2022 Q4 Form 10-Q Financial Statement
#000112623422000112 Filed on November 14, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
Revenue | $512.0K | $497.0K |
YoY Change | 132.73% | |
Cost Of Revenue | ||
YoY Change | ||
Gross Profit | ||
YoY Change | ||
Gross Profit Margin | ||
Selling, General & Admin | $4.485M | $3.918M |
YoY Change | 30.83% | 15.75% |
% of Gross Profit | ||
Research & Development | $4.862M | $4.129M |
YoY Change | 44.66% | 0.41% |
% of Gross Profit | ||
Depreciation & Amortization | $35.00K | $4.000K |
YoY Change | 250.0% | -94.59% |
% of Gross Profit | ||
Operating Expenses | $9.347M | $8.047M |
YoY Change | 37.68% | 7.34% |
Operating Profit | -$7.550M | |
YoY Change | 0.71% | |
Interest Expense | $503.0K | $0.00 |
YoY Change | 1097.62% | |
% of Operating Profit | ||
Other Income/Expense, Net | $72.00K | $299.0K |
YoY Change | -71.2% | 3222.22% |
Pretax Income | -$8.260M | -$7.251M |
YoY Change | 31.59% | -3.17% |
Income Tax | -$13.00K | $0.00 |
% Of Pretax Income | ||
Net Earnings | -$8.247M | -$7.251M |
YoY Change | 46.2% | -3.17% |
Net Earnings / Revenue | -1610.74% | -1458.95% |
Basic Earnings Per Share | -$0.86 | |
Diluted Earnings Per Share | -$0.98 | -$0.86 |
COMMON SHARES | ||
Basic Shares Outstanding | 8.376M shares | 8.382M shares |
Diluted Shares Outstanding | 8.388M shares |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $67.36M | $73.67M |
YoY Change | -28.95% | -26.81% |
Cash & Equivalents | $56.01M | $73.70M |
Short-Term Investments | $11.35M | |
Other Short-Term Assets | $4.427M | $4.998M |
YoY Change | -6.6% | 0.2% |
Inventory | ||
Prepaid Expenses | ||
Receivables | ||
Other Receivables | $223.0K | |
Total Short-Term Assets | $72.01M | $78.83M |
YoY Change | -27.76% | -25.46% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $53.00K | $65.00K |
YoY Change | -32.91% | -13.33% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | ||
YoY Change | ||
Other Assets | ||
YoY Change | ||
Total Long-Term Assets | $283.0K | $377.0K |
YoY Change | -55.43% | -46.98% |
TOTAL ASSETS | ||
Total Short-Term Assets | $72.01M | $78.83M |
Total Long-Term Assets | $283.0K | $377.0K |
Total Assets | $72.29M | $79.21M |
YoY Change | -27.93% | -25.6% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $275.0K | $710.0K |
YoY Change | -55.07% | 376.51% |
Accrued Expenses | $6.200M | $4.479M |
YoY Change | 48.82% | -19.37% |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $6.708M | $5.483M |
YoY Change | 30.76% | -9.42% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $6.000M | $6.019M |
YoY Change | -3.3% | -4.28% |
Total Long-Term Liabilities | $6.000M | $6.019M |
YoY Change | -3.3% | -4.28% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $6.708M | $5.483M |
Total Long-Term Liabilities | $6.000M | $6.019M |
Total Liabilities | $12.71M | $11.50M |
YoY Change | 12.11% | -6.8% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | -$127.5M | -$119.2M |
YoY Change | 32.21% | 31.35% |
Common Stock | ||
YoY Change | ||
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $59.58M | $67.71M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $72.29M | $79.21M |
YoY Change | -27.93% | -25.6% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | -$8.247M | -$7.251M |
YoY Change | 46.2% | -3.17% |
Depreciation, Depletion And Amortization | $35.00K | $4.000K |
YoY Change | 250.0% | -94.59% |
Cash From Operating Activities | -$5.826M | -$5.519M |
YoY Change | -0.03% | -21.48% |
INVESTING ACTIVITIES | ||
Capital Expenditures | $21.00K | |
YoY Change | -261.54% | |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$11.34M | $0.00 |
YoY Change | ||
Cash From Investing Activities | -$11.36M | $0.00 |
YoY Change | 87269.23% | -100.0% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -475.0K | -326.0K |
YoY Change | ||
NET CHANGE | ||
Cash From Operating Activities | -5.826M | -5.519M |
Cash From Investing Activities | -11.36M | 0.000 |
Cash From Financing Activities | -475.0K | -326.0K |
Net Change In Cash | -17.66M | -5.845M |
YoY Change | 202.33% | -17.05% |
FREE CASH FLOW | ||
Cash From Operating Activities | -$5.826M | -$5.519M |
Capital Expenditures | $21.00K | |
Free Cash Flow | -$5.847M | |
YoY Change | 0.55% |
Facts In Submission
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LUMOS PHARMA, INC. | ||
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StockholdersEquity
|
108972000 | usd |
CY2021Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
846000 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
38000 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
6000 | usd |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | usd |
CY2021Q2 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
70000 | usd |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-8670000 | usd |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
101122000 | usd |
CY2021Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
490000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7488000 | usd |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
94124000 | usd |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
88977000 | usd |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
565000 | usd |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | usd |
CY2022Q1 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
5000 | usd |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7720000 | usd |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
81817000 | usd |
CY2022Q2 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
575000 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
3000 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
27000 | usd |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | usd |
CY2022Q2 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
