$LYRA
Lyra Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021042711 Filed on August 09, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2020 Q2 2020 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.560M $2.440M $1.280M
YoY Change 45.9% 180.46% 48.84%
% of Gross Profit
Research & Development $7.505M $2.103M $2.964M
YoY Change 256.87% -38.51% 7.24%
% of Gross Profit
Depreciation & Amortization $300.0K $13.00K $8.000K
YoY Change 2207.69% 116.67% 0.0%
% of Gross Profit
Operating Expenses $11.07M $4.545M $4.248M
YoY Change 143.45% 6.19% 17.22%
Operating Profit -$11.07M -$4.545M -$4.248M
YoY Change 143.45% 17.22%
Interest Expense $26.00K $10.00K $20.00K
YoY Change 160.0% -87.5% -50.0%
% of Operating Profit
Other Income/Expense, Net $26.00K $5.000K $16.00K
YoY Change 420.0%
Pretax Income -$11.04M -$4.540M -$4.230M
YoY Change 143.15% 8.1% 17.83%
Income Tax
% Of Pretax Income
Net Earnings -$11.04M -$4.540M -$4.232M
YoY Change 143.15% 8.1% 17.92%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$849.7K -$366.1K -$341.1K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2020 Q2 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.05M $86.60M $35.25M
YoY Change -20.27%
Cash & Equivalents $69.00M $86.93M $35.58M
Short-Term Investments
Other Short-Term Assets $1.027M $2.710M $290.0K
YoY Change -62.1%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $70.07M $89.31M $35.54M
YoY Change -21.54%
LONG-TERM ASSETS
Property, Plant & Equipment $3.853M $3.080M $3.250M
YoY Change 25.1%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $572.0K $330.0K $1.980M
YoY Change 73.33%
Total Long-Term Assets $6.259M $3.410M $5.230M
YoY Change 83.55%
TOTAL ASSETS
Total Short-Term Assets $70.07M $89.31M $35.54M
Total Long-Term Assets $6.259M $3.410M $5.230M
Total Assets $76.33M $92.72M $40.77M
YoY Change -17.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.899M $1.150M $1.360M
YoY Change 65.13%
Accrued Expenses $4.005M $2.800M $3.800M
YoY Change 43.04%
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 $5.904M $3.940M $5.160M
YoY Change 49.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.93M $1.960M $2.190M
YoY Change 559.64%
Total Long-Term Liabilities $12.93M $1.960M $2.190M
YoY Change 559.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.904M $3.940M $5.160M
Total Long-Term Liabilities $12.93M $1.960M $2.190M
Total Liabilities $18.83M $5.900M $7.350M
YoY Change 219.2%
SHAREHOLDERS EQUITY
Retained Earnings -$168.7M -$132.0M
YoY Change
Common Stock $226.2M $5.208M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $57.50M $86.82M -$126.8M
YoY Change
Total Liabilities & Shareholders Equity $76.33M $92.72M $40.77M
YoY Change -17.67%

Cashflow Statement

Concept 2021 Q2 2020 Q2 2020 Q1
OPERATING ACTIVITIES
Net Income -$11.04M -$4.540M -$4.232M
YoY Change 143.15% 8.1% 17.92%
Depreciation, Depletion And Amortization $300.0K $13.00K $8.000K
YoY Change 2207.69% 116.67% 0.0%
Cash From Operating Activities $3.381M -$7.480M -$4.017M
YoY Change -145.2% 149.33% 33.46%
INVESTING ACTIVITIES
Capital Expenditures -$625.0K -$80.00K $8.000K
YoY Change 681.25% 14.29% -116.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$625.0K -$80.00K -$8.000K
YoY Change 681.25% 14.29% -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 187.0K 58.91M 29.46M
YoY Change -99.68% 65355.56%
NET CHANGE
Cash From Operating Activities 3.381M -7.480M -4.017M
Cash From Investing Activities -625.0K -80.00K -8.000K
Cash From Financing Activities 187.0K 58.91M 29.46M
Net Change In Cash 2.943M 51.35M 25.44M
YoY Change -94.27% -1823.15% -932.16%
FREE CASH FLOW
Cash From Operating Activities $3.381M -$7.480M -$4.017M
Capital Expenditures -$625.0K -$80.00K $8.000K
Free Cash Flow $4.006M -$7.400M -$4.025M
YoY Change -154.14% 152.56% 35.98%

Facts In Submission

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dei Entity Incorporation Date Of Incorporation
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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’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’s management evaluates its estimates, which include but are not limited to management’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’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’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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CY2021Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
3251000
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2878000
CY2021Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3853000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2165000
CY2021Q2 us-gaap Depreciation
Depreciation
300000
CY2020Q2 us-gaap Depreciation
Depreciation
13000
us-gaap Depreciation
Depreciation
400000
us-gaap Depreciation
Depreciation
21000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
753000
CY2021Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1805000
CY2020Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1892000
CY2021Q2 lyra Third Party Research And Development Expenses Current
ThirdPartyResearchAndDevelopmentExpensesCurrent
532000
CY2020Q4 lyra Third Party Research And Development Expenses Current
ThirdPartyResearchAndDevelopmentExpensesCurrent
381000
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
573000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
555000
CY2021Q2 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
66000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
149000
CY2021Q2 lyra Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
2976000
CY2020Q4 lyra Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
2977000
CY2020Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2020Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
us-gaap Common Stock Voting Rights
CommonStockVotingRights
The holders of common stock are entitled to one vote for each share held.
lyra Common Stock Voting Rights Number Of Votes
CommonStockVotingRightsNumberOfVotes
1
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-34.483
CY2021Q2 lyra Stock And Wrrants To Be Issued During Period Value Preferred Stock And Warrants
StockAndWrrantsToBeIssuedDuringPeriodValuePreferredStockAndWarrants
250000000.0
CY2021Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3551881
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
656000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
619000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1255000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.009
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.004
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.007
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.006
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.847
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.806
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.853
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.801
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1428886
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.41
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5165000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
439700
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.27
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
68728
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
8.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
35359
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
11.39
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1764499
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
10.42
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2979000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
719441
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.53
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2048000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
1764499
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
10.42
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
2979000
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
5.49
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.71
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
7.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
9.88
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
72000
CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
200000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2021Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
7900000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y
CY2017Q4 lyra Lessee Operating Lease Extended Lease Term
LesseeOperatingLeaseExtendedLeaseTerm
2023-04
CY2017Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
1000000.0
CY2021Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
264000
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
264000
us-gaap Operating Lease Cost
OperatingLeaseCost
528000
us-gaap Operating Lease Cost
OperatingLeaseCost
527000
CY2021Q2 us-gaap Variable Lease Cost
VariableLeaseCost
1243000
CY2020Q2 us-gaap Variable Lease Cost
VariableLeaseCost
177000
us-gaap Variable Lease Cost
VariableLeaseCost
1362000
us-gaap Variable Lease Cost
VariableLeaseCost
370000
CY2021Q2 us-gaap Lease Cost
LeaseCost
1507000
CY2020Q2 us-gaap Lease Cost
LeaseCost
441000
us-gaap Lease Cost
LeaseCost
1890000
us-gaap Lease Cost
LeaseCost
897000
CY2021Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.055
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
553000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1127000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
382000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2000
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
2064000
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
106000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
1958000
CY2021Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1029000
CY2021Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
929000
CY2021Q2 lyra Future Milestone Payments Receivable Upon Achievement Of Specified Development Regulatory And Commercialization
FutureMilestonePaymentsReceivableUponAchievementOfSpecifiedDevelopmentRegulatoryAndCommercialization
135000000.0

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