$CRVO
CervoMed Inc.

2017 Q2 Form 10-Q Financial Statement

#000143774917014712 Filed on August 14, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2016 Q3 2016 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.800M $3.850M $2.350M
YoY Change -23.4% 816.67% 571.43%
% of Gross Profit
Research & Development $1.180M $1.942M $1.445M
YoY Change -18.37% 110.55% 52.29%
% of Gross Profit
Depreciation & Amortization $0.00 $10.00K $0.00
YoY Change 85.43% -100.0%
% of Gross Profit
Operating Expenses $1.180M $1.942M $1.445M
YoY Change -18.37% -85.32% -63.61%
Operating Profit -$2.981M -$5.800M -$3.800M
YoY Change -21.55% 330.76% 192.8%
Interest Expense $18.89K $1.378K $6.216K
YoY Change 203.88% -98.19% -81.35%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income $20.39M -$5.801M -$3.810M
YoY Change -635.11% 307.79% -4.01%
Income Tax -$364.8K
% Of Pretax Income
Net Earnings $20.39M -$5.437M -$3.806M
YoY Change -635.65% 282.15% 185.94%
Net Earnings / Revenue
Basic Earnings Per Share $0.88 -$0.53 -$0.37
Diluted Earnings Per Share -$1.00 -$0.53 -$0.37
COMMON SHARES
Basic Shares Outstanding 10.83M 10.33M 10.26M
Diluted Shares Outstanding 13.87M 10.33M 10.26M

Balance Sheet

Concept 2017 Q2 2016 Q3 2016 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.410M $3.020M $3.010M
YoY Change 146.18% -79.29% -81.72%
Cash & Equivalents $7.413M $3.021M $3.006M
Short-Term Investments
Other Short-Term Assets $10.29M $270.0K $240.0K
YoY Change 4187.5% -74.29% -82.35%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $17.70M $3.287M $3.244M
YoY Change 445.64% -78.97% -81.81%
LONG-TERM ASSETS
Property, Plant & Equipment $479.7K $85.58K $91.40K
YoY Change 424.79% 35.0% 32.88%
Goodwill $6.929M $6.929M $7.105M
YoY Change -2.47% 603.48% -41.07%
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $157.2K $106.6K $166.9K
YoY Change -5.79%
Total Long-Term Assets $16.21M $15.76M $16.68M
YoY Change -2.85% 103.41% -11.39%
TOTAL ASSETS
Total Short-Term Assets $17.70M $3.287M $3.244M
Total Long-Term Assets $16.21M $15.76M $16.68M
Total Assets $33.91M $19.05M $19.92M
YoY Change 70.17% -18.53% -45.64%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.039M $757.5K $1.015M
YoY Change 2.37% 215.11% 200.65%
Accrued Expenses $1.230M $1.040M $740.0K
YoY Change 66.22% -41.9% -66.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.430M $1.880M $0.00
YoY Change
Total Short-Term Liabilities $29.46M $3.681M $1.757M
YoY Change 1576.85% 80.93% -31.58%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $550.0K $550.0K
YoY Change -100.0%
Other Long-Term Liabilities $49.93K $48.21K
YoY Change
Total Long-Term Liabilities $0.00 $49.93K $48.21K
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.46M $3.681M $1.757M
Total Long-Term Liabilities $0.00 $49.93K $48.21K
Total Liabilities $32.74M $7.561M $5.892M
YoY Change 455.65% 75.46% 21.68%
SHAREHOLDERS EQUITY
Retained Earnings -$68.44M -$57.62M -$52.18M
YoY Change 31.16% -39.98% -36.96%
Common Stock $69.61M $69.10M $66.21M
YoY Change 5.13% -39.95% -42.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.168M $11.49M $14.03M
YoY Change
Total Liabilities & Shareholders Equity $33.91M $19.05M $19.92M
YoY Change 70.17% -18.53% -45.64%

