Apexigen, Inc.

2022 Q3 Form 10-Q Financial Statement

#000119312522224171 Filed on August 18, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments
YoY Change
Cash & Equivalents $12.71M $76.97K $17.55M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses $43.05K
Receivables
Other Receivables
Total Short-Term Assets $24.99M $120.0K
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $176.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $727.0K
YoY Change
Total Long-Term Assets $2.581M $51.70M
YoY Change
TOTAL ASSETS
Total Short-Term Assets $24.99M $120.0K
Total Long-Term Assets $2.581M $51.70M
Total Assets $27.57M $51.82M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.340M $133.0K
YoY Change
Accrued Expenses $7.096M $3.601M
YoY Change
Deferred Revenue $5.100M
YoY Change
Short-Term Debt
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.13M $4.816M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.13M $4.816M
Total Long-Term Liabilities
Total Liabilities $17.16M $4.830M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$170.4M -$4.627M
YoY Change
Common Stock $2.000K $168.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.41M -$4.627M -$2.453M
YoY Change
Total Liabilities & Shareholders Equity $27.57M $51.82M
YoY Change

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1

Facts In Submission

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75 Shoreway Road
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. As of June 30, 2022 and December 31, 2021, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div>
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Apexigen, Inc.
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75 Shoreway Road
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Suite C
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San Carlos
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94070
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650
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931-6236
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CY2022Q2 us-gaap Temporary Equity Redemption Price Per Share
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CY2022Q2 us-gaap Redeemable Noncontrolling Interest Equity Common Carrying Amount
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CY2021Q4 us-gaap Common Stock Value
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CY2022Q2 us-gaap Additional Paid In Capital
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CY2021Q4 us-gaap Additional Paid In Capital
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CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q2 us-gaap Stockholders Equity
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CY2021Q2 us-gaap General And Administrative Expense
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us-gaap General And Administrative Expense
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CY2021Q2 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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CY2021Q2 us-gaap Taxes Other
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us-gaap Taxes Other
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us-gaap Taxes Other
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CY2022Q2 us-gaap Operating Income Loss
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CY2022Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2021Q2 us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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CY2022Q2 us-gaap Common Stock Shares Outstanding
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CY2022Q2 us-gaap Share Price
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. </div>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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apgn Term Of Restricted Investments
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. As of June 30, 2022 and December 31, 2021, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div>
CY2022Q2 us-gaap Gain Loss On Investments
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CY2021Q2 us-gaap Gain Loss On Investments
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us-gaap Gain Loss On Investments
GainLossOnInvestments
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us-gaap Gain Loss On Investments
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CY2022Q2 us-gaap Convertible Debt Fair Value Disclosures
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CY2021Q4 us-gaap Temporary Equity Shares Outstanding
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CY2021Q4 us-gaap Unrecognized Tax Benefits
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CY2022Q2 us-gaap Unrecognized Tax Benefits
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CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Interest Expense Debt
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us-gaap Interest Expense Debt
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CY2021Q2 us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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us-gaap Other Nonoperating Income Expense
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CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
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CY2021Q1 apgn Offering Cost
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CY2021Q1 apgn Common Stock Price
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CY2020Q2 apgn Sponsor Paid Aggregate Shares
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CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
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CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
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us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
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apgn Number Of Days Within Which Securities Shall Be Registered After Consummation Of Business Combination
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apgn Number Of Days Within Which Securities Registration Shall Become Effective Post Business Combination
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CY2022Q2 us-gaap Warrants And Rights Outstanding Term
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CY2022Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2021Q4 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Net Income Loss
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CY2021Q1 apgn Adjustments To Additional Paid In Capital Contribution From Sponsor
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CY2021Q1 apgn Adjustments To Additional Paid In Capital Warrant Issued Issuance Costs
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CY2021Q1 us-gaap Temporary Equity Accretion To Redemption Value
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CY2021Q1 us-gaap Net Income Loss
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CY2021Q1 us-gaap Stockholders Equity
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CY2021Q2 us-gaap Net Income Loss
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CY2021Q2 us-gaap Stockholders Equity
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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apgn General And Administrative Expenses Paid By Related Party Under Promissory Note
