$VIGL
Vigil Neuroscience, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023008835 Filed on March 21, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.941M $6.682M $21.44M
YoY Change 39.74% 73.2% 112.72%
% of Gross Profit
Research & Development $13.83M $12.19M $47.44M
YoY Change 33.47% 33.69% 46.75%
% of Gross Profit
Depreciation & Amortization $61.00K $21.00K $57.00K
YoY Change 369.23% 40.0% 103.57%
% of Gross Profit
Operating Expenses $20.78M $18.87M $68.88M
YoY Change 35.5% 45.43% 62.43%
Operating Profit -$20.78M -$68.88M
YoY Change 35.5% 62.43%
Interest Expense $985.0K $426.0K $623.0K
YoY Change 49150.0% -174.79%
% of Operating Profit
Other Income/Expense, Net $980.0K -$9.000K $579.0K
YoY Change -49100.0% 12.5% -1512.2%
Pretax Income -$19.80M -$18.46M -$68.31M
YoY Change 29.09% 42.13% 57.81%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$19.80M -$18.46M -$68.31M
YoY Change 29.09% 42.13% 57.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.51 -$2.16
Diluted Earnings Per Share -$0.51 -$0.48 -$2.16
COMMON SHARES
Basic Shares Outstanding 35.64M 35.58M 31.69M
Diluted Shares Outstanding 38.55M 31.69M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $164.5M $186.6M $186.6M
YoY Change 0.71% 104.12% 104.12%
Cash & Equivalents $95.62M $186.6M $186.6M
Short-Term Investments $68.86M
Other Short-Term Assets $1.359M $628.0K $11.20M
YoY Change 190.38% 74.93% 84.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $172.2M $197.8M $197.8M
YoY Change 1.05% 102.91% 102.91%
LONG-TERM ASSETS
Property, Plant & Equipment $1.914M $1.184M $1.395M
YoY Change 259.1% 293.36% 9.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $927.0K $266.0K $1.193M
YoY Change 699.14% -90.35% -67.62%
Total Long-Term Assets $20.15M $2.588M $2.588M
YoY Change 743.95% -47.8% -47.8%
TOTAL ASSETS
Total Short-Term Assets $172.2M $197.8M $197.8M
Total Long-Term Assets $20.15M $2.588M $2.588M
Total Assets $192.4M $200.4M $200.4M
YoY Change 11.31% 95.62% 95.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.166M $1.942M $1.942M
YoY Change -20.16% -51.17% -51.17%
Accrued Expenses $5.213M $9.347M $9.347M
YoY Change 35.65% 59.48% 59.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.00K $23.00K $23.00K
YoY Change -72.09% -46.51% -46.51%
Total Short-Term Liabilities $7.391M $11.31M $11.31M
YoY Change 12.0% 14.48% 14.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Other Long-Term Liabilities $13.63M $0.00 $0.00
YoY Change 59160.87% -100.0% -100.0%
Total Long-Term Liabilities $13.63M $0.00 $0.00
YoY Change 38842.86% -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.391M $11.31M $11.31M
Total Long-Term Liabilities $13.63M $0.00 $0.00
Total Liabilities $21.02M $11.31M $11.31M
YoY Change 216.87% 13.75% 13.75%
SHAREHOLDERS EQUITY
Retained Earnings -$159.9M -$140.1M
YoY Change 83.37% 95.05%
Common Stock $331.2M $329.2M
YoY Change 30.72% 13697.78%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $171.3M $189.1M $189.1M
YoY Change
Total Liabilities & Shareholders Equity $192.4M $200.4M $200.4M
YoY Change 11.31% 95.62% 95.62%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$19.80M -$18.46M -$68.31M
YoY Change 29.09% 42.13% 57.81%
Depreciation, Depletion And Amortization $61.00K $21.00K $57.00K
YoY Change 369.23% 40.0% 103.57%
Cash From Operating Activities -$22.19M -$17.09M -$65.15M
YoY Change 22.28% -1.5% 65.58%
INVESTING ACTIVITIES
Capital Expenditures $492.0K $272.0K $921.0K
YoY Change 246.48% -1107.41% -551.47%
Acquisitions
YoY Change
Other Investing Activities -$68.51M
YoY Change
Cash From Investing Activities -$69.00M -$272.0K -$921.0K
YoY Change 48494.37% 907.41% 351.47%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $50.59M
YoY Change -53.87%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 203.0K 101.0K 161.3M
YoY Change -99.77% -105.42% 49.66%
NET CHANGE
Cash From Operating Activities -22.19M -17.09M -65.15M
Cash From Investing Activities -69.00M -272.0K -921.0K
Cash From Financing Activities 203.0K 101.0K 161.3M
Net Change In Cash -90.99M -17.26M 95.19M
YoY Change -226.54% -10.28% 39.58%
FREE CASH FLOW
Cash From Operating Activities -$22.19M -$17.09M -$65.15M
Capital Expenditures $492.0K $272.0K $921.0K
Free Cash Flow -$22.68M -$17.36M -$66.07M
YoY Change 24.02% 0.23% 68.79%

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CY2022 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:6.0pt;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:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;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 consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these 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 12) and Series A Preferred Stock Tranche Obligation (as defined within this Note 2). 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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="margin-left:4.533%;text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and Off-Balance Sheet Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains its cash and cash equivalents with high quality, accredited financial institutions and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is dependent on third-party organizations to manufacture and process its therapeutic candidates for its development programs. In particular, the Company relies on a single third-party contract manufacturer, Fujifilm Diosynth Biotechnologies U.S.A., Inc. and Fujifilm Diosynth Biotechnologies Texas, LLC (collectively, “FUJIFILM”), to produce clinical supply and process its current product candidate, VGL101 pursuant to the FUJIFILM agreement (see Note 12). The Company expects to continue to be dependent on a small number of manufacturers to supply it with its requirements for all products. The Company’s research and development programs, including any associated potential commercialization efforts, could be adversely affected by a significant interruption in the supply of the necessary materials.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is dependent on a limited number of third parties that provide license rights used by the Company in the development and potential commercialization of its therapeutic candidates and programs. From inception through December 31, 2022, the Company’s research and development programs primarily relate to rights conveyed by Amgen, Inc. (“Amgen”) (see Note 12). The Company could experience delays in the development and potential commercialization of its therapeutic candidates and programs if the Amgen license arrangement or any other license agreement utilized in the Company’s research and development activities is terminated, if the Company fails to meet the obligations required under its arrangements, or if the Company is unable to successfully secure new strategic alliances or licensing agreements.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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CY2022 us-gaap Common Stock Voting Rights
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vigl-ex31_1.htm Edgar Link pending
vigl-ex31_2.htm Edgar Link pending
vigl-ex32_1.htm Edgar Link pending
vigl-ex32_2.htm Edgar Link pending
vigl-20221231_cal.xml Edgar Link unprocessable
vigl-20221231_def.xml Edgar Link unprocessable
vigl-20221231_lab.xml Edgar Link unprocessable
vigl-20221231_htm.xml Edgar Link completed
vigl-20221231_pre.xml Edgar Link unprocessable