$ANVS
Annovis Bio, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018298 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.538M $1.030M
YoY Change -3.41% -56.38%
% of Gross Profit
Research & Development $8.905M $13.84M
YoY Change 464.66% 160.45%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $10.44M $14.86M
YoY Change 229.52% 93.68%
Operating Profit -$14.86M
YoY Change 93.68%
Interest Expense -$11.77M $146.7K
YoY Change -15974.67% 177.3%
% of Operating Profit
Other Income/Expense, Net $146.7K
YoY Change 177.3%
Pretax Income -$22.21M -$14.72M
YoY Change 617.77% 93.09%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$22.21M -$14.72M
YoY Change 617.77% 93.09%
Net Earnings / Revenue
Basic Earnings Per Share -$1.63
Diluted Earnings Per Share -$2.24 -$1.63
COMMON SHARES
Basic Shares Outstanding 10.26M 9.012M
Diluted Shares Outstanding 9.012M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.755M $6.350M
YoY Change -79.72% -80.15%
Cash & Equivalents $5.755M $6.355M
Short-Term Investments
Other Short-Term Assets $4.454M $3.870M
YoY Change -41.74% 674.09%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.21M $10.22M
YoY Change -71.66% -68.53%
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 $10.21M $10.22M
Total Long-Term Assets $0.00 $0.00
Total Assets $10.21M $10.22M
YoY Change -71.66% -68.53%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.293M $1.926M
YoY Change -67.36% 4.37%
Accrued Expenses $2.986M $1.640M
YoY Change -20.1% 140.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.279M $3.565M
YoY Change -44.42% 41.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $13.68M
YoY Change
Total Long-Term Liabilities $13.68M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.279M $3.565M
Total Long-Term Liabilities $13.68M $0.00
Total Liabilities $17.96M $3.565M
YoY Change 133.28% 41.1%
SHAREHOLDERS EQUITY
Retained Earnings -$110.3M -$88.05M
YoY Change 103.88% 72.77%
Common Stock $1.052K $902.00
YoY Change 28.92% 10.54%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.751M $6.658M
YoY Change
Total Liabilities & Shareholders Equity $10.21M $10.22M
YoY Change -71.66% -68.53%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$22.21M -$14.72M
YoY Change 617.77% 93.09%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$9.367M -$9.370M
YoY Change 159.53% 135.0%
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 8.764M 0.000
YoY Change
NET CHANGE
Cash From Operating Activities -9.367M -9.370M
Cash From Investing Activities
Cash From Financing Activities 8.764M 0.000
Net Change In Cash -603.0K -9.370M
YoY Change -83.29% 135.0%
FREE CASH FLOW
Cash From Operating Activities -$9.367M -$9.370M
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 0pt 12pt 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 expenses.  Accordingly, certain amounts for the three and nine months ended September 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 September 30, 2023, its results of operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine month periods ended September 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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CY2022Q3 us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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us-gaap Operating Lease Expense
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CY2023Q3 anvs Number Of Classes Of Stock Designated
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CY2022Q4 us-gaap Preferred Stock Shares Outstanding
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CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
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CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
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anvs Class Of Warrant Or Right Number Of Warrants Exercised
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CY2022Q3 anvs Class Of Warrant Or Right Number Of Warrants Exercised
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anvs Class Of Warrant Or Right Number Of Warrants Exercised
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CY2023Q3 anvs Class Of Warrant Or Right Number Of Warrants Exercised
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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CY2022Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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us-gaap Income Tax Expense Benefit
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CY2022Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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CY2023Q3 us-gaap Income Tax Expense Benefit
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CY2023Q3 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
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CY2022Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
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CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q3 anvs Prepaid Expense Security Deposits And Other Assets Current
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CY2022Q3 us-gaap Assets Current
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CY2022Q3 us-gaap Assets
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CY2022Q3 us-gaap Accounts Payable Current
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CY2022Q3 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
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CY2022Q3 us-gaap Liabilities Current
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CY2022Q3 us-gaap Liabilities
Liabilities
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CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2022Q3 us-gaap Preferred Stock Shares Authorized
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CY2022Q3 us-gaap Preferred Stock Shares Issued
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CY2022Q3 us-gaap Common Stock Shares Authorized
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CY2021Q4 us-gaap Common Stock Shares Authorized
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CY2022Q3 us-gaap Common Stock Shares Issued
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CY2022Q3 us-gaap Additional Paid In Capital
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
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CY2022Q3 us-gaap Stockholders Equity
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CY2022Q3 us-gaap Liabilities And Stockholders Equity
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CY2022Q3 us-gaap Research And Development Expense
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CY2022Q3 us-gaap General And Administrative Expense
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CY2022Q3 us-gaap Operating Expenses
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CY2022Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2022Q3 us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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CY2022Q3 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
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CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
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CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Research And Development Expense
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Interest Income Expense Nonoperating Net
InterestIncomeExpenseNonoperatingNet
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us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-17602400
us-gaap Net Income Loss
NetIncomeLoss
-17602400
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.16
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Profit Loss
ProfitLoss
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us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-13703536
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4613
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
4613
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-13698923
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
45686014
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
31987091

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