$LYRA
Lyra Therapeutics, Inc.

2020 Q1 Form 10-Q Financial Statement

#000156459020027334 Filed on May 28, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.280M $860.0K
YoY Change 48.84%
% of Gross Profit
Research & Development $2.964M $2.764M
YoY Change 7.24%
% of Gross Profit
Depreciation & Amortization $8.000K $8.000K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $4.248M $3.624M
YoY Change 17.22%
Operating Profit -$4.248M -$3.624M
YoY Change 17.22%
Interest Expense $20.00K $40.00K
YoY Change -50.0%
% of Operating Profit
Other Income/Expense, Net $16.00K
YoY Change
Pretax Income -$4.230M -$3.590M
YoY Change 17.83%
Income Tax
% Of Pretax Income
Net Earnings -$4.232M -$3.589M
YoY Change 17.92%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$341.1K -$289.5K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.25M
YoY Change
Cash & Equivalents $35.58M $21.16M
Short-Term Investments
Other Short-Term Assets $290.0K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.54M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $3.250M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.980M
YoY Change
Total Long-Term Assets $5.230M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $35.54M
Total Long-Term Assets $5.230M
Total Assets $40.77M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.360M
YoY Change
Accrued Expenses $3.800M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.160M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.190M
YoY Change
Total Long-Term Liabilities $2.190M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.160M
Total Long-Term Liabilities $2.190M
Total Liabilities $7.350M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$132.0M
YoY Change
Common Stock $5.208M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$126.8M -$110.7M
YoY Change
Total Liabilities & Shareholders Equity $40.77M
YoY Change

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$4.232M -$3.589M
YoY Change 17.92%
Depreciation, Depletion And Amortization $8.000K $8.000K
YoY Change 0.0%
Cash From Operating Activities -$4.017M -$3.010M
YoY Change 33.46%
INVESTING ACTIVITIES
Capital Expenditures $8.000K -$50.00K
YoY Change -116.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$8.000K -$50.00K
YoY Change -84.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 29.46M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -4.017M -3.010M
Cash From Investing Activities -8.000K -50.00K
Cash From Financing Activities 29.46M 0.000
Net Change In Cash 25.44M -3.057M
YoY Change -932.16%
FREE CASH FLOW
Cash From Operating Activities -$4.017M -$3.010M
Capital Expenditures $8.000K -$50.00K
Free Cash Flow -$4.025M -$2.960M
YoY Change 35.98%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2019Q1 lyra Increase Decrease In Operating Lease Right Of Use Asset
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CY2020Q1 lyra Increase Decrease In Operating Lease Liability
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CY2020Q1 lyra Accretion Of Redeemable Convertible Preferred Stock To Redemption Value
AccretionOfRedeemableConvertiblePreferredStockToRedemptionValue
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CY2019Q1 lyra Accretion Of Redeemable Convertible Preferred Stock To Redemption Value
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q1 us-gaap Use Of Estimates
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<p style="margin-top:12pt;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="margin-top:12pt;margin-bottom:0pt;text-indent:9.06%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses and related disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and reported amounts of expenses during the reporting period. On an ongoing basis, the Company&#8217;s management evaluates its estimates, which include but are not limited to management&#8217;s judgments of accrued expenses, fair value of common stock, valuation of share-based awards, warrants to purchase common stock and deferred income taxes. Due to the uncertainty inherent in such estimates, actual results may differ from these estimates. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:9.06%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company utilizes significant estimates and assumptions in determining the fair value of its common stock. The Company has utilized various valuation methodologies to estimate the fair value of its common stock. Each valuation methodology includes estimates and assumptions that require the Company&#8217;s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#8217;s common stock at the time of, and the likelihood of, achieving a liquidity event, such as an initial public offering or sale. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date. </p>
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CY2020Q1 dei Entity Incorporation Date Of Incorporation
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CY2020Q1 lyra Number Of Patients
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CY2020Q1 us-gaap Convertible Preferred Stock Terms Of Conversion
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In addition, all shares of Preferred Stock will automatically convert into shares of common stock upon the earlier of (i) the closing of a firm underwritten public offering which results in at least $40.0 million of net proceeds to the Company or (ii) upon the written notice from the holders of a majority of the then-outstanding shares of Preferred Stock, voting together as a separate class on an as-converted basis at the then effective conversion rate.
CY2020Q1 us-gaap Preferred Stock Conversion Basis
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CY2020Q1 us-gaap Preferred Stock Redemption Terms
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as defined in its amended and restated certificate of incorporation, plus all declared but unpaid dividends in three annual installments commencing 60 days after receipt by the Company, at any time on or after January 10, 2025 (the fifth anniversary of the Series C Preferred Stock original issue date), of written notice requesting redemption of all shares of Preferred Stock from the holders of a majority of the then outstanding shares of Preferred Stock (which must include at least 50% of the then outstanding shares of Series B Preferred Stock and 50% of the then outstanding shares of Series C Preferred Stock).
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CY2020Q1 lyra Common Stock Warrant Expiration Description
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The Warrants expire on the earlier of (i) ten years from the Warrant issuance date, (ii) immediately prior to the closing of the IPO, (iii) immediately prior to the closing of a Liquidation Transaction (as defined in the Warrant), or (iv) unless terminated earlier as provided in the Warrant. If the expiration of the Warrant is occasioned by either the closing of the IPO or a Liquidation Transaction and to the extent that the fair market value of one share of common stock underlying the Warrant would be greater than the exercise price in effect on such date immediately prior to such IPO or Liquidation Transaction, then all currently outstanding Warrants shall automatically be deemed to be net exercised effective immediately prior to and contingent upon the closing of the IPO or Liquidation Transaction. In the event of an IPO or Liquidation Transaction where the fair market value of one share of common stock underlying the Warrant would be less than the exercise price in effect immediately prior to such IPO or Liquidation Transaction, then the Warrants will expire immediately prior to the closing of such IPO or Liquidation Transaction
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CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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1409000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
3366000
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.84
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.87
CY2019Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1500000
CY2020Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y2M12D
CY2017Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000
CY2017Q4 lyra Lessee Operating Lease Extended Lease Term
LesseeOperatingLeaseExtendedLeaseTerm
2023-04
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1091000
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
183000
CY2020Q1 us-gaap Lease Cost
LeaseCost
456000
CY2019Q1 us-gaap Lease Cost
LeaseCost
259000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y1M6D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
799000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1124000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
379000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
3393000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
282000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3111000
CY2020Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-34.483

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