$ATXI
AVENUE THERAPEUTICS, INC.

2023 Q1 Form 10-K Financial Statement

#000141057823000557 Filed on March 31, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $984.0K $3.367M $5.345M
YoY Change -6.73% 542.56% 115.18%
% of Gross Profit
Research & Development $1.215M $300.0K $2.698M
YoY Change -32.8% -23.08% 115.15%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.215M $300.0K $2.698M
YoY Change -32.8% -67.18% 115.15%
Operating Profit -$6.429M -$8.043M
YoY Change 124.55% 115.17%
Interest Expense -$1.173M $4.436M $4.440M
YoY Change -58750.0% 443500.0% 63328.57%
% of Operating Profit
Other Income/Expense, Net -$1.173M $5.580M $5.580M
YoY Change -58750.0%
Pretax Income -$7.602M $524.0K -$3.603M
YoY Change 165.71% -157.39% -3.43%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$7.602M $575.0K -$3.552M
YoY Change 165.71% -162.98% -4.8%
Net Earnings / Revenue
Basic Earnings Per Share -$1.35 -$1.63
Diluted Earnings Per Share -$1.35 $0.13 -$1.63
COMMON SHARES
Basic Shares Outstanding 5.944M 4.773M 2.185M
Diluted Shares Outstanding 2.185M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.236M $6.708M $6.708M
YoY Change 349.32% 78.26% 78.26%
Cash & Equivalents $8.236M $6.708M $6.708M
Short-Term Investments
Other Short-Term Assets $198.0K $137.0K $137.0K
YoY Change 60.98% 28.04% 28.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $8.447M $6.845M $6.845M
YoY Change 331.85% 72.85% 72.85%
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 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $8.447M $6.845M $6.845M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $8.447M $6.845M $6.845M
YoY Change 331.85% 72.85% 72.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $330.0K $129.0K $337.0K
YoY Change -33.06% -57.57% 10.86%
Accrued Expenses $4.552M $633.0K $633.0K
YoY Change 1397.37% 208.78% 208.78%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $10.60M $3.579M $3.579M
YoY Change 1230.49% 603.14% 603.14%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $10.60M $3.579M $3.579M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $10.60M $3.579M $2.940M
YoY Change 1230.49% 603.14% 477.6%
SHAREHOLDERS EQUITY
Retained Earnings -$88.10M -$80.60M
YoY Change 10.26% 4.68%
Common Stock $1.000K $84.46M
YoY Change -100.0% 4.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$1.452M $3.905M $3.905M
YoY Change
Total Liabilities & Shareholders Equity $8.447M $6.845M $6.845M
YoY Change 331.85% 72.85% 72.85%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$7.602M $575.0K -$3.552M
YoY Change 165.71% -162.98% -4.8%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.573M -$4.169M -$7.596M
YoY Change -18.5% 246.55% 102.56%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
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 $3.101M 10.66M 10.54M
YoY Change 143.32% 140.61%
NET CHANGE
Cash From Operating Activities -$1.573M -4.169M -7.596M
Cash From Investing Activities $0.00
Cash From Financing Activities $3.101M 10.66M 10.54M
Net Change In Cash $1.528M 6.491M 2.945M
YoY Change -179.17% 104.25% 366.72%
FREE CASH FLOW
Cash From Operating Activities -$1.573M -$4.169M -$7.596M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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AVENUE THERAPEUTICS, INC.
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(i) issue annually to Fortress, on the anniversary date of the Fortress-Avenue Founders Agreement, shares of common stock equal to two and one half percent (2.5%) of the fully-diluted outstanding equity of Avenue; (ii) pay an equity fee in shares of Avenue common stock, payable within five (5) business days of the closing of any equity or debt financing for Avenue or any of its respective subsidiaries that occurs after the effective date of the Founders Agreement and ending on the date when Fortress no longer has majority voting control in Avenue’s voting equity, equal to two and one half percent (2.5%) of the gross amount of any such equity or debt financing; and (iii) pay a cash fee equal to four and one half percent (4.5%) of Avenue’s annual net sales, payable on an annual basis, within ninety (90) days of the end of each calendar year. In the event of a change in control (as it is defined in the Founders Agreement), Fortress will be paid a one-time change in control fee equal to five (5x) times the product of (i) net sales for the twelve (12) months immediately preceding the change in control and (ii) four and one-half percent (4.5%).
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SharePrice
20.10
CY2021Q4 atxi Gross Proceeds From Issuance Initial Public Offering
