$QNCX
Quince Therapeutics, Inc.

2020 Q4 Form 10-Q Financial Statement

#000156459020053571 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q4 2020 Q3 2019 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.000M $4.930M $2.920M
YoY Change 71.23% 112.5%
% of Gross Profit
Research & Development $15.86M $16.98M $10.03M
YoY Change 58.13% 105.78%
% of Gross Profit
Depreciation & Amortization $80.00K $90.00K $80.00K
YoY Change 0.0% 50.0%
% of Gross Profit
Operating Expenses $20.85M $21.91M $12.95M
YoY Change 61.0% 107.32%
Operating Profit -$21.91M
YoY Change 107.32%
Interest Expense $300.0K $410.0K $570.0K
YoY Change -47.37% -42.25%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$20.56M -$21.51M -$12.38M
YoY Change 66.07% 118.15%
Income Tax
% Of Pretax Income
Net Earnings -$20.56M -$21.51M -$12.38M
YoY Change 66.07% 118.11%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.70 -$0.73 -$0.42
COMMON SHARES
Basic Shares Outstanding 29.50M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q4 2020 Q3 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.8M $137.8M $99.86M
YoY Change 34.0% 14.35% 39.25%
Cash & Equivalents $66.84M $64.25M $51.21M
Short-Term Investments $66.98M $73.55M $48.65M
Other Short-Term Assets $694.0K $629.0K $688.0K
YoY Change 0.87% 22.85% 911.76%
Inventory
Prepaid Expenses $274.0K $120.0K $129.0K
Receivables
Other Receivables
Total Short-Term Assets $137.9M $143.0M $106.1M
YoY Change 29.99% 14.93% 46.11%
LONG-TERM ASSETS
Property, Plant & Equipment $427.0K $500.0K $709.0K
YoY Change -39.77% -64.29% 150.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $50.50M $60.10M $16.80M
YoY Change 200.6% 723.29%
Other Assets $39.00K $209.0K $217.0K
YoY Change -82.03% -30.33% 2070.0%
Total Long-Term Assets $51.60M $61.69M $18.31M
YoY Change 181.77% 585.44% 6150.51%
TOTAL ASSETS
Total Short-Term Assets $137.9M $143.0M $106.1M
Total Long-Term Assets $51.60M $61.69M $18.31M
Total Assets $189.5M $204.7M $124.4M
YoY Change 52.34% 53.42% 70.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.555M $4.309M $3.075M
YoY Change 15.61% 87.35% 521.21%
Accrued Expenses $13.44M $12.10M $5.817M
YoY Change 131.06% 218.42% 504.68%
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 $17.00M $16.41M $8.892M
YoY Change 91.14% 169.0% 510.3%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $200.0K
YoY Change
Total Long-Term Liabilities $200.0K $200.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.00M $16.41M $8.892M
Total Long-Term Liabilities $200.0K $200.0K $0.00
Total Liabilities $17.20M $16.70M $8.892M
YoY Change 93.48% 172.56% 510.3%
SHAREHOLDERS EQUITY
Retained Earnings -$146.7M -$126.1M -$69.81M
YoY Change 110.09% 112.66%
Common Stock $318.6M $313.6M $185.2M
YoY Change 72.01% 74586.69%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $172.3M $188.0M $115.5M
YoY Change
Total Liabilities & Shareholders Equity $189.5M $204.7M $124.4M
YoY Change 52.34% 53.42% 70.66%

Cashflow Statement

Concept 2020 Q4 2020 Q3 2019 Q4
OPERATING ACTIVITIES
Net Income -$20.56M -$21.51M -$12.38M
YoY Change 66.07% 118.11%
Depreciation, Depletion And Amortization $80.00K $90.00K $80.00K
YoY Change 0.0% 50.0%
Cash From Operating Activities -$13.28M -$12.37M -$10.95M
YoY Change 21.28% 40.57%
INVESTING ACTIVITIES
Capital Expenditures $10.00K $20.00K $10.00K
YoY Change 0.0% -33.33%
Acquisitions
YoY Change
Other Investing Activities $15.84M $10.39M $17.72M
YoY Change -10.61% 12.45%
Cash From Investing Activities $15.83M $10.37M $17.70M
YoY Change -10.56% 12.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 50.00K 90.00K -530.0K
YoY Change -109.43%
NET CHANGE
Cash From Operating Activities -13.28M -12.37M -10.95M
Cash From Investing Activities 15.83M 10.37M 17.70M
Cash From Financing Activities 50.00K 90.00K -530.0K
Net Change In Cash 2.600M -1.910M 6.220M
YoY Change -58.2% -554.76%
FREE CASH FLOW
Cash From Operating Activities -$13.28M -$12.37M -$10.95M
Capital Expenditures $10.00K $20.00K $10.00K
Free Cash Flow -$13.29M -$12.39M -$10.96M
YoY Change 21.26% 40.32%

Facts In Submission

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<p style="margin-bottom:0pt;margin-top:8pt;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 prior to the initial public offering, stock-based awards and other issuances, 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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0
CY2019Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2020Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2020Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
54000000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y8M12D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
37.03
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4158000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
912000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
9511000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1479000
CY2014Q2 crtx Percentage Of Royalty Rate Of Gross Revenues
PercentageOfRoyaltyRateOfGrossRevenues
0.03
CY2018Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P3Y
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
114437
crtx Provision For Income Taxes
ProvisionForIncomeTaxes
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3768925
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2422195
CY2020Q3 crtx Prepaid Research And Development Expenses Current
PrepaidResearchAndDevelopmentExpensesCurrent
2778000
CY2019Q4 crtx Prepaid Research And Development Expenses Current
PrepaidResearchAndDevelopmentExpensesCurrent
4517000
CY2019 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersOutOfLevel3
0
CY2019Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
44740000
CY2019Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
250000
CY2020Q3 us-gaap Restricted Cash Current
RestrictedCashCurrent
0
CY2020Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
120000
CY2019Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
129000
CY2020Q3 crtx Prepaid Insurance Current
PrepaidInsuranceCurrent
1653000
CY2019Q4 crtx Prepaid Insurance Current
PrepaidInsuranceCurrent
858000
CY2020Q3 us-gaap Other Assets Current
OtherAssetsCurrent
629000
CY2019Q4 us-gaap Other Assets Current
OtherAssetsCurrent
688000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
530000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
283000
CY2020Q3 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
1846000
CY2019Q4 us-gaap Deferred Compensation Liability Current
DeferredCompensationLiabilityCurrent
1261000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
224000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
96000
CY2020Q3 crtx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
9751000
CY2019Q4 crtx Accrued Research And Development Expenses Current
AccruedResearchAndDevelopmentExpensesCurrent
4410000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
279000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
50000
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
CY2020Q2 crtx Operating Lease Termination Month And Year
OperatingLeaseTerminationMonthAndYear
2021-07
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
172000
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
172000
crtx Operating Lease Future Rent Expense
OperatingLeaseFutureRentExpense
760000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
173000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
53000
CY2020Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
279000
CY2020Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
523000
CY2020Q3 crtx Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
556000
CY2019Q4 crtx Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
559000
CY2020Q3 crtx Accumulated Amortization Of Finance Lease
AccumulatedAmortizationOfFinanceLease
280000
CY2019Q4 crtx Accumulated Amortization Of Finance Lease
AccumulatedAmortizationOfFinanceLease
107000
CY2020Q3 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
276000
CY2019Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
452000
CY2020Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y3M18D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2020Q3 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M12D
CY2019Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P2Y1M6D
CY2020Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0210
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
80000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
245000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
141000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
70000
CY2020Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
536000

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