$VIGL
Vigil Neuroscience, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023039366 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.910M $7.010M $4.945M
YoY Change 42.59% 41.76% 132.38%
% of Gross Profit
Research & Development $15.42M $14.90M $12.10M
YoY Change 20.51% 23.2% 39.88%
% of Gross Profit
Depreciation & Amortization $110.0K $111.0K $13.00K
YoY Change 587.5% 753.85% 1200.0%
% of Gross Profit
Operating Expenses $22.32M $21.91M $17.04M
YoY Change 26.56% 28.58% 58.15%
Operating Profit -$22.32M -$21.91M -$17.04M
YoY Change 26.56% 28.58% 58.15%
Interest Expense $1.830M $1.746M $32.00K
YoY Change 1022.7% 5356.25% -105.49%
% of Operating Profit
Other Income/Expense, Net $1.826M $1.739M $27.00K
YoY Change 1232.85% 6340.74% -104.57%
Pretax Income -$20.50M -$20.17M -$17.02M
YoY Change 17.14% 18.57% 49.69%
Income Tax
% Of Pretax Income
Net Earnings -$20.50M -$20.17M -$17.02M
YoY Change 17.11% 18.57% 49.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.53 -$0.52 -$0.60
Diluted Earnings Per Share -$0.53 -$0.52 -$604.4K
COMMON SHARES
Basic Shares Outstanding 35.87M 35.69M 28.27M
Diluted Shares Outstanding 38.81M 38.66M 28.15M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $133.6M $150.2M $148.9M
YoY Change -34.47% 0.84% 350.44%
Cash & Equivalents $56.79M $58.74M $148.9M
Short-Term Investments $76.80M $91.42M
Other Short-Term Assets $1.123M $1.178M $1.221M
YoY Change 59.97% -3.52% 154.91%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $139.8M $155.7M $155.7M
YoY Change -34.33% -0.01% 364.37%
LONG-TERM ASSETS
Property, Plant & Equipment $1.839M $1.898M $638.0K
YoY Change 80.29% 197.49% 0.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $900.0K $927.0K $29.00K
YoY Change 366.32% 3096.55% -21.62%
Total Long-Term Assets $19.31M $19.69M $2.187M
YoY Change 651.03% 800.32% 225.45%
TOTAL ASSETS
Total Short-Term Assets $139.8M $155.7M $155.7M
Total Long-Term Assets $19.31M $19.69M $2.187M
Total Assets $159.2M $175.4M $157.9M
YoY Change -26.15% 11.07% 361.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.302M $2.362M $1.732M
YoY Change -44.9% 36.37% -59.47%
Accrued Expenses $8.800M $5.803M $5.519M
YoY Change 22.22% 5.15% 23.72%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.000K $43.00K
YoY Change -100.0% -95.35% 10.26%
Total Short-Term Liabilities $10.14M $8.167M $7.294M
YoY Change 5.68% 11.97% -16.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $2.000K
YoY Change -100.0% -95.56%
Other Long-Term Liabilities $13.20M $13.41M $6.000K
YoY Change 223333.33% -95.68%
Total Long-Term Liabilities $13.20M $13.41M $8.000K
YoY Change 167475.0% -95.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.14M $8.167M $7.294M
Total Long-Term Liabilities $13.20M $13.41M $8.000K
Total Liabilities $23.32M $21.57M $7.302M
YoY Change 142.99% 195.44% -18.48%
SHAREHOLDERS EQUITY
Retained Earnings -$200.6M -$180.1M -$104.2M
YoY Change 64.83% 72.84%
Common Stock $336.5M $334.0M $254.8M
YoY Change 2.72% 31.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $135.8M $153.8M $150.6M
YoY Change
Total Liabilities & Shareholders Equity $159.2M $175.4M $157.9M
YoY Change -26.15% 11.07% 361.64%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$20.50M -$20.17M -$17.02M
YoY Change 17.11% 18.57% 49.69%
Depreciation, Depletion And Amortization $110.0K $111.0K $13.00K
YoY Change 587.5% 753.85% 1200.0%
Cash From Operating Activities -$17.31M -$15.35M -$13.99M
YoY Change 8.7% 9.72% 28.06%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $122.0K -$91.00K
YoY Change -112.02% -234.07% 30.0%
Acquisitions
YoY Change
Other Investing Activities $15.36M -$21.98M
YoY Change
Cash From Investing Activities $15.32M -$22.10M -$91.00K
YoY Change -3782.69% 24189.01% 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 60.00K 579.0K -328.0K
YoY Change -99.92% -276.52% -101.65%
NET CHANGE
Cash From Operating Activities -17.31M -15.35M -13.99M
Cash From Investing Activities 15.32M -22.10M -91.00K
Cash From Financing Activities 60.00K 579.0K -328.0K
Net Change In Cash -1.930M -36.88M -14.41M
YoY Change -103.51% 155.88% -261.79%
FREE CASH FLOW
Cash From Operating Activities -$17.31M -$15.35M -$13.99M
Capital Expenditures $50.00K $122.0K -$91.00K
Free Cash Flow -$17.36M -$15.48M -$13.90M
YoY Change 11.94% 11.31% 28.05%

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us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
21000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
21000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
803000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
11000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
782000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
89862000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-127864000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
57492000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
187532000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
92347000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59668000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149839000
us-gaap Conversion Of Stock Amount Issued1
ConversionOfStockAmountIssued1
161939000
vigl Deferred Offering Costs Paid In The Prior Year
DeferredOfferingCostsPaidInThePriorYear
1887000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
14292000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
77000
vigl Prepaid Rent Reclassified To Right Of Use Assets
PrepaidRentReclassifiedToRightOfUseAssets
2887000
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
762000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
133000
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
1178000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
628000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
