$VIRX
Viracta Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024126385 Filed on November 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.004M
YoY Change -30.46%
% of Gross Profit
Research & Development $7.181M
YoY Change -11.98%
% of Gross Profit
Depreciation & Amortization $110.0K
YoY Change -15.38%
% of Gross Profit
Operating Expenses $10.19M
YoY Change -18.36%
Operating Profit -$10.19M
YoY Change -18.36%
Interest Expense $679.0K
YoY Change -28.75%
% of Operating Profit
Other Income/Expense, Net -$368.0K
YoY Change -36900.0%
Pretax Income -$10.55M
YoY Change -16.25%
Income Tax
% Of Pretax Income
Net Earnings -$10.55M
YoY Change -16.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.27
Diluted Earnings Per Share -$0.27
COMMON SHARES
Basic Shares Outstanding 39.74M 39.42M
Diluted Shares Outstanding 39.57M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $21.13M
YoY Change -66.46%
Cash & Equivalents $13.13M
Short-Term Investments $8.005M
Other Short-Term Assets $671.0K
YoY Change -44.08%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $21.80M
YoY Change -66.17%
LONG-TERM ASSETS
Property, Plant & Equipment $111.0K
YoY Change -49.08%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $44.00K
YoY Change -96.87%
Total Long-Term Assets $155.0K
YoY Change -92.23%
TOTAL ASSETS
Total Short-Term Assets $21.80M
Total Long-Term Assets $155.0K
Total Assets $21.96M
YoY Change -66.95%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.817M
YoY Change -23.11%
Accrued Expenses $9.847M
YoY Change 15.77%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $16.91M
YoY Change -32.89%
Total Short-Term Liabilities $28.58M
YoY Change -21.56%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $28.58M
Total Long-Term Liabilities $0.00
Total Liabilities $28.58M
YoY Change -21.56%
SHAREHOLDERS EQUITY
Retained Earnings -$295.5M
YoY Change 17.17%
Common Stock $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.617M
YoY Change
Total Liabilities & Shareholders Equity $21.96M
YoY Change -66.95%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$10.55M
YoY Change -16.25%
Depreciation, Depletion And Amortization $110.0K
YoY Change -15.38%
Cash From Operating Activities -$7.093M
YoY Change -32.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $8.160M
YoY Change -9.83%
Cash From Investing Activities $8.160M
YoY Change -10.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.921M
YoY Change
NET CHANGE
Cash From Operating Activities -7.093M
Cash From Investing Activities 8.160M
Cash From Financing Activities -1.921M
Net Change In Cash -854.0K
YoY Change -40.69%
FREE CASH FLOW
Cash From Operating Activities -$7.093M
Capital Expenditures $0.00
Free Cash Flow -$7.093M
YoY Change -32.38%

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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12317000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
36773000
CY2024Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
13127000
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
12856000
us-gaap Interest Paid Net
InterestPaidNet
2285000
us-gaap Interest Paid Net
InterestPaidNet
2224000
us-gaap Interest And Other Income
InterestAndOtherIncome
1440000
us-gaap Interest And Other Income
InterestAndOtherIncome
2578000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
381000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
5452000
us-gaap Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
0
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-295500000
CY2024Q3 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
21100000
CY2024Q3 virx Working Capital
WorkingCapital
6800000
CY2024Q1 us-gaap Repayments Of Long Term Lines Of Credit
RepaymentsOfLongTermLinesOfCredit
5000000
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;">The Company 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 the Company to maintain a flexible infrastructure and capital efficiency while focusing its expertise on developing its products. For the nine months ended September 30, 2024 and 2023, the Company had 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;">34.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">20.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">%</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>
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.342
virx Third Party Service Percentage
ThirdPartyServicePercentage
0.20
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>
CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
19716000
us-gaap Available For Sale Debt Securities Gross Unrealized Gain
AvailableForSaleDebtSecuritiesGrossUnrealizedGain
9000
us-gaap Available For Sale Debt Securities Gross Unrealized Loss
AvailableForSaleDebtSecuritiesGrossUnrealizedLoss
0
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
19725000
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
CY2024Q3 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2023Q3 us-gaap Debt Securities Available For Sale Accrued Interest Writeoff
DebtSecuritiesAvailableForSaleAccruedInterestWriteoff
0
CY2024Q3 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
CY2023Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10917377
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10121754
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
739000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3374000
CY2024Q3 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
8319000
CY2023Q4 virx Accrued Clinical Trial And Contract Expenses
AccruedClinicalTrialAndContractExpenses
6456000
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
604000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
258000
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
185000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
288000
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
9847000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
10376000
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 availability of the additional tranche of $25.0 million, previously available under certain conditions, expired on December 31, 2023.
CY2024Q3 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.129
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
1921000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
7685000
CY2024Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
7044000
CY2024Q3 virx Aggregate Minimum Payments Under Debt Arrangements
AggregateMinimumPaymentsUnderDebtArrangements
16650000
CY2024Q3 us-gaap Debt Instrument Periodic Payment Terms Balloon Payment To Be Paid
DebtInstrumentPeriodicPaymentTermsBalloonPaymentToBePaid
355000
CY2024Q3 virx Unamortized Discount Of Future Minimum Payments Under Long Term Debt Arrangement
UnamortizedDiscountOfFutureMinimumPaymentsUnderLongTermDebtArrangement
-94000
CY2024Q3 us-gaap Long Term Debt
LongTermDebt
16911000
CY2024Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
18811552
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
10248
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1251000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1776000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4464000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5865000
CY2024Q3 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P12M
CY2024Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
71000
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
104000
us-gaap Operating Lease Cost
OperatingLeaseCost
286000
us-gaap Operating Lease Cost
OperatingLeaseCost
320000
CY2024Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
25000
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
us-gaap Short Term Lease Cost
ShortTermLeaseCost
25000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
0
CY2024Q3 us-gaap Lease Cost
LeaseCost
96000
CY2023Q3 us-gaap Lease Cost
LeaseCost
104000
us-gaap Lease Cost
LeaseCost
311000
us-gaap Lease Cost
LeaseCost
320000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
294000
us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
321000
CY2024Q3 virx Reduction In Force Impacted
ReductionInForceImpacted
0.23
us-gaap Postemployment Benefits Period Expense
PostemploymentBenefitsPeriodExpense
700000
us-gaap Immaterial Error Correction
ImmaterialErrorCorrection
Company recorded a $1.8 million expense for the remaining prepaid retrospective insurance policy to research and development expense in the condensed consolidated statement of operations and comprehensive loss.
us-gaap Other Research And Development Expense
OtherResearchAndDevelopmentExpense
1800000
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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