$ANVS
Annovis Bio, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014884 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.030M $1.498M
YoY Change -56.38% -22.75%
% of Gross Profit
Research & Development $13.84M $8.262M
YoY Change 160.45% 21.22%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $14.86M $9.760M
YoY Change 93.68% 11.49%
Operating Profit -$14.86M -$9.760M
YoY Change 93.68% 11.49%
Interest Expense $146.7K $222.6K
YoY Change 177.3% 517.86%
% of Operating Profit
Other Income/Expense, Net $146.7K $222.6K
YoY Change 177.3% 517.86%
Pretax Income -$14.72M -$9.537M
YoY Change 93.09% 9.39%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$14.72M -$9.537M
YoY Change 93.09% 9.39%
Net Earnings / Revenue
Basic Earnings Per Share -$1.63 -$1.07
Diluted Earnings Per Share -$1.63 -$1.07
COMMON SHARES
Basic Shares Outstanding 9.012M 9.005M
Diluted Shares Outstanding 9.012M 8.951M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.350M $15.72M
YoY Change -80.15% -56.29%
Cash & Equivalents $6.355M $15.72M
Short-Term Investments
Other Short-Term Assets $3.870M $7.092M
YoY Change 674.09% 1186.92%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.22M $22.82M
YoY Change -68.53% -37.53%
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 $10.22M $22.82M
Total Long-Term Assets $0.00 $0.00
Total Assets $10.22M $22.82M
YoY Change -68.53% -37.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.926M $1.173M
YoY Change 4.37% 30.05%
Accrued Expenses $1.640M $901.0K
YoY Change 140.88% 126.64%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.565M $2.074M
YoY Change 41.1% 59.6%
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 $3.565M $2.074M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $3.565M $2.074M
YoY Change 41.1% 59.6%
SHAREHOLDERS EQUITY
Retained Earnings -$88.05M -$73.33M
YoY Change 72.77% 69.2%
Common Stock $902.00 $902.00
YoY Change 10.54% 10.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.658M $20.74M
YoY Change
Total Liabilities & Shareholders Equity $10.22M $22.82M
YoY Change -68.53% -37.53%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$14.72M -$9.537M
YoY Change 93.09% 9.39%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.370M -$9.606M
YoY Change 135.0% 43.49%
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 8.572M
YoY Change
NET CHANGE
Cash From Operating Activities -9.370M -9.606M
Cash From Investing Activities
Cash From Financing Activities 0.000 8.572M
Net Change In Cash -9.370M -1.034M
YoY Change 135.0% -84.55%
FREE CASH FLOW
Cash From Operating Activities -$9.370M -$9.606M
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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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 expenses.  Accordingly, certain amounts for the three and six months ended June 30, 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 June 30, 2023, its results of operations for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six month periods ended June 30, 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>
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, and prepaid expenses and accrued liabilities that are measured based on progress toward completion of research and development projects. 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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CY2022Q2 us-gaap Liabilities
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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us-gaap Proceeds From Stock Options Exercised
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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