$QNCX
Quince Therapeutics, Inc.

2019 Q2 Form 10-Q Financial Statement

#000156459019031260 Filed on August 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q4 2018 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.470M $360.0K
YoY Change 586.11%
% of Gross Profit
Research & Development $7.109M $2.286M
YoY Change 210.98%
% of Gross Profit
Depreciation & Amortization $30.00K $10.00K
YoY Change 200.0%
% of Gross Profit
Operating Expenses $9.575M $2.643M
YoY Change 262.28%
Operating Profit -$9.575M
YoY Change
Interest Expense $510.0K $358.0K
YoY Change 42.46%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.060M -$3.110M
YoY Change 191.32%
Income Tax
% Of Pretax Income
Net Earnings -$9.062M -$3.108M
YoY Change 191.57%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.34 -$0.12
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2018 Q4 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $128.3M $71.72M
YoY Change
Cash & Equivalents $44.31M $24.87M $77.47M
Short-Term Investments $83.97M $46.84M
Other Short-Term Assets $446.0K $68.00K
YoY Change
Inventory
Prepaid Expenses $150.0K $47.00K
Receivables
Other Receivables
Total Short-Term Assets $133.6M $72.58M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $265.0K $283.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $8.000M
YoY Change
Other Assets $260.0K $10.00K
YoY Change
Total Long-Term Assets $9.599M $293.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $133.6M $72.58M
Total Long-Term Assets $9.599M $293.0K
Total Assets $143.2M $72.88M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.116M $495.0K
YoY Change
Accrued Expenses $1.909M $962.0K
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.025M $1.457M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.025M $1.457M
Total Long-Term Liabilities $0.00
Total Liabilities $7.025M $1.457M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$47.57M -$32.83M
YoY Change
Common Stock $183.7M $248.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.2M -$32.63M -$26.74M
YoY Change
Total Liabilities & Shareholders Equity $143.2M $72.88M
YoY Change

Cashflow Statement

Concept 2019 Q2 2018 Q4 2018 Q2
OPERATING ACTIVITIES
Net Income -$9.062M -$3.108M
YoY Change 191.57%
Depreciation, Depletion And Amortization $30.00K $10.00K
YoY Change 200.0%
Cash From Operating Activities -$6.310M -$2.620M
YoY Change 140.84%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $10.00K
YoY Change -400.0%
Acquisitions
YoY Change
Other Investing Activities -$47.87M $0.00
YoY Change
Cash From Investing Activities -$47.83M -$10.00K
YoY Change 478200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 77.84M 75.70M
YoY Change 2.83%
NET CHANGE
Cash From Operating Activities -6.310M -2.620M
Cash From Investing Activities -47.83M -10.00K
Cash From Financing Activities 77.84M 75.70M
Net Change In Cash 23.70M 73.07M
YoY Change -67.57%
FREE CASH FLOW
Cash From Operating Activities -$6.310M -$2.620M
Capital Expenditures -$30.00K $10.00K
Free Cash Flow -$6.280M -$2.630M
YoY Change 138.78%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-bottom:0pt;margin-top:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of the Company&#8217;s 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&#8217;s financial statements relate to the determination of the fair value of common stock and stock-based awards and other issuances, valuation of derivative instruments, 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; 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&#8217;s estimates.</p>
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CY2019Q2 crtx Prepaid Drug Manufacturing Current
PrepaidDrugManufacturingCurrent
58000
CY2019Q2 crtx Prepaid Research And Development Expenses Current
PrepaidResearchAndDevelopmentExpensesCurrent
81000
CY2018Q4 crtx Prepaid Research And Development Expenses Current
PrepaidResearchAndDevelopmentExpensesCurrent
166000
CY2019Q2 us-gaap Other Assets Current
OtherAssetsCurrent
446000
CY2018Q4 us-gaap Other Assets Current
OtherAssetsCurrent
68000
CY2019Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
398000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
378000
CY2019Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
133000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
95000
CY2019Q2 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
535000
CY2018Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
483000
CY2019Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
155000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
75000
CY2019Q2 crtx Accrued Clinical Trial Expenses Current
AccruedClinicalTrialExpensesCurrent
327000
CY2019Q2 crtx Accrual Drug Manufacturing Expenses Current
AccrualDrugManufacturingExpensesCurrent
670000
CY2019Q2 crtx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
196000
CY2018Q4 crtx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
380000
CY2019Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
26000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
24000
CY2018Q2 crtx Number Of Investors
NumberOfInvestors
1
CY2018Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2018Q2 crtx Repurchase Option Percentage
RepurchaseOptionPercentage
1.00
CY2018Q2 crtx Operating Leases Period
OperatingLeasesPeriod
P3Y
CY2019Q2 crtx Operating Lease Payments Paid For Additional Space
OperatingLeasePaymentsPaidForAdditionalSpace
63000
CY2019Q2 crtx Operating Lease Termination Month And Year
OperatingLeaseTerminationMonthAndYear
2021-07
CY2019Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
0
CY2019Q2 us-gaap Lessee Operating Lease Existence Of Option To Extend
LesseeOperatingLeaseExistenceOfOptionToExtend
false
CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
0
crtx Operating Lease Future Rent Expense
OperatingLeaseFutureRentExpense
822000
crtx Operating Lease Remaining Lease Term On Straight Line Basis
OperatingLeaseRemainingLeaseTermOnStraightLineBasis
P25M
CY2019Q2 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
92000
CY2019Q2 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P2Y6M
CY2019Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
0
CY2019Q2 crtx Finance Lease Remaining Lease Term On Straight Line Basis
FinanceLeaseRemainingLeaseTermOnStraightLineBasis
P2Y6M
CY2019Q2 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
15000
CY2019Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
823000
CY2019Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
278000
CY2019Q2 crtx Accumulated Depreciation Operating And Finance Lease
AccumulatedDepreciationOperatingAndFinanceLease
15000
CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0400
CY2019Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y6M
CY2019Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
4852000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P4Y
CY2014Q2 crtx Percentage Of Royalty Rate Of Gross Revenues
PercentageOfRoyaltyRateOfGrossRevenues
0.03
CY2018Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
crtx Provision For Income Taxes
ProvisionForIncomeTaxes
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2270946
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
18954227

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