$BPTH
BIO-PATH HOLDINGS, INC. Stock $bpth

$bpth Overview Financials Valuation SEC Filings Company Website

2014 Q2 Form 10-Q Financial Statement

#000114420414031144 Filed on May 15, 2014

Income Statement

Concept	2014 Q2	2014 Q1	2013 Q1
Revenue	$0.00	$0.00	$0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$750.0K	$380.0K	$240.0K
YoY Change	212.5%	58.33%	4.35%
% of Gross Profit
Research & Development	$517.0K	$107.6K	$401.1K
YoY Change	231.36%	-73.16%	67.12%
% of Gross Profit
Depreciation & Amortization	$40.00K	$0.00	$40.00K
YoY Change	0.0%	-100.0%	-20.0%
% of Gross Profit
Operating Expenses	$1.275M	$510.2K	$655.9K
YoY Change	197.4%	-22.21%	25.5%
Operating Profit	-$1.275M	-$510.2K	-$655.9K
YoY Change	197.4%	-22.21%	25.5%
Interest Expense	$10.00K	$10.00K	$0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net	$6.024K	$5.334K	-$92.00
YoY Change	329.67%	-5897.83%	-123.0%
Pretax Income	-$1.270M	-$500.0K	-$660.0K
YoY Change	195.35%	-24.24%	26.38%
Income Tax	$0.00	$0.00	$0.00
% Of Pretax Income
Net Earnings	-$1.269M	-$504.9K	-$656.0K
YoY Change	196.97%	-23.04%	25.62%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share	-$2.822M	-$1.111M	-$2.129M
COMMON SHARES
Basic Shares Outstanding	89.24M shares	89.24M shares
Diluted Shares Outstanding

Balance Sheet

Concept	2014 Q2	2014 Q1	2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments	$15.72M	$16.82M	$290.0K
YoY Change	714.51%	5700.0%	-50.0%
Cash & Equivalents
Short-Term Investments
Other Short-Term Assets	$171.6K	$157.5K	$150.0K
YoY Change	269.66%	4.98%	166.29%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$16.03M	$17.23M	$440.0K
YoY Change	611.73%	3815.07%	-32.74%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles	$1.331M	$1.371M
YoY Change	-10.77%
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets	$1.331M	$1.371M	$1.530M
YoY Change	-10.77%	-10.37%	-25.52%
TOTAL ASSETS
Total Short-Term Assets	$16.03M	$17.23M	$440.0K
Total Long-Term Assets	$1.331M	$1.371M	$1.530M
Total Assets	$17.37M	$18.60M	$1.970M
YoY Change	363.74%	844.04%	-27.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$78.92K	$238.0K	$70.00K
YoY Change	-52.43%	240.04%	19.77%
Accrued Expenses	$149.3K	$78.88K	$220.0K
YoY Change	2952.76%	-64.15%	210.25%
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	$333.5K	$420.0K	$290.0K
YoY Change	24.51%	44.81%	17.6%
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	$333.5K	$420.0K	$290.0K
Total Long-Term Liabilities	$0.00	$0.00	$0.00
Total Liabilities	$333.5K	$420.0K	$290.0K
YoY Change	24.51%	44.81%	17.6%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock	$89.24K	$89.24K
YoY Change	18.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$17.03M	$18.18M	$1.680M
YoY Change
Total Liabilities & Shareholders Equity	$17.37M	$18.60M	$1.970M
YoY Change	363.74%	844.04%	-27.26%

