToAcquireBusiness
0 USD
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
32500000 USD
us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
0 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
18000 USD
us-gaap Payments To Acquire Machinery And Equipment
PaymentsToAcquireMachineryAndEquipment
0 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
116661000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
6000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
27000 USD
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
0 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-21000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
0 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
100623000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6357000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
4952000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14022000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105575000 USD
CY2019Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7665000 USD
us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="text-align:justify;text-indent:22pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:103%">Organization and Nature of operations</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Lumos Pharma, Inc. is a clinical-stage biopharmaceutical company.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">References in this Quarterly Report to “us,” “we,” “our,” “the Company,” or “Lumos” are to Lumos Pharma, Inc. and its wholly-owned subsidiaries. With our principal executive offices located in Austin, Texas and additional executive and administrative offices located in Ames, Iowa, we are engaged in </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">advancing our clinical program and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">focused on</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">identifying, acquiring, developing, and commercialization of novel products and new therapies for people with rare diseases on a global level</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, for which there is currently a significant unmet need for safe and effective therapies</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Our common stock is listed on the NASDAQ Global Select Market (“NASDAQ”) and trades under</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the ticker symbol “LUMO.”</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">entered into a business combination (the “Merger”) between</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the Company, formerly known as NewLink Genetics Corporation (“NewLink”), Cyclone Merger Sub, Inc. (“Merger Sub”), a wholly owned subsidiary of NewLink, and Lumos Pharma, Inc., which has since been renamed “Lumos Pharma Sub, Inc.” (“Private Lumos”). </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger closed on March 18, 2020, and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Merger Sub merged with and into Private Lumos, with Private Lumos surviving as a wholly-owned subsidiary of the Company. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Immediately prior to the closing of the Merger, the shares of NewLink common stock were adjusted with a reverse split ratio of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">1‑for‑9.</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> Under the terms of the Merger, Private Lumos stockholders received an aggregate of 4,146,398 shares </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of NewLink common stock (after giving effect to the reverse split)</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">each share of outstanding common stock, Series A Preferred Stock and Series B Preferred Stock of Private Lumos converted at an exchange ratio of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">0.1308319305, 0.0873621142 and 0.1996348626</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, respectively</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. Immediately following the reverse stock split and the completion of the Merger, there were 8,292,803 shares of the Company’s common stock outstanding</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, of which approximately 50% was held by each of Private Lumos and NewLink security holders.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Merger was accounted for as a reverse asset acquisition. Private Lumos was deemed to be the accounting acquirer for accounting purposes and NewLink </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">the</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> accounting acquiree. Accordingly, for accounting purposes: (i) the assets acquired and liabilities assumed were recorded based on their estimated fair values on the Merger date,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">(ii) the reported historical operating results of the combined company </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">prior</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to the Merger will be those of Private Lumos and not of NewLink after retroactively giving effect to the common stock exchange ratio, reverse stock split and change in par value for all periods presented, and (iii) for periods prior to the transaction, shareholders’ authorized capital of the combined company is presented based on the historical authorized capital of NewLink.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">After the consummation of the Merger, the combined company has focused its efforts on the development of Private Lumos’ sole product candidate, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">secretagogue </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ibutamoren (“LUM-201”), a potential oral therapy for pediatric growth hormone deficiency (“PGHD”) and other rare endocrine disorders.</span></div><div style="margin-bottom:9pt;margin-top:9pt;text-align:justify;text-indent:22pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity and Risks</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company has historically devoted substantially all of its efforts toward research and development and has never earned revenue from commercial sales of its products. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Management expects to continue to incur additional substantial losses in the foreseeable future as a result of the Company’s research and development activities. However, t</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">he Company believes that its existing cash and cash equivalents </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">of approximately $105.6 million</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> as of September 30, 2020 </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">will be sufficient to allow the Company to fund its operations </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">through read out of the Phase 2b clinical trial for a subset of patients with PGHD indication under its LUM-201 product candidate and</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> for at least 12 months from the filing date of this Quarterly Report. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">If available liquidity becomes insufficient to meet the Company’s obligations as they come due, our f</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">uture operations will be reliant on additional equity or financing arrangements. There can be no assurances that, in the event that the Company requires additional financing, such financing will be </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">available</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations.</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The pandemic caused by an outbreak of a new strain of coronavirus (“COVID-19”), has resulted, and is likely to continue to result, in significant national and global economic disruption and may adversely affect the Company’s operations. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company is actively monitoring the potential impact of COVID-19, if any, on the carrying value of certain assets and its continued operations. To date, we have experienced limited delays related to clinical trials as clinical sites adapt their </span></div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">procedures to caring for patients during a pandemic, however, we have not incurred impairment of any assets as a result of COVID-19. The extent to which these events may impact the Company’s business, clinical development, regulatory efforts, and the value of its common stock, will depend on future developments, which are highly uncertain and cannot be predicted at this time. The duration and intensity of these impacts and resulting disruption to the Company’s operations is uncertain and the </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company will continue to evaluate the impact that these events could have on the operations, financial position, and the results of operations and cash flows during fiscal year 2020.</span>