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apgn General And Administrative Expenses Paid By Related Party Under Promissory Note
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us-gaap Gain Loss On Derivative Instruments Net Pretax
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us-gaap Interest Expense Debt
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us-gaap Gain Loss On Sale Of Investments
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us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Increase Decrease In Accrued Liabilities
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CY2021Q4 us-gaap Preferred Stock Shares Outstanding
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q2 apgn Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
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CY2021Q4 apgn Common Stock Subject To Possible Redemption
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apgn Fair Values Measurements Valuation Processes Description
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apgn Increase Decrease In Accrued Liabilities On Related Party
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Increase Decrease In Accrued Income Taxes Payable
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Proceeds From Sale Of Restricted Investments
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Repayments Of Related Party Debt
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us-gaap Repayments Of Related Party Debt
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
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apgn Proceeds From Non Convertible Debt
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apgn Proceeds From Non Convertible Debt
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Issuance Initial Public Offering
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
58742957
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
351154
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
217409
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
978
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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apgn Offering Costs Included In Accrued Expenses
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0
apgn Offering Costs Included In Accrued Expenses
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apgn Offering Costs Paid By Related Party Under Promissory Note
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0
apgn Offering Costs Paid By Related Party Under Promissory Note
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apgn Remeasurement Of Common Stock Subject To Possible Redemption
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apgn Remeasurement Of Common Stock Subject To Possible Redemption
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CY2022Q2 apgn Percentage Of Net Assets Held In The Trust Account
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CY2021Q4 us-gaap Share Price
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10.1
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5000001
CY2022Q2 apgn Public Shares Redeemable Percentage
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apgn Business Combination Consummated Terms
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apgn Dissolution Expenses Interest
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CY2022Q2 us-gaap Stock Redeemed Or Called During Period Shares
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CY2022Q2 apgn Percentage Of Common Stock Outstanding Redemeed
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CY2022Q2 us-gaap Share Price
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CY2022Q2 us-gaap Cash
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Use of Estimates </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the condensed consolidated financial statements, which management considered in formulating its estimate, could change in the near term due to one or more future confirming events. Actual results could differ from those estimates. </div>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
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0
apgn Term Of Restricted Investments
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us-gaap Concentration Risk Credit Risk
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<div style="margin-top: 18pt; margin-bottom: 0pt; font-size: 10pt; font-family: &quot;Times New Roman&quot;;"><div style="font-weight:bold;display:inline;"><div style="font-style: normal; letter-spacing: 0px; top: 0px;;display:inline;"><div style="font-style:italic;display:inline;">Concentration of Credit Risk </div></div></div></div> <div style="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage of $250,000, and investments held in Trust Account. As of June 30, 2022 and December 31, 2021, the Company had not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts. </div>
CY2022Q2 us-gaap Convertible Debt Fair Value Disclosures
ConvertibleDebtFairValueDisclosures
5000
CY2022Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5061592
CY2021Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
5750000
CY2021Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q2 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2021Q4 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2022Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
0
CY2021Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
57500000
CY2021Q1 apgn Offering Cost
OfferingCost
1300000
CY2021Q1 apgn Common Stock Price
CommonStockPrice
11.5
CY2020Q2 apgn Sponsor Paid Aggregate Shares
SponsorPaidAggregateShares
25000
CY2022Q2 apgn Nonconvertible Debt Currentrelated Party
nonconvertibleDebtCurrentrelatedParty
501098
CY2022Q2 us-gaap Debt Instrument Convertible Conversion Price1
DebtInstrumentConvertibleConversionPrice1
10
CY2022Q2 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
30000
CY2021Q4 us-gaap Due To Related Parties Current And Noncurrent
DueToRelatedPartiesCurrentAndNoncurrent
30000
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
60000
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
50000
apgn Number Of Days Within Which Securities Shall Be Registered After Consummation Of Business Combination
NumberOfDaysWithinWhichSecuritiesShallBeRegisteredAfterConsummationOfBusinessCombination
P15D
apgn Number Of Days Within Which Securities Registration Shall Become Effective Post Business Combination
NumberOfDaysWithinWhichSecuritiesRegistrationShallBecomeEffectivePostBusinessCombination
P60D
CY2022Q2 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2021Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1000000
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
25000000
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1684500
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1684500
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
1684500
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1684500
CY2022Q2 apgn Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
5061592
CY2021Q4 apgn Common Stock Subject To Possible Redemption
CommonStockSubjectToPossibleRedemption
5750000
apgn Fair Values Measurements Valuation Processes Description
FairValuesMeasurementsValuationProcessesDescription
Monte Carlo simulation

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