$QNCX
Quince Therapeutics, Inc.

2021 Q2 Form 10-Q Financial Statement

#000156459021025001 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q2 2021 Q1 2020 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 $7.060M $6.490M $3.480M
YoY Change 68.5% 86.49% 178.4%
% of Gross Profit
Research & Development $14.72M $16.82M $14.38M
YoY Change 4.49% 17.0% 198.03%
% of Gross Profit
Depreciation & Amortization $80.00K $90.00K $80.00K
YoY Change 0.0% 12.5% -900.0%
% of Gross Profit
Operating Expenses $21.78M $23.31M $17.86M
YoY Change 19.22% 30.55% 193.96%
Operating Profit -$21.78M -$23.31M -$17.86M
YoY Change 19.22% 30.55% 193.96%
Interest Expense $160.0K $230.0K $680.0K
YoY Change -75.76% -66.18% 74.36%
% of Operating Profit
Other Income/Expense, Net -$131.0K $0.00
YoY Change
Pretax Income -$21.75M -$23.09M -$17.18M
YoY Change 23.51% 34.4% 202.46%
Income Tax
% Of Pretax Income
Net Earnings -$21.75M -$23.09M -$17.18M
YoY Change 23.52% 34.41% 202.34%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$0.74 -$0.78 -$0.61
COMMON SHARES
Basic Shares Outstanding 29.59M 29.55M 29.40M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q2 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $130.0M $147.0M $162.4M
YoY Change -10.07% -9.46% 175.05%
Cash & Equivalents $74.05M $85.32M $85.61M
Short-Term Investments $55.90M $61.72M $76.80M
Other Short-Term Assets $438.0K $557.0K $954.0K
YoY Change -50.4% -41.61% 146.51%
Inventory
Prepaid Expenses $459.0K $346.0K $164.0K
Receivables
Other Receivables
Total Short-Term Assets $135.8M $149.9M $168.6M
YoY Change -10.39% -11.1% 164.3%
LONG-TERM ASSETS
Property, Plant & Equipment $390.0K $378.0K $1.300M
YoY Change -70.0% -70.92% 314.01%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $23.50M $23.70M $61.10M
YoY Change -64.45% -61.21% 1031.48%
Other Assets $145.0K $39.00K $200.0K
YoY Change -27.5% -80.5% -23.37%
Total Long-Term Assets $25.55M $24.64M $62.60M
YoY Change -62.21% -60.64% 819.78%
TOTAL ASSETS
Total Short-Term Assets $135.8M $149.9M $168.6M
Total Long-Term Assets $25.55M $24.64M $62.60M
Total Assets $161.4M $174.5M $231.2M
YoY Change -26.37% -24.51% 227.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.193M $2.845M $5.000M
YoY Change 41.04% -43.1% 156.94%
Accrued Expenses $11.34M $15.02M $8.200M
YoY Change 31.91% 83.2% 375.64%
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 $18.54M $17.87M $13.10M
YoY Change 35.31% 36.39% 226.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $800.0K $200.0K $100.0K
YoY Change 700.0% 100.0% -80.0%
Total Long-Term Liabilities $800.0K $200.0K $100.0K
YoY Change 700.0% 100.0% -80.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $18.54M $17.87M $13.10M
Total Long-Term Liabilities $800.0K $200.0K $100.0K
Total Liabilities $19.31M $18.00M $13.20M
YoY Change 40.95% 36.36% 194.31%
SHAREHOLDERS EQUITY
Retained Earnings -$191.5M -$169.7M
YoY Change
Common Stock $333.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $142.1M $156.5M $218.0M
YoY Change
Total Liabilities & Shareholders Equity $161.4M $174.5M $231.2M
YoY Change -26.37% -24.52% 227.5%

Cashflow Statement

Concept 2021 Q2 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$21.75M -$23.09M -$17.18M
YoY Change 23.52% 34.41% 202.34%
Depreciation, Depletion And Amortization $80.00K $90.00K $80.00K
YoY Change 0.0% 12.5% -900.0%
Cash From Operating Activities -$17.56M -$13.61M -$10.78M
YoY Change 22.03% 26.26% 49.38%
INVESTING ACTIVITIES
Capital Expenditures $100.0K $37.00K $5.000K
YoY Change 900.0% 640.0% -90.2%
Acquisitions
YoY Change
Other Investing Activities $5.720M $31.68M -$72.68M
YoY Change -196.46% -143.59% -241.62%
Cash From Investing Activities $5.630M $31.64M -$72.68M
YoY Change -194.62% -143.54% -2397.12%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 670.0K 441.0K 117.9M
YoY Change -24.72% -99.63% 184043.75%
NET CHANGE
Cash From Operating Activities -17.56M -13.61M -10.78M
Cash From Investing Activities 5.630M 31.64M -72.68M
Cash From Financing Activities 670.0K 441.0K 117.9M
Net Change In Cash -11.26M 18.47M 34.39M
YoY Change -42.11% -46.28% -962.39%
FREE CASH FLOW
Cash From Operating Activities -$17.56M -$13.61M -$10.78M
Capital Expenditures $100.0K $37.00K $5.000K
Free Cash Flow -$17.66M -$13.65M -$10.78M
YoY Change 22.64% 26.55% 48.4%

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’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 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’s estimates.</p>
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CY2020Q2 crtx Operating Lease Termination Month And Year
OperatingLeaseTerminationMonthAndYear
2021-07
CY2020Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
172000
CY2020Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
172000
CY2021Q1 crtx Operating Lease Future Rent Expense
OperatingLeaseFutureRentExpense
470000
CY2021Q1 crtx Finance Lease Right Of Use Asset Depreciation Expense
FinanceLeaseRightOfUseAssetDepreciationExpense
57000
CY2020Q1 crtx Finance Lease Right Of Use Asset Depreciation Expense
FinanceLeaseRightOfUseAssetDepreciationExpense
60000
CY2021Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
500000
CY2020Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
674000
CY2021Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
197000
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
238000
CY2021Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
171000
CY2020Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
208000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
368000
CY2020Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
446000
CY2021Q1 crtx Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
557000
CY2020Q4 crtx Finance Lease Right Of Use Asset Gross
FinanceLeaseRightOfUseAssetGross
557000
CY2021Q1 crtx Accumulated Amortization Of Finance Lease
AccumulatedAmortizationOfFinanceLease
394000
CY2020Q4 crtx Accumulated Amortization Of Finance Lease
AccumulatedAmortizationOfFinanceLease
337000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
163000
CY2020Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
220000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D
CY2020Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y7M6D
CY2021Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y8M12D
CY2020Q4 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0210
CY2020Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0210
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
165000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
141000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
70000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
376000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
368000
CY2021Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
70100
CY2021Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P1Y7M13D
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6991000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1955000
CY2021Q1 crtx Provision For Income Taxes
ProvisionForIncomeTaxes
0
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5531521
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3271050

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