$AVXL
ANAVEX LIFE SCIENCES CORP.

2024 Q3 Form 10-Q Financial Statement

#000173112224001207 Filed on August 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.859M $3.248M
YoY Change -11.97% 1.96%
% of Gross Profit
Research & Development $11.87M $10.28M
YoY Change 15.43% 10.89%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $14.73M $13.53M
YoY Change 8.86% 8.6%
Operating Profit -$14.73M -$13.53M
YoY Change 8.86% 8.6%
Interest Expense $1.863M $1.727M
YoY Change 7.88% -443.57%
% of Operating Profit
Other Income/Expense, Net $2.448M $2.292M
YoY Change 6.82% 235.82%
Pretax Income -$12.28M -$11.24M
YoY Change 9.27% -8.47%
Income Tax -$67.00K $41.00K
% Of Pretax Income
Net Earnings -$12.21M -$11.28M
YoY Change 8.28% -8.79%
Net Earnings / Revenue
Basic Earnings Per Share -$0.14 -$0.14
Diluted Earnings Per Share -$0.14 -$0.14
COMMON SHARES
Basic Shares Outstanding 84.80M shares 84.64M shares 80.84M shares
Diluted Shares Outstanding 84.54M shares 80.88M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.8M $154.8M
YoY Change -10.37% 1.06%
Cash & Equivalents $132.2M $138.8M $154.8M
Short-Term Investments
Other Short-Term Assets $1.059M $827.6K
YoY Change 27.97% 79.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $141.5M $157.8M
YoY Change -10.31% -1.5%
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 $3.00
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $141.5M $157.8M
Total Long-Term Assets $0.00 $3.00
Total Assets $135.6M $141.5M $157.8M
YoY Change -12.19% -10.31% -1.5%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.627M $3.503M $4.153M
YoY Change 122.74% -15.65% 32.81%
Accrued Expenses $4.835M $7.334M $5.986M
YoY Change -33.72% 22.53% 1.21%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.75M $11.06M
YoY Change 6.32% 16.56%
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 $11.75M $11.06M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $15.30M $11.75M $11.06M
YoY Change 22.1% 6.32% 16.56%
SHAREHOLDERS EQUITY
Retained Earnings -$336.1M -$324.5M -$282.9M
YoY Change 14.67% 14.68%
Common Stock $456.3M $454.3M $429.7M
YoY Change 4.92% 5.74%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $120.3M $129.8M $146.8M
YoY Change
Total Liabilities & Shareholders Equity $135.6M $141.5M $157.8M
YoY Change -12.19% -10.31% -1.5%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$12.21M -$11.28M
YoY Change 8.28% -8.79%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.180M -$7.653M
YoY Change -32.31% 8.49%
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 4.550M 9.003M
YoY Change -49.46% 30.28%
NET CHANGE
Cash From Operating Activities -5.180M -7.653M
Cash From Investing Activities
Cash From Financing Activities 4.550M 9.003M
Net Change In Cash -630.0K 1.350M
YoY Change -146.66% -1042.88%
FREE CASH FLOW
Cash From Operating Activities -$5.180M -$7.653M
Capital Expenditures
Free Cash Flow
YoY Change

