$LYRA
Lyra Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023021497 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $458.0K $410.0K $5.367M
YoY Change 12.53% -92.36%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.570M $5.127M $3.888M
YoY Change 10.6% 31.87% 27.06%
% of Gross Profit
Research & Development $10.80M $12.60M $8.505M
YoY Change 0.06% 48.1% 78.3%
% of Gross Profit
Depreciation & Amortization -$23.00K $284.0K $300.0K
YoY Change -107.67% -5.33% 328.57%
% of Gross Profit
Operating Expenses $16.96M $17.72M $8.505M
YoY Change 13.64% 108.38% 8.61%
Operating Profit -$16.50M -$17.31M -$7.026M
YoY Change 13.67% 146.41% -10.28%
Interest Expense $897.0K $1.072M $14.00K
YoY Change 2538.24% 7557.14% -53.33%
% of Operating Profit
Other Income/Expense, Net $897.0K $1.072M $14.00K
YoY Change 2538.24% 7557.14% -51.72%
Pretax Income -$15.61M -$16.24M -$7.012M
YoY Change 7.75% 131.62% -10.1%
Income Tax $12.00K $14.00K
% Of Pretax Income
Net Earnings -$15.62M -$16.26M -$7.012M
YoY Change 7.83% 131.82% -10.13%
Net Earnings / Revenue -3410.04% -3964.63% -130.65%
Basic Earnings Per Share -$0.36 -$0.44 -$0.92
Diluted Earnings Per Share -$0.36 -$0.44 -$539.0K
COMMON SHARES
Basic Shares Outstanding 31.84M 31.83M 13.01M
Diluted Shares Outstanding 43.68M 36.83M 13.01M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $116.2M $82.71M $33.76M
YoY Change -3.74% 145.02% -48.94%
Cash & Equivalents $54.36M $22.02M $33.80M
Short-Term Investments $61.79M $60.69M
Other Short-Term Assets $2.103M $2.092M $1.800M
YoY Change 22.84% 16.22% 44.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $118.3M $84.80M $40.56M
YoY Change -3.37% 109.1% -39.78%
LONG-TERM ASSETS
Property, Plant & Equipment $560.0K $2.004M $4.275M
YoY Change -86.03% -53.12% -18.42%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.353M $3.848M $1.406M
YoY Change 156.66% 173.68% 326.06%
Total Long-Term Assets $7.422M $9.069M $6.790M
YoY Change -3.03% 33.56% 21.9%
TOTAL ASSETS
Total Short-Term Assets $118.3M $84.80M $40.56M
Total Long-Term Assets $7.422M $9.069M $6.790M
Total Assets $125.7M $93.87M $47.35M
YoY Change -3.35% 98.26% -35.07%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.188M $3.951M $2.408M
YoY Change 150.78% 64.08% 105.81%
Accrued Expenses $8.426M $8.693M $5.334M
YoY Change 31.84% 62.97% 77.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $14.11M $14.15M $17.80M
YoY Change 42.94% -20.49% 326.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.99M $13.62M $1.387M
YoY Change 42.2% 882.19% 15.58%
Total Long-Term Liabilities $12.99M $13.62M $1.387M
YoY Change 42.2% 882.19% 15.58%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.11M $14.15M $17.80M
Total Long-Term Liabilities $12.99M $13.62M $1.387M
Total Liabilities $27.10M $27.78M $19.19M
YoY Change 42.58% 44.75% 257.34%
SHAREHOLDERS EQUITY
Retained Earnings -$280.5M -$264.9M -$200.4M
YoY Change 30.53% 32.19% 27.09%
Common Stock $379.2M $331.0M
YoY Change 16.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.58M $66.09M $28.16M
YoY Change
Total Liabilities & Shareholders Equity $125.7M $93.87M $47.35M
YoY Change -3.35% 98.26% -35.07%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$15.62M -$16.26M -$7.012M
YoY Change 7.83% 131.82% -10.13%
Depreciation, Depletion And Amortization -$23.00K $284.0K $300.0K
YoY Change -107.67% -5.33% 328.57%
Cash From Operating Activities -$14.28M -$15.85M -$11.91M
YoY Change 68.62% 33.14% 56.85%
INVESTING ACTIVITIES
Capital Expenditures $71.00K $45.00K $93.00K
YoY Change -607.14% -51.61% -91.98%
Acquisitions
YoY Change
Other Investing Activities -$490.0K $5.360M
YoY Change
Cash From Investing Activities -$561.0K $5.315M -$93.00K
YoY Change 3907.14% -5815.05% -91.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 47.19M 4.000K 6.000K
YoY Change -51.1% -33.33% -97.71%
NET CHANGE
Cash From Operating Activities -14.28M -15.85M -11.91M
Cash From Investing Activities -561.0K 5.315M -93.00K
Cash From Financing Activities 47.19M 4.000K 6.000K
Net Change In Cash 32.34M -10.53M -11.99M
YoY Change -63.25% -12.18% 41.28%
FREE CASH FLOW
Cash From Operating Activities -$14.28M -$15.85M -$11.91M
Capital Expenditures $71.00K $45.00K $93.00K
Free Cash Flow -$14.35M -$15.90M -$12.00M
YoY Change 69.74% 32.48% 37.12%

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-264900000
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22000000.0
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60700000
CY2023Q1 us-gaap Restricted Cash
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CashAndCashEquivalentsAtCarryingValue
32550000
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23411000
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33942000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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5756442
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3005056
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60688000
