Press Release: Vincerx Pharma Reports Second Quarter 2024 Financial Results

Cassidy.McClain@inizioevoke.com

 
                           Vincerx Pharma, Inc. 
                   Condensed Consolidated Balance Sheets 
                              (in thousands) 
 
                                     June 30, 2024    December 31, 2023 
                                    ---------------  ------------------- 
                                      (unaudited) 
ASSETS 
Current assets: 
   Cash and cash equivalents         $        7,923    $          12,782 
   Short-term marketable 
    securities                                8,396                    - 
   Prepaid expenses                             530                   51 
   Grant receivable                           1,018                1,044 
   Other current assets                         416                  856 
Total current assets                         18,283               14,733 
Right-of-use assets                           1,693                2,201 
Property, plant and equipment, net               98                  125 
Other assets                                  1,453                1,158 
                                        -----------  ---  -------------- 
Total assets                         $       21,527    $          18,217 
                                        ===========  ===  ============== 
 
LIABILITIES AND STOCKHOLDERS' 
EQUITY 
Current liabilities 
   Accounts payable                  $        1,536    $           2,497 
   Accrued expenses                           2,428                1,755 
   Lease liability                            1,236                1,162 
   Common stock warrant 
    liabilities                                 132                  191 
      Total current liabilities               5,332                5,605 
Lease liability, net of current 
 portion                                        697                1,340 
Other noncurrent liabilities                     50                   50 
Total liabilities                             6,079                6,995 
                                        -----------  ---  -------------- 
 
   Total stockholders' equity                15,448               11,222 
                                        -----------  ---  -------------- 
Total liabilities and 
 stockholders' equity                $       21,527    $          18,217 
                                        ===========  ===  ============== 
 
 
 
                     Vincerx Pharma, Inc. 
        Condensed Consolidated Statements of Operations 
                          (unaudited) 
            (in thousands, except per share amounts) 
 
                       For the three       For the six months 
                       months ended              ended 
                         June 30,               June 30, 
                    -------------------  ---------------------- 
                      2024      2023       2024       2023 
Operating 
expenses: 
   General and 
    administrative  $ 3,612   $  3,811   $  6,534   $  8,308 
   Research and 
    development       3,754      8,248      8,310     19,159 
                     ------    -------    -------    ------- 
      Total 
       operating 
       expenses       7,366     12,059     14,844     27,467 
                     ------    -------    -------    ------- 
Loss from 
 operations          (7,366)   (12,059)   (14,844)   (27,467) 
                     ------    -------    -------    ------- 
Other income 
(expense) 
   Change in fair 
    value of 
    warrant 
    liabilities       5,263       (118)        59       (100) 
   Interest income      157        327        256        793 
   Other income 
    (expense)           138        300        292        574 
      Total other 
       income 
       (expense)      5,558        509        607      1,267 
                     ------    -------    -------    ------- 
Net loss            $(1,808)  $(11,550)  $(14,237)  $(26,200) 
                     ======    =======    =======    ======= 
 
   Net loss per 
    common share, 
    basic and 
    diluted         $ (0.05)  $  (0.54)  $  (0.48)  $  (1.23) 
                     ======    =======    =======    ======= 
   Weighted 
    average common 
    shares 
    outstanding, 
    basic and 
    diluted          38,339     21,274     29,869     21,231 
                     ======    =======    =======    ======= 
 
 

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August 08, 2024 16:30 ET (20:30 GMT)