$ANVS
Annovis Bio, Inc.

2022 Q3 Form 10-Q Financial Statement

#000155837022012561 Filed on August 08, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.361M $1.938M $3.104M
YoY Change 60.31% 173.16% 269.69%
% of Gross Profit
Research & Development $5.313M $6.816M $2.810M
YoY Change 284.78% 273.57% 17.58%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.674M $8.754M $5.914M
YoY Change 168.92% 245.45% 83.14%
Operating Profit -$7.674M -$8.754M -$5.914M
YoY Change 168.92% 245.45% 83.14%
Interest Expense $52.89K $36.02K $19.65K
YoY Change 852.21% 1588.1% 9874.11%
% of Operating Profit
Other Income/Expense, Net $52.89K $36.02K $19.65K
YoY Change 852.21% 277.29% -33.48%
Pretax Income -$7.621M -$8.718M -$5.894M
YoY Change 167.59% 245.33% 84.21%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.621M -$8.718M -$5.894M
YoY Change 167.59% 245.33% 84.21%
Net Earnings / Revenue
Basic Earnings Per Share -$0.93 -$1.07 -$0.72
Diluted Earnings Per Share -$0.93 -$1.07 -$0.72
COMMON SHARES
Basic Shares Outstanding 8.164M 8.164M 8.157M
Diluted Shares Outstanding 8.164M 8.164M 8.164M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.99M $35.97M $42.67M
YoY Change -32.6% -26.92% 661.56%
Cash & Equivalents $31.99M $35.97M $42.67M
Short-Term Investments
Other Short-Term Assets $499.9K $551.1K $627.9K
YoY Change 156.17% 102.56% 73.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $32.49M $36.53M $43.30M
YoY Change -31.82% -26.21% 625.85%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $32.49M $36.53M $43.30M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $32.49M $36.53M $43.30M
YoY Change -31.82% -26.21% 625.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.846M $901.8K $929.0K
YoY Change 537.02% 685.38% 12.66%
Accrued Expenses $680.8K $397.5K $327.4K
YoY Change -18.06% -48.32% -57.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.527M $1.299M $1.256M
YoY Change 125.46% 46.98% -21.31%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.527M $1.299M $1.256M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.527M $1.299M $1.256M
YoY Change 125.46% 46.98% -21.31%
SHAREHOLDERS EQUITY
Retained Earnings -$50.96M -$43.34M -$34.62M
YoY Change 123.4% 117.09%
Common Stock $816.00 $816.00 $816.00
YoY Change 0.74% 0.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $29.96M $35.23M $42.04M
YoY Change
Total Liabilities & Shareholders Equity $32.49M $36.53M $43.30M
YoY Change -31.82% -26.21% 625.85%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$7.621M -$8.718M -$5.894M
YoY Change 167.59% 245.33% 84.21%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.987M -$6.695M -$3.022M
YoY Change 128.7% 112.89% 22.1%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 0.000 0.000 4.613K
YoY Change -100.0% -100.0% 52.9%
NET CHANGE
Cash From Operating Activities -3.987M -6.695M -3.022M
Cash From Investing Activities
Cash From Financing Activities 0.000 0.000 4.613K
Net Change In Cash -3.987M -6.695M -3.017M
YoY Change 125.41% -115.35% 22.06%
FREE CASH FLOW
Cash From Operating Activities -$3.987M -$6.695M -$3.022M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Basis Of Accounting
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">(a) Basis of Presentation of Interim Unaudited Financial Statements</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The interim financial statements included herein are unaudited. In the opinion of management, these statements include all adjustments, consisting of normal, recurring adjustments, necessary for a fair presentation of the financial position of Annovis at June 30, 2022, and its results of operations and its cash flows for the three and six months ended June 30, 2022 and 2021. The interim results of operations are not necessarily indicative of the results to be expected for a full year. These interim unaudited financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2021 and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. The accompanying financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) and the rules and regulations of the Securities and Exchange Commission (“SEC”). Any reference in these notes to applicable guidance is meant to refer to </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Certain information and note disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been omitted pursuant to such rules and regulations relating to interim financial statements.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">(b) Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, including disclosure of contingent assets and liabilities, at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the financial statements, actual results may materially vary from these estimates.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Significant items subject to such estimates and assumptions include stock-based compensation expense, progress toward completion of research and development projects, grant income and contingent liabilities. Future events and their effects cannot be predicted with certainty; accordingly, accounting estimates require the exercise of judgment. Accounting estimates used in the preparation of these financial statements change as new events occur, as more experience is acquired, as additional information is obtained and as the operating environment changes.</p>
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1489748
CY2022Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
16081
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
12575
us-gaap Operating Lease Expense
OperatingLeaseExpense
33358
us-gaap Operating Lease Expense
OperatingLeaseExpense
23190
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
35974251
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
45686014
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
1105568
anvs Unreimbursed Eligible Costs Incurred During Period
UnreimbursedEligibleCostsIncurredDuringPeriod
0
CY2021 anvs Unreimbursed Eligible Costs Incurred During Period
UnreimbursedEligibleCostsIncurredDuringPeriod
0
CY2022Q2 anvs Grant Award Remaining Amount Available
GrantAwardRemainingAmountAvailable
0
CY2022Q2 anvs Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
256912
CY2021Q4 anvs Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
232752
CY2022Q2 us-gaap Prepaid Insurance
PrepaidInsurance
230737
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
29111
CY2022Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
53070
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
43736
CY2022Q2 us-gaap Security Deposit
SecurityDeposit
10353
CY2021Q4 us-gaap Security Deposit
SecurityDeposit
9865
CY2022Q2 anvs Prepaid Expense Security Deposits And Other Assets Current
PrepaidExpenseSecurityDepositsAndOtherAssetsCurrent
551072
CY2021Q4 anvs Prepaid Expense Security Deposits And Other Assets Current
PrepaidExpenseSecurityDepositsAndOtherAssetsCurrent
315464
CY2021Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
247938
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
712768
CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
149606
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
105672
CY2022Q2 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
AccruedLiabilitiesAndInterestAndEmployeeRelatedLiabilitiesCurrent
397544
CY2021Q4 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
AccruedLiabilitiesAndInterestAndEmployeeRelatedLiabilitiesCurrent
818440
CY2020Q1 anvs Number Of Classes Of Stock Designated
NumberOfClassesOfStockDesignated
2
CY2022Q2 anvs Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
37000000
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
35000000
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2022Q2 anvs Number Of Votes For Each Share Of Common Stock
NumberOfVotesForEachShareOfCommonStock
1
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Share Based Compensation
ShareBasedCompensation
1903761
CY2021Q2 us-gaap Share Based Compensation
ShareBasedCompensation
7992
us-gaap Share Based Compensation
ShareBasedCompensation
5338705
us-gaap Share Based Compensation
ShareBasedCompensation
31969
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
208294
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
18.83
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1627941
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-8718131
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-2524602
us-gaap Net Income Loss
NetIncomeLoss
-14612344
us-gaap Net Income Loss
NetIncomeLoss
-5724275
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8163923
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7366654
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8160702
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7144870
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.07
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.34
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.79
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.80
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2022Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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