CY2022Q4 us-gaap Short Term Investments
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CY2022Q4 us-gaap Assets Fair Value Disclosure
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0
CY2022Q4 us-gaap Financial Liabilities Fair Value Disclosure
FinancialLiabilitiesFairValueDisclosure
0
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4.78
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270716
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.85
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7041
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
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4.78
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31271
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2.85
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260616
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.01
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4311333
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.07
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y2M12D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
378000
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1424630
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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2.75
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
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2115
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
2.10
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
238022
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.02
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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5495826
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.95
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y6M
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
57000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.037
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.020
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y2M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.833
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.808
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.00
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.84
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1610000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
844000
CY2023Q1 us-gaap Deferred Revenue Description
DeferredRevenueDescription
Under the LianBio License Agreement, in order to evaluate the transaction price for purposes of ASC 606, the Company determined that the upfront payment of $12.0 million and the reimbursable cost of the clinical supply of LYR-210 constitute the entirety of the consideration to be included in the transaction price as of the outset of the arrangement, which was allocated to the two performance obligations as follows: $8.4 million to the Combined Performance Obligation and $3.6 million to the Development Activities Performance Obligation. In February 2022, the Company received $5.0 million upon achievement of the first of the development milestones related to dosing its first patient and the transaction price was adjusted by $5.0 million which was allocated to the two performance obligations as follows: $3.5 million to the Combined Performance Obligation and $1.5 million to the Development Activities Performance Obligation. The remaining potential milestone payments that the Company is eligible to receive were excluded from the transaction price as of March 31, 2023, as all milestone amounts were fully constrained based on the probability of achievement.
CY2023Q1 lyra Combined Performance Obligation
CombinedPerformanceObligation
8400000
CY2023Q1 lyra Development Activities Performance Obligation
DevelopmentActivitiesPerformanceObligation
3600000
CY2023Q1 lyra Change In Performance Obligation Transaction Price
ChangeInPerformanceObligationTransactionPrice
0
CY2022Q4 us-gaap Deferred Revenue
DeferredRevenue
15352000
CY2023Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
410000
CY2023Q1 us-gaap Deferred Revenue
DeferredRevenue
14942000
CY2023Q1 lyra Deferred Tax Assets Valuation Allowance Income Tax Expense Benefit
DeferredTaxAssetsValuationAllowanceIncomeTaxExpenseBenefit
14000
CY2022Q1 lyra Deferred Tax Assets Valuation Allowance Income Tax Expense Benefit
DeferredTaxAssetsValuationAllowanceIncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
one additional 5-year term
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
444000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
264000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
246000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
878000
CY2023Q1 us-gaap Lease Cost
LeaseCost
690000
CY2022Q1 us-gaap Lease Cost
LeaseCost
1142000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y1M6D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082

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