Cashflow Statement

Concept 2017 Q2 2016 Q3 2016 Q2
OPERATING ACTIVITIES
Net Income $20.39M -$5.437M -$3.806M
YoY Change -635.65% 282.15% 185.94%
Depreciation, Depletion And Amortization $0.00 $10.00K $0.00
YoY Change 85.43% -100.0%
Cash From Operating Activities -$2.740M -$1.860M -$2.860M
YoY Change -4.2% 89.8% 186.0%
INVESTING ACTIVITIES
Capital Expenditures -$50.00K $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$10.00M $0.00 $0.00
YoY Change
Cash From Investing Activities -$10.05M $0.00 $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 8.010M 1.880M
YoY Change
NET CHANGE
Cash From Operating Activities -2.740M -1.860M -2.860M
Cash From Investing Activities -10.05M 0.000 0.000
Cash From Financing Activities 8.010M 1.880M
Net Change In Cash -4.780M 20.00K -2.860M
YoY Change 67.13% -102.04% 183.17%
FREE CASH FLOW
Cash From Operating Activities -$2.740M -$1.860M -$2.860M
Capital Expenditures -$50.00K $0.00 $0.00
Free Cash Flow -$2.690M -$1.860M -$2.860M
YoY Change -5.94% 89.8% 188.89%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style="FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif; WIDTH: 100%; TEXT-INDENT: 0px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="WIDTH: 36pt; VERTICAL-ALIGN: top"><div style=""><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div></div></td> <td style="VERTICAL-ALIGN: top"> <div style=""><div style="display: inline; font-weight: bold;"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Organization and Description of Business</div></div></div></div></div></div></td> </tr> </table> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">Diffusion Pharmaceuticals Inc. (&#x201c;Diffusion&#x201d; or the &#x201c;Company&#x201d;), a Delaware corporation, is a clinical stage biotechnology company focused on extending the life expectancy of cancer patients by improving the effectiveness of current standard-of-care treatments, including radiation therapy and chemotherapy. The Company is developing its lead product candidate, trans sodium crocetinate (&#x201c;TSC&#x201d;) for use in many cancer types in which tumor oxygen deprivation (&quot;hypoxia&quot;) is known to diminish the effectiveness of current treatments. TSC is designed to target the cancer&#x2019;s hypoxic micro-environment, re-oxygenating treatment-resistant tissue and making the cancer cells more susceptible to the therapeutic effects of standard-of-care radiation therapy and chemotherapy. At an End-Of-Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2</div> Meeting, the U.S. Food and Drug Administration (&#x201c;FDA&#x201d;) provided Diffusion with extensive guidance on the design for a Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3</div> trial of TSC in newly diagnosed GBM patients.</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 8pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 8, 2016, </div>the Company completed a reverse merger (the &#x201c;Merger&#x201d;) with RestorGenex Corporation (&#x201c;RestorGenex&#x201d;) whereby the Company was considered the acquirer for accounting purposes. The operational activity of RestorGenex is included in the Company&#x2019;s consolidated financial statements from the date of acquisition. Accordingly, all comparative period information presented in these unaudited condensed consolidated financial statements from <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 1, 2016 </div>through <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January 7, 2016 </div>exclude any activity related to RestorGenex.</div></div></div>
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CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
55492
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
118519
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-19265518
us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-10029359
CY2017Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-2981220
CY2016Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-3799978
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-13903722
CY2016Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-3806194
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
116464
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
114409
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
112354
CY2017Q2 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
58232
CY2017Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1232696
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
874264
CY2017Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
157229
CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
232675
CY2017Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
31915
CY2017Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
CY2016Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2870226
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
CY2017Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
18290
CY2016Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
151332
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
43311
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
64002
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2331
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
10000000
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
CY2017Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
487460
CY2016Q2 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
546305
us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
CY2017Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
479650
CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
79755
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1179544
CY2016Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1444906
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2187115
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3797713
CY2017Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-68441408
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-60189237
us-gaap Share Based Compensation
ShareBasedCompensation
681449
us-gaap Share Based Compensation
ShareBasedCompensation
731633
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1636919
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
8.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
1461
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
320041
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2207409
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2525989
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.09
CY2017Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.38
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
15
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.54
CY2017Q2 us-gaap Share Price
SharePrice
2.33
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y270D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y219D
CY2017Q2 us-gaap Stockholders Equity
StockholdersEquity
1167698
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
9184684
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9184684
CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
1167698
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2017Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0
CY2016Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0
CY2017Q2 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
21207478
CY2016Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
0
CY2017Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2016Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0
CY2017Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
13750000
CY2016Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
0
CY2017Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12376329
CY2016Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2017Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
10498843
CY2016Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
10416153
CY2016Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-style: italic;">Use of Estimates</div></div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: justify; MARGIN: 0pt; LINE-HEIGHT: 1.25; TEXT-INDENT: 36pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of the unaudited condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date the financial statements and reported amounts of expense during the reporting period. Actual results could differ from those estimates. Due to the uncertainty of factors surrounding the estimates or judgments used in the preparation of the unaudited condensed consolidated financial statements, actual results <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>materially vary from these estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the unaudited condensed consolidated financial statements in the period they are deemed necessary.</div></div></div></div></div></div>
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13872632
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10263703
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12339386
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10130042
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10828063
CY2016Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10263703
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10582521
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10130042

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