$VIRX
Viracta Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023042483 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.320M $4.253M $4.181M
YoY Change -60.51% 1.72% 8.01%
% of Gross Profit
Research & Development $8.158M $8.197M $6.324M
YoY Change 14.27% 29.62% 16.12%
% of Gross Profit
Depreciation & Amortization $130.0K $119.0K $54.00K
YoY Change 188.89% 120.37% 14.89%
% of Gross Profit
Operating Expenses $12.48M $12.45M $10.51M
YoY Change -30.99% 18.51% 12.75%
Operating Profit -$12.48M -$12.45M -$10.51M
YoY Change -30.99% 18.51% 12.75%
Interest Expense $953.0K $921.0K -$77.00K
YoY Change 585.61% -1296.1% -163.11%
% of Operating Profit
Other Income/Expense, Net $1.000K -$34.00K $0.00
YoY Change
Pretax Income -$12.60M -$12.48M -$10.58M
YoY Change -28.99% 17.97% 15.4%
Income Tax
% Of Pretax Income
Net Earnings -$12.60M -$12.48M -$10.58M
YoY Change -28.99% 17.97% 15.4%
Net Earnings / Revenue
Basic Earnings Per Share -$0.33 -$0.32 -$0.28
Diluted Earnings Per Share -$0.33 -$0.32 -$281.4K
COMMON SHARES
Basic Shares Outstanding 38.58M 38.41M 37.49M
Diluted Shares Outstanding 38.68M 38.56M 37.60M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $72.87M $83.15M
YoY Change -18.25% -12.36% -32.25%
Cash & Equivalents $12.86M $14.29M $81.58M
Short-Term Investments $50.10M $58.57M $1.562M
Other Short-Term Assets $1.200M $1.376M $3.220M
YoY Change -54.08% -57.27% 33.0%
Inventory
Prepaid Expenses $1.490M $1.688M
Receivables
Other Receivables
Total Short-Term Assets $64.44M $74.56M $86.37M
YoY Change -19.12% -13.67% -30.99%
LONG-TERM ASSETS
Property, Plant & Equipment $218.0K $296.0K $676.0K
YoY Change 18.48% -56.21% 1548.78%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.406M $1.547M $2.114M
YoY Change -28.7% -26.82% -21.12%
Total Long-Term Assets $1.995M $2.304M $2.790M
YoY Change -20.77% -17.42% -21.12%
TOTAL ASSETS
Total Short-Term Assets $64.44M $74.56M $86.37M
Total Long-Term Assets $1.995M $2.304M $2.790M
Total Assets $66.44M $76.86M $89.16M
YoY Change -19.17% -13.79% -30.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.363M $3.234M $1.826M
YoY Change 46.23% 77.11% -28.84%
Accrued Expenses $8.506M $7.291M $5.395M
YoY Change 15.05% 35.14% 68.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.20M $4.286M
YoY Change
Total Short-Term Liabilities $36.43M $15.21M $7.221M
YoY Change 288.08% 110.68% 3.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $20.79M $4.860M
YoY Change -100.0% 327.8% 16.97%
Other Long-Term Liabilities $73.00K $71.00K
YoY Change 2.82% -85.02%
Total Long-Term Liabilities $0.00 $20.79M $4.931M
YoY Change -100.0% 321.64% 18.68%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.43M $15.21M $7.221M
Total Long-Term Liabilities $0.00 $20.79M $4.931M
Total Liabilities $36.43M $36.08M $12.15M
YoY Change 155.53% 196.88% 9.4%
SHAREHOLDERS EQUITY
Retained Earnings -$252.2M -$239.6M
YoY Change 23.33%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.01M $40.78M $77.00M
YoY Change
Total Liabilities & Shareholders Equity $66.44M $76.86M $89.16M
YoY Change -19.17% -13.79% -30.72%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$12.60M -$12.48M -$10.58M
YoY Change -28.99% 17.97% 15.4%
Depreciation, Depletion And Amortization $130.0K $119.0K $54.00K
YoY Change 188.89% 120.37% 14.89%
Cash From Operating Activities -$10.54M -$7.990M -$9.034M
YoY Change 47.27% -11.56% 37.04%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $189.0K -$44.00K
YoY Change 4900.0% -529.55% 780.0%
Acquisitions
YoY Change
Other Investing Activities $9.050M $4.169M -$1.562M
YoY Change -117.39% -366.9% -52166.67%
Cash From Investing Activities $9.100M $3.980M -$1.606M
YoY Change -117.48% -347.82% 80200.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 204.0K 24.00K
YoY Change -100.0% 750.0% -82.35%
NET CHANGE
Cash From Operating Activities -10.54M -7.990M -9.034M
Cash From Investing Activities 9.100M 3.980M -1.606M
Cash From Financing Activities 0.000 204.0K 24.00K
Net Change In Cash -1.440M -3.806M -10.62M
YoY Change -97.52% -64.15% 64.39%
FREE CASH FLOW
Cash From Operating Activities -$10.54M -$7.990M -$9.034M
Capital Expenditures -$50.00K $189.0K -$44.00K
Free Cash Flow -$10.49M -$8.179M -$8.990M
YoY Change 46.59% -9.02% 36.48%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-22480000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-21971000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36773000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
103554000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14293000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
81583000
us-gaap Interest Paid Net
InterestPaidNet
1378000
us-gaap Interest Paid Net
InterestPaidNet
208000
us-gaap Interest And Other Income
InterestAndOtherIncome
1733000
us-gaap Interest And Other Income
InterestAndOtherIncome
60000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
381000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-239600000
CY2023Q2 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
72900000
CY2023Q2 virx Working Capital
WorkingCapital
59300000
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.107
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.331
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>
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2961000
CY2023Q2 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
4864000
CY2022Q4 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
3562000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
361000
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>
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
72071000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
115000
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
71956000
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
CY2023Q2 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
us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2023Q2 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9968147
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6850235
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
385000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
274000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
285000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7291000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7193000
CY2023Q2 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
567000
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
780000
CY2023Q2 virx Erc Receivable
ErcReceivable
168000
CY2022Q4 virx Erc Receivable
ErcReceivable
798000
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
567000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
567000
CY2023Q2 us-gaap Deposits Assets Current
DepositsAssetsCurrent
168000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
442000
CY2023Q2 virx Accrued Interest Receivable
AccruedInterestReceivable
144000
CY2022Q4 virx Accrued Interest Receivable
AccruedInterestReceivable
112000
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
74000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5000
CY2023Q2 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1688000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2704000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1792000
CY2021Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
45000000
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
CY2023Q2 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.1315
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8571000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8571000
CY2023Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7858000
CY2023Q2 virx Aggregate Minimum Payments Under Debt Arrangements
AggregateMinimumPaymentsUnderDebtArrangements
25000000
CY2023Q2 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
225000
CY2023Q2 virx Unamortized Discount Of Future Minimum Payments Under Long Term Debt Arrangement
UnamortizedDiscountOfFutureMinimumPaymentsUnderLongTermDebtArrangement
148000
CY2023Q2 us-gaap Long Term Debt
LongTermDebt
25077000
CY2023Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38580354
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38345140
CY2023Q2 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18811552
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
10248
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1977000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1956000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4089000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3728000
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option for an additional year
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
218000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
294000
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
512000
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
37000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
475000
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
us-gaap Operating Lease Expense
OperatingLeaseExpense
200000
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
500000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
200
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
200
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.148
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y2M12D

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