$NGNE
Neurogene Inc.

2023 Q3 Form 10-Q Financial Statement

#000162828023028856 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.950M $3.492M $4.915M
YoY Change 19.62% -28.95% -7.26%
% of Gross Profit
Research & Development $617.0K -$426.0K $10.96M
YoY Change -93.49% -103.89% 11.52%
% of Gross Profit
Depreciation & Amortization $70.00K $77.00K $459.0K
YoY Change -78.33% -83.22% 48.06%
% of Gross Profit
Operating Expenses $5.569M $3.066M $15.87M
YoY Change -59.08% -80.68% 61.55%
Operating Profit -$5.569M -$3.066M -$15.87M
YoY Change -59.08% -80.68% 4.94%
Interest Expense $1.040M $981.0K $199.0K
YoY Change 85.71% 392.96% 3216.67%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00 -$16.00K
YoY Change -100.0% -100.0% 220.0%
Pretax Income -$4.530M -$2.085M -$15.69M
YoY Change -65.35% -86.71% 3.69%
Income Tax
% Of Pretax Income
Net Earnings -$4.526M -$2.085M -$15.69M
YoY Change -65.38% -86.71% 3.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.41 -$0.04 -$0.28
Diluted Earnings Per Share -$0.41 -$0.04 -$284.2K
COMMON SHARES
Basic Shares Outstanding 44.02M shares 42.83M shares 42.50M shares
Diluted Shares Outstanding 11.10M shares 56.16M shares 55.20M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $78.51M $82.06M $116.5M
YoY Change -26.55% -29.53% -29.09%
Cash & Equivalents $25.23M $31.11M $77.53M
Short-Term Investments $53.28M $50.95M $38.93M
Other Short-Term Assets $1.386M $1.718M $2.028M
YoY Change -29.96% -15.29% -37.81%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $79.89M $83.78M $118.5M
YoY Change -26.61% -29.29% -29.26%
LONG-TERM ASSETS
Property, Plant & Equipment $484.0K $561.0K $16.50M
YoY Change -91.68% -96.6% 169.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $524.0K $529.0K $2.020M
YoY Change -72.59% -73.81% 4.55%
Total Long-Term Assets $9.693M $10.23M $18.54M
YoY Change -45.3% -44.84% -5.08%
TOTAL ASSETS
Total Short-Term Assets $79.89M $83.78M $118.5M
Total Long-Term Assets $9.693M $10.23M $18.54M
Total Assets $89.59M $94.01M $137.0M
YoY Change -29.22% -31.39% -26.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.700M $3.387M $7.886M
YoY Change -58.23% -57.05% 23.08%
Accrued Expenses $1.600M $1.490M $1.267M
YoY Change 21.21% 17.6% 18.08%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $3.000K $118.0K
YoY Change -100.0% -97.46% 13.46%
Total Short-Term Liabilities $5.212M $4.880M $9.271M
YoY Change -49.09% -47.36% 22.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $6.000K $10.00K
YoY Change -100.0% -40.0% -85.29%
Other Long-Term Liabilities $9.100M $9.543M $11.03M
YoY Change -14.82% -13.5% -10.31%
Total Long-Term Liabilities $9.100M $9.549M $11.04M
YoY Change -14.89% -13.52% -10.72%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.212M $4.880M $9.271M
Total Long-Term Liabilities $9.100M $9.549M $11.04M
Total Liabilities $14.35M $14.43M $20.31M
YoY Change -31.43% -28.97% 1.81%
SHAREHOLDERS EQUITY
Retained Earnings -$471.9M -$467.3M
YoY Change 7.83%
Common Stock $0.00 $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $75.24M $79.58M $116.7M
YoY Change
Total Liabilities & Shareholders Equity $89.59M $94.01M $137.0M
YoY Change -29.22% -31.39% -26.74%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.526M -$2.085M -$15.69M
YoY Change -65.38% -86.71% 3.69%
Depreciation, Depletion And Amortization $70.00K $77.00K $459.0K
YoY Change -78.33% -83.22% 48.06%
Cash From Operating Activities -$4.270M -$4.049M -$11.29M
YoY Change -54.03% -64.15% -14.92%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $132.0K -$232.0K
YoY Change -100.0% -156.9% -80.5%
Acquisitions
YoY Change
Other Investing Activities -$1.620M -$279.0K -$39.07M
YoY Change -94.12% -99.29%
Cash From Investing Activities -$1.620M -$411.0K -$39.30M
YoY Change -94.18% -98.95% 3202.44%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -294.0K 62.00K
YoY Change -100.0% -574.19% -80.19%
NET CHANGE
Cash From Operating Activities -4.270M -4.049M -11.29M
Cash From Investing Activities -1.620M -411.0K -39.30M
Cash From Financing Activities 0.000 -294.0K 62.00K
Net Change In Cash -5.890M -4.754M -50.53M
YoY Change -84.16% -90.59% 257.08%
FREE CASH FLOW
Cash From Operating Activities -$4.270M -$4.049M -$11.29M
Capital Expenditures $0.00 $132.0K -$232.0K
Free Cash Flow -$4.270M -$4.181M -$11.06M
YoY Change -52.38% -62.2% -8.46%

