$VCNX
VACCINEX, INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020053729 Filed on November 13, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q4 2019 Q3
Revenue $630.0K $0.00 $404.0K
YoY Change 55.94% -100.0% 104.04%
Cost Of Revenue $2.000K $0.00 $8.000K
YoY Change -75.0% -100.0% -96.75%
Gross Profit $620.0K $0.00 $396.0K
YoY Change 56.57% -100.0% -925.0%
Gross Profit Margin 98.41% 98.02%
Selling, General & Admin $1.870M $1.930M $1.530M
YoY Change 22.22% 39.86% 40.37%
% of Gross Profit 301.61% 386.36%
Research & Development $7.334M $4.410M $6.543M
YoY Change 12.09% -37.62% 23.13%
% of Gross Profit 1182.9% 1652.27%
Depreciation & Amortization $74.00K $70.00K $64.00K
YoY Change 15.63% 40.0% 18.52%
% of Gross Profit 11.94% 16.16%
Operating Expenses $7.334M $6.340M $6.543M
YoY Change 12.09% -25.06% 23.13%
Operating Profit -$8.583M -$6.340M -$7.678M
YoY Change 11.79% -26.02% 18.96%
Interest Expense $148.0K $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$23.00K $10.00K $36.00K
YoY Change -163.89% -90.91% -48.57%
Pretax Income -$8.754M -$6.330M -$7.642M
YoY Change 14.55% -25.09% 15.79%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$8.754M -$6.330M -$7.642M
YoY Change 14.55% -25.09% 15.79%
Net Earnings / Revenue -1389.52% -1891.58%
Basic Earnings Per Share
Diluted Earnings Per Share -$436.0K -$428.3K -$555.2K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2019 Q4 2019 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $17.09M $2.780M $8.580M
YoY Change 99.18% -85.9% -68.66%
Cash & Equivalents $17.09M $2.776M $8.579M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $700.0K $340.0K $640.0K
YoY Change 9.38% -67.92% -58.97%
Inventory
Prepaid Expenses
Receivables $443.0K $898.0K $1.090M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $18.24M $4.010M $10.31M
YoY Change 76.89% -81.28% -64.86%
LONG-TERM ASSETS
Property, Plant & Equipment $488.0K $594.0K $500.0K
YoY Change -2.4% -1.66% -8.09%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $493.0K $594.0K $500.0K
YoY Change -1.4% -1.66% -8.09%
TOTAL ASSETS
Total Short-Term Assets $18.24M $4.010M $10.31M
Total Long-Term Assets $493.0K $594.0K $500.0K
Total Assets $18.73M $4.604M $10.81M
YoY Change 73.27% -79.1% -63.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.940M $3.208M $2.340M
YoY Change 25.64% 38.16% 2.81%
Accrued Expenses $2.990M $3.670M $4.550M
YoY Change -34.29% -15.9% 19.17%
Deferred Revenue
YoY Change
Short-Term Debt $7.890M $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.83M $6.878M $6.900M
YoY Change 100.39% 2.87% 12.45%
LONG-TERM LIABILITIES
Long-Term Debt $1.134M $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.134M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.83M $6.878M $6.900M
Total Long-Term Liabilities $1.134M $0.00 $0.00
Total Liabilities $14.96M $6.878M $6.896M
YoY Change 116.95% 2.87% -77.09%
SHAREHOLDERS EQUITY
Retained Earnings -$271.0M -$248.6M -$242.3M
YoY Change 11.86% 14.7%
Common Stock $250.8M $222.4M $1.000K
YoY Change 25084500.0% 22240300.0% 0.0%
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 -$20.20M -$26.24M -$20.05M
YoY Change
Total Liabilities & Shareholders Equity $18.73M $4.604M $10.81M
YoY Change 73.27% -79.1% -63.82%

Cashflow Statement

Concept 2020 Q3 2019 Q4 2019 Q3
OPERATING ACTIVITIES
Net Income -$8.754M -$6.330M -$7.642M
YoY Change 14.55% -25.09% 15.79%
Depreciation, Depletion And Amortization $74.00K $70.00K $64.00K
YoY Change 15.63% 40.0% 18.52%
Cash From Operating Activities -$9.310M -$5.810M -$10.49M
YoY Change -11.25% -23.15% 45.29%
INVESTING ACTIVITIES
Capital Expenditures -$40.00K $0.00 -$10.00K
YoY Change 300.0% -100.0% 0.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0% -100.0%
Cash From Investing Activities -$40.00K $0.00 -$10.00K
YoY Change 300.0% -100.0% -99.94%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.91M 0.000 13.80M
YoY Change 87.75% -58.53%
NET CHANGE
Cash From Operating Activities -9.310M -5.810M -10.49M
Cash From Investing Activities -40.00K 0.000 -10.00K
Cash From Financing Activities 25.91M 0.000 13.80M
Net Change In Cash 16.56M -5.810M 3.300M
YoY Change 401.82% 3.01% -66.87%
FREE CASH FLOW
Cash From Operating Activities -$9.310M -$5.810M -$10.49M
Capital Expenditures -$40.00K $0.00 -$10.00K
Free Cash Flow -$9.270M -$5.810M -$10.48M
YoY Change -11.55% -21.38% 45.35%

Facts In Submission

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us-gaap Use Of Estimates
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p> <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, 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-family:Times New Roman;font-size:10pt;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-family:Times New Roman;font-size:10pt;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. Cash equivalents are deposited in interest-bearing money market accounts. Although the Company deposits its 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: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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ProceedsFromIssuanceOfPrivatePlacement
2000000
CY2020Q1 us-gaap Proceeds From Contributed Capital
ProceedsFromContributedCapital
11500000
CY2020Q3 us-gaap Deferred Offering Costs
DeferredOfferingCosts
0
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7297000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
7167000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6809000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
6573000
CY2020Q3 us-gaap Depreciation
Depreciation
74000
CY2019Q3 us-gaap Depreciation
Depreciation
64000
CY2020Q3 vcnx Accrued Clinical Trial Cost Current
AccruedClinicalTrialCostCurrent
2278000
CY2019Q4 vcnx Accrued Clinical Trial Cost Current
AccruedClinicalTrialCostCurrent
3252000
CY2020Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
420000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
262000
CY2020Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
180000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
79000
CY2020Q3 vcnx Accrued Interest Current
AccruedInterestCurrent
94000
CY2020Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
21000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
77000
CY2020Q3 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
0
CY2020Q3 us-gaap Embedded Derivative Fair Value Of Embedded Derivative Liability
EmbeddedDerivativeFairValueOfEmbeddedDerivativeLiability
65000
vcnx Royalty Payments Percent Of Net Sales
RoyaltyPaymentsPercentOfNetSales
0.01
CY2020Q3 vcnx Operating Lease Monthly Rental Payments
OperatingLeaseMonthlyRentalPayments
14000
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
43022
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
174132
CY2020Q3 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
145110
CY2020Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
126000
CY2019Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
42000
us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
126000
CY2020Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3573875
CY2019Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3302980
CY2019Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
579731
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
324300
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
3783
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
8500
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
891748
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.04
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
5.11
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
8.10
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.77
CY2020Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.75
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y3M18D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y6M
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
719632
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
91000
CY2019Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
137000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
661000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
309000
CY2020Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
vcnx Number Of Business Activity
NumberOfBusinessActivity
1
vcnx Number Of Segment Managers For Operations Or Operating Results
NumberOfSegmentManagersForOperationsOrOperatingResults
0

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