$QNCX
Quince Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023022241 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 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 $4.230M $3.830M $9.110M
YoY Change -53.31% -57.96% 40.37%
% of Gross Profit
Research & Development $1.353M $3.230M $12.76M
YoY Change -81.21% -74.68% -24.17%
% of Gross Profit
Depreciation & Amortization $0.00 $20.00K $40.00K
YoY Change -100.0% -50.0% -55.56%
% of Gross Profit
Operating Expenses $5.584M $12.96M $21.86M
YoY Change -65.65% -40.74% -6.22%
Operating Profit -$5.584M -$12.96M -$21.86M
YoY Change -65.65% -40.74% -6.22%
Interest Expense $810.0K $700.0K $70.00K
YoY Change 440.0% 900.0% -69.57%
% of Operating Profit
Other Income/Expense, Net -$107.0K -$246.0K $150.0K
YoY Change -85.44% -264.0%
Pretax Income -$4.890M -$12.50M -$21.64M
YoY Change -70.98% -42.24% -6.28%
Income Tax $0.00 -$248.0K $0.00
% Of Pretax Income
Net Earnings -$4.886M -$12.25M -$21.64M
YoY Change -70.5% -43.38% -6.26%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.34 -$0.72
Diluted Earnings Per Share -$0.14 -$0.34 -$0.72
COMMON SHARES
Basic Shares Outstanding 36.27M 36.28M 30.15M
Diluted Shares Outstanding 35.92M 35.86M 30.13M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $85.54M $85.75M $64.12M
YoY Change -9.67% 33.74% -56.39%
Cash & Equivalents $20.62M $42.27M $40.16M
Short-Term Investments $64.92M $43.49M $23.96M
Other Short-Term Assets $143.0K $179.0K $487.0K
YoY Change -97.02% -63.24% -12.57%
Inventory
Prepaid Expenses $278.0K $304.0K $352.0K
Receivables
Other Receivables
Total Short-Term Assets $88.55M $92.49M $96.35M
YoY Change -10.92% -4.01% -35.72%
LONG-TERM ASSETS
Property, Plant & Equipment $6.000K $6.000K $230.0K
YoY Change -99.14% -97.39% -39.15%
Goodwill $0.00 $0.00
YoY Change -100.0%
Intangibles $0.00 $0.00
YoY Change
Long-Term Investments $100.0K $500.0K $19.20M
YoY Change -99.09% -97.4% -18.99%
Other Assets $100.0K $100.0K $29.00K
YoY Change 244.83% -25.64%
Total Long-Term Assets $288.0K $827.0K $19.78M
YoY Change -98.44% -95.82% -19.73%
TOTAL ASSETS
Total Short-Term Assets $88.55M $92.49M $96.35M
Total Long-Term Assets $288.0K $827.0K $19.78M
Total Assets $88.84M $93.32M $116.1M
YoY Change -24.65% -19.64% -33.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $353.0K $1.651M $3.731M
YoY Change -81.42% -55.75% 31.14%
Accrued Expenses $1.599M $1.464M $5.979M
YoY Change -60.03% -75.51% -60.2%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.952M $3.115M $9.710M
YoY Change -67.47% -67.92% -45.65%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.952M $3.115M $9.710M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $1.952M $3.115M $9.750M
YoY Change -69.02% -68.05% -45.83%
SHAREHOLDERS EQUITY
Retained Earnings -$305.4M -$300.5M -$258.2M
YoY Change 16.38% 52.15%
Common Stock $392.0M $390.7M $365.1M
YoY Change 7.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $86.88M $90.20M $106.4M
YoY Change
Total Liabilities & Shareholders Equity $88.84M $93.32M $116.1M
YoY Change -24.65% -19.64% -33.45%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.886M -$12.25M -$21.64M
YoY Change -70.5% -43.38% -6.26%
Depreciation, Depletion And Amortization $0.00 $20.00K $40.00K
YoY Change -100.0% -50.0% -55.56%
Cash From Operating Activities -$3.830M -$3.569M -$16.09M
YoY Change -75.16% -77.82% 18.23%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $136.0K $5.000K
YoY Change 2620.0% -86.49%
Acquisitions
YoY Change
Other Investing Activities -$20.33M $5.680M $13.42M
YoY Change 287.24% -57.68% -57.64%
Cash From Investing Activities -$20.32M $5.540M $13.41M
YoY Change 287.05% -58.7% -57.61%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $608.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 30.00K 50.00K 622.0K
YoY Change -72.73% -91.96% 41.04%
NET CHANGE
Cash From Operating Activities -3.830M -3.569M -16.09M
Cash From Investing Activities -20.32M 5.540M 13.41M
Cash From Financing Activities 30.00K 50.00K 622.0K
Net Change In Cash -24.12M 2.135M -2.160M
YoY Change 17.32% -198.84% -111.69%
FREE CASH FLOW
Cash From Operating Activities -$3.830M -$3.569M -$16.09M
Capital Expenditures $0.00 $136.0K $5.000K
Free Cash Flow -$3.830M -$3.705M -$16.10M
YoY Change -75.16% -76.98% 17.95%

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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:8.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of stock-based awards and other issuances, determination of the fair value of identifiable assets and liabilities in connection with the acquisition of Novosteo, Inc., including associated intangible assets and goodwill, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets, eligibility of expenses for the Australia research and development refundable tax credits, impairment of intangible assets or goodwill; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.</span></p>
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268000
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CY2022Q4 qncx Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
124000
CY2023Q1 qncx Accumulated Amortization Of Finance Lease
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
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CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
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377000
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CY2023Q1 us-gaap Business Acquisitions Pro Forma Revenue
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800000

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