Cashflow Statement

Concept	2014 Q2	2014 Q1	2013 Q1
OPERATING ACTIVITIES
Net Income	-$1.269M	-$504.9K	-$656.0K
YoY Change	196.97%	-23.04%	25.62%
Depreciation, Depletion And Amortization	$40.00K	$0.00	$40.00K
YoY Change	0.0%	-100.0%	-20.0%
Cash From Operating Activities	-$1.100M	-$544.4K	-$551.0K
YoY Change	92.98%	-1.19%	37.69%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	$0.00	$0.00
YoY Change			-100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	$0.00	$0.00	$0.00
YoY Change			-100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net		$13.81M	$305.7K
YoY Change		4418.79%	514.28%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	0.000	$13.81M	$305.7K
YoY Change	-100.0%	4418.79%	514.28%
NET CHANGE
Cash From Operating Activities	-1.100M	-$544.4K	-$551.0K
Cash From Investing Activities	0.000	$0.00	$0.00
Cash From Financing Activities	0.000	$13.81M	$305.7K
Net Change In Cash	-1.100M	$13.27M	-$245.3K
YoY Change	-167.07%	-5508.01%	-34.65%
FREE CASH FLOW
Cash From Operating Activities	-$1.100M	-$544.4K	-$551.0K
Capital Expenditures	$0.00	$0.00	$0.00
Free Cash Flow	-$1.100M	-$544.4K	-$551.0K
YoY Change	92.98%	-1.19%	48.84%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2014Q1	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	33990644	USD
CY2013Q4	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	20096991	USD
CY2014Q1	us-gaap	Stockholders Equity StockholdersEquity	18177708	USD
CY2013Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	5078831	USD
CY2013Q4	us-gaap	Stockholders Equity StockholdersEquity	4783933	USD
CY2014Q1	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	18597665	USD
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CY2014Q1	us-gaap	Liabilities Liabilities	419957	USD
CY2013Q4	us-gaap	Preferred Stock Value PreferredStockValue	0	USD
CY2014Q1	us-gaap	Common Stock Value CommonStockValue	89238	USD
CY2013Q4	us-gaap	Cash Cash	3551832	USD
CY2013Q4	us-gaap	Other Inventory OtherInventory	51364	USD
CY2013Q4	us-gaap	Other Assets Current OtherAssetsCurrent	64117	USD
CY2013Q4	us-gaap	Assets Current AssetsCurrent	3667313	USD
CY2014Q1	us-gaap	Operating Income Loss OperatingIncomeLoss	-510210	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	-16228130	USD
CY2014Q1	us-gaap	Other Inventory OtherInventory	249056	USD
CY2014Q1	us-gaap	Other Assets Current OtherAssetsCurrent	157464	USD
CY2014Q1	us-gaap	Assets Current AssetsCurrent	17226303	USD
CY2014Q1	us-gaap	Finite Lived License Agreements Gross FiniteLivedLicenseAgreementsGross	2500374	USD
CY2013Q4	us-gaap	Finite Lived License Agreements Gross FiniteLivedLicenseAgreementsGross	2500374	USD
CY2014Q1	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	1129012	USD
CY2013Q4	us-gaap	Finite Lived Intangible Assets Accumulated Amortization FiniteLivedIntangibleAssetsAccumulatedAmortization	1088856	USD
CY2014Q1	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	78875	USD
CY2013Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	66739	USD
CY2014Q1	bpth	Accrued Liabilities Related Parties Current AccruedLiabilitiesRelatedPartiesCurrent	52050	USD
CY2013Q4	bpth	Accrued Liabilities Related Parties Current AccruedLiabilitiesRelatedPartiesCurrent	52050	USD
CY2014Q1	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	50000	USD
CY2013Q4	us-gaap	Due To Related Parties Current DueToRelatedPartiesCurrent	100000	USD
CY2014Q1	us-gaap	Cash Cash	16819783	USD
CY2014Q1	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1371362	USD
CY2013Q4	us-gaap	Intangible Assets Net Excluding Goodwill IntangibleAssetsNetExcludingGoodwill	1411518	USD
CY2014Q1	us-gaap	Assets Assets	18597665	USD
CY2013Q4	us-gaap	Assets Assets	5078831	USD
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CY2014Q1	us-gaap	Accounts Payable Related Parties Current AccountsPayableRelatedPartiesCurrent	1005	USD
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	us-gaap	Net Income Loss NetIncomeLoss	-15902174	USD
	us-gaap	Adjustment For Amortization AdjustmentForAmortization	1177515	USD
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	us-gaap	Cash Period Increase Decrease CashPeriodIncreaseDecrease	16819783	USD
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CY2013Q1	us-gaap	Cash Cash	288707	USD
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CY2014Q1	us-gaap	Conversion Of Stock Amount Converted1 ConversionOfStockAmountConverted1	0	USD
	us-gaap	Conversion Of Stock Amount Converted1 ConversionOfStockAmountConverted1	420000	USD
CY2014Q1	us-gaap	Nature Of Operations NatureOfOperations	<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 0px"></td> <td style="WIDTH: 0.5in"> <div><b>1.</b></div> </td> <td> <div><b>Organization and Business</b></div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Bio-Path Holdings, Inc. (“Bio-Path” or the “Company”) is a development stage company with its lead cancer drug candidate, Liposomal Grb-2 (L-Grb-2 or BP-100-1.01), currently in clinical trials. The Company was founded with technology from The University of Texas, MD Anderson Cancer Center (“MD Anderson”) and is dedicated to developing novel cancer drugs under an exclusive license arrangement (the “License Agreement”). The Company has drug delivery platform technology with composition of matter intellectual property for systemic delivery of antisense. Bio-Path also plans to investigate developing liposome tumor targeting technology, which has the potential to be developed to augment the Company’s current delivery technology to improve further the effectiveness of its antisense. In addition to its existing technology under license, the Company expects to maintain a close working relationship with key members of the MD Anderson staff, which has the potential to provide Bio-Path with additional drug candidates in the future. Bio-Path also expects to broaden its technology to include cancer drugs other than antisense, including drug candidates licensed from institutions other than MD Anderson.