32000 | usd |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7844000 | usd |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
74546000 | usd |
CY2022Q3 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
593000 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
35000 | usd |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
|
0 | usd |
CY2022Q3 | us-gaap |
Adjustments Related To Tax Withholding For Share Based Compensation
AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation
|
19000 | usd |
CY2022Q3 | us-gaap |
Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
|
197000 | usd |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7251000 | usd |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
67707000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-22815000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-24789000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1733000 | usd | |
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2385000 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
14000 | usd | |
us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
260000 | usd | |
nlnk |
Finance Lease Right Of Use Asset Amortization And Change In Operating Lease Liability
FinanceLeaseRightOfUseAssetAmortizationAndChangeInOperatingLeaseLiability
|
0 | usd | |
nlnk |
Finance Lease Right Of Use Asset Amortization And Change In Operating Lease Liability
FinanceLeaseRightOfUseAssetAmortizationAndChangeInOperatingLeaseLiability
|
69000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
93000 | usd | |
us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
1334000 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
48000 | usd | |
us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-148000 | usd | |
us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
|
P2Y7M6D | ||
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
412000 | usd | |
us-gaap |
Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
|
-438000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20797000 | usd | |
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-23837000 | usd | |
us-gaap |
Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
|
0 | usd | |
us-gaap |
Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
|
26000000 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | usd | |
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
26000000 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
27000 | usd | |
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
6000 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
38000 | usd | |
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
64000 | usd | |
us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
56000 | usd | |
us-gaap |
Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
|
114000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
197000 | usd | |
us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
0 | usd | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
158000 | usd | |
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
148000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-346000 | usd | |
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-192000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-21143000 | usd | |
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
1971000 | usd | |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
94809000 | usd |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
98679000 | usd |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
73666000 | usd |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
100650000 | 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 commercializing 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 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. The Merger was accounted for as a reverse asset acquisition. </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 idiopathic 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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">$73.7 million</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%">as of September 30, 2022 </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 into the second quarter of 2024 which is inclusive of</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> the primary read out of its Phase 2 clinical trial of LUM-201 in PGHD (“OraGrowtH210 Trial</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%">) and OraGrowtH212 Trial, each of which is expected to occur in the second half of 2023. 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 novel strain of coronavirus, SARS-CoV-2, which causes COVID-19 (“COVID-19”), has resulted, and is likely to continue to result, in significant national and global economic disruption and may continue to adversely affect the Company’s operations. COVID-19 restrictions resulted in a slower pace of site initiation and patient enrollment in our clinical trials that has led to a delay in the 6-month primary outcome data read out of our OraGrowtH210 Trial. While we have experienced delays to our clinical trials, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">we have not incurred impairment of any assets as a result of COVID-19. The extent to which these events may further 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.</span></div><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The military conflict between Russia and Ukraine (the “Conflict”), has resulted, and may continue to result, in significant national and global economic disruption and may continue to adversely affect the Company’s operations. The Company</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> was in the process of initiating clinical sites in Russia and Ukraine; however, due to the Conflict and the resulting uncertainty in the region, the Company is unable to enroll patients in Russia or Ukraine. The Company closed all of its clinical sites in Russia and is in the process of closing the sites in Ukraine. No patients had been randomized to treatment in the clinical trial at any of the Company's nine sites in Ukraine and Russia. Given the encouraging screening and enrollment trajectory at the Company's other clinical sites, the Company continues to anticipate the six-month primary outcome data on all 80 subjects in the second half of 2023. The ongoing Conflict may, however, adversely impact the Company's business in the future, and it remains too early to evaluate all the potential effects of this Conflict.</span> | ||