Facts In Submission

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Nature of operations<div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Neoleu</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">kin Therapeutics, Inc. (“Neoleukin” or “the Company”) has historically been a biopharmaceutical company creating next generation immunotherapies for cancer, inflammation, and autoimmunity using </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">de novo</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> protein design technology. Based on decisions made by the Company's Board of Directors in November 2022 and March 2023, the Company has restructured operations to significantly reduce its workforce, discontinue development of NL-201, a </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">de novo</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> protein that was in Phase 1 clinical trial for the treatment of cancer, and suspended all research and </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">development activities in order to conserve capital and focus on other strategic alternatives for the Company.</span></div><div style="margin-top:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On July 17, 2023, Neoleukin, Project North Merger Sub, Inc., a Delaware corporation and a wholly owned </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">subsidiary of Neoleukin (“Merger Sub”), and Neurogene Inc., a privately held Delaware corporation (“Neurogene”), entered into an Agreement and Plan of Merger (the “Merger Agreement”), pursuant to which, among other matters, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Merger Sub will merge with and into Neurogene, with Neurogene continuing as a wholly owned subsidiary of Neoleukin and the surviving corporation of the merger (the “Merger”). The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended (the "IRC"). The Merger Agreement is subject to customary closing conditions, including approval of certain matters by stockholders of each of Neoleukin and Neurogene, and is anticipated to close in the fourth quarter of 2023, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">assuming satisfaction or waiver of all of the conditions of the Merger. </span></div>If the Merger is completed, Neoleukin will continue as the surviving corporation after the Merger, but will change its name to Neurogene Inc., and the management of Neurogene is expected to become the management of the surviving corporation. The surviving company is expected to pursue the business activities of Neurogene following the closing of the Merger.
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Use of estimates and assumptionsThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant areas requiring estimates include valuation and recognition of stock-based compensation, the incremental borrowing rate utilized in the measurement of operating and finance lease liabilities, amortization/depreciation and impairment of property and equipment, and pre-clinical, clinical, and other accruals. Actual results could differ from those estimates.
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y3M7D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y8M23D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y7M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y11M15D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0382
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0277
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0367
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0222
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8514381 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.89
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y3M25D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
260500 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.70
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4138321 shares
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
5.07
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4636560 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P4Y4M28D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
11000 usd
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3534712 shares
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P3Y3D
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
0 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
36500 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
100000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.51
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.47
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4690269 shares
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8318265 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4690269 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8318265 shares
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
1041000 usd
us-gaap Restructuring Charges
RestructuringCharges
2109000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
2276000 usd
CY2023Q2 us-gaap Restructuring Reserve
RestructuringReserve
874000 usd
CY2023Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
3400000 usd
CY2023Q2 us-gaap Property Plant And Equipment Disposals
PropertyPlantAndEquipmentDisposals
1800000 usd
CY2023Q2 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
200000 usd

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