2024 Q3 Form 10-Q Financial Statement

#000155837024011896 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.044M $3.321M $4.946M
YoY Change -44.25% -32.85%
% of Gross Profit
Research & Development $972.0K $4.439M $9.025M
YoY Change -84.77% -50.81%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.016M -$153.5M $3.530M
YoY Change -106.94% -4447.68% 726.31%
Operating Profit -$4.016M $153.5M -$3.527M
YoY Change -106.94% -4451.97% 725.49%
Interest Expense -$320.0K
YoY Change -113.85%
% of Operating Profit
Other Income/Expense, Net -$2.155M $10.64M -$324.2K
YoY Change -84.6% -3382.08% -114.02%
Pretax Income -$6.171M $164.1M -$3.851M
YoY Change -114.06% -4361.9% -304.38%
Income Tax $91.66K
% Of Pretax Income
Net Earnings -$6.171M $164.1M -$3.942M
YoY Change -114.06% -4262.81% -311.15%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 $4.22 -$0.11
Diluted Earnings Per Share -$0.16 $4.22 -$0.44
COMMON SHARES
Basic Shares Outstanding 39.52M 39.12M 138.8M
Diluted Shares Outstanding 39.52M 38.84M 138.8M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $400.0K
YoY Change 5054.64%
Cash & Equivalents $500.0K $3.400M $441.4K
Short-Term Investments
Other Short-Term Assets $200.0K
YoY Change -16.85%
Inventory
Prepaid Expenses $150.7K
Receivables
Other Receivables
Total Short-Term Assets $2.371M $4.019M $592.1K
YoY Change -85.98% 578.77% 138.47%
LONG-TERM ASSETS
Property, Plant & Equipment $258.0K $282.0K
YoY Change -27.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.20M
YoY Change -92.33%
Other Assets $29.00K $29.00K
YoY Change 0.0%
Total Long-Term Assets $1.633M $1.715M $21.19M
YoY Change 130.65% -91.91% -92.33%
TOTAL ASSETS
Total Short-Term Assets $2.371M $4.019M $592.1K
Total Long-Term Assets $1.633M $1.715M $21.19M
Total Assets $4.004M $5.734M $21.79M
YoY Change -77.27% -73.68% -92.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.630M $3.030M $7.000M
YoY Change 15.38% -56.71% 724.68%
Accrued Expenses $400.0K
YoY Change 300.0%
Deferred Revenue
YoY Change
Short-Term Debt $1.000M
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.73M $10.43M $9.461M
YoY Change -24.34% 10.23% 879.6%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $2.600M
YoY Change -78.04%
Total Long-Term Liabilities $2.600M
YoY Change -78.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.73M $10.43M $9.461M
Total Long-Term Liabilities $2.600M
Total Liabilities $36.09M $33.68M $12.05M
YoY Change -74.1% 179.43% -5.86%
SHAREHOLDERS EQUITY
Retained Earnings -$433.7M -$427.5M -$11.49M
YoY Change 2.51% 3619.37% -7.32%
Common Stock $4.000K $4.000K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$11.46M
YoY Change
Total Liabilities & Shareholders Equity $4.004M $5.734M $21.79M
YoY Change -77.27% -73.68% -92.12%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$6.171M $164.1M -$3.942M
YoY Change -114.06% -4262.81% -311.15%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$950.0K
YoY Change 499.44%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $80.00K
YoY Change
Cash From Investing Activities $80.00K
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 850.0K
YoY Change
NET CHANGE
Cash From Operating Activities -950.0K
Cash From Investing Activities 80.00K
Cash From Financing Activities 850.0K
Net Change In Cash -20.00K
YoY Change -87.38%
FREE CASH FLOW
Cash From Operating Activities -$950.0K
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and disclosures made in the accompanying notes. The Company’s most significant estimates relate to the research and development accruals, valuation of common stock and related stock-based compensation, and the fair values of the contingent consideration, forward purchase agreements, in-process research and development, warrant liabilities and convertible notes. Although the Company bases estimates on historical experience, knowledge of current events and actions it may undertake in the future, and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments over the carrying values of assets and liabilities, this process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements.</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Risk and Uncertainties</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company is subject to risks common to early-stage companies in the pharmaceutical industry including, but not limited to, dependency on the clinical and commercial success of its current and any future product candidates, ability to obtain regulatory approval of its current and any future product candidates, the need for substantial additional financing to achieve its goals, uncertainty of broad adoption of its approved products, if any, by physicians and patients and significant competition.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The Company relies on Daewoong Pharmaceutical Co., LTD. (“Daewoong”), a South Korean pharmaceutical manufacturer, as an exclusive and sole supplier to manufacture the Company’s source material for product candidates. Any termination or loss of significant rights, including exclusivity, under the Company’s license and supply agreement with Daewoong (the “Daewoong Agreement”) would materially and adversely affect the Company’s commercialization of its products. See <a href="#Note7_Commitments_Contingencies"><span style="font-style:normal;font-weight:normal;">Note 7 Commitments and Contingencies</span></a> for a discussion of the Daewoong Agreement.</p>
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