CY2020Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
8292803 | shares |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
73700000 | usd |
us-gaap |
Use Of Estimates
UseOfEstimates
|
<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-style:italic;font-weight:700;line-height:120%">Use of 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 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><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of September 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 2 - </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%">Summary of Significant Accounting Policies and Recent Accounting Pronouncements</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">”</span> of its consolidated financial statements included in the Company’s 2021 Annual Report filed on Form 10-K with the SEC on March 11, 2022. | ||
CY2022Q3 | us-gaap |
Payments For Royalties
PaymentsForRoyalties
|
300000 | usd |
CY2021Q3 | us-gaap |
Payments For Royalties
PaymentsForRoyalties
|
0 | usd |
us-gaap |
Payments For Royalties
PaymentsForRoyalties
|
700000 | usd | |
us-gaap |
Payments For Royalties
PaymentsForRoyalties
|
0 | usd | |
CY2022Q3 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2590000 | usd |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2812000 | usd |
CY2022Q3 | nlnk |
Accrued Clinical And Contract Manufacturing Expenses Current
AccruedClinicalAndContractManufacturingExpensesCurrent
|
1628000 | usd |
CY2021Q4 | nlnk |
Accrued Clinical And Contract Manufacturing Expenses Current
AccruedClinicalAndContractManufacturingExpensesCurrent
|
508000 | usd |
CY2022Q3 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
261000 | usd |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
846000 | usd |
CY2022Q3 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
4479000 | usd |
CY2021Q4 | us-gaap |
Accounts Payable And Other Accrued Liabilities Current
AccountsPayableAndOtherAccruedLiabilitiesCurrent
|
4166000 | usd |
CY2022Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
593000 | usd |
CY2021Q3 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
490000 | usd |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1733000 | usd | |
us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
2385000 | usd | |
CY2022Q3 | us-gaap |
Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
|
4900000 | usd |
CY2021Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
CY2022Q3 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd | |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | usd | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7251000 | usd |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-7488000 | usd |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-22815000 | usd | |
us-gaap |
Net Income Loss
NetIncomeLoss
|
-24789000 | usd | |
CY2022Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
8388029 | shares |
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8388029 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8357391 | shares |
CY2021Q3 | us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
8357391 | shares |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
8371449 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8371449 | shares | |
us-gaap |
Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
|
8333017 | shares | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
8333017 | shares | |
CY2022Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.86 | |
CY2022Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.86 | |
CY2021Q3 | us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-0.90 | |
CY2021Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.90 | |
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.73 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.73 | ||
us-gaap |
Earnings Per Share Diluted
EarningsPerShareDiluted
|
-2.97 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-2.97 | ||
CY2022Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1519908 | shares |
CY2021Q3 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1303995 | shares |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1519908 | shares | |
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
1303995 | shares | |
CY2021Q1 | nlnk |
Deferred Compensation Arrangement With Individual Accelerated Vesting Expense
DeferredCompensationArrangementWithIndividualAcceleratedVestingExpense
|
700000 | usd |
CY2021Q4 | nlnk |
Deferred Compensation Arrangement With Individual Accrued Severance Compensation
DeferredCompensationArrangementWithIndividualAccruedSeveranceCompensation
|
900000 | usd |
CY2022Q3 | nlnk |
Deferred Compensation Arrangement With Individual Accelerated Vesting Expense
DeferredCompensationArrangementWithIndividualAcceleratedVestingExpense
|
0 | usd |
nlnk |
Deferred Compensation Arrangement With Individual Accelerated Vesting Expense
DeferredCompensationArrangementWithIndividualAcceleratedVestingExpense
|
0 | usd |