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
105600000 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates</span></div><div style="margin-top:9pt;text-align:justify;text-indent:22.5pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">in the </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Company</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">’s financial statements and accompanying notes. Significant management estimates that affect the reported amounts of assets and liabilities include useful lives of property and equipment, stock-based compensation, accruals for clinical trials and deferred tax assets. </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">While we believe that the estimates and assumptions used in preparation of our condensed consolidated financial statements </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">based on our knowledge of current events and actions that we may undertake in the future</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">are appropriate, actual results could differ from those estimates, and any such differences may be material.</span></div>
us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
426000 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P6M
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents are held by financial institutions and are federally insured up to certain limits. At times, the Company’s cash and cash equivalents balance exceeds the federally insured limits. To limit the credit risk, the Company invests its excess cash primarily in high quality securities such as money market funds.
CY2020Q1 nlnk Number Of Board Of Directors
NumberOfBoardOfDirectors
3 director
CY2020Q1 us-gaap Research And Development In Process
ResearchAndDevelopmentInProcess
426000 USD
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.05
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
188000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
278000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
466000 USD
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10000 USD
CY2020Q3 nlnk Lessee Operating Lease Liability Unamortized Lease Incentive
LesseeOperatingLeaseLiabilityUnamortizedLeaseIncentive
114000 USD
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
570000 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
305000 USD
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
44000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
756000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
132000 USD
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
3700000 USD
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M18D
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2400000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9300000 USD
CY2019Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
CY2020Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
CY2019Q3 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-4473000 USD
us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
0 USD
CY2020Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2432000 USD
CY2019Q3 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-4848000 USD
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0 USD
CY2020Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2432000 USD
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-9321000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 USD
CY2020Q3 nlnk Cares Act Operating Loss Carry Back Before Tax
CARESActOperatingLossCarryBackBeforeTax
4500000 USD
CY2020Q3 nlnk Cares Act Operating Loss Carry Back Before Tax
CARESActOperatingLossCarryBackBeforeTax
4500000 USD
us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-2400000 USD
us-gaap Income Tax Expense Benefit Continuing Operations Adjustment Of Deferred Tax Asset Liability
IncomeTaxExpenseBenefitContinuingOperationsAdjustmentOfDeferredTaxAssetLiability
-4800000 USD
CY2020Q3 us-gaap Deferred Tax Liabilities Financing Arrangements
DeferredTaxLiabilitiesFinancingArrangements
9500000 USD
CY2020Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
4700000 USD
CY2020Q3 us-gaap Liability For Uncertain Tax Positions Current
LiabilityForUncertainTaxPositionsCurrent
700000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
1765000 USD
CY2019Q3 us-gaap Net Income Loss
NetIncomeLoss
-2669000 USD
us-gaap Net Income Loss
NetIncomeLoss
-3248000 USD
us-gaap Net Income Loss
NetIncomeLoss
-7343000 USD
CY2020Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
0 USD
CY2019Q3 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
766000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
651000 USD
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
2274000 USD
CY2020Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
1765000 USD
CY2019Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3435000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-3899000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-9617000 USD
CY2020Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8293312 shares
CY2019Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1343483 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6267576 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
1344755 shares
CY2020Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
193492 shares
CY2019Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2020Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8486804 shares
CY2019Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1343483 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6267576 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
1344755 shares
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.21
CY2019Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.56
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-7.15
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.21
CY2019Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.56
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.62
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-7.15
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
394672 shares
CY2019Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
291754 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1102784 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
291754 shares
CY2019Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.60
CY2019 us-gaap Restructuring Charges
RestructuringCharges
5600000 USD
CY2019Q4 us-gaap Restructuring Reserve
RestructuringReserve
4700000 USD
us-gaap Restructuring Charges
RestructuringCharges
0 USD
us-gaap Payments For Restructuring
PaymentsForRestructuring
4262000 USD
CY2020Q3 us-gaap Restructuring Reserve
RestructuringReserve
438000 USD

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