$VIGL
Vigil Neuroscience, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022015249 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.846M $4.945M $4.967M
YoY Change 65.51% 132.38% 324.53%
% of Gross Profit
Research & Development $12.79M $12.10M $10.37M
YoY Change 63.78% 39.88% 53.49%
% of Gross Profit
Depreciation & Amortization $16.00K $13.00K $13.00K
YoY Change 33.33% 1200.0%
% of Gross Profit
Operating Expenses $17.64M $17.04M $15.33M
YoY Change 64.25% 58.15% 93.63%
Operating Profit -$17.64M -$17.04M -$15.33M
YoY Change 64.25% 58.15% 93.63%
Interest Expense $163.0K $32.00K $2.000K
YoY Change -105.49% -100.8%
% of Operating Profit
Other Income/Expense, Net $137.0K $27.00K -$2.000K
YoY Change -6950.0% -104.57% -99.27%
Pretax Income -$17.50M -$17.02M -$15.33M
YoY Change 62.94% 49.69% 87.23%
Income Tax
% Of Pretax Income
Net Earnings -$17.50M -$17.02M -$15.33M
YoY Change 62.94% 49.69% 87.21%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53 -$0.60 -$0.58
Diluted Earnings Per Share -$0.53 -$604.4K -$575.2K
COMMON SHARES
Basic Shares Outstanding 28.27M 28.27M 26.66M
Diluted Shares Outstanding 33.30M 28.15M 26.66M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $203.9M $148.9M $163.3M
YoY Change 84.23% 350.44%
Cash & Equivalents $203.9M $148.9M $163.3M
Short-Term Investments
Other Short-Term Assets $702.0K $1.221M $468.0K
YoY Change -43.84% 154.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $212.9M $155.7M $170.4M
YoY Change 90.28% 364.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.020M $638.0K $533.0K
YoY Change 55.73% 0.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $193.0K $29.00K $116.0K
YoY Change -89.59% -21.62%
Total Long-Term Assets $2.571M $2.187M $2.387M
YoY Change 2.47% 225.45%
TOTAL ASSETS
Total Short-Term Assets $212.9M $155.7M $170.4M
Total Long-Term Assets $2.571M $2.187M $2.387M
Total Assets $215.5M $157.9M $172.8M
YoY Change 88.36% 361.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.363M $1.732M $2.713M
YoY Change -53.7% -59.47%
Accrued Expenses $7.200M $5.519M $3.843M
YoY Change 61.62% 23.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $34.00K $43.00K $43.00K
YoY Change -19.05% 10.26%
Total Short-Term Liabilities $9.597M $7.294M $6.599M
YoY Change -0.04% -16.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $2.000K $12.00K
YoY Change -100.0% -95.56%
Other Long-Term Liabilities $0.00 $6.000K $23.00K
YoY Change -100.0% -95.68%
Total Long-Term Liabilities $0.00 $8.000K $35.00K
YoY Change -100.0% -95.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.597M $7.294M $6.599M
Total Long-Term Liabilities $0.00 $8.000K $35.00K
Total Liabilities $9.597M $7.302M $6.634M
YoY Change -0.99% -18.48%
SHAREHOLDERS EQUITY
Retained Earnings -$121.7M -$104.2M -$87.20M
YoY Change
Common Stock $327.6M $254.8M $253.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $205.9M $150.6M $166.2M
YoY Change
Total Liabilities & Shareholders Equity $215.5M $157.9M $172.8M
YoY Change 88.36% 361.64%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$17.50M -$17.02M -$15.33M
YoY Change 62.94% 49.69% 87.21%
Depreciation, Depletion And Amortization $16.00K $13.00K $13.00K
YoY Change 33.33% 1200.0%
Cash From Operating Activities -$15.92M -$13.99M -$18.14M
YoY Change 43.82% 28.06% 280.94%
INVESTING ACTIVITIES
Capital Expenditures -$416.0K -$91.00K $142.0K
YoY Change 288.79% 30.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$416.0K -$91.00K -$142.0K
YoY Change 288.79% 30.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 71.29M -328.0K 90.19M
YoY Change -20.53% -101.65%
NET CHANGE
Cash From Operating Activities -15.92M -13.99M -18.14M
Cash From Investing Activities -416.0K -91.00K -142.0K
Cash From Financing Activities 71.29M -328.0K 90.19M
Net Change In Cash 54.95M -14.41M 71.90M
YoY Change -30.02% -261.79% -1609.64%
FREE CASH FLOW
Cash From Operating Activities -$15.92M -$13.99M -$18.14M
Capital Expenditures -$416.0K -$91.00K $142.0K
Free Cash Flow -$15.51M -$13.90M -$18.29M
YoY Change 41.43% 28.05%

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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2021Q2 vigl Unpaid Offering Costs
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CY2021Q4 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
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CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
88000000.0
us-gaap Use Of Estimates
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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, research and development expenses and related prepaid or accrued costs and the valuation of common stock, Related Party Antidilution Obligation (as defined in Note 11) and Series A Preferred Stock Tranche Obligation. The Company bases its estimates on historical experience, known trends and other market-specific or relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results may differ from those estimates or assumptions.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
148912000
CY2021Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33059000
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678000
CY2021Q4 us-gaap Property Plant And Equipment Gross
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CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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CY2022Q2 us-gaap Property Plant And Equipment Net
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CY2021Q4 us-gaap Property Plant And Equipment Net
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CY2022Q2 us-gaap Depreciation
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us-gaap Depreciation
Depreciation
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CY2021Q2 us-gaap Depreciation