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Bio-Path believes that its core technology, if successful, will enable it to be at the center of emerging genetic and molecular target-based therapeutics that require systemic delivery of DNA and RNA-like material. The Company’s two lead liposomal antisense drug candidates are targeted to treat acute myeloid leukemia, myelodysplastic syndrome, chronic myelogenous leukemia, acute lymphoblastic leukemia and follicular lymphoma, and if successful, could potentially be used in treating many other indications of cancer. For example, in July of 2013 Bio-Path announced that it was initiating development of its lead cancer drug Liposomal Grb-2 to treat triple negative breast cancer (TNBC) and inflammatory breast cancer (IBC), two cancers characterized by formation of aggressive tumors and relatively high mortality rates.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Bio-Path is currently treating patients with its lead cancer drug candidate Liposomal Grb-2 in a Phase I clinical trial. In March of 2010, Bio-Path received written notification from the U.S. Food and Drug Administration (the “FDA”) that its application for Investigational New Drug (“IND”) status for L-Grb-2 had been granted. This enabled the Company to commence its Phase I clinical trial to study L-Grb-2 in human patients, which began in the third quarter 2010.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Phase I clinical trial is a dose-escalating study to determine the safety and tolerance of escalating doses of L-Grb-2. The study will also determine the optimal biologically active dose for further development. The pharmacokinetics of L-Grb-2 in patients will be studied, making it possible to investigate whether the delivery technology performs as expected based on pre-clinical studies in animals. In addition, patient blood samples from the trial are now being tested using a new assay developed by the Company to measure down-regulation of the target protein, the critical scientific data needed to demonstrate that the delivery technology does in fact successfully deliver the antisense drug substance to the cell and across the cell membrane into the interior of the cell where expression of the target protein is blocked. The clinical trial is being conducted at The University of Texas MD Anderson Cancer Center.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The original IND granted by the FDA in March of 2010 allowed the Company to proceed with a Phase I clinical trial having five (5) cohorts culminating in a maximum dose of 50 mg/m<sup>2</sup>. However, in November of 2012, the Company announced that since there had been no evidence of significant toxicity from treatment of patients with L-Grb-2, the Company requested the FDA to allow higher dosing in patients. The Principal Investigator for the clinical trial, in consultation with Bio-Path’s Board of Directors (the “Board”), advised that with the absence of any real toxicity barriers, the Company should continue to evaluate higher doses of Liposomal Grb-2. The absence of significant toxicity provides a significant opportunity for the Company to test higher doses in patients in order to find a dose that provides maximum potential benefit and duration of anti-leukemia effect. These actions were approved and a revised protocol is in place allowing higher dosing. The Company announced in June of 2013 that it completed Cohort 5, successfully treating three patients at a dose of 60 mg/m<sup>2</sup>, which had been increased from 50 mg/m<sup>2</sup> in the revised protocol. The Company has enrolled three patients in Cohort 6 for treatment at a dose of 90 mg/m<sup>2</sup> and currently has two (2) evaluable patients. The Company is currently awaiting drug resupply to complete Cohort 6.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Patients eligible for enrollment into the Phase I clinical trial have refractory or relapsed Acute Myeloid Leukemia (“AML”), Philadelphia Chromosome Positive Chronic Myelogenous Leukemia (“CML”) and Acute Lymphoblastic Leukemia (“ALL”), or Myelodysplastic Syndrome (“MDS”) and who have failed other approved treatments. These are patients with very advanced stages of the disease, and consequently, not all patients enrolled are able to complete the four-week treatment cycle because of progressive disease, which is unrelated to the treatment with Liposomal-Grb-2.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">An important outcome for the Phase I clinical trial is the ability to assess for the first time the performance of the Company’s delivery technology platform in human patients. The Company has developed two new assays to be able to provide scientific proof of concept of the delivery technology. The first involves a novel detection method for the drug substance in blood samples that will be used to assess the pharmacokinetics of the drug. The second involves a method to measure down-regulation of the target protein in a patient blood sample that was achieved. The latter measurement will provide critical proof that the neutral liposome delivery technology delivered the drug substance to the cell and was able to transport it across the cell membrane into the interior to block cellular production of the Grb-2 protein.