$VINC
Vincerx Pharma, Inc.

2023 Q3 Form 10-Q Financial Statement

#000119312523204428 Filed on August 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.517M $3.787M
YoY Change -22.28% -19.8%
% of Gross Profit
Research & Development $6.800M $7.873M
YoY Change -38.55% -42.71%
% of Gross Profit
Depreciation & Amortization $10.00K $13.00K
YoY Change -23.08% 0.0%
% of Gross Profit
Operating Expenses $10.32M $11.66M
YoY Change -38.96% -40.58%
Operating Profit -$10.32M -$11.66M
YoY Change -38.96% -40.58%
Interest Expense $260.0K $209.0K
YoY Change 108.0% -82.61%
% of Operating Profit
Other Income/Expense, Net $602.0K $509.0K
YoY Change 2636.36% -57.65%
Pretax Income -$9.715M -$11.15M
YoY Change -42.44% -39.47%
Income Tax
% Of Pretax Income
Net Earnings -$9.715M -$11.15M
YoY Change -42.44% -39.47%
Net Earnings / Revenue
Basic Earnings Per Share -$0.46 -$0.52
Diluted Earnings Per Share -$0.46 -$0.52
COMMON SHARES
Basic Shares Outstanding 21.38M 21.25M
Diluted Shares Outstanding 21.35K 21.27K

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.80M $27.36M
YoY Change -68.47% -66.16%
Cash & Equivalents $15.08M $6.679M
Short-Term Investments $5.724M $20.68M
Other Short-Term Assets $571.0K $2.364M
YoY Change -23.46% 281.91%
Inventory
Prepaid Expenses $322.0K $636.0K
Receivables
Other Receivables
Total Short-Term Assets $22.82M $31.81M
YoY Change -66.07% -61.39%
LONG-TERM ASSETS
Property, Plant & Equipment $137.0K $151.0K
YoY Change -27.13% -25.25%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $874.0K $624.0K
YoY Change -46.77% -62.0%
Total Long-Term Assets $3.458M $3.462M
YoY Change -32.47% -35.39%
TOTAL ASSETS
Total Short-Term Assets $22.82M $31.81M
Total Long-Term Assets $3.458M $3.462M
Total Assets $26.28M $35.28M
YoY Change -63.7% -59.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.062M $3.533M
YoY Change -30.3% -30.97%
Accrued Expenses $4.526M $4.288M
YoY Change 1.82% -0.99%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.846M $9.157M
YoY Change -11.1% -12.38%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.00K $50.00K
YoY Change 0.0% -98.29%
Total Long-Term Liabilities $50.00K $50.00K
YoY Change 0.0% -98.29%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.846M $9.157M
Total Long-Term Liabilities $50.00K $50.00K
Total Liabilities $10.54M $11.14M
YoY Change -16.84% -16.76%
SHAREHOLDERS EQUITY
Retained Earnings -$156.5M -$146.8M
YoY Change 45.36% 61.68%
Common Stock $2.000K $2.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.74M $24.14M
YoY Change
Total Liabilities & Shareholders Equity $26.28M $35.28M
YoY Change -63.7% -59.8%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$9.715M -$11.15M
YoY Change -42.44% -39.47%
Depreciation, Depletion And Amortization $10.00K $13.00K
YoY Change -23.08% 0.0%
Cash From Operating Activities -$6.644M -$12.70M
YoY Change -55.33% -20.08%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $15.06M $14.80M
YoY Change -174.57%
Cash From Investing Activities $15.06M $14.80M
YoY Change -174.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.000K 93.00K
YoY Change -61.57%
NET CHANGE
Cash From Operating Activities -6.644M -12.70M
Cash From Investing Activities 15.06M 14.80M
Cash From Financing Activities -4.000K 93.00K
Net Change In Cash 8.412M 2.200M
YoY Change -123.99% -114.06%
FREE CASH FLOW
Cash From Operating Activities -$6.644M -$12.70M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="margin-top: 12pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">NOTE 1. NATURE OF BUSINESS </div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">LSAC was initially formed on December 19, 2018 as a Delaware corporation for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization, or similar business combination with one or more businesses. In December 2020, the Merger Sub merged with and into Legacy Vincera Pharma, with Legacy Vincera Pharma surviving the Merger as a wholly- owned subsidiary of LSAC. In connection with the Business Combination, LSAC changed its name to Vincera Pharma, Inc., and subsequently in January 2021, changed its name to Vincerx Pharma, Inc. (together with its consolidated subsidiaries, the “Company”). </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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’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 and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">know-how</div> to develop, use, manufacture, commercialize, sublicense, and distribute a clinical-stage and <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">follow-on</div> small molecule drug program and a preclinical stage bioconjugation platform, which includes next-generation antibody-drug conjugates and small molecule drug conjugates. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company’s business operations, and those of third parties with whom the Company conducts business, have been, and could continue to be, adversely affected by health pandemics and epidemics, including <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;;display:inline;">COVID-19,</div> and by economic, business, and political events, including inflation and the war in Ukraine. The extent to which these factors could continue to impact the Company’s business and operations will depend on future developments that are highly uncertain and cannot be predicted with confidence. Management continues to evaluate the impact of these factors on the Company’s current operations and future plans and intends to take appropriate measures to help alleviate their impact, but there can be no assurance that these efforts will be successful and that these factors will not have a negative effect on the Company’s financial position and results of its operations. </div>
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Use of Estimates </div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">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, 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>
us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;">Reclassifications </div></div> <div style="text-indent: 4%; 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;">Certain previously reported financial information has been reclassified to conform to the current period presentation. The impact of reclassifications was not significant to the prior year’s overall presentation. These reclassifications had no effect on the reported results of operations. </div></div></div>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top: 6pt; margin-bottom: 0pt; margin-left: 4%; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentrations of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company has significant cash balances at financial institutions which throughout the year regularly exceed the federally insured limit of $250,000. Any loss incurred or a lack of access to such funds could have a significant adverse impact on the Company’s financial condition, results of operations, and cash flows. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, development by the Company or its competitors of technological innovations, risks of failure of clinical studies, dependence on key personnel, protection of proprietary technology, compliance with government regulations, and ability to transition from preclinical manufacturing to commercial production of products. </div> <div style="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company’s future product candidates will require approvals from the FDA and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed, or the Company was unable to maintain approval for any product candidate, it could have a material adverse impact on the Company. </div>
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