$VIRX
Viracta Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024057250 Filed on May 09, 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 $3.041M $3.920M
YoY Change -28.5% -14.78%
% of Gross Profit
Research & Development $6.548M $9.956M
YoY Change -20.12% 30.88%
% of Gross Profit
Depreciation & Amortization $96.00K $110.0K
YoY Change -19.33% -9.84%
% of Gross Profit
Operating Expenses $9.589M $13.88M
YoY Change -22.98% 13.67%
Operating Profit -$9.589M -$13.88M
YoY Change -22.98% 13.67%
Interest Expense $697.0K $858.0K
YoY Change -24.32% -2.5%
% of Operating Profit
Other Income/Expense, Net -$241.0K $4.735M
YoY Change 608.82% -236850.0%
Pretax Income -$9.830M -$9.141M
YoY Change -21.26% -25.13%
Income Tax
% Of Pretax Income
Net Earnings -$9.830M -$9.141M
YoY Change -21.26% -25.13%
Net Earnings / Revenue
Basic Earnings Per Share -$0.25 -$0.23
Diluted Earnings Per Share -$0.25 -$0.23
COMMON SHARES
Basic Shares Outstanding 39.27M 39.27M
Diluted Shares Outstanding 39.40M 39.32M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $30.01M $39.57M
YoY Change -58.82% -50.75%
Cash & Equivalents $13.98M $12.06M
Short-Term Investments $16.02M $27.50M
Other Short-Term Assets $1.067M $1.386M
YoY Change -22.46% -35.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $31.07M $40.95M
YoY Change -58.32% -50.91%
LONG-TERM ASSETS
Property, Plant & Equipment $135.0K $163.0K
YoY Change -54.39% 30.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.00K $44.00K
YoY Change -97.16% -97.39%
Total Long-Term Assets $250.0K $382.0K
YoY Change -89.15% -83.85%
TOTAL ASSETS
Total Short-Term Assets $31.07M $40.95M
Total Long-Term Assets $250.0K $382.0K
Total Assets $31.32M $41.33M
YoY Change -59.25% -51.81%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.286M $2.412M
YoY Change -60.24% 15.96%
Accrued Expenses $8.546M $8.985M
YoY Change 17.21% 27.48%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $18.75M $18.68M
YoY Change 337.38% 771.58%
Total Short-Term Liabilities $28.65M $30.25M
YoY Change 88.33% 159.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.65M $30.25M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $28.65M $30.25M
YoY Change -20.58% -12.28%
SHAREHOLDERS EQUITY
Retained Earnings -$284.9M -$275.1M
YoY Change 18.91% 21.14%
Common Stock $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 $2.671M $11.08M
YoY Change
Total Liabilities & Shareholders Equity $31.32M $41.33M
YoY Change -59.25% -51.81%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$9.830M -$9.141M
YoY Change -21.26% -25.13%
Depreciation, Depletion And Amortization $96.00K $110.0K
YoY Change -19.33% -9.84%
Cash From Operating Activities -$9.827M -$7.849M
YoY Change 22.99% -30.78%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $11.70M $14.19M
YoY Change 180.71% -293.09%
Cash From Investing Activities $11.70M $14.19M
YoY Change 194.05% -293.09%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.00K -6.598M
YoY Change -78.92% -41337.5%
NET CHANGE
Cash From Operating Activities -9.827M -7.849M
Cash From Investing Activities 11.70M 14.19M
Cash From Financing Activities 43.00K -6.598M
Net Change In Cash 1.919M -255.0K
YoY Change -150.42% -98.63%
FREE CASH FLOW
Cash From Operating Activities -$9.827M -$7.849M
Capital Expenditures $0.00
Free Cash Flow -$9.827M
YoY Change 20.15%

Facts In Submission

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CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-size:10pt;margin-top:12pt;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="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-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 and such deposits are 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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Viracta uses third party contract laboratories and facilities for the manufacture and testing of drug substance, drug product, and clinical trial material while providing internal oversight on technical development, quality and regulatory compliance. This outsourcing model allows Viracta to maintain a flexible infrastructure and capital efficiency while focusing its expertise on developing its products. For the three months ended March 31, 2024 and 2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company had two contract laboratories that provided </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">41.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% and one contract laboratory that provided </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.9</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of total third-party services, r</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">espectively</span>
CY2024Q1 virx Third Party Service Percentage
ThirdPartyServicePercentage
0.419
CY2023Q1 virx Third Party Service Percentage
ThirdPartyServicePercentage
0.109
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:12pt;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="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-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>
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
37349000
CY2024Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
1000
CY2024Q1 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
7000
CY2024Q1 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
37343000
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
51399000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
22000
CY2023 us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
13000
CY2023 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
51408000
CY2024Q1 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
100000
CY2023Q4 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAccruedInterestAfterAllowanceForCreditLoss
100000
CY2024Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2023Q1 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2024Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12007625
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9913847
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1219000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3374000
CY2024Q1 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
7218000
CY2023Q4 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
6456000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
336000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
258000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
212000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
288000
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8985000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10376000
CY2021Q4 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
45000000
CY2024Q1 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 availability of the additional tranche of $25.0 million, previously available under certain conditions, expired on December 31, 2023.
CY2024Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.134
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3842000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7685000
CY2024Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7044000
CY2024Q1 virx Aggregate Minimum Payments Under Debt Arrangements
AggregateMinimumPaymentsUnderDebtArrangements
18571000
CY2024Q1 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
219000
CY2024Q1 virx Unamortized Discount Of Future Minimum Payments Under Long Term Debt Arrangement
UnamortizedDiscountOfFutureMinimumPaymentsUnderLongTermDebtArrangement
112000
CY2024Q1 us-gaap Long Term Debt
LongTermDebt
18678000
CY2021Q2 us-gaap Equity Method Investment Quoted Market Value
EquityMethodInvestmentQuotedMarketValue
75000000
CY2024Q1 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18811552
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
10248
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1837000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2112000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
184000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
184000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
5000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
179000
CY2024Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
100
CY2024Q1 us-gaap Immaterial Error Correction
ImmaterialErrorCorrection
Company recorded an immaterial non-cash error correction to eliminate the remaining prepaid retrospective insurance policy asset with a corresponding increase to research and development expense in the amount of $1.8 million
CY2024Q1 us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1800000

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