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In this regard, in August of 2013 Bio-Path made a major announcement that its liposomal delivery technology achieved a major milestone in the development of antisense therapeutics based on a scientific assay confirming that treating patients with its drug candidate BP-100-1.01 inhibits the Grb-2 disease-causing target protein in patients with blood cancers. Inhibition of the disease-causing protein has the effect of down regulating the disease. This will allow for Liposomal Grb-2 to be used potentially in combination with current frontline treatments. This discovery also points to the potential use of a liposomal antisense treatment as a standalone treatment to transform and manage a disease, which has a disease causing protein, as a chronic disorder. This accomplishment is potentially a significant breakthrough for antisense therapeutics, whose development, to date, as a class of therapeutics has been severely limited by a lack of a systemic delivery mechanism that can safely distribute the drug throughout the body and get the antisense drug substance across the cell membrane into the interior of the cell. Further, we expect that scientific proof of principal for our delivery technology may lead to licensing and business development opportunities, furthering our business model.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Principal Investigator for the Phase I clinical trial, Jorge Cortes, M.D., is a leading expert in the treatment of CML, AML, MDS and ALL. Because the results of the first trial produced unexpected and clinically interesting results in some patients, the Principal Investigator prepared an abstract of the results of the first cohort that was accepted for presentation at the American Society of Hematology annual meeting in December of 2011. Results that demonstrated potential anti-leukemia benefits in treated patients were included in the presentation. Subsequently, in the fall of 2013 the Principal Investigator prepared an abstract of updated information on the results of the clinical trial through Cohort 5, which was accepted for presentation at the American Society of Hematology annual meeting in December of 2013. Highlights from the presentation prepared by Dr. Cortes for the meeting included:</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><i>Data from the Phase I clinical trial</i></div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Among 18 evaluable patients, nine experienced at least a 50 percent reduction in peripheral or bone marrow blasts from baseline.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Five patients demonstrated transient improvement and/or stable disease, three of whom received a total of five cycles each.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Two patients, in addition to achieving marked blast percentage declines, also experienced transient improvement in leukemia cutis lesions.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <i>Disease Stabilization in MDS and AML</i></div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Two patients with MDS, a 53-year old male and a 72-year old female, both achieved disease stabilization and continued therapy for five cycles before disease progression.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>A 54-year old HIV positive male with AML achieved stable disease and marked reduction in peripheral blasts, continuing therapy for five cycles before disease progression.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <i> </i></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <i>Experience in CML-Blast Phase</i></div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Patient with myeloid blast crisis of CML</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Prior therapies consist of: imatinib, dastinib, nilotinib, DCC-2036, Cytarabine + Fludarabine + Dasatinib + Gemtuzumab, PHA-739358, Clofarabine + Dasatinib</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Upon start of BP-100-1.01 patient showed a significant reduction in blasts from 81 percent to 5 percent but due to leptomeningeal disease progression discontinued therapy before full cycle.</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px 0pt 0.5in; FONT: 10pt Times New Roman, Times, Serif"> <i>Inhibition of Target Grb-2 Protein</i></div> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>Grb-2 levels were compared to baseline prior to treatment.</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>On day 15, BP-100-1.01 decreased Grb-2 in five of eight samples tested (average reduction 55 percent)</div> </td> </tr> </table> <table style="MARGIN-TOP: 0pt; FONT: 10pt Times New Roman, Times, Serif; MARGIN-BOTTOM: 0pt" cellspacing="0" cellpadding="0" width="100%"> <tr style="VERTICAL-ALIGN: top"> <td style="WIDTH: 1in"></td> <td style="WIDTH: 0.25in"> <div>-</div> </td> <td> <div>End of treatment day15, BP-100-1.01 decreased Grb-2 levels in eight out of nine patients (average reduction 45 percent).