Nov 08, 2023 4:01 PM
Recent Operating Highlights:
"We've achieved a number of impressive successes in both the third quarter and in October, and we anticipate continued business momentum through the end of the fiscal year," said
Q3 2023 Financial Review:
Balance Sheet Highlights:
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Website: https://cyngn.com
Twitter: http://twitter.com/cyngn
LinkedIn: https://www.linkedin.com/company/cyngn
YouTube: https://www.youtube.com/@cyngnhq
Investor/Media Contact: Bill Ong, bill@cyngn.com; 650-204-1551
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
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Revenue | $ | 25,210 | $ | - | $ | 1,448,961 | $ | - | ||||||||
Costs and expenses | ||||||||||||||||
Cost of revenue | 42,414 | - | 1,121,732 | - | ||||||||||||
Research and development | 2,929,225 | 2,725,919 | 9,697,099 | 6,662,730 | ||||||||||||
General and administrative | 2,663,272 | 2,552,418 | 8,580,113 | 7,047,181 | ||||||||||||
Total costs and expenses | 5,634,911 | 5,278,337 | 19,398,944 | 13,709,911 | ||||||||||||
Loss from operations | (5,609,701) | (5,278,337) | (17,949,983) | (13,709,911) | ||||||||||||
Other income, net | ||||||||||||||||
Interest income (expense), net | 32,905 | 4,677 | 98,698 | 2,691 | ||||||||||||
Other income | 105,284 | 14,296 | 397,616 | 16,856 | ||||||||||||
Total other income , net | 138,189 | 18,973 | 496,314 | 19,547 | ||||||||||||
Net loss | $ | (5,471,512) | $ | (5,259,364) | $ | (17,453,669) | $ | (13,690,364) | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.14) | $ | (0.14) | $ | (0.47) | $ | (0.41) | ||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 37,771,928 | 37,005,071 | 37,344,276 | 33,458,338 |
CONSOLIDATED BALANCE SHEETS | ||||||||
(Unaudited) | ||||||||
2023 | 2022 | |||||||
Assets | ||||||||
Current assets | ||||||||
Cash | $ | 3,536,381 | $ | 10,536,273 | ||||
Restricted cash | - | 50,000 | ||||||
Short-term investments | 4,619,260 | 12,064,337 | ||||||
Prepaid expenses and other current assets | 436,923 | 1,126,137 | ||||||
Total current assets | 8,592,564 | 23,776,747 | ||||||
Property and equipment, net | 1,393,393 | 884,000 | ||||||
Right of use asset, net | 404,868 | 371,189 | ||||||
Intangible assets, net | 1,159,642 | 473,076 | ||||||
Total Assets | $ | 11,550,467 | $ | 25,505,012 | ||||
Liabilities and Stockholders' Equity | ||||||||
Current liabilities | ||||||||
Accounts payable | $ | 234,357 | $ | 155,943 | ||||
Accrued expenses and other current liabilities | 699,953 | 854,920 | ||||||
Operating lease liability, current portion | 413,371 | 376,622 | ||||||
Total liabilities (all current) | 1,347,681 | 1,387,485 | ||||||
Commitments and contingencies (Note 12) | ||||||||
Stockholders' Equity | ||||||||
Preferred stock, outstanding as of | - | - | ||||||
Common stock, Par 33,684,864 shares issued and outstanding as of | 352 | 337 | ||||||
Additional paid-in capital | 163,386,142 | 159,847,229 | ||||||
Accumulated deficit | (153,183,708) | (135,730,039) | ||||||
Total stockholders' equity | 10,202,786 | 24,117,527 | ||||||
Total Liabilities and Stockholders' Equity | $ | 11,550,467 | $ | 25,505,012 | ||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) | ||||||||
Nine Months Ended | ||||||||
2023 | 2022 | |||||||
Cash flows from operating activities | ||||||||
Net loss | $ | (17,453,669) | $ | (13,690,364) | ||||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation and amortization | 707,337 | 411,512 | ||||||
Stock-based compensation | 2,517,890 | 1,990,834 | ||||||
Realized gain on short-term investments | (396,141) | (13,541) | ||||||
Changes in operating assets and liabilities: | ||||||||
Prepaid expenses, operating lease right-of-use assets, and other current assets | 261,034 | (835,747) | ||||||
Accounts payable | 78,414 | 186,797 | ||||||
Accrued expenses, lease liabilities, and other current liabilities | (154,967) | 351,524 | ||||||
Net cash used in operating activities | (14,440,102) | (11,598,985) | ||||||
Cash flows from investing activities | ||||||||
Purchase of property and equipment | (904,417) | (639,545) | ||||||
Acquisition of intangible asset | (698,527) | (340,850) | ||||||
Disposal of assets | 130,898 | |||||||
Purchase of short-term investments | (17,050,782) | (27,000,000) | ||||||
Proceeds from maturity of short-term investments | 24,892,000 | 5,025,879 | ||||||
Net cash provided by (used in) investing activities | 6,369,172 | (22,954,516) | ||||||
Cash flows from financing activities | ||||||||
Proceeds from at-the-market equity financing, net of issuance costs | 1,012,511 | |||||||
Proceeds from private placement offering, net of offering costs | 0 | 18,121,945 | ||||||
Proceeds from exercise of pre-funded warrants | - | 2,662 | ||||||
Proceeds from exercise of stock options | 8,527 | 114,169 | ||||||
Net cash provided by financing activities | 1,021,038 | 18,238,776 | ||||||
Net decrease in cash and restricted cash | (7,049,892) | (16,314,725) | ||||||
Cash and restricted cash, beginning of period | 10,586,273 | 21,995,981 | ||||||
Cash and restricted cash, end of period | $ | 3,536,381 | $ | 5,681,256 | ||||
Reconciliation of cash and restricted cash, end of period: | ||||||||
Cash | $ | 3,536,381 | $ | 5,631,256 | ||||
Restricted cash | - | 50,000 | ||||||
Total cash and restricted cash | $ | 3,536,381 | $ | 5,681,256 | ||||
Supplemental disclosure of cash flow: | ||||||||
Cash paid during the period for interest and taxes | $ | - | $ | - | ||||
Supplemental disclosure of non-cash activities: | ||||||||
Recognition of operating lease right-of-use assets and operating lease liabilities | $ | 464,929 | $ | 824,292 | ||||
Acquisition of property and equipment included in accounts payable and accrued expenses | 20,625 | 28,854 | ||||||
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