$ANVS
Annovis Bio, Inc.

2024 Q2 Form 10-Q Financial Statement

#000155837024007820 Filed on May 10, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.977M $1.295M
YoY Change 32.05% -40.7%
% of Gross Profit
Research & Development $5.785M $6.515M
YoY Change -29.98% -16.33%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.763M $7.810M
YoY Change -20.46% -21.66%
Operating Profit -$7.763M -$7.810M
YoY Change -20.46% -21.66%
Interest Expense $25.98K $44.17K
YoY Change -88.33% -81.01%
% of Operating Profit
Other Income/Expense, Net $2.742M $6.743M
YoY Change 1132.03% 2799.72%
Pretax Income -$5.020M -$1.067M
YoY Change -47.36% -89.04%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.020M -$1.067M
YoY Change -47.36% -89.04%
Net Earnings / Revenue
Basic Earnings Per Share -$0.44 -$0.10
Diluted Earnings Per Share -$0.44 -$0.72
COMMON SHARES
Basic Shares Outstanding 11.17M 11.01M
Diluted Shares Outstanding 11.31M 10.82M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.998M $3.137M
YoY Change -74.58% -81.28%
Cash & Equivalents $4.000M $3.100M
Short-Term Investments
Other Short-Term Assets $1.049M $4.676M
YoY Change -85.21% -46.79%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $5.046M $7.813M
YoY Change -77.88% -69.42%
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 -$5.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $5.046M $7.813M
Total Long-Term Assets -$5.00 $0.00
Total Assets $5.046M $7.813M
YoY Change -77.88% -69.42%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.395M $4.107M
YoY Change 189.43% -1.11%
Accrued Expenses $662.7K $763.2K
YoY Change -26.45% -39.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.057M $4.870M
YoY Change 95.64% -10.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.740M $6.297M
YoY Change
Total Long-Term Liabilities $2.740M $6.297M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.057M $4.870M
Total Long-Term Liabilities $2.740M $6.297M
Total Liabilities $6.797M $11.17M
YoY Change 227.76% 106.37%
SHAREHOLDERS EQUITY
Retained Earnings -$116.3M -$111.3M
YoY Change 58.6% 74.47%
Common Stock $1.172K $1.101K
YoY Change 29.93% 33.94%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.751M -$3.354M
YoY Change
Total Liabilities & Shareholders Equity $5.046M $7.813M
YoY Change -77.88% -69.42%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$5.020M -$1.067M
YoY Change -47.36% -89.04%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.375M -$7.033M
YoY Change -64.86% -39.51%
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 4.236M 4.415M
YoY Change -50.58% 59675.25%
NET CHANGE
Cash From Operating Activities -3.375M -7.033M
Cash From Investing Activities
Cash From Financing Activities 4.236M 4.415M
Net Change In Cash 860.8K -2.618M
YoY Change -183.24% -77.47%
FREE CASH FLOW
Cash From Operating Activities -$3.375M -$7.033M
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 2023 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2024. 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, 2024, its results of operations for the three months ended March 31, 2024 and 2023 and its cash flows for the three month periods ended March 31, 2024 and 2023. 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 the accounting and fair value of equity instruments, common stock warrant liabilities, as well as accounting for research and development contracts, including clinical trial accruals. 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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CY2023Q4 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
AccruedLiabilitiesAndInterestAndEmployeeRelatedLiabilitiesCurrent
2986273
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
33875
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
17571
CY2024Q1 anvs Number Of Classes Of Stock Designated
NumberOfClassesOfStockDesignated
2
CY2024Q1 anvs Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
72000000
CY2024Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
70000000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2024Q1 anvs Number Of Votes For Each Share Of Common Stock
NumberOfVotesForEachShareOfCommonStock
1
CY2024Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
364765
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1542338
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-1066947
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-9737181
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10625065
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8194990
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.19
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-1066947
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-9737181
CY2024Q1 us-gaap Dilutive Securities
DilutiveSecurities
-6698692
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-7765639
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-9737181
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10625065
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8194990
CY2024Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
199706
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10824771
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8194990
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.72
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.19
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0
CY2023Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0

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