$VINC
Vincerx Pharma, Inc.

2021 Q1 Form 10-Q Financial Statement

#000119312521162642 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 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 $4.790M
YoY Change
% of Gross Profit
Research & Development $4.834M
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.625M $10.10M $4.000K
YoY Change 240525.0%
Operating Profit -$9.625M -$4.000K
YoY Change 240525.0%
Interest Expense $3.350M -$5.970M $30.00K
YoY Change 11066.67%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$6.280M -$16.07M -$10.95K
YoY Change 57256.84%
Income Tax $512.00
% Of Pretax Income
Net Earnings -$6.276M -$16.07M -$4.000K
YoY Change 156800.0% 3694152.87%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$457.1K -$996.3K -$5.848K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.36M $61.79M $750.0K
YoY Change 7014.67% 44035.71%
Cash & Equivalents $53.36M $61.79M $749.2K
Short-Term Investments
Other Short-Term Assets $1.050M $214.0K $100.0K
YoY Change 950.0%
Inventory
Prepaid Expenses $1.053M $1.104M $95.45K
Receivables
Other Receivables
Total Short-Term Assets $54.41M $63.11M $844.7K
YoY Change 6341.4% 44978.57%
LONG-TERM ASSETS
Property, Plant & Equipment $3.370M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $65.67M
YoY Change
Other Assets $220.0K $82.00K
YoY Change 2.5%
Total Long-Term Assets $3.592M $82.00K $65.67M
YoY Change -94.53% 2.5%
TOTAL ASSETS
Total Short-Term Assets $54.41M $63.11M $844.7K
Total Long-Term Assets $3.592M $82.00K $65.67M
Total Assets $58.00M $63.19M $66.51M
YoY Change -12.8% 28623.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $461.0K $491.0K $40.00K
YoY Change 1052.5% 1302.86%
Accrued Expenses $1.390M $35.20K
YoY Change 3848.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $10.00K $0.00
YoY Change -94.44%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $29.17M $37.81M $35.71K
YoY Change 81584.03% 85838.64%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $1.000M
YoY Change -100.0%
Other Long-Term Liabilities $3.280M $2.300M
YoY Change 42.61%
Total Long-Term Liabilities $3.280M $0.00 $3.300M
YoY Change -0.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.17M $37.81M $35.71K
Total Long-Term Liabilities $3.280M $0.00 $3.300M
Total Liabilities $32.45M $37.81M $3.333M
YoY Change 873.5% 85838.64%
SHAREHOLDERS EQUITY
Retained Earnings -$22.94M -$16.67M -$13.45K
YoY Change 170515.8% 36933.33%
Common Stock $1.000K $1.000K $239.00
YoY Change 318.41% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $25.55M $25.38M -$48.00K
YoY Change
Total Liabilities & Shareholders Equity $58.00M $63.19M $66.51M
YoY Change -12.8% 28623.64%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$6.276M -$16.07M -$4.000K
YoY Change 156800.0% 3694152.87%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.437M -$2.160M -$100.0K
YoY Change 3337.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$5.000M -$65.64M
YoY Change -92.38%
Cash From Investing Activities -$5.000M -$65.64M
YoY Change -92.38%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 64.07M 66.35M
YoY Change 58145.45%
NET CHANGE
Cash From Operating Activities -3.437M -2.160M -100.0K
Cash From Investing Activities -5.000M -65.64M
Cash From Financing Activities 64.07M 66.35M
Net Change In Cash -8.437M 61.91M 610.0K
YoY Change -1483.11% 56181.82%
FREE CASH FLOW
Cash From Operating Activities -$3.437M -$2.160M -$100.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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260 Sheridan Avenue, Suite 400
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CY2021Q1 dei Trading Symbol
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">NOTE 1. NATURE OF BUSINESS </div></div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">LifeSci Acquisition Corp. (&#8220;LSAC&#8221;) was initially formed on December&#160;19, 2018 as a Delaware corporation formed for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. In <div style="letter-spacing: 0px; top: 0px;;display:inline;">December 2020</div>, LSAC&#8217;s wholly-owned subsidiary merged with and into Vincera Pharma, Inc., with Vincera Pharma, Inc. surviving the merger as a&#160;wholly-owned&#160;subsidiary of LSAC.&#160;In connection with the Business Combination, LSAC changed its name to Vincera Pharma, Inc., and subsequently in <div style="letter-spacing: 0px; top: 0px;;display:inline;">January 2021</div>, changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the &#8220;Company&#8221;). </div></div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">The Company is a clinical-stage biopharmaceutical company focused on leveraging its extensive development and oncology expertise to advance new therapies intended to address unmet medical needs for the treatment of cancer. The Company&#8217;s current pipeline is entirely derived from the Bayer License Agreement (see Note 3), pursuant to which the Company has been granted an exclusive, royalty-bearing, worldwide license under certain Bayer patents <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;know-how&#160;to</div> develop, use, manufacture, commercialize, sublicense and distribute a clinical-stage <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">and&#160;follow-on&#160;small</div> molecule drug program and a preclinical stage bioconjugation/next-generation ADC platform. