$QNCX
Quince Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023038042 Filed on August 03, 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 $4.660M $4.230M $9.060M
YoY Change 7.37% -53.31% 28.33%
% of Gross Profit
Research & Development $1.431M $1.353M $7.199M
YoY Change -41.62% -81.21% -51.09%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $80.00K
YoY Change -100.0% -100.0% 0.0%
% of Gross Profit
Operating Expenses $6.094M $5.584M $16.26M
YoY Change -20.03% -65.65% -25.36%
Operating Profit -$6.094M -$5.584M -$16.26M
YoY Change -20.03% -65.65% -25.36%
Interest Expense $960.0K $810.0K $150.0K
YoY Change 200.0% 440.0% -6.25%
% of Operating Profit
Other Income/Expense, Net -$216.0K -$107.0K -$735.0K
YoY Change -64.94% -85.44% 461.07%
Pretax Income -$5.350M -$4.890M -$16.85M
YoY Change -32.45% -70.98% -22.53%
Income Tax $0.00 $0.00 -$284.0K
% Of Pretax Income
Net Earnings -$5.351M -$4.886M -$16.56M
YoY Change -32.45% -70.5% -23.86%
Net Earnings / Revenue
Basic Earnings Per Share -$0.15 -$0.14 -$0.51
Diluted Earnings Per Share -$0.15 -$0.14 -$0.51
COMMON SHARES
Basic Shares Outstanding 36.38M 36.27M 30.15M
Diluted Shares Outstanding 36.07M 35.92M 32.47M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $82.42M $85.54M $94.70M
YoY Change -2.01% -9.67% -27.13%
Cash & Equivalents $20.82M $20.62M $46.93M
Short-Term Investments $61.59M $64.92M $54.80M
Other Short-Term Assets $92.00K $143.0K $4.800M
YoY Change -72.62% -97.02% 995.89%
Inventory
Prepaid Expenses $270.0K $278.0K
Receivables
Other Receivables
Total Short-Term Assets $85.17M $88.55M $99.40M
YoY Change -13.33% -10.92% -26.83%
LONG-TERM ASSETS
Property, Plant & Equipment $5.000K $6.000K $700.0K
YoY Change -98.67% -99.14% 79.49%
Goodwill $0.00 $0.00 $825.0K
YoY Change -100.0%
Intangibles $0.00 $0.00
YoY Change -100.0%
Long-Term Investments $100.0K $100.0K $11.00M
YoY Change -98.0% -99.09% -53.19%
Other Assets $100.0K $100.0K $0.00
YoY Change 488.24% -100.0%
Total Long-Term Assets $213.0K $288.0K $18.50M
YoY Change -98.15% -98.44% -27.58%
TOTAL ASSETS
Total Short-Term Assets $85.17M $88.55M $99.40M
Total Long-Term Assets $213.0K $288.0K $18.50M
Total Assets $85.39M $88.84M $117.9M
YoY Change -22.22% -24.65% -26.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $409.0K $353.0K $1.900M
YoY Change -65.37% -81.42% -73.59%
Accrued Expenses $1.844M $1.599M $4.000M
YoY Change -51.01% -60.03% -64.74%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $2.253M $1.952M $6.000M
YoY Change -54.44% -67.47% -67.63%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $100.0K
YoY Change -87.5%
Total Long-Term Liabilities $0.00 $0.00 $100.0K
YoY Change -100.0% -87.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.253M $1.952M $6.000M
Total Long-Term Liabilities $0.00 $0.00 $100.0K
Total Liabilities $2.253M $1.952M $6.300M
YoY Change -57.05% -69.02% -67.37%
SHAREHOLDERS EQUITY
Retained Earnings -$310.8M -$305.4M
YoY Change 9.94%
Common Stock $393.4M $392.0M
YoY Change 1.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.13M $86.88M $111.5M
YoY Change
Total Liabilities & Shareholders Equity $85.39M $88.84M $117.9M
YoY Change -22.22% -24.65% -26.95%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$5.351M -$4.886M -$16.56M
YoY Change -32.45% -70.5% -23.86%
Depreciation, Depletion And Amortization $0.00 $0.00 $80.00K
YoY Change -100.0% -100.0% 0.0%
Cash From Operating Activities -$4.810M -$3.830M -$15.42M
YoY Change -28.1% -75.16% -12.19%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $3.640M -$20.33M -$5.250M
YoY Change -141.46% 287.24% -191.78%
Cash From Investing Activities $3.630M -$20.32M -$5.250M
YoY Change -141.16% 287.05% -193.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 10.00K 30.00K 110.0K
YoY Change -72.73% -83.58%
NET CHANGE
Cash From Operating Activities -4.810M -3.830M -15.42M
Cash From Investing Activities 3.630M -20.32M -5.250M
Cash From Financing Activities 10.00K 30.00K 110.0K
Net Change In Cash -1.170M -24.12M -20.56M
YoY Change -92.46% 17.32% 82.59%
FREE CASH FLOW
Cash From Operating Activities -$4.810M -$3.830M -$15.42M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$4.810M -$3.830M -$15.42M
YoY Change -28.64% -75.16% -12.68%

Facts In Submission

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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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BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCashAndEquivalents
10593000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Assets Prepaid Expense And Other Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets
1040000
CY2022Q2 qncx Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Operating Lease Right Of Use Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedOperatingLeaseRightOfUseAssets
124000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Property Plant And Equipment
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedPropertyPlantAndEquipment
279000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
5900000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Current Liabilities Accounts Payable
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentLiabilitiesAccountsPayable
1726000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Deferred Tax Liabilities
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedDeferredTaxLiabilities
532000
CY2022Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired Goodwill And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredGoodwillAndLiabilitiesAssumedNet
15678000
CY2022Q2 us-gaap Goodwill
Goodwill
825000
CY2022Q2 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
262000
us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
262000
CY2022Q2 us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-20665000
us-gaap Business Acquisitions Pro Forma Net Income Loss
BusinessAcquisitionsProFormaNetIncomeLoss
-41621000
CY2023Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Intangible Assets Other Than Goodwill
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibleAssetsOtherThanGoodwill
5900000
us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
5900000
CY2023Q2 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
0
CY2023Q2 us-gaap Goodwill
Goodwill
0
CY2022Q4 us-gaap Goodwill
Goodwill
0
CY2022 qncx Non Cash Goodwill Impairment Charge
NonCashGoodwillImpairmentCharge
800000
CY2023Q3 qncx Percentage Of Common Stock Share Outstanding Owned
PercentageOfCommonStockShareOutstandingOwned
0.167

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