$VIRX
Viracta Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023062145 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.154M $4.320M $10.94M
YoY Change -14.72% -60.51% 194.77%
% of Gross Profit
Research & Development $9.407M $8.158M $7.139M
YoY Change 40.34% 14.27% 0.72%
% of Gross Profit
Depreciation & Amortization $122.0K $130.0K $45.00K
YoY Change 114.04% 188.89% -13.46%
% of Gross Profit
Operating Expenses $13.56M $12.48M $18.08M
YoY Change 17.17% -30.99% 22.16%
Operating Profit -$12.48M -$18.08M
YoY Change -30.99% 22.16%
Interest Expense -$197.0K $953.0K $139.0K
YoY Change -143.78% 585.61% 11.2%
% of Operating Profit
Other Income/Expense, Net -$7.000K $1.000K $0.00
YoY Change -100.88%
Pretax Income -$13.77M -$12.60M -$17.74M
YoY Change 33.3% -28.99% 18.97%
Income Tax
% Of Pretax Income
Net Earnings -$13.77M -$12.60M -$17.74M
YoY Change 33.3% -28.99% 18.97%
Net Earnings / Revenue
Basic Earnings Per Share -$0.33 -$0.47
Diluted Earnings Per Share -$0.35 -$0.33 -$470.6K
COMMON SHARES
Basic Shares Outstanding 38.62M 38.58M 37.71M
Diluted Shares Outstanding 38.68M 37.71M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.69M $63.00M $77.07M
YoY Change -41.03% -18.25% -30.56%
Cash & Equivalents $12.32M $12.86M $23.47M
Short-Term Investments $41.37M $50.10M $53.60M
Other Short-Term Assets $992.0K $1.200M $2.613M
YoY Change -63.31% -54.08% 28.59%
Inventory
Prepaid Expenses $1.273M $1.490M
Receivables
Other Receivables
Total Short-Term Assets $54.96M $64.44M $79.68M
YoY Change -41.37% -19.12% -29.5%
LONG-TERM ASSETS
Property, Plant & Equipment $190.0K $218.0K $184.0K
YoY Change 28.38% 18.48% -28.68%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.264M $1.406M $1.972M
YoY Change -30.93% -28.7% -22.3%
Total Long-Term Assets $1.728M $1.995M $2.518M
YoY Change -22.99% -20.77% -28.57%
TOTAL ASSETS
Total Short-Term Assets $54.96M $64.44M $79.68M
Total Long-Term Assets $1.728M $1.995M $2.518M
Total Assets $56.69M $66.44M $82.20M
YoY Change -40.94% -19.17% -29.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.441M $2.363M $1.616M
YoY Change -3.9% 46.23% -22.97%
Accrued Expenses $10.38M $8.506M $7.393M
YoY Change 44.25% 15.05% 57.53%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $25.27M $25.20M
YoY Change
Total Short-Term Liabilities $38.37M $36.43M $9.387M
YoY Change 283.31% 288.08% 31.09%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $4.869M
YoY Change -100.0% -100.0% -3.12%
Other Long-Term Liabilities $130.0K
YoY Change -65.61%
Total Long-Term Liabilities $0.00 $0.00 $4.869M
YoY Change -100.0% -100.0% -3.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $38.37M $36.43M $9.387M
Total Long-Term Liabilities $0.00 $0.00 $4.869M
Total Liabilities $38.37M $36.43M $14.26M
YoY Change 9.99% 155.53% 16.98%
SHAREHOLDERS EQUITY
Retained Earnings -$265.9M -$252.2M -$204.5M
YoY Change 23.73% 23.33% 32.62%
Common Stock $4.000K $4.000K $4.000K
YoY Change 0.0% 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $18.32M $30.01M $67.81M
YoY Change
Total Liabilities & Shareholders Equity $56.69M $66.44M $82.20M
YoY Change -40.94% -19.17% -29.47%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$13.77M -$12.60M -$17.74M
YoY Change 33.3% -28.99% 18.97%
Depreciation, Depletion And Amortization $122.0K $130.0K $45.00K
YoY Change 114.04% 188.89% -13.46%
Cash From Operating Activities -$10.02M -$10.54M -$7.157M
YoY Change 26.81% 47.27% -5.8%
INVESTING ACTIVITIES
Capital Expenditures -$2.000K -$50.00K -$1.000K
YoY Change 4900.0% -99.56%
Acquisitions
YoY Change
Other Investing Activities $9.266M $9.050M -$52.06M
YoY Change -4664.53% -117.39% 1201.4%
Cash From Investing Activities $9.268M $9.100M -$52.06M
YoY Change -4665.52% -117.48% 1131.24%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 218.0K 0.000 1.103M
YoY Change -98.98% -100.0% 1153.41%
NET CHANGE
Cash From Operating Activities -10.02M -10.54M -7.157M
Cash From Investing Activities 9.268M 9.100M -52.06M
Cash From Financing Activities 218.0K 0.000 1.103M
Net Change In Cash -536.0K -1.440M -58.11M
YoY Change -104.03% -97.52% 395.07%
FREE CASH FLOW
Cash From Operating Activities -$10.02M -$10.54M -$7.157M
Capital Expenditures -$2.000K -$50.00K -$1.000K
Free Cash Flow -$10.02M -$10.49M -$7.156M
YoY Change 26.79% 46.59% -2.9%

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NetCashProvidedByUsedInOperatingActivities
-27554000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
138000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
45000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
59656000
us-gaap Payments To Acquire Short Term Investments
PaymentsToAcquireShortTermInvestments
54418000
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
65522000
us-gaap Proceeds From Sale Maturity And Collection Of Shortterm Investments
ProceedsFromSaleMaturityAndCollectionOfShorttermInvestments
800000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
5728000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-53663000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
127000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1034000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
93000
us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
101000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
