$ANVS
Annovis Bio, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009142 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.498M $2.184M
YoY Change -22.75% -29.65%
% of Gross Profit
Research & Development $8.262M $7.786M
YoY Change 21.22% 177.1%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.760M $9.970M
YoY Change 11.49% 68.58%
Operating Profit -$9.760M -$9.970M
YoY Change 11.49% 68.58%
Interest Expense $222.6K $232.5K
YoY Change 517.86% 1083.44%
% of Operating Profit
Other Income/Expense, Net $222.6K $232.5K
YoY Change 517.86% 1083.44%
Pretax Income -$9.537M -$9.737M
YoY Change 9.39% 65.2%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$9.537M -$9.737M
YoY Change 9.39% 65.2%
Net Earnings / Revenue
Basic Earnings Per Share -$1.07 -$1.19
Diluted Earnings Per Share -$1.07 -$1.19
COMMON SHARES
Basic Shares Outstanding 9.005M 8.217M
Diluted Shares Outstanding 8.951M 8.195M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.72M $16.76M
YoY Change -56.29% -60.72%
Cash & Equivalents $15.72M $16.76M
Short-Term Investments
Other Short-Term Assets $7.092M $8.789M
YoY Change 1186.92% 1299.66%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.82M $25.55M
YoY Change -37.53% -40.99%
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
YoY Change
TOTAL ASSETS
Total Short-Term Assets $22.82M $25.55M
Total Long-Term Assets $0.00 $0.00
Total Assets $22.82M $25.55M
YoY Change -37.53% -40.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.173M $4.153M
YoY Change 30.05% 347.03%
Accrued Expenses $901.0K $1.258M
YoY Change 126.64% 284.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.074M $5.411M
YoY Change 59.6% 330.69%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.074M $5.411M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.074M $5.411M
YoY Change 59.6% 330.69%
SHAREHOLDERS EQUITY
Retained Earnings -$73.33M -$63.79M
YoY Change 69.2% 84.26%
Common Stock $902.00 $822.00
YoY Change 10.54% 0.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $20.74M $20.14M
YoY Change
Total Liabilities & Shareholders Equity $22.82M $25.55M
YoY Change -37.53% -40.99%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$9.537M -$9.737M
YoY Change 9.39% 65.2%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.606M -$11.63M
YoY Change 43.49% 284.75%
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 8.572M 7.386K
YoY Change 60.11%
NET CHANGE
Cash From Operating Activities -9.606M -11.63M
Cash From Investing Activities
Cash From Financing Activities 8.572M 7.386K
Net Change In Cash -1.034M -11.62M
YoY Change -84.55% 285.09%
FREE CASH FLOW
Cash From Operating Activities -$9.606M -$11.63M
Capital Expenditures
Free Cash Flow
YoY Change

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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 accompanying interim financial statements of Annovis Bio, Inc. should be read in conjunction with the audited financial statements and notes thereto included in the Company’s 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 31, 2023. In the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, the Company restated (i) unaudited condensed balance sheets as of March 31, 2022, June 30, 2022 and September 30, 2022, (ii) unaudited condensed statements of operations and comprehensive loss for the three months ended March 31, 2022, three and six months ended June 30, 2022, and three and nine months ended September 30, 2022, and (iii) unaudited condensed statements of cash flows for the three months ended March 31, 2022, six months ended June 30, 2022 and nine months ended September 30, 2022, in each of the Quarterly Reports on Form 10- Q for the quarterly periods ended March 31, 2022, June 30, 2022 and September 30, 2022 The restatement resulted from the Company's prior accounting for payments for research and development expenses and recognition of </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">expenses.  Accordingly, certain amounts for the three months ended March 31, 2022 presented herein reflect the restated amounts. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 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 March 31, 2023, and its results of operations and its cash flows for the three months ended March 31, 2023 and 2022. The interim results of operations are not necessarily indicative of the results to be expected for a full year or any future period. 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 SEC. Any reference in these notes to applicable guidance is meant to refer to 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>
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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;">(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, and progress toward completion of research and development projects, 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>
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CY2020Q1 anvs Number Of Classes Of Stock Designated
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CY2023Q1 anvs Common Stock And Preferred Stock Shares Authorized
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CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2023Q1 us-gaap Common Stock Shares Authorized
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q1 anvs Class Of Warrant Or Right Number Of Warrants Exercised
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2022Q1 us-gaap Net Income Loss
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CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2022Q1 us-gaap Earnings Per Share Basic
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CY2022Q1 us-gaap Income Tax Expense Benefit
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CY2023Q1 us-gaap Income Tax Expense Benefit
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CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2022Q1 anvs Prepaid Expense Security Deposits And Other Assets Current
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CY2022Q1 us-gaap Assets Current
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CY2022Q1 us-gaap Assets
Assets
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CY2022Q1 us-gaap Accounts Payable Current
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CY2022Q1 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
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CY2022Q1 us-gaap Liabilities Current
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CY2022Q1 us-gaap Liabilities
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CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
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CY2022Q1 us-gaap Preferred Stock Shares Authorized
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CY2022Q1 us-gaap Preferred Stock Shares Issued
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CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
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CY2022Q1 us-gaap Common Stock Shares Authorized
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CY2022Q1 us-gaap Common Stock Shares Issued
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CY2021Q4 us-gaap Common Stock Shares Outstanding
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CY2022Q1 us-gaap Common Stock Value
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CY2022Q1 us-gaap Additional Paid In Capital
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CY2022Q1 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q1 us-gaap Stockholders Equity
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CY2022Q1 us-gaap Liabilities And Stockholders Equity
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CY2022Q1 us-gaap Research And Development Expense
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CY2022Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2022Q1 us-gaap Operating Expenses
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CY2022Q1 us-gaap Operating Income Loss
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CY2022Q1 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-5234063
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-5234063
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.64
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q1 us-gaap Profit Loss
ProfitLoss
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CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3434944
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1113278
CY2022Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
240923
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-350315
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3021789
CY2022Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4613
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4613
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-3017176
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45686014
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42668838
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 anvs At Market Equity Offering Common Stock Authorized Value
AtMarketEquityOfferingCommonStockAuthorizedValue
50000000.0

Files In Submission

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anvs-20230331_cal.xml Edgar Link unprocessable
anvs-20230331_def.xml Edgar Link unprocessable
0001558370-23-009142-index-headers.html Edgar Link pending
0001558370-23-009142-index.html Edgar Link pending
0001558370-23-009142.txt Edgar Link pending
0001558370-23-009142-xbrl.zip Edgar Link pending
anvs-20230331.xsd Edgar Link pending
anvs-20230331x10q.htm Edgar Link pending
anvs-20230331xex31d1.htm Edgar Link pending
anvs-20230331xex31d2.htm Edgar Link pending
anvs-20230331x10q_htm.xml Edgar Link completed
anvs-20230331xex32d1.htm Edgar Link pending
anvs-20230331xex32d2.htm Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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anvs-20230331_lab.xml Edgar Link unprocessable
anvs-20230331_pre.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable