$VCNX
VACCINEX, INC.

2019 Q2 Form 10-Q Financial Statement

#000156459019031978 Filed on August 14, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q4
Revenue $25.00K $94.00K $190.0K
YoY Change -80.16% -54.37% 111.11%
Cost Of Revenue $16.00K $175.0K $300.0K
YoY Change -93.5% -27.08% 87.5%
Gross Profit $9.000K -$81.00K -$110.0K
YoY Change -107.5% 138.24% 57.14%
Gross Profit Margin 36.0% -86.17% -57.89%
Selling, General & Admin $1.560M $1.650M $1.380M
YoY Change 67.74% 35.25% 25.45%
% of Gross Profit 17333.33%
Research & Development $7.304M $7.412M $7.070M
YoY Change 32.51% 66.41% 40.56%
% of Gross Profit 81155.56%
Depreciation & Amortization $57.00K $60.00K $50.00K
YoY Change 1.79% 7.14% -16.67%
% of Gross Profit 633.33%
Operating Expenses $7.304M $7.412M $8.460M
YoY Change 32.51% 66.41% 38.01%
Operating Profit -$8.858M -$9.140M -$8.570M
YoY Change 35.09% 60.1% 38.23%
Interest Expense $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Operating Profit
Other Income/Expense, Net $30.00K $73.00K $110.0K
YoY Change -621.43% -650.0%
Pretax Income -$8.828M -$9.067M -$8.450M
YoY Change 33.6% 15.33% 221.29%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.828M -$9.067M -$8.450M
YoY Change 33.6% 15.33% 226.25%
Net Earnings / Revenue -35312.0% -9645.74% -4447.37%
Basic Earnings Per Share
Diluted Earnings Per Share -$769.2K -$790.1K -$736.1K
COMMON SHARES
Basic Shares Outstanding 11.48M 11.48M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.280M $11.29M $19.72M
YoY Change 306.15% 286.64%
Cash & Equivalents $5.279M $5.279M $5.618M
Short-Term Investments $0.00 $2.350M $14.11M
Other Short-Term Assets $420.0K $830.0K $1.060M
YoY Change -47.5% 18.57%
Inventory
Prepaid Expenses
Receivables $871.0K $630.0K $639.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $6.566M $12.75M $21.42M
YoY Change 168.11% 243.67% 330.72%
LONG-TERM ASSETS
Property, Plant & Equipment $555.0K $540.0K $604.0K
YoY Change 2.59% -6.9% 0.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $555.0K $540.0K $604.0K
YoY Change -75.51% -56.45% 0.5%
TOTAL ASSETS
Total Short-Term Assets $6.566M $12.75M $21.42M
Total Long-Term Assets $555.0K $540.0K $604.0K
Total Assets $7.121M $13.29M $22.03M
YoY Change 51.03% 168.48% 295.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.448M $2.440M $2.322M
YoY Change 50.96% 3.39% 21.57%
Accrued Expenses $4.053M $4.520M $4.364M
YoY Change 5.46% 65.57% 122.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.500M $6.960M $6.686M
YoY Change 7.55% 32.32% 60.53%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.500M $6.960M $6.686M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $33.46M $6.959M $6.686M
YoY Change 277.48% -73.75% -9.0%
SHAREHOLDERS EQUITY
Retained Earnings -$234.7M -$225.8M -$216.8M
YoY Change 16.33% 15.76%
Common Stock $1.000K $1.000K $1.000K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.00K $11.00K $11.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity -$26.34M -$17.63M -$8.621M
YoY Change
Total Liabilities & Shareholders Equity $7.121M $13.29M $22.03M
YoY Change 51.03% 168.57% 295.12%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q4
OPERATING ACTIVITIES
Net Income -$8.828M -$9.067M -$8.450M
YoY Change 33.6% 15.33% 226.25%
Depreciation, Depletion And Amortization $57.00K $60.00K $50.00K
YoY Change 1.79% 7.14% -16.67%
Cash From Operating Activities -$5.940M -$8.476M -$7.560M
YoY Change 11.44% 64.1% 20.96%
INVESTING ACTIVITIES
Capital Expenditures -$70.00K $0.00 -$170.0K
YoY Change 600.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $2.350M $11.80M $2.080M
YoY Change
Cash From Investing Activities $2.280M $11.80M $1.920M
YoY Change -22900.0% -25206.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 0.000
YoY Change -100.0% -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -5.940M -8.476M -7.560M
Cash From Investing Activities 2.280M 11.80M 1.920M
Cash From Financing Activities 0.000 0.000 0.000
Net Change In Cash -3.660M 3.324M -5.640M
YoY Change 125.93% -364.65% -250.4%
FREE CASH FLOW
Cash From Operating Activities -$5.940M -$8.476M -$7.560M
Capital Expenditures -$70.00K $0.00 -$170.0K
Free Cash Flow -$5.870M -$8.476M -$7.390M
YoY Change 10.34% 62.62% 18.24%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Temporary Equity Dividends Adjustment
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us-gaap Share Based Compensation
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us-gaap Use Of Estimates
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<p style="margin-top:2pt;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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">These condensed consolidated financial statements have been prepared in conformity with U.S. GAAP. 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>
us-gaap Concentration Risk Credit Risk
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<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;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. Cash equivalents are deposited in interest-bearing money market accounts and short-term investments consist of highly liquid U.S. government treasury bills and notes. The Company deposits its cash with multiple financial institutions and 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:4.54%;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>
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DebtInstrumentBasisSpreadOnVariableRate1
0.02
CY2017Q3 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.02
CY2017Q4 us-gaap Debt Instrument Basis Spread On Variable Rate1
DebtInstrumentBasisSpreadOnVariableRate1
0.02
CY2017Q1 us-gaap Debt Instrument Term
DebtInstrumentTerm
P3Y
CY2017Q2 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6000000
CY2017Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6000000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
6000000
CY2017Q1 us-gaap Debt Instrument Periodic Payment Principal
DebtInstrumentPeriodicPaymentPrincipal
6000000
CY2018Q2 us-gaap Interest Expense Debt
InterestExpenseDebt
49000000
us-gaap Interest Expense Debt
InterestExpenseDebt
284000000
CY2016Q2 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
31000
vcnx Royalty Payments Percent Of Net Sales
RoyaltyPaymentsPercentOfNetSales
0.01
CY2019Q2 vcnx Operating Lease Monthly Rental Payments
OperatingLeaseMonthlyRentalPayments
14000
CY2019Q2 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
224000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
84000
CY2018Q2 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
84000
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
405683
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
188550
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5496
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
588737
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
376922
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
9.69
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.96
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
13.01
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.15
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.36
CY2018 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y6M0D
CY2019Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
1000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
15.63
CY2019Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
861569
CY2019Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
113000
CY2018Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
52000
CY2019Q2 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2018Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00
CY2018 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
1.00

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