May 08, 2024 4:05 PM
Recent Operating Highlights:
"During the first quarter, we continued the momentum we made during 2023, marked by rapid strides toward broad commercialization," said
"In my recent Business Update, I shed some light on the challenges of the industrial sales cycle—especially for a new, safety-critical technology that offers the competitive advantages that automation does to large enterprises. We remain confident in our ability to grow sales with our target customers, as was exemplified by our achievement of
Q1 2024 Financial Review:
Balance Sheet Highlights:
Subsequent to
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Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any statement that is not historical in nature is a forward-looking statement and may be identified by the use of words and phrases such as "expects," "anticipates," "believes," "will," "will likely result," "will continue," "plans to," "potential," "promising," and similar expressions. These statements are based on management's current expectations and beliefs and are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those described in the forward-looking statements, including the risk factors described from time to time in the Company's reports to the
CYNGN INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Revenue | $ | 5,513 | $ | 872,800 | ||||
Costs and expenses | ||||||||
Cost of revenue | 113,776 | 616,694 | ||||||
Research and development | 3,154,695 | 3,030,056 | ||||||
General and administrative | 2,703,401 | 3,070,920 | ||||||
Total costs and expenses | 5,971,872 | 6,717,670 | ||||||
Loss from operations | (5,966,359) | (5,844,870) | ||||||
Other income, net | ||||||||
Interest income | 1,327 | 46,902 | ||||||
Other income (expense), net | (5,047) | 169,210 | ||||||
Total other income (expense), net | (3,720) | 216,112 | ||||||
Net loss | $ | (5,970,079) | $ | (5,628,758) | ||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.08) | $ | (0.15) | ||||
Weighted-average shares used in computing net loss per share attributable to common shareholders', basic and diluted | 77,081,105 | 37,685,413 |
CYNGN INC. AND SUBSIDIARIES | |||||||
CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||
(Unaudited) | |||||||
2024 | 2023 | ||||||
Assets | |||||||
Current assets | |||||||
Cash | $ | 2,192,398 | $ | 3,591,623 | |||
Short-term investments | 2,578,882 | 4,561,928 | |||||
Prepaid expenses and other current assets | 1,502,115 | 1,316,426 | |||||
Total current assets | 6,273,395 | 9,469,977 | |||||
Property and equipment, net | 1,652,382 | 1,486,672 | |||||
Right of use asset, net | 821,144 | 992,292 | |||||
Intangible assets, net | 1,045,412 | 1,084,415 | |||||
Total Assets | $ | 9,792,333 | $ | 13,033,356 | |||
Liabilities and Stockholders' Equity | |||||||
Current liabilities | |||||||
Accounts payable | $ | 248,677 | $ | 196,963 | |||
Accrued expenses and other current liabilities | 720,239 | 1,201,142 | |||||
Current operating lease liability | 724,654 | 682,718 | |||||
Total current liabilities | $ | 1,693,570 | 2,080,823 | ||||
Non-current operating lease liability | 127,572 | 317,344 | |||||
Total liabilities | $ | 1,821,142 | 2,398,167 | ||||
Commitments and contingencies (Note 12) | |||||||
Stockholders' Equity | |||||||
Preferred stock, Par | - | - | |||||
Common stock, Par | 884 | 648 | |||||
Additional paid-in capital | 173,958,005 | 170,652,160 | |||||
Accumulated deficit | (165,987,698) | (160,017,619) | |||||
Total stockholders' equity | 7,971,191 | 10,635,189 | |||||
Total Liabilities and Stockholders' Equity | $ | 9,792,333 | $ | 13,033,356 |
CYNGN INC. AND SUBSIDIARIES | ||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
(Unaudited) | ||||||||
Three Months Ended | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (5,970,079) | $ | (5,628,758) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 225,590 | 228,031 | ||||||
Stock-based compensation | 654,024 | 924,898 | ||||||
Realized gain on short-term investments | (39,938) | (169,209) | ||||||
Gain (Loss) on asset | 52,723 | - | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses, operating lease right-of-use assets, and other current assets | (185,689) | (258,859) | ||||||
Accounts payable | 51,714 | 287,656 | ||||||
Accrued expenses, lease liabilities, and other current liabilities | (628,739) | (761,207) | ||||||
Net cash used in operating activities | (5,840,394) | (5,377,448) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (214,238) | (447,739) | ||||||
Acquisition of intangible asset | (19,634) | (44,745) | ||||||
Purchase of short-term investments | (1,787,016) | (10,497,206) | ||||||
Proceeds from maturity of short-term investments | 3,810,000 | 13,742,000 | ||||||
Net cash provided by investing activities | 1,789,112 | 2,752,310 | ||||||
Cash flows from financing activities | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | $ | 2,652,110 | $ | - | ||||
Proceeds from public issuance of common stock and pre-funded warrants, net of offering costs | (53) | - | ||||||
Proceeds from exercise of stock options | - | 6,844 | ||||||
Net cash provided by financing activities | 2,652,057 | 6,844 | ||||||
Net decrease in cash and restricted cash | (1,399,225) | (2,618,294) | ||||||
Cash and restricted cash, beginning of period | 3,591,623 | 10,586,273 | ||||||
Cash and restricted cash, end of period | $ | 2,192,398 | $ | 7,967,979 |
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