</div> </td> </tr> </table> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Being platform technology, a successful demonstration of the delivery technology in this study will allow the Company to begin expanding Bio-Path’s drug candidates by simply applying the delivery technology template to multiple new drug product targets. In this manner, Bio-Path can quickly build an attractive drug product pipeline with multiple drug product candidates for treating cancer as well as treating other important diseases including diabetes, cardiovascular conditions and neuromuscular disorders. Currently, the Company is researching potential targets for which it can apply its liposomal antisense drug delivery technology and has already identified one new candidate.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Phase I clinical trial is typically ended when a maximum tolerated dose (“MTD”) is encountered. However, due to the lack of toxicity of the drug to date, it is not expected that a MTD will be encountered. As a result, the optimal biological dose will be determined and this dose will be used in the following Phase II clinical trial. The Company plans to evaluate patients at the close of Cohort 6 to evaluate whether the Phase I clinical trial should be ended at that time. It is expected that the down regulation assay will be a factor in the evaluation of whether we have reached optimal inhibition. It is noted, however, that the lack of toxicity is a major advantage for the drug candidate BP-100-1.01 since it allows higher levels of drug to be administered to the patient, increasing the potential therapeutic benefit.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">As noted previously, the Company has completed two of the three evaluable patients required to close Cohort 6. Once Cohort 6 is completed the Company and the Principal Investigator will determine whether the optimal biological dose has been reached, which would allow the Phase I trial to be ended. Since there has been no toxicity to date in the trial and none is expected even at a higher dose in a potential seventh cohort, the trade-off is ending the clinical trial sooner after Cohort 6 or waiting to complete a seventh cohort with a higher dose and potentially even better anti-leukemia benefits in the patient. Also previously noted, the Company is waiting for the arrival of the next drug batch, expected to be mid-second quarter of 2014. This has been slowed by the drug substance manufacturer’s backlog, which was lengthened somewhat after being acquired in the summer of 2013. In addition, plans and evaluation of manufacturing scale-up of the drug substance batch size continued. Scale-up of manufacturing batch size produced divergence from desired drug substance product parameters, with some product in the fourth quarter of 2013 not being acceptable for use. The most recent manufacturing scale-up drug substance batch appears to have corrected this with excellent product performance testing. Scale-up of manufacturing output of drug substance product and final drug product is critical to meeting the anticipated potential for high volume requirements of Bio-Path’s drug products for patients in multiple diseases. The larger size drug substance and final product batch sizes will also substantially drive down manufacturing cost per drug unit. The recent success on the part of the Company in raising capital should also improve drug supply by providing the financial resources that will enable the Company to commit to multiple drug batches beyond those required to satisfy near-term requirements.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">Bio-Path has also been working with the Principal Investigator to finalize plans for Phase II clinical trials in Liposomal Grb-2. Significantly, these plans include three Phase II trials, one each for CML, AML and MDS, of the drug candidate Liposomal Grb-2 in salvage therapy for very advanced patients.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">At the end of January 2012, the Company’s Board held a strategic planning session. Among several topics was a discussion of the Company’s liposomal siRNA technology. The siRNA discussion covered a broad range of topics including intellectual property, the amount of development that would be needed and the overall impression of diminishing acceptance of siRNA technology by the pharmaceutical industry and equity market investors. The Board compared this to our core liposomal antisense technology, which has a stronger intellectual property position, a method of action blocking expression of disease-causing proteins that is better understood in the scientific community and a much easier path for development than liposomal siRNA technology. Since both antisense and siRNA are means to block expression of disease-causing proteins, the Board concluded that there was no apparent reason to develop a second, higher-risk siRNA method of blocking protein expression when the development of the liposomal antisense method is now much further along and showing promising results. After this discussion the Board decided to discontinue development of the licensed liposomal siRNA technology and the Company commenced discussions regarding this decision with MD Anderson to determine with them whether to modify the license to include other products, postpone the license or simply abandon the license. As an interim step pending final resolution of this matter, the Company took a charge of $345,000 at the end of the fiscal year ending December 31, 2011 to reduce the carrying value of the siRNA license by fifty percent (50%). This amount represented one half of the value of the common stock given to MD Anderson when the original siRNA license was finalized. In June 2012, the Company decided to write-off the balance of the carrying value of the siRNA license, representing $345,000, and cancel the license.