Depreciation
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us-gaap Depreciation
Depreciation
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CY2022Q2 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
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0
CY2021Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2022Q2 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
CY2021Q4 us-gaap Fair Value Assets Level2 To Level1 Transfers Amount
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0
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2021 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2020Q4 vigl Liability Related To The Related Party Antidilution Obligation
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4200000
CY2021Q2 vigl Increase In Fair Value Of Related Party Antidilution Obligations
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800000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4550000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
273000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
4823000
CY2021Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityGainLossIncludedInEarnings
591000
CY2021Q2 vigl Reclassification Of Series A Preferred Stock Tranche Obligation And Related Party Antidilution Obligation Upon Settlement
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CY2021Q2 us-gaap Dividends Common Stock
DividendsCommonStock
0
us-gaap Dividends Common Stock
DividendsCommonStock
0
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q2 vigl Prepaid Research And Development Expense Current
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4457000
CY2021Q4 vigl Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
5597000
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1151000
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
107000
CY2022Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1221000
CY2021Q4 us-gaap Other Assets Current
OtherAssetsCurrent
359000
CY2022Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6829000
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
6063000
CY2022Q2 us-gaap Dividends Common Stock
DividendsCommonStock
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CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
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CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2022Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2021Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2022Q2 vigl Accrued Research And Development Current
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CY2021Q4 vigl Accrued Research And Development Current
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CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1676000
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2017000
CY2022Q2 us-gaap Construction Payable Current
ConstructionPayableCurrent
456000
CY2021Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
65000
CY2022Q2 us-gaap Accrued Professional Fees Current
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463000
CY2021Q4 us-gaap Accrued Professional Fees Current
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CY2021Q4 vigl Deferred Offering Costs Due To Vendor
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CY2022Q2 us-gaap Other Accrued Liabilities Current
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135000
CY2021Q4 us-gaap Other Accrued Liabilities Current
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CY2022Q2 vigl Accrued Expenses And Other Current Liabilities
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CY2021Q4 vigl Accrued Expenses And Other Current Liabilities
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
400000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
800000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1461000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
434000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2482000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
767000
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock entitles the holder to one vote for each share of common stock held.
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-17015000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-11367000
us-gaap Net Income Loss
NetIncomeLoss
-32349000
us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
28150051
CY2021Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1518999
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
27409264
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
1509474
CY2022Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.60
CY2021Q2 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-7.48
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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4485609
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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12306669
CY2022Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y7M6D
CY2022Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0520
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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0.0632
CY2022Q2 vigl Prepaid Reservation Fees
PrepaidReservationFees
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CY2021Q4 vigl Prepaid Reservation Fees
PrepaidReservationFees
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us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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100000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-789000
us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
37000

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