$VINC
Vincerx Pharma, Inc.

2024 Q2 Form 10-Q Financial Statement

#000119312524138276 Filed on May 14, 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 $3.612M $2.922M
YoY Change -4.62% -35.24%
% of Gross Profit
Research & Development $3.754M $4.556M
YoY Change -52.32% -56.97%
% of Gross Profit
Depreciation & Amortization $13.00K $13.00K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $7.366M $7.478M
YoY Change -36.83% -50.47%
Operating Profit -$7.366M -$7.478M
YoY Change -36.83% -50.47%
Interest Expense $157.0K $99.00K
YoY Change -24.88% -79.55%
% of Operating Profit
Other Income/Expense, Net $5.558M -$4.951M
YoY Change 991.94% -753.17%
Pretax Income -$1.808M -$12.43M
YoY Change -83.79% -13.33%
Income Tax
% Of Pretax Income
Net Earnings -$1.808M -$12.43M
YoY Change -83.79% -13.33%
Net Earnings / Revenue
Basic Earnings Per Share -$0.05 -$0.58
Diluted Earnings Per Share -$0.05 -$0.58
COMMON SHARES
Basic Shares Outstanding 29.53M 21.41M
Diluted Shares Outstanding 38.34K 21.40K

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.32M $5.110M
YoY Change -40.35% -87.15%
Cash & Equivalents $7.923M $5.110M
Short-Term Investments $8.396M
Other Short-Term Assets $334.0K $760.0K
YoY Change -85.87% -77.39%
Inventory
Prepaid Expenses $530.0K $700.0K
Receivables
Other Receivables
Total Short-Term Assets $18.28M $7.677M
YoY Change -42.53% -82.56%
LONG-TERM ASSETS
Property, Plant & Equipment $98.00K $111.0K
YoY Change -35.1% -32.32%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $122.0K $138.0K
YoY Change -80.45% -61.02%
Total Long-Term Assets $3.244M $3.406M
YoY Change -6.3% -1.02%
TOTAL ASSETS
Total Short-Term Assets $18.28M $7.677M
Total Long-Term Assets $3.244M $3.406M
Total Assets $21.53M $11.08M
YoY Change -38.97% -76.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.536M $2.314M
YoY Change -56.52% -62.51%
Accrued Expenses $2.428M $1.727M
YoY Change -43.38% -48.52%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.332M $10.63M
YoY Change -41.77% -0.73%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $50.00K $50.00K
YoY Change 0.0% 0.0%
Total Long-Term Liabilities $50.00K $50.00K
YoY Change 0.0% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.332M $10.63M
Total Long-Term Liabilities $50.00K $50.00K
Total Liabilities $6.079M $11.71M
YoY Change -45.43% -9.84%
SHAREHOLDERS EQUITY
Retained Earnings -$173.3M -$171.5M
YoY Change 18.06% 26.43%
Common Stock $3.000K $2.000K
YoY Change 50.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.45M -$622.0K
YoY Change
Total Liabilities & Shareholders Equity $21.53M $11.08M
YoY Change -38.97% -76.64%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$1.808M -$12.43M
YoY Change -83.79% -13.33%
Depreciation, Depletion And Amortization $13.00K $13.00K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$5.827M -$7.739M
YoY Change -54.11% -40.89%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$8.337M $0.00
YoY Change -156.32% -100.0%
Cash From Investing Activities -$8.337M $0.00
YoY Change -156.32% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 17.00M 5.000K
YoY Change 18181.72% 66.67%
NET CHANGE
Cash From Operating Activities -5.827M -7.739M
Cash From Investing Activities -8.337M 0.000
Cash From Financing Activities 17.00M 5.000K
Net Change In Cash 2.838M -7.662M
YoY Change 29.0% 6.8%
FREE CASH FLOW
Cash From Operating Activities -$5.827M -$7.739M
Capital Expenditures
Free Cash Flow
YoY Change

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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 (i) a bioconjugation platform, which includes next-generation antibody-drug conjugates and small molecule-drug conjugates, and (ii) a small molecule drug program, including a <div style="white-space: nowrap; letter-spacing: 0px; top: 0px;display:inline;">P-TEFb</div> inhibitor compound. The Company intends to use these product candidates to treat various cancers in a patient-specific, targeted approach. </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>
CY2024Q1 us-gaap Concentration Risk Credit Risk
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<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: italic; letter-spacing: 0px; top: 0px;display:inline;">Concentrations of Credit Risk </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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false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 us-gaap Noninterest Expense Offering Cost
NoninterestExpenseOfferingCost
50000000
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
2500000000
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
vinc-20240331_def.xml Edgar Link unprocessable
d757777d10q_htm.xml Edgar Link completed
0001193125-24-138276-index-headers.html Edgar Link pending
0001193125-24-138276-index.html Edgar Link pending
0001193125-24-138276.txt Edgar Link pending
0001193125-24-138276-xbrl.zip Edgar Link pending
d757777d10q.htm Edgar Link pending
d757777dex311.htm Edgar Link pending
d757777dex312.htm Edgar Link pending
d757777dex321.htm Edgar Link pending
d757777dex322.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
vinc-20240331.xsd Edgar Link pending
vinc-20240331_cal.xml Edgar Link unprocessable
vinc-20240331_lab.xml Edgar Link unprocessable
vinc-20240331_pre.xml Edgar Link unprocessable