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">The Company was founded in May of 2007 as a Utah corporation. In February of 2008, Bio-Path completed a reverse merger with Ogden Golf Co. Corporation, a public company traded over the counter that had no current operations. The name of Ogden Golf was changed to Bio-Path Holdings, Inc. and the directors and officers of Bio-Path, Inc. became the directors and officers of Bio-Path Holdings, Inc. Bio-Path became a publicly traded company as a result of this merger. The Company’s operations to date have been limited to organizing and staffing the Company, acquiring, developing and securing its technology and undertaking product development for a limited number of product candidates including readying and now conducting a Phase I clinical trial in its lead drug product candidate Liposomal Grb-2.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On November 5, 2013, we filed a shelf registration statement on Form S-3 with the SEC, which was declared effective by the SEC on January 13, 2014. The shelf registration statement was filed to register the offering and sale of up to $100 million of our common stock, preferred stock, warrants to purchase common stock or preferred stock or any combination thereof, either individually or in units. The foregoing does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On January 15, 2014, we entered into a securities purchase agreement, as amended, with two dedicated healthcare funds (collectively, the “Sabby Investors”) that are managed by Sabby Management, pursuant to which the Company agreed to sell an aggregate of 5,000,000 shares of its common stock and warrants to purchase a total of 2,500,000 shares of its common stock to the Sabby Investors for gross proceeds of approximately $15,000,000. The net proceeds to the Company from the registered direct public offering, after deducting the placement agent’s fees and expenses, the Company’s estimated offering expenses, and excluding the proceeds from the exercise of the warrants issued in the offering, were approximately $13.75 million. We will use the net proceeds from this offering and sale of securities for working capital and general corporate purposes.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 5, 2014, the NASDAQ Stock Market LLC informed the Company that it had approved the listing of the Company’s common stock on the NASDAQ Capital Market. The Company’s common stock ceased trading on the OTCQX and commenced trading on the NASDAQ Capital Market on March 10, 2014 under the ticker symbol “BPTH.”</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"> </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">On March 11, 2014, the Board of the Company appointed Ulrich W. Mueller, Ph.D., as the Company’s Chief Operating Officer. This is the initial hiring step implanting a plan to put in place a core organization that can manage the Company’s expanding clinical trials and deliver on the Bio-Path business plan vision of rapidly converting validated protein disease targets into proprietary liposome-antisense drug candidates that enter Phase I clinical trials. In April 2014, the Company progressed further with its organization plan by hiring a director of clinical trials, controller and director of information technology.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify">In April 2014 the Company entered in a lease for a larger office space. The new, expanded size office is required for the core organization the Company is adding.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As of March 31, 2014, Bio-Path had $16,819,783 in cash on hand.</div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif">  </div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif"> As the Company has not begun its planned principal operations of commercializing a product candidate, the accompanying financial statements have been prepared in accordance with principles established for development stage enterprises.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2014Q1	dei	Document Type DocumentType	10-Q
CY2014Q1	dei	Amendment Flag AmendmentFlag	false
CY2014Q1	dei	Document Period End Date DocumentPeriodEndDate	2014-03-31
CY2014Q1	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2014
CY2014Q1	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2014Q1	dei	Trading Symbol TradingSymbol	BPTH
CY2014Q2	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	89237872	shares
CY2014Q1	dei	Entity Registrant Name EntityRegistrantName	BIO-PATH HOLDINGS INC
CY2014Q1	dei	Entity Central Index Key EntityCentralIndexKey	0001133818
CY2014Q1	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
CY2014Q1	dei	Entity Filer Category EntityFilerCategory	Smaller Reporting Company
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross	25000	shares
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1 ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1	P3Y
CY2014Q1	us-gaap	Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice	4.30
CY2014Q1	bpth	Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue	104425	USD
CY2014Q1	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Weighted Average Volatility Rate ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsWeightedAverageVolatilityRate	1.85	pure
CY2014Q1	us-gaap	Stock Option Plan Expense StockOptionPlanExpense	86278	USD

