$VIRX
Viracta Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019739 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.253M $4.600M $4.871M
YoY Change 1.72% 6.09% 21.32%
% of Gross Profit
Research & Development $8.197M $7.607M $6.703M
YoY Change 29.62% 24.79% -8.22%
% of Gross Profit
Depreciation & Amortization $119.0K $122.0K $57.00K
YoY Change 120.37% 125.93% -3.39%
% of Gross Profit
Operating Expenses $12.45M $12.21M $11.57M
YoY Change 18.51% 17.01% 2.26%
Operating Profit -$12.45M -$12.21M
YoY Change 18.51% 17.01%
Interest Expense $921.0K $880.0K $450.0K
YoY Change -1296.1% 609.68% -448.84%
% of Operating Profit
Other Income/Expense, Net -$34.00K -$2.000K $798.0K
YoY Change
Pretax Income -$12.48M -$12.21M -$10.33M
YoY Change 17.97% 15.77% -9.79%
Income Tax
% Of Pretax Income
Net Earnings -$12.48M -$12.21M -$10.33M
YoY Change 17.97% 15.77% -9.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.32 -$0.32
Diluted Earnings Per Share -$0.32 -$0.32 -$0.27
COMMON SHARES
Basic Shares Outstanding 38.41M 38.41M 38.20M
Diluted Shares Outstanding 38.56M 38.46M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $72.87M $80.33M $91.04M
YoY Change -12.36% -12.87% -12.08%
Cash & Equivalents $14.29M $18.10M $36.77M
Short-Term Investments $58.57M $62.23M $54.27M
Other Short-Term Assets $1.376M $2.161M $2.704M
YoY Change -57.27% -31.92% 57.3%
Inventory
Prepaid Expenses $1.688M $3.083M $2.704M
Receivables
Other Receivables
Total Short-Term Assets $74.56M $83.42M $93.75M
YoY Change -13.67% -12.54% -10.95%
LONG-TERM ASSETS
Property, Plant & Equipment $296.0K $125.0K $148.0K
YoY Change -56.21% -40.48% -38.84%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.547M $1.689M $1.830M
YoY Change -26.82% -25.1% -23.65%
Total Long-Term Assets $2.304M $2.366M $2.244M
YoY Change -17.42% -21.5% -31.56%
TOTAL ASSETS
Total Short-Term Assets $74.56M $83.42M $93.75M
Total Long-Term Assets $2.304M $2.366M $2.244M
Total Assets $76.86M $85.78M $95.99M
YoY Change -13.79% -12.81% -11.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.234M $2.080M $2.540M
YoY Change 77.11% -35.44% -12.44%
Accrued Expenses $7.291M $7.048M $7.193M
YoY Change 35.14% 69.75% 23.97%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.286M $2.143M
YoY Change
Total Short-Term Liabilities $15.21M $11.66M $10.01M
YoY Change 110.68% 50.08% 10.2%
LONG-TERM LIABILITIES
Long-Term Debt $20.79M $22.83M $24.88M
YoY Change 327.8% 371.68% 416.23%
Other Long-Term Liabilities $73.00K $179.0K $0.00
YoY Change 2.82% 2.29% -100.0%
Total Long-Term Liabilities $20.79M $22.83M $24.88M
YoY Change 321.64% 371.68% 416.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $15.21M $11.66M $10.01M
Total Long-Term Liabilities $20.79M $22.83M $24.88M
Total Liabilities $36.08M $34.49M $34.89M
YoY Change 196.88% 173.57% 150.94%
SHAREHOLDERS EQUITY
Retained Earnings -$239.6M -$227.1M -$214.9M
YoY Change 28.89% 29.71%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.78M $51.11M $61.10M
YoY Change
Total Liabilities & Shareholders Equity $76.86M $85.78M $95.99M
YoY Change -13.79% -12.81% -11.57%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$12.48M -$12.21M -$10.33M
YoY Change 17.97% 15.77% -9.79%
Depreciation, Depletion And Amortization $119.0K $122.0K $57.00K
YoY Change 120.37% 125.93% -3.39%
Cash From Operating Activities -$7.990M -$11.34M -$7.903M
YoY Change -11.56% -0.2% 9.6%
INVESTING ACTIVITIES
Capital Expenditures $189.0K $0.00
YoY Change -529.55% -100.0%
Acquisitions
YoY Change
Other Investing Activities $4.169M -$7.350M -$203.0K
YoY Change -366.9%
Cash From Investing Activities $3.980M -$7.350M -$203.0K
YoY Change -347.82% 968.42%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 204.0K 16.00K 21.41M
YoY Change 750.0% 100.0% -10857.29%
NET CHANGE
Cash From Operating Activities -7.990M -11.34M -7.903M
Cash From Investing Activities 3.980M -7.350M -203.0K
Cash From Financing Activities 204.0K 16.00K 21.41M
Net Change In Cash -3.806M -18.67M 13.30M
YoY Change -64.15% 64.46% -279.04%
FREE CASH FLOW
Cash From Operating Activities -$7.990M -$11.34M -$7.903M
Capital Expenditures $189.0K $0.00
Free Cash Flow -$8.179M -$7.903M
YoY Change -9.02% 9.89%

Facts In Submission

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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 condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates.</span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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;">Concentrations of Credit Risk</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><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;">Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash, cash equivalents and short-term investments.</span></p>
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
79491000
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
0
CY2023Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
87000
CY2023Q1 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
79404000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
69940000
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
0
CY2022 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
178000
CY2022 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
69762000
CY2023Q1 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
100000
CY2022Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
100000
CY2023Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2022Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9913847
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6593071
CY2023Q1 us-gaap Line Of Credit Facility Borrowing Capacity Description
LineOfCreditFacilityBorrowingCapacityDescription
The second tranche of $20.0 million was drawn by the Company on December 29, 2022. The third tranche of $25.0 million remains available at the Company's request subject to the Lenders' discretion
CY2023Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.1265
CY2023Q1 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
1224000
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
780000
CY2023Q1 virx Erc Receivable
ErcReceivable
798000
CY2022Q4 virx Erc Receivable
ErcReceivable
798000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
567000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
567000
CY2023Q1 us-gaap Deposits Assets Current
DepositsAssetsCurrent
364000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
442000
CY2023Q1 virx Accrued Interest Receivable
AccruedInterestReceivable
124000
CY2022Q4 virx Accrued Interest Receivable
AccruedInterestReceivable
112000
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
6000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5000
CY2023Q1 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
3083000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2704000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1554000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2961000
CY2023Q1 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
4849000
CY2022Q4 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
3562000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
348000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
385000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
297000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
285000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7048000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7193000
CY2021Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
45000000.0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8571000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8571000
CY2023Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7858000
CY2023Q1 virx Long Term Debt Maturities Repayments Of Principal After Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearThree
0
CY2023Q1 virx Aggregate Minimum Payments Under Debt Arrangements
AggregateMinimumPaymentsUnderDebtArrangements
25000000
CY2023Q1 virx Unamortized Discount Of Future Minimum Payments Under Long Term Debt Arrangement
UnamortizedDiscountOfFutureMinimumPaymentsUnderLongTermDebtArrangement
23000
CY2023Q1 us-gaap Long Term Debt
LongTermDebt
24977000
CY2023Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38410935
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38345140
CY2023Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18811552
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
10248
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2112000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1772000
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option for an additional year
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
324000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
294000
CY2023Q1 virx Lessee Operating Lease Liability Payments Due After Year Two
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearTwo
0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
618000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
55000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
563000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
600000
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.148
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y4M24D

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