$SYRE
Spyre Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000156459020050906 Filed on November 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.670M $4.310M $3.820M
YoY Change 31.55% 30.21% 30.38%
% of Gross Profit
Research & Development $12.45M $17.84M $14.81M
YoY Change -30.21% 99.78% 62.39%
% of Gross Profit
Depreciation & Amortization $250.0K $100.0K $110.0K
YoY Change 150.0% 42.86% 37.5%
% of Gross Profit
Operating Expenses $18.12M $22.15M $18.62M
YoY Change -18.19% 80.96% 54.54%
Operating Profit -$18.12M -$22.15M -$18.62M
YoY Change -18.17% 80.89% 92.57%
Interest Expense $90.00K $590.0K $620.0K
YoY Change -84.75% 73.53% 138.46%
% of Operating Profit
Other Income/Expense, Net $0.00 $573.0K $603.0K
YoY Change -100.0% 75.77% -6130.0%
Pretax Income -$18.03M -$21.57M -$18.02M
YoY Change -16.41% 80.96% 91.5%
Income Tax
% Of Pretax Income
Net Earnings -$18.03M -$21.57M -$18.02M
YoY Change -16.41% 81.03% 91.41%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$289.7K -$655.8K -$548.7K
COMMON SHARES
Basic Shares Outstanding 44.60M 28.89M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $141.5M $90.20M $105.5M
YoY Change 56.85% 39.41% 46.18%
Cash & Equivalents $55.72M $26.05M $25.43M
Short-Term Investments $85.75M $64.16M $80.11M
Other Short-Term Assets $4.400M $3.900M $4.400M
YoY Change 12.82% 21.88% 83.33%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $144.4M $92.60M $109.9M
YoY Change 55.94% 31.53% 39.33%
LONG-TERM ASSETS
Property, Plant & Equipment $5.216M $5.900M $921.0K
YoY Change -11.59% 637.5% 15.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $122.0K $114.0K $120.0K
YoY Change 7.02%
Total Long-Term Assets $11.23M $7.496M $7.559M
YoY Change 49.84% 732.89% 844.88%
TOTAL ASSETS
Total Short-Term Assets $144.4M $92.60M $109.9M
Total Long-Term Assets $11.23M $7.496M $7.559M
Total Assets $155.6M $100.1M $117.5M
YoY Change 55.48% 40.39% 47.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.295M $2.431M $2.724M
YoY Change -5.59% 121.0% 172.4%
Accrued Expenses $12.10M $12.90M $10.30M
YoY Change -6.2% 101.56% 98.08%
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
Total Short-Term Liabilities $14.35M $15.40M $13.02M
YoY Change -6.8% 105.28% 109.98%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $5.000M $38.00K $45.00K
YoY Change 13057.89% -62.0% -55.0%
Total Long-Term Liabilities $5.000M $38.00K $45.00K
YoY Change 13057.89% -62.0% -55.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $14.35M $15.40M $13.02M
Total Long-Term Liabilities $5.000M $38.00K $45.00K
Total Liabilities $19.40M $20.30M $17.88M
YoY Change -4.44% 167.12% 183.79%
SHAREHOLDERS EQUITY
Retained Earnings -$253.3M -$173.6M -$152.0M
YoY Change 45.91%
Common Stock $253.3M $251.6M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $136.3M $79.80M $99.62M
YoY Change
Total Liabilities & Shareholders Equity $155.6M $100.1M $117.5M
YoY Change 55.45% 40.39% 47.42%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income -$18.03M -$21.57M -$18.02M
YoY Change -16.41% 81.03% 91.41%
Depreciation, Depletion And Amortization $250.0K $100.0K $110.0K
YoY Change 150.0% 42.86% 37.5%
Cash From Operating Activities -$17.53M -$17.21M -$16.38M
YoY Change 1.86% 102.47% 81.19%
INVESTING ACTIVITIES
Capital Expenditures -$570.0K -$140.0K -$60.00K
YoY Change 307.14% 40.0% 50.0%
Acquisitions
YoY Change
Other Investing Activities $6.350M $16.15M -$41.95M
YoY Change -60.68% 976.67% 118.83%
Cash From Investing Activities $5.790M $16.01M -$42.02M
YoY Change -63.84% 1043.57% 118.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 250.0K 310.0K -320.0K
YoY Change -19.35% -70.75% -100.84%
NET CHANGE
Cash From Operating Activities -17.53M -17.21M -16.38M
Cash From Investing Activities 5.790M 16.01M -42.02M
Cash From Financing Activities 250.0K 310.0K -320.0K
Net Change In Cash -11.49M -890.0K -58.72M
YoY Change 1191.01% -85.26% -697.96%
FREE CASH FLOW
Cash From Operating Activities -$17.53M -$17.21M -$16.38M
Capital Expenditures -$570.0K -$140.0K -$60.00K
Free Cash Flow -$16.96M -$17.07M -$16.32M
YoY Change -0.64% 103.21% 81.33%

Facts In Submission

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<p style="margin-top:6pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Such management estimates include those related to accruals of research and development related costs, stock-based compensation, and certain company income tax related items. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ significantly from those estimates.</p>
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Arial;font-size:10pt;text-transform:none;font-variant: normal;">Concentration of Credit Risk</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Arial;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents, marketable securities, and restricted cash. The Company’s investment policy limits investments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies, highly rated banks, and corporate issuers, subject to certain concentration limits and restrictions on maturities. The Company’s cash, cash equivalents, marketable securities, and restricted cash are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit may at times exceed federally insured limits. The Company has not experienced any losses on its deposits of cash, cash equivalents, and restricted cash and its accounts are monitored by management to mitigate risk. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents, restricted cash, and bond issuers.</p>
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OtherAccruedLiabilitiesCurrent
639000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
469000
CY2020Q3 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11713000
CY2019Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
14854000
CY2020Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
15442303
CY2020Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
4.75
CY2020Q2 agle Additional Common Stock Shares Issued
AdditionalCommonStockSharesIssued
3789473
CY2020Q2 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
129000000.0
CY2020Q2 us-gaap Expense Related To Distribution Or Servicing And Underwriting Fees
ExpenseRelatedToDistributionOrServicingAndUnderwritingFees
8200000
CY2020Q2 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
800000
CY2020Q2 agle Reduction In Exercise Price Of Each Warrant From Public Offering Price For Pre Funded Warrants Per Share
ReductionInExercisePriceOfEachWarrantFromPublicOfferingPriceForPreFundedWarrantsPerShare
0.0001
CY2020Q2 agle Maximum Ownership Percentage For Outstanding Warrants To Purchase Shares Of Common Stock To Be Exercised
MaximumOwnershipPercentageForOutstandingWarrantsToPurchaseSharesOfCommonStockToBeExercised
0.0499
agle Period After Notice Received By Company Maximum Ownership Percentage To Be Effective Description
PeriodAfterNoticeReceivedByCompanyMaximumOwnershipPercentageToBeEffectiveDescription
The revised Maximum Ownership Percentage would be effective 60 days after the notice is received by the Company.

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