$VCNX
Vaccinex Inc

2021 Q1 Form 10-K Financial Statement

#000156459021016874 Filed on March 31, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 2019 Q4
Revenue $850.0K $50.00K $0.00
YoY Change -90.44% -100.0%
Cost Of Revenue $2.000K $0.00
YoY Change -99.0% -100.0%
Gross Profit $48.00K $0.00
YoY Change -85.0% -100.0%
Gross Profit Margin 96.0%
Selling, General & Admin $1.580M $7.410M $1.930M
YoY Change -9.71% 11.09% 39.86%
% of Gross Profit 15437.5%
Research & Development $5.510M $21.55M $4.410M
YoY Change 1.87% -16.05% -37.62%
% of Gross Profit 44893.75%
Depreciation & Amortization $55.00K $307.0K $70.00K
YoY Change -26.67% 23.29% 40.0%
% of Gross Profit 639.58%
Operating Expenses $7.090M $21.55M $6.340M
YoY Change 31.08% -33.37% -25.06%
Operating Profit -$6.240M -$21.50M -$6.340M
YoY Change -12.84% -32.85% -26.02%
Interest Expense $332.0K $489.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$2.000K -$31.00K $10.00K
YoY Change -120.0% -120.39% -90.91%
Pretax Income -$6.574M -$28.90M -$6.330M
YoY Change -8.04% -9.3% -25.09%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$6.574M -$28.85M -$6.330M
YoY Change -8.04% -9.45% -25.09%
Net Earnings / Revenue -773.41% -57702.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$260.5K -$1.535M -$428.3K
COMMON SHARES
Basic Shares Outstanding 28.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 2019 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.39M $10.60M $2.780M
YoY Change 1080.32% 281.29% -85.9%
Cash & Equivalents $29.39M $10.60M $2.776M
Short-Term Investments $0.00
Other Short-Term Assets $920.0K $530.0K $340.0K
YoY Change -8.91% 55.88% -67.92%
Inventory
Prepaid Expenses
Receivables $10.00K $160.0K $898.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $30.31M $11.29M $4.010M
YoY Change 609.84% 181.55% -81.28%
LONG-TERM ASSETS
Property, Plant & Equipment $370.0K $420.0K $594.0K
YoY Change -39.34% -28.81% -1.66%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $370.0K $410.0K $594.0K
YoY Change -39.34% -30.51% -1.66%
TOTAL ASSETS
Total Short-Term Assets $30.31M $11.29M $4.010M
Total Long-Term Assets $370.0K $410.0K $594.0K
Total Assets $30.68M $11.70M $4.604M
YoY Change 528.69% 154.35% -79.1%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.250M $3.170M $3.208M
YoY Change -1.52% -1.25% 38.16%
Accrued Expenses $1.230M $1.940M $3.670M
YoY Change -62.95% -47.14% -15.9%
Deferred Revenue
YoY Change
Short-Term Debt $2.290M $8.070M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $6.770M $13.18M $6.878M
YoY Change 2.27% 91.57% 2.87%
LONG-TERM LIABILITIES
Long-Term Debt $1.134M $1.130M $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $1.134M $1.130M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $6.770M $13.18M $6.878M
Total Long-Term Liabilities $1.134M $1.130M $0.00
Total Liabilities $7.903M $38.28M $6.878M
YoY Change 19.38% 24.12% 2.87%
SHAREHOLDERS EQUITY
Retained Earnings -$284.1M -$248.6M
YoY Change 11.05% 14.7%
Common Stock $284.9M $222.4M
YoY Change 23.82% 22240300.0%
Preferred Stock
YoY Change
Treasury Stock (at cost) $11.00K $11.00K
YoY Change 0.0% 0.0%
Treasury Stock Shares
Shareholders Equity $818.0K -$26.58M -$26.24M
YoY Change
Total Liabilities & Shareholders Equity $30.68M $11.70M $4.604M
YoY Change 528.64% 154.35% -79.1%

Cashflow Statement

Concept 2021 Q1 2020 2019 Q4
OPERATING ACTIVITIES
Net Income -$6.574M -$28.85M -$6.330M
YoY Change -8.04% -9.45% -25.09%
Depreciation, Depletion And Amortization $55.00K $307.0K $70.00K
YoY Change -26.67% 23.29% 40.0%
Cash From Operating Activities -$7.114M -$28.60M -$5.810M
YoY Change -5.27% -6.89% -23.15%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $290.0K $0.00
YoY Change -100.0% 271.79% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00 -$290.0K $0.00
YoY Change -100.0% -102.06% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $31.86M $17.00M
YoY Change 537.26%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 25.91M 36.76M 0.000
YoY Change 246.4% 166.36%
NET CHANGE
Cash From Operating Activities -7.114M -28.60M -5.810M
Cash From Investing Activities 0.000 -290.0K 0.000
Cash From Financing Activities 25.91M 36.76M 0.000
Net Change In Cash 18.79M 7.820M -5.810M
YoY Change -6694.04% -375.16% 3.01%
FREE CASH FLOW
Cash From Operating Activities -$7.114M -$28.60M -$5.810M
Capital Expenditures $0.00 $290.0K $0.00
Free Cash Flow -$7.114M -$28.89M -$5.810M
YoY Change -8.37% -6.18% -21.38%

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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;">Use of Estimates</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;">These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (&#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 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>
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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-family:Times New Roman;font-size:10pt;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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77000
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0
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203936
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
29888
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
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ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
330845
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5.82
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6.83
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7.68
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P6Y6M
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SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y10M24D
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y3M18D
CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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120000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
3000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2000
CY2020Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
2000
CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.70
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.35
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
732408
CY2019 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
161613
CY2018Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
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2212
CY2020Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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628036
CY2019Q4 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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627129
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P10Y
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0.00
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732000
CY2019 us-gaap Allocated Share Based Compensation Expense
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447000
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
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CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.051
CY2019 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.082
CY2019 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.109
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CY2019 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Other
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20513000
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DeferredTaxAssetsInProcessResearchAndDevelopment
18161000
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424000
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439000
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229000
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DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsReserves
168000
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CY2019Q4 us-gaap Deferred Tax Assets Valuation Allowance
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0
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2021-12-31
CY2020Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0
CY2019Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
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0
CY2019 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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1.00
CY2020 us-gaap Income Tax Examination Description
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from January 1, 2017 to December 31, 2020
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1.00
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169000
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168000

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