GrossProceedsFromIssuanceInitialPublicOffering
3000000.0
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
2600000
CY2021Q4 atxi Units Issued During Period Shares New Issues
UnitsIssuedDuringPeriodSharesNewIssues
127340
CY2021Q4 us-gaap Share Price
SharePrice
16.05
CY2021Q4 atxi Gross Proceeds From Issuance Initial Public Offering
GrossProceedsFromIssuanceInitialPublicOffering
2000000.0
CY2021Q4 atxi Number Of Period Options To Purchase Granted Underwriters
NumberOfPeriodOptionsToPurchaseGrantedUnderwriters
P45D
CY2021Q4 atxi Percentage Of Additional Common Stock Shares Issued To Underwriters
PercentageOfAdditionalCommonStockSharesIssuedToUnderwriters
0.15
CY2021Q4 atxi Number Of Period Options To Purchase Granted Underwriters
NumberOfPeriodOptionsToPurchaseGrantedUnderwriters
P45D
CY2021Q4 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
1800000
CY2022Q4 atxi Number Of Warrants Issued For Unit
NumberOfWarrantsIssuedForUnit
3.30
CY2022Q4 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q4 atxi Overallotment Option Vesting Period
OverallotmentOptionVestingPeriod
P45D
CY2022Q4 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
545454
CY2022Q4 us-gaap Share Price
SharePrice
0.01
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
949900
CY2022Q4 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
300000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.10
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.13
CY2022 atxi Effective Income Tax Rate Reconciliation Change In Enacted State Tax Rate Percent
EffectiveIncomeTaxRateReconciliationChangeInEnactedStateTaxRatePercent
-0.01
CY2021 atxi Effective Income Tax Rate Reconciliation Change In Enacted State Tax Rate Percent
EffectiveIncomeTaxRateReconciliationChangeInEnactedStateTaxRatePercent
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.22
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
-0.11
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.03
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0.04
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits
EffectiveIncomeTaxRateReconciliationTaxCredits
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.12
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0
CY2022 atxi Effective Income Tax Rate Reconciliation Section162 M Disallowance Limit On Compensation
EffectiveIncomeTaxRateReconciliationSection162MDisallowanceLimitOnCompensation
-0.03
CY2021 atxi Effective Income Tax Rate Reconciliation Section162 M Disallowance Limit On Compensation
EffectiveIncomeTaxRateReconciliationSection162MDisallowanceLimitOnCompensation
0
CY2022 atxi Effective Income Tax Rate Reconciliation Change In Fair Market Value Of Warrant
EffectiveIncomeTaxRateReconciliationChangeInFairMarketValueOfWarrant
0.48
CY2021 atxi Effective Income Tax Rate Reconciliation Change In Fair Market Value Of Warrant
EffectiveIncomeTaxRateReconciliationChangeInFairMarketValueOfWarrant
0
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.49
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.23
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
25660000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
23719000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
42000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefits
293000
CY2022Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1603000
CY2021Q4 us-gaap Deferred Tax Assets In Process Research And Development
DeferredTaxAssetsInProcessResearchAndDevelopment
1162000
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
64000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccruals
6000
CY2022Q4 atxi Deferred Tax Assets Business Interest Expense Disallowance
DeferredTaxAssetsBusinessInterestExpenseDisallowance
122000
CY2021Q4 atxi Deferred Tax Assets Business Interest Expense Disallowance
DeferredTaxAssetsBusinessInterestExpenseDisallowance
0
CY2022Q4 atxi Deferred Tax Assets Section174 Capitalization
DeferredTaxAssetsSection174Capitalization
622000
CY2021Q4 atxi Deferred Tax Assets Section174 Capitalization
DeferredTaxAssetsSection174Capitalization
0
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2859000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2640000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
30972000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
27820000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
30972000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
27820000
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
31000000.0
CY2021 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
27800000

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