220000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1135000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-23917000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-80082000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12856000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
23472000
us-gaap Interest Paid Net
InterestPaidNet
2224000
us-gaap Interest Paid Net
InterestPaidNet
332000
us-gaap Interest And Other Income
InterestAndOtherIncome
2578000
us-gaap Interest And Other Income
InterestAndOtherIncome
462000
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
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-252200000
CY2023Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
63000000
CY2023Q3 virx Working Capital
WorkingCapital
28000000
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.20
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.217
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0;font-size:10pt;margin-top:18pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:0;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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>
CY2023Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
61633000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
0
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
65000
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
61568000
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
CY2023Q3 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
CY2023Q3 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
10121754
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8118991
CY2023Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.134
CY2023Q3 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
446000
CY2022Q4 us-gaap Prepaid Expense Current And Noncurrent
PrepaidExpenseCurrentAndNoncurrent
780000
CY2023Q3 virx Erc Receivable
ErcReceivable
168000
CY2022Q4 virx Erc Receivable
ErcReceivable
798000
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
588000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
567000
CY2023Q3 us-gaap Deposits Assets Current
DepositsAssetsCurrent
161000
CY2022Q4 us-gaap Deposits Assets Current
DepositsAssetsCurrent
442000
CY2023Q3 virx Accrued Interest Receivable
AccruedInterestReceivable
127000
CY2022Q4 virx Accrued Interest Receivable
AccruedInterestReceivable
112000
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
0
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
5000
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
1490000
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
2704000
CY2023Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2333000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2961000
CY2023Q3 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
5516000
CY2022Q4 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
3562000
CY2023Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
378000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
385000
CY2023Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
279000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
285000
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8506000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7193000
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
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
0
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
8571000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
8571000
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
7858000
CY2023Q3 virx Aggregate Minimum Payments Under Debt Arrangements
AggregateMinimumPaymentsUnderDebtArrangements
25000000
CY2023Q3 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
314000
CY2023Q3 virx Unamortized Discount Of Future Minimum Payments Under Long Term Debt Arrangement
UnamortizedDiscountOfFutureMinimumPaymentsUnderLongTermDebtArrangement
135000
CY2023Q3 us-gaap Long Term Debt
LongTermDebt
25179000
CY2023Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38624553
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
38345140
CY2023Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18811552
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
10248
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1776000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7646000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5865000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
11374000
CY2020Q2 us-gaap Lessee Operating Lease Option To Extend
LesseeOperatingLeaseOptionToExtend
option for an additional year
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
110000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
294000
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
404000
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
23000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
381000
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
CY2022Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
100000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
us-gaap Operating Lease Expense
OperatingLeaseExpense
300000
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
400000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
300
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
300
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.148
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y10M24D

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