$CRVO
CervoMed Inc.

2019 Q1 Form 10-K Financial Statement

#000143774919005256 Filed on March 19, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q4 2018
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.200M $1.420M $6.170M
YoY Change -20.0% 10.94% -0.32%
% of Gross Profit
Research & Development $1.700M $1.370M $5.752M
YoY Change -6.89% 20.18% 13.04%
% of Gross Profit
Depreciation & Amortization $18.27K $30.00K $110.4K
YoY Change -34.78% 0.0% 62.36%
% of Gross Profit
Operating Expenses $1.700M $2.820M $5.752M
YoY Change -6.89% 15.1% 13.04%
Operating Profit -$2.919M -$18.96M
YoY Change -12.91% 67.06%
Interest Expense $20.68K $30.00K $3.000K
YoY Change -44.79% -99.06% -97.0%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change -100.0%
Pretax Income -$2.898M -$5.530M -$18.81M
YoY Change -12.55% -857.53% 677.09%
Income Tax -$150.4K -$50.00K -$437.3K
% Of Pretax Income
Net Earnings -$2.748M -$5.570M -$18.37M
YoY Change -17.08% -411.17% 1246.25%
Net Earnings / Revenue
Basic Earnings Per Share -$0.81 -$8.21
Diluted Earnings Per Share $3.376M -$1.633M $3.242M
COMMON SHARES
Basic Shares Outstanding 3.379M 3.242M
Diluted Shares Outstanding 3.242M

Balance Sheet

Concept 2019 Q1 2018 Q4 2018
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.330M $7.990M $7.990M
YoY Change -67.1% -10.22% -10.22%
Cash & Equivalents $5.334M $7.991M $7.990M
Short-Term Investments
Other Short-Term Assets $1.050M $920.0K $920.0K
YoY Change 17.98% 19.48% 19.48%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.384M $8.914M $8.910M
YoY Change -62.65% -7.78% -7.86%
LONG-TERM ASSETS
Property, Plant & Equipment $332.0K $350.3K $350.0K
YoY Change -23.26% -23.96% -23.91%
Goodwill $0.00
YoY Change -100.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $319.7K $298.5K $300.0K
YoY Change 15.96% -33.74% -33.33%
Total Long-Term Assets $9.604M $9.288M $9.290M
YoY Change -40.99% -43.64% -43.63%
TOTAL ASSETS
Total Short-Term Assets $6.384M $8.914M $8.910M
Total Long-Term Assets $9.604M $9.288M $9.290M
Total Assets $15.99M $18.20M $18.20M
YoY Change -52.08% -30.38% -30.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.0K $198.8K $200.0K
YoY Change 14.53% -61.17% -60.78%
Accrued Expenses $710.0K $610.0K $610.0K
YoY Change 57.78% -62.58% -62.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0% -100.0%
Total Short-Term Liabilities $1.193M $804.0K $800.0K
YoY Change -16.12% -70.12% -70.26%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $200.0K $0.00
YoY Change
Total Long-Term Liabilities $200.0K $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.193M $804.0K $800.0K
Total Long-Term Liabilities $200.0K $0.00 $0.00
Total Liabilities $3.033M $2.590M $2.590M
YoY Change -16.83% -47.3% -47.36%
SHAREHOLDERS EQUITY
Retained Earnings -$82.67M -$79.92M
YoY Change 27.45% 29.84%
Common Stock $95.63M $95.54M
YoY Change 1.1% 15.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.95M $15.61M $15.61M
YoY Change
Total Liabilities & Shareholders Equity $15.99M $18.20M $18.20M
YoY Change -52.08% -30.38% -30.4%

Cashflow Statement

Concept 2019 Q1 2018 Q4 2018
OPERATING ACTIVITIES
Net Income -$2.748M -$5.570M -$18.37M
YoY Change -17.08% -411.17% 1246.25%
Depreciation, Depletion And Amortization $18.27K $30.00K $110.4K
YoY Change -34.78% 0.0% 62.36%
Cash From Operating Activities -$2.657M -$3.020M -$10.77M
YoY Change -19.21% 32.46% -12.65%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $10.85M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 9.868M
YoY Change -100.0% -50.97%
NET CHANGE
Cash From Operating Activities -2.657M -3.020M -10.77M
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 9.868M
Net Change In Cash -2.657M -3.020M -905.3K
YoY Change -136.39% -139.32% -112.33%
FREE CASH FLOW
Cash From Operating Activities -$2.657M -$3.020M -$10.77M
Capital Expenditures $0.00
Free Cash Flow -$3.020M -$10.77M
YoY Change 33.04% -15.71%

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<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;text-indent:8pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Organization and Description of Business</div></div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:8pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">Diffusion Pharmaceuticals Inc. (&#x201c;Diffusion&#x201d; or the &#x201c;Company&#x201d;), a Delaware corporation, is a clinical stage biotechnology company developing new treatments for life threatening conditions by improving the body&#x2019;s ability to bring oxygen to the areas where it is needed most. The Company is developing its lead product candidate, transcrocetinate sodium, also known as trans sodium crocetinate (&#x201c;TSC&#x201d;), for use in those life threatening conditions in which cellular oxygen deprivation (&#x201c;hypoxia&#x201d;) is the basis for significant unmet medical needs. TSC is designed to safely and selectively target and re-oxygenate the micro-environment of hypoxic cells, and can potentially be used in many indications, including oncology and cardiovascular/stroke.&nbsp; In cancer, TSC re-oxygenates treatment-resistant cancerous tissue, making the cancer cells up to <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">three</div> times more susceptible to the therapeutic effects of standard-of-care radiation therapy and chemotherapy. In stroke, TSC helps promote the diffusion of oxygen into those brain cells in which oxygen-deprivation causes neuronal death resulting in patient mortality or morbidity. In addition to the TSC programs, the Company is exploring alternatives regarding how best to capitalize upon our product candidate RES-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529,</div> which <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> may </div>include possible out-licensing and other options. RES-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529</div> is a novel <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">PI3K/Akt/mTOR</div> pathway inhibitor which has completed <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> Phase <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div> clinical trials for age-related macular degeneration and was in preclinical development in oncology, specifically GBM. RES-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">529</div> has shown activity in both in vitro and in vivo glioblastoma animal models and has been demonstrated to be orally bioavailable and capable of crossing the blood brain barrier.&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:8pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December 13, 2018, </div>the Company effected a <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1</div>-for-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">15</div> reverse split of its common stock. As a result of the reverse stock split, every <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">fifteen</div> shares of common stock outstanding immediately prior to the reverse stock split were reclassified and combined into <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">one</div> share of Common Stock. <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">No</div> fractional shares were issued in connection with the reverse stock split. Stockholders who otherwise would have been entitled to receive fractional shares of common stock had their holdings rounded up to the next whole share. Proportional adjustments were made to the Company&#x2019;s outstanding warrants, stock options and other equity securities and to the Company&#x2019;s <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> Equity Incentive Plan, as amended, to reflect the reverse stock split, in each case, in accordance with the terms thereof. The accompanying consolidated financial statements and these notes give retroactive effect to this reverse stock split.</div></div>
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