Sio Gene Therapies Inc.

2023 Q1 Form 10-Q Financial Statement

#000163605023000007 Filed on February 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4

Balance Sheet

Concept 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.13M
YoY Change -43.69%
Cash & Equivalents $46.10M
Short-Term Investments
Other Short-Term Assets $789.0K
YoY Change -87.73%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.27M
YoY Change -47.52%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00
YoY Change -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $47.27M
Total Long-Term Assets $0.00
Total Assets $47.27M
YoY Change -49.34%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $201.0K
YoY Change -96.96%
Accrued Expenses $1.951M
YoY Change -74.86%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.152M
YoY Change -85.78%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.152M
Total Long-Term Liabilities $0.00
Total Liabilities $2.152M
YoY Change -87.37%
SHAREHOLDERS EQUITY
Retained Earnings -$878.5M
YoY Change 3.4%
Common Stock $923.3M
YoY Change -0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.12M
YoY Change
Total Liabilities & Shareholders Equity $47.27M
YoY Change -49.34%

Cashflow Statement

Concept 2023 Q1 2022 Q4

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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2022-12-31
dei Entity Central Index Key
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Sio Gene Therapies Inc.
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83094000 usd
us-gaap Nature Of Operations
NatureOfOperations
Description of Business<div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Historically, Sio Gene Therapies Inc. ("Sio"), together with its wholly owned subsidiaries (the "Company"), was a clinical-stage company focused on developing gene therapies to radically transform the lives of patients with neurodegenerative diseases. </span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Sio is a Delaware corporation, which was originally an exempted limited company incorporated under the laws of Bermuda in October 2014 and was named Axovant Gene Therapies Ltd. ("AGT") from March 2019 until November 2020. During November 2020, the Company completed a corporate transformation, changing its jurisdiction of incorporation from Bermuda to the State of Delaware, changing its name to Sio Gene Therapies Inc., and changing its ticker symbol on The Nasdaq Global Select Market (“Nasdaq”) to “SIOX” (collectively, these events comprise the “Domestication”). The Company continues to be subject to the reporting requirements of the Securities Exchange Act of 1934, as amended, and applicable rules of Nasdaq.</span></div><div style="margin-bottom:9pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Since its initial public offering in 2015, the Company has devoted substantially all of its efforts to raising capital, acquiring product candidates and advancing its product candidates into clinical development. The Company has determined that it has one operating and reporting segment as it allocates resources and assesses financial performance on a consolidated basis. </span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:112%">During calendar 2022, the Company began pursuing strategic alternatives. After extensively evaluating the Company's strategic options, in December 2022, the Board of Directors unanimously concluded that it would be in the best interests of the Company and its stockholders to liquidate and dissolve the Company (the “Dissolution”).</span></div>
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
us-gaap Net Income Loss
NetIncomeLoss
-15500000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-71900000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
46100000 usd
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-878500000 usd
us-gaap Use Of Estimates
UseOfEstimates
Use of Estimates:The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to certain assets and liabilities, including its research and development accruals, as well as assumptions used to estimate the fair value of its stock option awards, estimate its income tax expense and estimate its ability to continue as a going concern. Specifically, the Company’s assessment of the completeness of the information for research and development accruals is subject to variability and uncertainty. In addition, in certain circumstances, the determination of the nature and amount of research and development services that have been received during the reporting period requires judgment as the timing and pattern of vendor invoicing does not correspond to the level of services provided. The Company estimates the grant date fair value of stock option awards with only time-based vesting requirements using a Black-Scholes valuation model and uses a Monte Carlo Simulation method under the income approach to estimate the grant date fair value of stock option awards with market-based performance conditions. The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
45100000 usd
CY2022Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
61000000 usd
CY2022Q4 siox Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
0 usd
CY2022Q1 siox Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
4392000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
572000 usd
CY2022Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2113000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
880000 usd
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
958000 usd
CY2022Q4 us-gaap Taxes Payable Current
TaxesPayableCurrent
499000 usd
CY2022Q1 us-gaap Taxes Payable Current
TaxesPayableCurrent
769000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1951000 usd
CY2022Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
8232000 usd
CY2020Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
1010000000 shares
CY2020Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1000000000 shares
CY2020Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.00001
CY2020Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2020Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Additional Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfAdditionalSharesAuthorized
5000000 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
1000000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
2000000 usd

Files In Submission

Name View Source Status
siox-20221231_htm.xml Edgar Link completed
siox-20221231_def.xml Edgar Link unprocessable
siox-20221231_lab.xml Edgar Link unprocessable
0001636050-23-000007-index-headers.html Edgar Link pending
0001636050-23-000007-index.html Edgar Link pending
0001636050-23-000007.txt Edgar Link pending
0001636050-23-000007-xbrl.zip Edgar Link pending
a12312210qsioxexhibit311.htm Edgar Link pending
a12312210qsioxexhibit321.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
siox-20221231.htm Edgar Link pending
siox-20221231.xsd Edgar Link pending
siox-20221231_cal.xml Edgar Link unprocessable
siox-20221231_pre.xml Edgar Link unprocessable