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<p id="xdx_805_eus-gaap--BasisOfAccounting_zlUyAGrH1iJ" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b>Note 2 <span id="xdx_82E_zOuoBLOF2r52">Basis of Presentation</span></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b> </b></p> <p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zaarwYw9HS45" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><b><i><span id="xdx_86C_zWXzdsOjBAfb">Basis of Presentation</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying unaudited condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures are adequate to make the information presented not misleading.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance sheet as of September 30, 2023 was derived from the audited annual financial statements but does not include all disclosures required by U.S. GAAP. The accompanying unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual report on Form 10-K for the year ended September 30, 2023 filed with the SEC on November 27, 2023. The Company follows the same accounting policies in the preparation of interim reports.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Operating results for the nine months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending September 30, 2024.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84D_ecustom--LliquidityPolicyTextBlock_z2Mycjb8MWXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_860_zAmQyWves6E3">Liquidity</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All of the Company’s potential drug compounds are in the clinical development stage and the Company cannot be certain that its research and development efforts will be successful or, if successful, that its potential drug compounds will ever be approved for sales to pharmaceutical companies or generate commercial revenues. To date, we have not generated any revenues from our operations. The Company expects the business to continue to experience negative cash flows from operations for the foreseeable future and cannot predict when, if ever, our business might become profitable.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Management believes that the current working capital position will be sufficient to meet the Company’s working capital requirements beyond the next 12 months after the date that these condensed consolidated interim financial statements are issued. The process of drug development can be costly, and the timing and outcomes of clinical trials are uncertain. The assumptions upon which the Company has based its estimates are routinely evaluated and may be subject to change. The actual amount of the Company’s expenditures will vary depending upon a number of factors including but not limited to the design, timing and duration of future clinical trials, the progress of the Company’s research and development programs and the level of financial resources available. The Company has the ability to adjust its operating plan spending levels based on the timing of future clinical trials.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other than our rights related to the 2023 Purchase Agreement (as defined below in Note 5), there can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If the Company is not able to obtain the additional financing on a timely basis, if and when it is needed, it will be forced to delay or scale down some or all of its research and development activities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_840_eus-gaap--UseOfEstimates_zs5h6AIEwdl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_866_zmbr047eS3Mb">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs, incentive income receivable, valuation and recoverability of deferred tax assets, share based compensation, and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_840_eus-gaap--ConsolidationPolicyTextBlock_zyhxMKFL3lF4" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_868_zhjU5qhwwc2f">Principles of Consolidation</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">These consolidated financial statements include the accounts of Anavex Life Sciences Corp. and its wholly-owned subsidiaries, Anavex Australia Pty Limited (“Anavex Australia”), a company incorporated under the laws of Australia, Anavex Germany GmbH, a company incorporated under the laws of Germany, and Anavex Canada Ltd., a company incorporated under the laws of the Province of Ontario, Canada. All inter-company transactions and balances have been eliminated.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84B_eus-gaap--FairValueMeasurementPolicyPolicyTextBlock_zv29bmXD4Bd" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><span style="color: Black"><b><i><span id="xdx_86E_z8ExQxEwxh08">Fair Value Measurements</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value hierarchy under GAAP is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following:</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 2 - observable inputs other than Level 1, quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, and model-derived prices whose inputs are observable or whose significant value drivers are observable; and</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Level 3 - assets and liabilities whose significant value drivers are unobservable by little or no market activity and that are significant to the fair value of the assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At June 30, 2024 and September 30, 2023, the Company did not have any Level 3 assets or liabilities.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_845_eus-gaap--EarningsPerSharePolicyTextBlock_zLECPOySgQeg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: Black"><b><i><span id="xdx_869_zm0OpOw3V8z9">Basic and Diluted Loss per Share</span></i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Basic income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income/(loss) per common share is computed by dividing net income/(loss) available to common stockholders by the sum of (1) the weighted-average number of common shares outstanding during the period, (2) the dilutive effect of the assumed exercise of options and warrants using the treasury stock method and (3) the dilutive effect of other potentially dilutive securities. For purposes of the diluted net loss per share calculation, options and warrants are potentially dilutive securities and are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As of June 30, 2024 loss per share excludes <span id="xdx_906_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20231001__20240630_z8L3zkOnyiGi" title="Potentially dilutive common shares">15,190,254</span> (June 30, 2023: <span id="xdx_909_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_c20221001__20230630_z17CKtycMcrh" title="Potentially dilutive common shares">14,858,863</span>) potentially dilutive common shares related to outstanding options and warrants, as their effect was anti-dilutive.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p> <p id="xdx_84A_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zXMkAp4JJY83" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i><span id="xdx_866_z3g0l0STiSz">Recently Adopted Accounting Pronouncements</span> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2023-07, “Segment Reporting: Improvements to Reportable Segment Disclosures.” This guidance requires disclosure of incremental segment information on an annual and interim basis. This amendment is effective for our fiscal year ending September 30, 2025 and our interim periods within the fiscal year ending September 30, 2026. The Company is currently assessing the impact of this guidance on its disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white">In December 2023, the FASB issued ASU No. 2023-09, “Income Taxes: Improvements to Income Tax Disclosures.” This guidance requires consistent categories and greater disaggregation of information in the rate reconciliation and disclosures of income taxes paid by jurisdiction. This amendment is effective for our fiscal year ending September 30, 2026. The Company is currently assessing the impact of this guidance on its disclosures.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; background-color: white"> </p>
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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avxl Noncash Financing Related Charges
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us-gaap Use Of Estimates
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<p id="xdx_840_eus-gaap--UseOfEstimates_zs5h6AIEwdl8" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><b><i><span id="xdx_866_zmbr047eS3Mb">Use of Estimates</span></i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: gray"><b><i> </i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to accounting for research and development costs, incentive income receivable, valuation and recoverability of deferred tax assets, share based compensation, and loss contingencies. The Company bases its estimates and assumptions on current facts, historical experience, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"> </p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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avxl Non Operating Income From Grant
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CY2024Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
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us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
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CY2023Q2 us-gaap Research And Development Arrangement Contract To Perform For Others Compensation Earned
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CY2024Q2 avxl Incentive And Tax Receivables
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CY2024Q2 avxl Accrued Clinical Site And Patient Visits Costs
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CY2024Q2 us-gaap Accrued Bonuses Current
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1360000 usd
CY2024Q2 avxl Fixed Contract Accruals
FixedContractAccruals
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CY2023Q3 avxl Fixed Contract Accruals
FixedContractAccruals
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CY2024Q2 avxl Milestone Based Contract Accruals
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CY2024Q2 us-gaap Accrued Liabilities Current And Noncurrent
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CY2024Q2 avxl Sales Of Agreement Amount
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CY2023Q1 avxl Fair Value Of Initial Commitment
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CY2024Q2 us-gaap Operating Lease Cost
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CY2023Q2 us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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us-gaap Operating Lease Cost
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CY2024Q2 us-gaap Pension Contributions
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us-gaap Pension Contributions
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us-gaap Pension Contributions
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CY2024Q2 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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CY2024Q2 us-gaap Share Based Compensation
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CY2023Q2 us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2024Q2 ecd Trd Arr Adoption Date
TrdArrAdoptionDate
May 28, 2024
CY2024Q2 ecd Trd Arr Ind Title
TrdArrIndTitle
director
CY2024Q2 ecd Trd Arr Ind Name
TrdArrIndName
Steffen Thomas
CY2024Q2 ecd Trd Arr Securities Agg Avail Amt
TrdArrSecuritiesAggAvailAmt
245500 shares
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
true
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
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false

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avxl-20240630.xsd Edgar Link pending
e5842_10-q.htm Edgar Link pending
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