$CRVO
CervoMed Inc.

2018 Q2 Form 10-Q Financial Statement

#000143774918015223 Filed on August 10, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.660M $1.800M
YoY Change -7.78% -23.4%
% of Gross Profit
Research & Development $1.391M $1.180M
YoY Change 17.94% -18.37%
% of Gross Profit
Depreciation & Amortization $20.00K $0.00
YoY Change
% of Gross Profit
Operating Expenses $1.391M $1.180M
YoY Change 17.94% -18.37%
Operating Profit -$3.078M -$2.981M
YoY Change 3.26% -21.55%
Interest Expense $45.34K $18.89K
YoY Change 140.03% 203.88%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$3.033M $20.39M
YoY Change -114.88% -635.11%
Income Tax -$267.9K
% Of Pretax Income
Net Earnings -$2.765M $20.39M
YoY Change -113.56% -635.65%
Net Earnings / Revenue
Basic Earnings Per Share -$0.82 $0.88
Diluted Earnings Per Share $3.370M -$1.00
COMMON SHARES
Basic Shares Outstanding 50.55M 10.83M
Diluted Shares Outstanding 50.55M 13.87M

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $12.93M $7.410M
YoY Change 74.49% 146.18%
Cash & Equivalents $12.93M $7.413M
Short-Term Investments
Other Short-Term Assets $770.0K $10.29M
YoY Change -92.52% 4187.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $13.71M $17.70M
YoY Change -22.56% 445.64%
LONG-TERM ASSETS
Property, Plant & Equipment $405.9K $479.7K
YoY Change -15.37% 424.79%
Goodwill $6.929M $6.929M
YoY Change 0.0% -2.47%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $262.2K $157.2K
YoY Change 66.77% -5.79%
Total Long-Term Assets $16.24M $16.21M
YoY Change 0.19% -2.85%
TOTAL ASSETS
Total Short-Term Assets $13.71M $17.70M
Total Long-Term Assets $16.24M $16.21M
Total Assets $29.94M $33.91M
YoY Change -11.69% 70.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $175.8K $1.039M
YoY Change -83.08% 2.37%
Accrued Expenses $510.0K $1.230M
YoY Change -58.54% 66.22%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $2.430M
YoY Change -100.0%
Total Short-Term Liabilities $688.0K $29.46M
YoY Change -97.66% 1576.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $688.0K $29.46M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $2.644M $32.74M
YoY Change -91.92% 455.65%
SHAREHOLDERS EQUITY
Retained Earnings -$67.63M -$68.44M
YoY Change -1.18% 31.16%
Common Stock $94.93M $69.61M
YoY Change 36.38% 5.13%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $27.30M $1.168M
YoY Change
Total Liabilities & Shareholders Equity $29.94M $33.91M
YoY Change -11.69% 70.17%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income -$2.765M $20.39M
YoY Change -113.56% -635.65%
Depreciation, Depletion And Amortization $20.00K $0.00
YoY Change
Cash From Operating Activities -$2.540M -$2.740M
YoY Change -7.3% -4.2%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$50.00K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$10.00M
YoY Change -100.0%
Cash From Investing Activities $0.00 -$10.05M
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 -720.0K 8.010M
YoY Change -108.99%
NET CHANGE
Cash From Operating Activities -2.540M -2.740M
Cash From Investing Activities 0.000 -10.05M
Cash From Financing Activities -720.0K 8.010M
Net Change In Cash -3.260M -4.780M
YoY Change -31.8% 67.13%
FREE CASH FLOW
Cash From Operating Activities -$2.540M -$2.740M
Capital Expenditures $0.00 -$50.00K
Free Cash Flow -$2.540M -$2.690M
YoY Change -5.58% -5.94%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table style=";text-indent:0;font-family:'Times New Roman', Times, serif;font-size:10pt; min-width: 700px;" cellspacing="0" cellpadding="0" border="0"> <tr> <td style="vertical-align: top; width: 9%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></div></div> </td> <td style="vertical-align: top; width: 91%;"> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; text-decoration: underline;"><div style="display: inline; font-weight: bold;">Organization and Description of Business</div></div></div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:44pt;">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 ("hypoxia") 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. Other possible uses of TSC include the treatment of hypoxic conditions such as stroke, cardiovascular disease, neurodegenerative disease and emergency medicine.</div></div>
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CY2018Q2 us-gaap Operating Leases Future Minimum Payments Remainder Of Fiscal Year
OperatingLeasesFutureMinimumPaymentsRemainderOfFiscalYear
56519
CY2018Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
512246
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1628851
CY2018Q2 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
262214
CY2017Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
450491
CY2018Q2 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1386
CY2018Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
CY2017Q2 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
2870226
CY2018Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
67552
CY2017Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
30840
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
428542
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
43311
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
64002
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
10000000
CY2018Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
CY2017Q2 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
8167895
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
10846062
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
CY2018Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
405925
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
460652
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
550000
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
CY2018Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1391113
CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
1179544
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3216681
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2187115
CY2018Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-67634031
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-61554889
us-gaap Share Based Compensation
ShareBasedCompensation
644436
us-gaap Share Based Compensation
ShareBasedCompensation
681449
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.147
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.149
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.024
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.02
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2185235
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
7.46
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2192
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
660000
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2555989
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3213797
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
7.32
CY2018Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.02
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
17.10
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.02
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y208D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y248D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y149D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y91D
CY2018Q1 us-gaap Stock Issued During Period Shares Conversion Of Convertible Securities
StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities
8306278
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
25000
us-gaap Stock Issued During Period Value Stock Dividend
StockIssuedDuringPeriodValueStockDividend
1148307
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
27300072
CY2018Q2 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
0
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
21229944
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
21229944
CY2018Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
27300072
CY2018Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
CY2017Q2 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
487460
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
85993
us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
546305
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
85993
us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
546305
CY2018Q2 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0
CY2017Q4 us-gaap Temporary Equity Carrying Amount Attributable To Parent
TemporaryEquityCarryingAmountAttributableToParent
0
CY2018Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
CY2017Q2 us-gaap Temporary Equity Dividends Adjustment
TemporaryEquityDividendsAdjustment
487460
CY2017Q4 us-gaap Temporary Equity Liquidation Preference
TemporaryEquityLiquidationPreference
16778682
CY2018Q2 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2017Q4 us-gaap Temporary Equity Par Or Stated Value Per Share
TemporaryEquityParOrStatedValuePerShare
0.001
CY2018Q2 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
13750000
CY2017Q4 us-gaap Temporary Equity Shares Authorized
TemporaryEquitySharesAuthorized
13750000
CY2018Q2 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
0
CY2017Q4 us-gaap Temporary Equity Shares Issued
TemporaryEquitySharesIssued
12376329
CY2018Q2 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
0
CY2017Q4 us-gaap Temporary Equity Shares Outstanding
TemporaryEquitySharesOutstanding
8306278
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
10416153
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
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="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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:44pt;">The preparation of the unaudited interim 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 interim 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 interim condensed consolidated financial statements in the period they are deemed necessary.</div></div></div></div></div></div></div></div>
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
50546021
CY2017Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
13872632
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
46357478
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12339386
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
50546021
CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10828063
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
46357478
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10582521

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