Aug 10, 2022 4:05 PM
Company to Host Conference Call Today at
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220810005694/en/
Recent Operating Highlights:
The following operational developments occurred subsequent to
“At the end of July, we released a case study quantifying the value that our AV technology brings to Global Logistics and Fulfillment (‘GLF’), a
“We have continued working to build out our team, particularly in engineering, and are pleased to have filled several key positions in recent months. Our success in hiring will be critical to our ability to continue achieving future milestones. We remain in a strong financial position to move forward with our business initiatives over the next several months and are excited to make greater strides in the remainder of 2022.”
GAAP Financial Review
Second Quarter Ended
Six Months Ended
Balance Sheet Highlights:
As of
For more details on Cyngn’s financial results for the second quarter and six months ended
Conference Call and Webcast Information:
International (Toll): (201) 493-6739
The conference call can also be accessed via webcast at the “Events & Presentations” page of Cyngn’s Investor Relations website by clicking here. The Company encourages all participants to also log into the live webcast as it expects to broadcast a short video client testimonial showcasing footage of one of Cyngn’s vehicles being used at a manufacturing facility.
Those who are unable to attend the live conference call may access the recording shortly after the conclusion of the call at the above webcast link or at the “Investor Relations” page of the Company’s website (https://investors.cyngn.com/).
About
To learn more, please visit https://cyngn.com/.
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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, such as statements about the Company’s growth, ability to deliver sustainable long-term value, ability to respond to the changing environment, operational focus, strategic growth plans, product launches and corresponding revenue generation, operations and financial results. Forward-looking statements reflect current views with respect to future events and financial performance and therefore cannot be guaranteed. Such statements are based on the current expectations and certain assumptions of the Company’s management, and some or all of such expectations and assumptions may not materialize or may vary significantly from actual results. Actual results may also vary materially from forward-looking statements due to risks, uncertainties and other factors, known and unknown, including the risk factors described from time to time in the Company’s reports to the
CONSOLIDATED BALANCE SHEETS |
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(Unaudited) |
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2022 |
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2021 |
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||
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
5,601,774 |
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$ |
21,945,981 |
|
Restricted cash |
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|
50,000 |
|
|
|
50,000 |
|
Short-term investments |
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|
27,000,015 |
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|
|
- |
|
Prepaid expenses and other current assets |
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|
603,508 |
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|
525,304 |
|
Total current assets |
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33,255,297 |
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22,521,285 |
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|
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|
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Property and equipment, net |
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467,671 |
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102,787 |
|
Right of use asset, net |
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643,183 |
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- |
|
Intangible assets, net |
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|
181,880 |
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|
30,917 |
|
Total Assets |
|
$ |
34,548,031 |
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|
$ |
22,654,989 |
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Liabilities and Stockholders’ Equity |
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Current liabilities |
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Accounts payable |
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$ |
243,531 |
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$ |
112,271 |
|
Accrued expenses and other current liabilities |
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|
386,605 |
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295,156 |
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Operating lease liability, current portion |
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455,545 |
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- |
|
Total current liabilities |
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1,085,681 |
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|
407,427 |
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|
|
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|
|
|
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Operating lease liability, net of current portion |
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|
189,811 |
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- |
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Total liabilities |
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1,275,492 |
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|
407,427 |
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Commitments and contingencies |
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Stockholders’ Equity |
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Convertible Series A, B and C preferred stock, Par |
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- |
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- |
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Common stock, Par |
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|
336 |
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|
|
265 |
|
Additional paid-in capital |
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|
158,196,733 |
|
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|
