$VCNX
VACCINEX, INC.

2018 Q3 Form 10-Q Financial Statement

#000156459018021566 Filed on August 14, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2018 Q2 2017 Q2
Revenue $198.0K $126.0K $0.00
YoY Change
Cost Of Revenue $246.0K $246.0K $0.00
YoY Change
Gross Profit -$48.00K -$120.0K $0.00
YoY Change
Gross Profit Margin -24.24% -95.24%
Selling, General & Admin $1.090M $930.0K $1.270M
YoY Change 4.81% -26.77%
% of Gross Profit
Research & Development $5.314M $5.512M $3.392M
YoY Change 23.87% 62.5%
% of Gross Profit
Depreciation & Amortization $54.00K $56.00K $50.00M
YoY Change 8.0% -99.89%
% of Gross Profit
Operating Expenses $5.314M $5.512M $3.392M
YoY Change -0.3% 62.5%
Operating Profit -$6.454M -$6.557M -$4.666M
YoY Change 21.09% 40.53%
Interest Expense $44.00K $81.00K $355.0K
YoY Change -122.0% -77.18%
% of Operating Profit
Other Income/Expense, Net $70.00K $0.00 -$7.000K
YoY Change -100.0%
Pretax Income -$6.600M -$6.608M -$4.879M
YoY Change 19.13% 35.44%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.600M -$6.608M -$4.879M
YoY Change 19.13% 35.44%
Net Earnings / Revenue -3333.33% -5244.44%
Basic Earnings Per Share
Diluted Earnings Per Share -$575.4K -$569.8K -$425.5K
COMMON SHARES
Basic Shares Outstanding 11.48M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q3 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.38M $1.300M
YoY Change
Cash & Equivalents $11.26M $1.298M $1.166M
Short-Term Investments $16.12M
Other Short-Term Assets $1.560M $800.0K
YoY Change
Inventory
Prepaid Expenses
Receivables $403.0K $352.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $29.34M $2.449M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $544.0K $541.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.730M
YoY Change
Total Long-Term Assets $544.0K $2.266M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $29.34M $2.449M
Total Long-Term Assets $544.0K $2.266M
Total Assets $29.88M $4.715M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.276M $3.609M
YoY Change
Accrued Expenses $3.818M $3.843M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.280M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.136M $8.833M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $30.00K
YoY Change
Total Long-Term Liabilities $0.00 $30.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.136M $8.833M
Total Long-Term Liabilities $0.00 $30.00K
Total Liabilities $30.10M $8.864M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$201.7M
YoY Change
Common Stock $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.00K
YoY Change
Treasury Stock Shares
Shareholders Equity -$220.0K -$139.8M
YoY Change
Total Liabilities & Shareholders Equity $29.88M $4.715M
YoY Change

Cashflow Statement

Concept 2018 Q3 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$6.600M -$6.608M -$4.879M
YoY Change 19.13% 35.44%
Depreciation, Depletion And Amortization $54.00K $56.00K $50.00M
YoY Change 8.0% -99.89%
Cash From Operating Activities -$7.220M -$5.330M -$5.780M
YoY Change 52.64% -7.79%
INVESTING ACTIVITIES
Capital Expenditures -$10.00K -$10.00K -$60.00K
YoY Change 0.0% -83.33%
Acquisitions
YoY Change
Other Investing Activities -$16.09M
YoY Change
Cash From Investing Activities -$16.10M -$10.00K -$60.00K
YoY Change 160900.0% -83.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 33.28M 3.720M 5.990M
YoY Change 732.0% -37.9%
NET CHANGE
Cash From Operating Activities -7.220M -5.330M -5.780M
Cash From Investing Activities -16.10M -10.00K -60.00K
Cash From Financing Activities 33.28M 3.720M 5.990M
Net Change In Cash 9.960M -1.620M 150.0K
YoY Change -1445.95% -1180.0%
FREE CASH FLOW
Cash From Operating Activities -$7.220M -$5.330M -$5.780M
Capital Expenditures -$10.00K -$10.00K -$60.00K
Free Cash Flow -$7.210M -$5.320M -$5.720M
YoY Change 52.75% -6.99%

Facts In Submission

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us-gaap Use Of Estimates
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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">These condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (&#8220;U.S. GAAP&#8221;). The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amount of expenses during the reporting period. Such management estimates include those relating to assumptions used in the valuation of stock option awards, the valuation of derivative instruments, and valuation allowances against deferred income tax assets. Actual results could differ from those estimates. </p></div>
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<div> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Concentration of Credit Risk, Other Risks and Uncertainties </p> <p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:5.24%;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash equivalents are deposited in interest-bearing money market accounts. Although the Company deposits the cash with multiple financial institutions, cash balances may occasionally be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Management believes the financial risk associated with these balances is minimal and has not experienced any losses to date. </p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company depends on third-party manufacturers for the manufacture of drug substance and drug product for clinical trials. The Company also relies on certain third parties for its supply chain. Disputes with these third- party manufacturers or shortages in goods or services from third-party suppliers could delay the manufacturing of the Company&#8217;s product candidates and adversely impact its results of operations. </p></div>
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Period Increase Decrease
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationPeriodIncreaseDecrease
-338000
CY2018Q2 us-gaap Derivative Liabilities
DerivativeLiabilities
31000
CY2018Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
49000
CY2017Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
322000
us-gaap Interest Expense Debt
InterestExpenseDebt
284000
us-gaap Interest Expense Debt
InterestExpenseDebt
564000
CY2018Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
1890000
CY2018Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
1890000
CY2018Q2 us-gaap Interest Payable Current And Noncurrent
InterestPayableCurrentAndNoncurrent
390000
CY2018Q2 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
223000
CY2018Q2 us-gaap Convertible Long Term Notes Payable
ConvertibleLongTermNotesPayable
1277000
CY2018Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
1277000
ck0001205922 Royalty Payment Percentage Of Net Sales
RoyaltyPaymentPercentageOfNetSales
0.01
CY2018Q2 ck0001205922 Operating Lease Monthly Rental Payments
OperatingLeaseMonthlyRentalPayments
14000
CY2018Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
56000
CY2017Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
84000
CY2017Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9341111
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
420956
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
28000
CY2018Q2 us-gaap Cash
Cash
1300000
ck0001205922 Proceeds From Issuance Initial Public Offering Gross
ProceedsFromIssuanceInitialPublicOfferingGross
40000000
CY2018Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6754000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
6702000
CY2018Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6213000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6101000
ck0001205922 Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Shares Granted
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantSharesGranted
-28000
ck0001205922 Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant Shares Canceled
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrantSharesCanceled
44557
CY2018Q2 ck0001205922 Share Based Compensation Arrangement By Share Based Payment Award Options Available For Grant Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAvailableForGrantOutstandingNumber
35591
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
44557
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
403699
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
354139
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
13.60
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
7.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
7.10
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.71
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y4M24D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
5021000
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
4598000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.63
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
143000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
76000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
11000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
10000
CY2018Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
515000
CY2017Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
216000
ck0001205922 Share Based Compensation Arrangement By Share Based Payment Award Options Maximum Contractual Term
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsMaximumContractualTerm
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2017 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.35
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2016 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2017 ck0001205922 Tax Cuts And Jobs Act Change In Tax Rate Deferred Tax Assets Provisional Income Tax Benefit
TaxCutsAndJobsActChangeInTaxRateDeferredTaxAssetsProvisionalIncomeTaxBenefit
20700000
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
800000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1592000
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
1592000
ck0001205922 Number Of Business Activity
NumberOfBusinessActivity
1
ck0001205922 Number Of Segment Managers For Operations Or Operating Results
NumberOfSegmentManagersForOperationsOrOperatingResults
0
CY2016 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00
CY2017 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00

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