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. </div><div style="font-family: times new roman; font-size: 10pt; margin-top: 12pt; margin-bottom: 0pt;">During the early months of 2020, <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19&#160;emerged</div> and has subsequently spread world-wide. The World Health Organization has declared <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19&#160;a</div> pandemic resulting in federal, state and local governments and private entities mediating various restrictions, including travel restrictions, restrictions on public gatherings, stay at home orders, and advisories and quarantining people who may have been exposed to the virus. Management is currently evaluating the impact of the <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19</div> pandemic on its future plans and has concluded that while it is reasonably possible that the virus could have a negative effect on the Company&#8217;s financial position and results of its operations, the specific impact is not readily determinable as of the date of <div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">these condensed consolidated financial statements. </div></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2021Q1 dei Entity Incorporation Date Of Incorporation
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<div style="font-family: times new roman; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div></div> <div style="font-family: times new roman; font-size: 10pt; margin-top: 6pt; margin-bottom: 0pt;"><div style="display:inline;"><div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of commitments and contingencies at the date of the financial statements as well as reported amounts of expenses during the reporting periods. Estimates made by the Company include, but are not limited to, those related to the valuation of common stock prior to the Business Combination, common stock warrant liabilities and stock-based compensation. The Company bases these estimates on historical experience and on various other assumptions that it believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amounts of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates. </div></div></div> <div style="font-family: &quot;times new roman&quot;; font-size: 10pt; letter-spacing: 0px; top: 0px;;display:inline;"> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
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LiabilitiesFairValueDisclosure
32308000
CY2020Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
32308000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Issues
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityIssues
1735000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Period Increase Decrease
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisLiabilityPeriodIncreaseDecrease
3349000
CY2021Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
27224000
CY2021Q1 us-gaap Contractual Obligation Due In Next Twelve Months
ContractualObligationDueInNextTwelveMonths
220000
CY2021Q1 us-gaap Contractual Obligation Due In Second Year
ContractualObligationDueInSecondYear
807000
CY2021Q1 us-gaap Contractual Obligation Due In Third Year
ContractualObligationDueInThirdYear
1020000
CY2021Q1 us-gaap Contractual Obligation Due In Fourth Year
ContractualObligationDueInFourthYear
1060000
CY2021Q1 us-gaap Contractual Obligation Due In Fifth Year
ContractualObligationDueInFifthYear
1102000
CY2021Q1 us-gaap Contractual Obligation
ContractualObligation
4209000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
837000
CY2020Q4 lsacu Date Of Lease Agreement
DateOfLeaseAgreement
P5Y
CY2020Q4 lsacu Date Of Lease Commencement
DateOfLeaseCommencement
2021-01-01
CY2020Q4 us-gaap Lease Cost
LeaseCost
847000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
3400000
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
41000
CY2021Q1 us-gaap Variable Lease Cost
VariableLeaseCost
0
CY2021Q1 us-gaap Lease Cost
LeaseCost
41000
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
28000
CY2021Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3347000
CY2021Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08
CY2021Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1048
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
19.00
CY2020 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P10Y
CY2021Q1 lsacu Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriodTotalIntrinsicValue
183000
CY2021Q1 dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2021Q1 dei Entity Interactive Data Current
EntityInteractiveDataCurrent
Yes
CY2021Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2020Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14695919
CY2020Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
13984441
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
25379000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
487000
CY2020Q4 us-gaap Common Unit Outstanding
CommonUnitOutstanding
2744586

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