138,740,827 |
|
Accumulated deficit |
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|
(124,924,530 |
) |
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|
(116,493,530 |
) |
Total stockholders’ equity |
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|
33,272,539 |
|
|
|
22,247,562 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
34,548,031 |
|
|
$ |
22,654,989 |
|
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) |
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Three months ended |
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Six months ended |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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$ |
- |
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$ |
- |
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$ |
- |
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$ |
- |
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Operating expenses: |
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Research and development |
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2,255,666 |
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831,896 |
|
|
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3,936,811 |
|
|
|
1,766,186 |
|
General and administrative |
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|
2,357,247 |
|
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1,261,727 |
|
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4,494,763 |
|
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|
1,877,118 |
|
Total operating expenses |
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4,612,913 |
|
|
|
2,093,623 |
|
|
|
8,431,574 |
|
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3,643,304 |
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Loss from operations |
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|
(4,612,913 |
) |
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|
(2,093,623 |
) |
|
|
(8,431,574 |
) |
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|
(3,643,304 |
) |
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Other income (expense), net |
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|
|
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Interest expense, net |
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(1,607 |
) |
|
|
(3,901 |
) |
|
|
(1,986 |
) |
|
|
(6,043 |
) |
Other income |
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2,559 |
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|
5,952 |
|
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|
2,560 |
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|
|
5,952 |
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Total other income (expense), net |
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|
952 |
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|
2,051 |
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|
574 |
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(91 |
) |
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Net loss |
|
$ |
(4,611,961 |
) |
|
$ |
(2,091,572 |
) |
|
$ |
(8,431,000 |
) |
|
$ |
(3,643,395 |
) |
|
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Net loss per share attributable to common stockholders, basic and diluted |
|
$ |
(0.15 |
) |
|
$ |
(2.20 |
) |
|
$ |
(0.29 |
) |
|
$ |
(3.83 |
) |
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Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted |
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30,706,235 |
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|
951,794 |
|
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|
28,682,245 |
|
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|
951,794 |
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) |
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Six Months Ended
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2022 |
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2021 |
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Cash flows from operating activities |
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Net loss |
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$ |
(8,431,000 |
) |
|
$ |
(3,643,395 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Depreciation and amortization |
|
|
229,102 |
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|
45,818 |
|
Stock-based compensation |
|
|
1,233,712 |
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|
96,058 |
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Changes in operating assets and liabilities: |
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Prepaid expenses, operating lease right-of-use assets, and other current assets |
|
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(902,512 |
) |
|
|
(38,329 |
) |
Accounts payable |
|
|
131,260 |
|
|
|
57,036 |
|
Accrued expenses, lease liabilities, and other current liabilities |
|
|
736,805 |
|
|
|
(61,126 |
) |
Net cash used in operating activities |
|
|
(7,002,633 |
) |
|
|
(3,543,938 |
) |
|
|
|
|
|
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Cash flows from investing activities |
|
|
|
|
|
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|
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Purchase of property and equipment |
|
|
(410,289 |
) |
|
|
(7,523 |
) |
Disposal of assets |
|
|
- |
|
|
|
(4,150 |
) |
Acquisition of intangible asset |
|
|
(153,550 |
) |
|
|
- |
|
Purchase of short-term investments |
|
|
(27,000,000 |
) |
|
|
- |
|
Net cash used in investing activities |
|
|
(27,563,839 |
) |
|
|
(11,673 |
) |
|
|
|
|
|
|
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Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from private placement offering, net of offering costs |
|
|
18,121,945 |
|
|
|
- |
|
Proceeds from exercise of pre-funded warrants |
|
|
2,662 |
|
|
|
- |
|
Proceeds from Paycheck Protection Program Note |
|
|
- |
|
|
903,802 |
|
|
Proceeds from exercise of stock options |
|
|
97,658 |
|
|
|
- |
|
Net cash provided by financing activities |
|
|
18,222,265 |
|
|
|
903,802 |
|
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash equivalents and restricted cash |
|
|
(16,344,207 |
) |
|
|
(2,651,809 |
) |
Cash and cash equivalents and restricted cash, beginning of period |
|
|
21,995,981 |
|
|
|
6,456,190 |
|
Cash and cash equivalents and restricted cash, end of period |
|
$ |
5,651,774 |
|
|
$ |
3,804,381 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20220810005694/en/
Vice President, The Equity Group
csohn@equityny.com
(415) 568-2255
Source: