$VIGL
Vigil Neuroscience, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024054623 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.938M $7.089M
YoY Change -1.03% 2.13%
% of Gross Profit
Research & Development $15.54M $14.33M
YoY Change 4.27% 3.56%
% of Gross Profit
Depreciation & Amortization $113.0K $113.0K
YoY Change 1.8% 85.25%
% of Gross Profit
Operating Expenses $22.48M $21.42M
YoY Change 2.58% 3.08%
Operating Profit -$22.48M -$21.42M
YoY Change 2.58% 3.08%
Interest Expense $1.254M $1.477M
YoY Change -28.18% 49.95%
% of Operating Profit
Other Income/Expense, Net $1.251M $1.475M
YoY Change -28.06% 50.51%
Pretax Income -$21.23M -$19.94M
YoY Change 5.22% 0.73%
Income Tax
% Of Pretax Income
Net Earnings -$21.23M -$19.94M
YoY Change 5.22% 0.73%
Net Earnings / Revenue
Basic Earnings Per Share -$0.52 -$0.50
Diluted Earnings Per Share -$0.52 -$0.50
COMMON SHARES
Basic Shares Outstanding 37.58M 36.88M
Diluted Shares Outstanding 40.56M 39.86M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $86.67M $101.6M
YoY Change -42.28% -38.2%
Cash & Equivalents $37.31M $51.76M
Short-Term Investments $49.36M $49.88M
Other Short-Term Assets $939.0K $910.0K
YoY Change -20.29% -33.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $90.22M $106.5M
YoY Change -42.06% -38.13%
LONG-TERM ASSETS
Property, Plant & Equipment $1.535M $1.637M
YoY Change -19.13% -14.47%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $295.0K $126.0K
YoY Change -68.18% -86.41%
Total Long-Term Assets $18.25M $18.54M
YoY Change -7.32% -7.99%
TOTAL ASSETS
Total Short-Term Assets $90.22M $106.5M
Total Long-Term Assets $18.25M $18.54M
Total Assets $108.5M $125.1M
YoY Change -38.17% -34.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.418M $1.491M
YoY Change -39.97% -31.16%
Accrued Expenses $9.337M $7.112M
YoY Change 60.9% 36.43%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.76M $8.603M
YoY Change 31.69% 16.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $12.44M $12.69M
YoY Change -7.23% -6.87%
Total Long-Term Liabilities $12.44M $12.69M
YoY Change -7.23% -6.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.76M $8.603M
Total Long-Term Liabilities $12.44M $12.69M
Total Liabilities $23.19M $21.30M
YoY Change 7.5% 1.31%
SHAREHOLDERS EQUITY
Retained Earnings -$263.9M -$242.7M
YoY Change 46.53% 51.78%
Common Stock $349.2M $346.5M
YoY Change 4.56% 4.64%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $85.27M $103.8M
YoY Change
Total Liabilities & Shareholders Equity $108.5M $125.1M
YoY Change -38.17% -34.98%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$21.23M -$19.94M
YoY Change 5.22% 0.73%
Depreciation, Depletion And Amortization $113.0K $113.0K
YoY Change 1.8% 85.25%
Cash From Operating Activities -$15.50M -$21.88M
YoY Change 0.97% -1.37%
INVESTING ACTIVITIES
Capital Expenditures $5.000K $0.00
YoY Change -95.9% -100.0%
Acquisitions
YoY Change
Other Investing Activities $1.049M $16.47M
YoY Change -104.77% -124.03%
Cash From Investing Activities $1.044M $16.47M
YoY Change -104.72% -123.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.000K 5.184M
YoY Change -98.45% 2453.69%
NET CHANGE
Cash From Operating Activities -15.50M -21.88M
Cash From Investing Activities 1.044M 16.47M
Cash From Financing Activities 9.000K 5.184M
Net Change In Cash -14.45M -231.0K
YoY Change -60.82% -99.75%
FREE CASH FLOW
Cash From Operating Activities -$15.50M -$21.88M
Capital Expenditures $5.000K $0.00
Free Cash Flow -$15.51M -$21.88M
YoY Change 0.21% -3.51%

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CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-left:4.533%;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:justify;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;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 stock-based compensation. 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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2024Q1 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
49914000
CY2024Q1 vigl Investment Unrealized Gain
InvestmentUnrealizedGain
7000
CY2024Q1 vigl Investment Unrealized Losses
InvestmentUnrealizedLosses
37000
CY2024Q1 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
49884000
CY2023Q4 us-gaap Investment Owned At Cost
InvestmentOwnedAtCost
65953000
CY2023Q4 vigl Investment Unrealized Gain
InvestmentUnrealizedGain
36000
CY2023Q4 vigl Investment Unrealized Losses
InvestmentUnrealizedLosses
41000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
51761000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
95618000
CY2024Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
927000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
927000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52688000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
96545000
CY2024Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2024Q1 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2023Q4 us-gaap Investment Owned At Fair Value
InvestmentOwnedAtFairValue
65948000
CY2024Q1 vigl Number Of Securities
NumberOfSecurities
20
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
15
CY2024Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss Not Previously Recorded
DebtSecuritiesAvailableForSaleAllowanceForCreditLossNotPreviouslyRecorded
0
CY2024Q1 vigl Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
1619000
CY2023Q4 vigl Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
1563000
CY2024Q1 us-gaap Other Receivables
OtherReceivables
1076000
CY2023Q4 us-gaap Other Receivables
OtherReceivables
1137000
CY2024Q1 us-gaap Prepaid Insurance
PrepaidInsurance
874000
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
122000
CY2024Q1 us-gaap Interest Receivable
InterestReceivable
419000
CY2023Q4 us-gaap Interest Receivable
InterestReceivable
348000
CY2024Q1 us-gaap Other Assets Current
OtherAssetsCurrent
910000
CY2023Q4 us-gaap Other Assets Current
OtherAssetsCurrent
797000
CY2024Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4898000
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3967000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
1433000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1968000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2027000
CY2024Q1 vigl Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3645000
CY2023Q4 vigl Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
3278000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1351000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4208000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
787000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1000000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
392000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
324000
CY2024Q1 vigl Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
6175000
CY2023Q4 vigl Accrued Expenses And Other Current Liabilities
AccruedExpensesAndOtherCurrentLiabilities
8810000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2300000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1700000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2312000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1734000
CY2024Q1 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.
CY2024Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
13362932
CY2023Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
10922405
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2088000
CY2024Q1 vigl Lessee Operating Lease Liability Payments Due Year Five And Thereafter
LesseeOperatingLeaseLiabilityPaymentsDueYearFiveAndThereafter
11269000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
18785000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5155000
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-19940000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-19795000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
39864111
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
39864111
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38546012
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38546012
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.5
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.5
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
CY2024Q1 vigl Pre Funded Warrants Remaining Unfunded Exercise Price
PreFundedWarrantsRemainingUnfundedExercisePrice
0.0001
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8023385
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5942580
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
14300000
CY2022Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
17300000
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
600000
CY2024Q1 us-gaap Variable Lease Payment
VariableLeasePayment
300000
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y8M12D
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0757
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
13630000
CY2024Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000

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