5555000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
11200000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
129000
CY2023Q2 vigl Cash Cash Equivalents And Marketable Securities
CashCashEquivalentsAndMarketableSecurities
150200000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-180100000
CY2022Q1 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
88000000
us-gaap Use Of Estimates
UseOfEstimates
<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;">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 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. 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>
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
58741000
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
148912000
CY2023Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
927000
CY2022Q2 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
927000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
59668000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
149839000
CY2023Q2 vigl Number Of Securities
NumberOfSecurities
33
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
29
CY2022Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
CY2023Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
CY2023Q2 vigl Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
3615000
CY2022Q4 vigl Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
6670000
CY2022Q4 vigl Construction Related Prepaid Assets Current
ConstructionRelatedPrepaidAssetsCurrent
3769000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2154000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3512000
CY2023Q2 vigl Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1621000
CY2022Q4 vigl Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2894000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
931000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
986000
CY2023Q2 us-gaap Construction Payable Current
ConstructionPayableCurrent
78000
CY2022Q4 us-gaap Construction Payable Current
ConstructionPayableCurrent
1416000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
217000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
386000
CY2023Q2 vigl Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
5001000
CY2022Q4 vigl Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
9194000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4000000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1500000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2500000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2257000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1461000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3991000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2482000
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.
CY2023Q2 us-gaap Dividends Common Stock
DividendsCommonStock
0
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q2 us-gaap Dividends Common Stock
DividendsCommonStock
0
us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10987238
CY2022Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
9390736
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-20174000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-17015000
us-gaap Net Income Loss
NetIncomeLoss
-39969000
us-gaap Net Income Loss
NetIncomeLoss
-32349000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38657205
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38657205
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28150051
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
28150051
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38601916
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38601916
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
27409264
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
27409264
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.52
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.52
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.6
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.6
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.18
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5814757
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4485609
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14300000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17300000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
us-gaap Operating Lease Expense
OperatingLeaseExpense
1100000
CY2023Q2 us-gaap Variable Lease Payment
VariableLeasePayment
200000
us-gaap Variable Lease Payment
VariableLeasePayment
400000
CY2023Q2 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P0Y1M6D
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y4M24D
CY2023Q2 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.0514
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0755
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
886000
CY2023Q2 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
2000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1910000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1968000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2027000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2088000
CY2023Q2 vigl Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
11269000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
20148000
CY2023Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
2000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5940000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14208000
CY2023Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
2000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000

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