$ANVS
Annovis Bio, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024015074 Filed on November 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.698M
YoY Change 64.86%
% of Gross Profit
Research & Development $2.690M
YoY Change -80.56%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.388M
YoY Change -70.48%
Operating Profit -$4.388M
YoY Change -70.48%
Interest Expense -$7.727M
YoY Change -5368.61%
% of Operating Profit
Other Income/Expense, Net -$8.251M
YoY Change -5725.96%
Pretax Income -$12.64M
YoY Change -14.12%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$12.64M
YoY Change -14.12%
Net Earnings / Revenue
Basic Earnings Per Share -$0.97
Diluted Earnings Per Share -$0.97
COMMON SHARES
Basic Shares Outstanding 13.80M 13.05M
Diluted Shares Outstanding 12.98M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.64M
YoY Change 99.0%
Cash & Equivalents $12.60M
Short-Term Investments
Other Short-Term Assets $1.725M
YoY Change -55.43%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $14.36M
YoY Change 40.48%
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 -$4.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $14.36M
Total Long-Term Assets -$4.00
Total Assets $14.36M
YoY Change 40.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.099M
YoY Change 112.8%
Accrued Expenses $1.292M
YoY Change -21.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.391M
YoY Change 51.24%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $1.907M
YoY Change
Total Long-Term Liabilities $1.907M
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $5.391M
Total Long-Term Liabilities $1.907M
Total Liabilities $7.298M
YoY Change 104.71%
SHAREHOLDERS EQUITY
Retained Earnings -$129.0M
YoY Change 46.51%
Common Stock $1.328K
YoY Change 47.23%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.064M
YoY Change
Total Liabilities & Shareholders Equity $14.36M
YoY Change 40.48%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$12.64M
YoY Change -14.12%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.201M
YoY Change -65.83%
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 11.84M
YoY Change
NET CHANGE
Cash From Operating Activities -3.201M
Cash From Investing Activities
Cash From Financing Activities 11.84M
Net Change In Cash 8.639M
YoY Change -192.2%
FREE CASH FLOW
Cash From Operating Activities -$3.201M
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 September 30, 2024, its results of operations for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. These 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 the accounting and fair value of equity instruments, common stock warrant liabilities, derivative 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>
CY2024Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
us-gaap Derivatives Embedded Derivatives
DerivativesEmbeddedDerivatives
<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;">(f) Derivative Liability</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separate accounting from the underlying agreement under ASC 815 – <i style="font-style:italic;">Derivatives and Hedging</i><span style="white-space:pre-wrap;">. An embedded derivative that requires separation is accounted for as a separate liability or asset from the host agreement. The separated embedded derivative is accounted for at fair market value, with changes in fair value recognized in the statements of operations within the other financing costs line item. The Company determined that certain features under the ELOC Purchase Agreement (See Note 7 — Stockholders’ (Deficit) Equity) collectively qualified as an embedded derivative. The derivative was accounted for separately from the underlying ELOC Purchase Agreement and is accounted for at fair value.</span></p>
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q3 anvs Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
1462672
CY2023Q4 anvs Prepaid Research And Development Expense Current
PrepaidResearchAndDevelopmentExpenseCurrent
4391219
CY2024Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
189178
CY2023Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
23455
CY2024Q3 us-gaap Prepaid Insurance
PrepaidInsurance
65601
CY2023Q4 us-gaap Prepaid Insurance
PrepaidInsurance
18074
CY2024Q3 us-gaap Security Deposit
SecurityDeposit
7495
CY2023Q4 us-gaap Security Deposit
SecurityDeposit
20796
CY2024Q3 anvs Prepaid Expense Security Deposits And Other Assets Current
PrepaidExpenseSecurityDepositsAndOtherAssetsCurrent
1724946
CY2023Q4 anvs Prepaid Expense Security Deposits And Other Assets Current
PrepaidExpenseSecurityDepositsAndOtherAssetsCurrent
4453544
CY2024Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
553710
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
96848
CY2024Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
738252
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2889425
CY2024Q3 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
AccruedLiabilitiesAndInterestAndEmployeeRelatedLiabilitiesCurrent
1291962
CY2023Q4 anvs Accrued Liabilities And Interest And Employee Related Liabilities Current
AccruedLiabilitiesAndInterestAndEmployeeRelatedLiabilitiesCurrent
2986273
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
24344
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
23891
us-gaap Operating Lease Expense
OperatingLeaseExpense
82457
us-gaap Operating Lease Expense
OperatingLeaseExpense
59165
CY2024Q3 anvs Number Of Classes Of Stock Designated
NumberOfClassesOfStockDesignated
2
CY2024Q3 anvs Common Stock And Preferred Stock Shares Authorized
CommonStockAndPreferredStockSharesAuthorized
72000000
CY2024Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2024Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
70000000
CY2024Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2000000
CY2024Q3 anvs Number Of Votes For Each Share Of Common Stock
NumberOfVotesForEachShareOfCommonStock
1
CY2024Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
393080
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
632191
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2354357
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3746022
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-12638357
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-14716616
us-gaap Net Income Loss
NetIncomeLoss
-18725716
us-gaap Net Income Loss
NetIncomeLoss
-33990919
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12975808
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9012273
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11394729
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8722518
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.97
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.63
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.64
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.90
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-12638357
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
-14716616
us-gaap Net Income Loss
NetIncomeLoss
-18725716
us-gaap Net Income Loss
NetIncomeLoss
-33990919
us-gaap Dilutive Securities
DilutiveSecurities
-2898892
CY2024Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-12638357
CY2023Q3 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-14716616
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-21624608
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-33990919
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12975808
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9012273
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11394729
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8722518
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
66569
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12975808
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9012273
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11461298
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8722518
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.97
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.63
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.89
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-3.90

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