Files In Submission

Name	View Source	Status
0001144204-14-031144-index-headers.html	Edgar Link	pending
0001144204-14-031144-index.html	Edgar Link	pending
0001144204-14-031144.txt	Edgar Link	pending
0001144204-14-031144-xbrl.zip	Edgar Link	pending
bpth-20140331.xml	Edgar Link	completed
bpth-20140331.xsd	Edgar Link	pending
bpth-20140331_cal.xml	Edgar Link	unprocessable
bpth-20140331_def.xml	Edgar Link	unprocessable
bpth-20140331_lab.xml	Edgar Link	unprocessable
bpth-20140331_pre.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable
Financial_Report.xls	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
R1.htm	Edgar Link	pending
R10.htm	Edgar Link	pending
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report.css	Edgar Link	pending
Show.js	Edgar Link	pending
v378084_10q.htm	Edgar Link	pending
v378084_ex31.htm	Edgar Link	pending
v378084_ex32.htm	Edgar Link	pending

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$BPTH
BIO-PATH HOLDINGS, INC. Stock $bpth

2014 Q2 Form 10-Q Financial Statement

#000114420414031144 Filed on May 15, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BPTH BIO-PATH HOLDINGS, INC. Stock $bpth

2014 Q2 Form 10-Q Financial Statement

#000114420414031144 Filed on May 15, 2014

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$BPTH
BIO-PATH HOLDINGS, INC. Stock $bpth