$CRVO
CervoMed Inc.

2019 Q3 Form 10-Q Financial Statement

#000143774919016051 Filed on August 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q3 2019 Q2 2018 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 $1.290M $1.070M $1.660M
YoY Change -18.87% -35.54% -7.78%
% of Gross Profit
Research & Development $1.743M $1.518M $1.391M
YoY Change 49.04% 9.15% 17.94%
% of Gross Profit
Depreciation & Amortization $20.00K $30.00K $20.00K
YoY Change -33.33% 50.0%
% of Gross Profit
Operating Expenses $1.743M $1.518M $1.391M
YoY Change 49.04% 9.15% 17.94%
Operating Profit -$3.052M -$2.621M -$3.078M
YoY Change -56.23% -14.85% 3.26%
Interest Expense $21.99K $16.92K $45.34K
YoY Change -42.1% -62.68% 140.03%
% of Operating Profit
Other Income/Expense, Net $0.00
YoY Change
Pretax Income -$3.030M -$2.604M -$3.033M
YoY Change -56.3% -14.14% -114.88%
Income Tax -$226.0K -$108.9K -$267.9K
% Of Pretax Income
Net Earnings -$2.804M -$2.495M -$2.765M
YoY Change -58.27% -9.76% -113.56%
Net Earnings / Revenue
Basic Earnings Per Share -$0.60 -$0.63 -$0.82
Diluted Earnings Per Share $4.693M $3.941M $3.370M
COMMON SHARES
Basic Shares Outstanding 4.693M 50.55M
Diluted Shares Outstanding 50.55M

Balance Sheet

Concept 2019 Q3 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.140M $8.370M $12.93M
YoY Change -44.28% -35.27% 74.49%
Cash & Equivalents $6.140M $8.373M $12.93M
Short-Term Investments
Other Short-Term Assets $580.0K $1.040M $770.0K
YoY Change 5.45% 35.06% -92.52%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $6.718M $9.409M $13.71M
YoY Change -41.93% -31.35% -22.56%
LONG-TERM ASSETS
Property, Plant & Equipment $279.4K $297.6K $405.9K
YoY Change -26.31% -26.68% -15.37%
Goodwill $6.929M
YoY Change 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $290.7K $291.2K $262.2K
YoY Change 10.32% 11.05% 66.77%
Total Long-Term Assets $9.479M $9.520M $16.24M
YoY Change -21.17% -41.37% 0.19%
TOTAL ASSETS
Total Short-Term Assets $6.718M $9.409M $13.71M
Total Long-Term Assets $9.479M $9.520M $16.24M
Total Assets $16.20M $18.93M $29.94M
YoY Change -31.35% -36.78% -11.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $502.5K $489.1K $175.8K
YoY Change 289.34% 178.28% -83.08%
Accrued Expenses $720.0K $550.0K $510.0K
YoY Change -12.2% 7.84% -58.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $1.218M $1.043M $688.0K
YoY Change 28.85% 51.6% -97.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $160.0K $180.0K
YoY Change
Total Long-Term Liabilities $160.0K $180.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.218M $1.043M $688.0K
Total Long-Term Liabilities $160.0K $180.0K $0.00
Total Liabilities $2.678M $2.752M $2.644M
YoY Change -0.32% 4.08% -91.92%
SHAREHOLDERS EQUITY
Retained Earnings -$87.97M -$85.17M -$67.63M
YoY Change 18.32% 25.92% -1.18%
Common Stock $101.5M $101.3M $94.93M
YoY Change 6.54% 6.75% 36.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $13.52M $16.18M $27.30M
YoY Change
Total Liabilities & Shareholders Equity $16.20M $18.93M $29.94M
YoY Change -31.35% -36.78% -11.69%

Cashflow Statement

Concept 2019 Q3 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income -$2.804M -$2.495M -$2.765M
YoY Change -58.27% -9.76% -113.56%
Depreciation, Depletion And Amortization $20.00K $30.00K $20.00K
YoY Change -33.33% 50.0%
Cash From Operating Activities -$2.150M -$2.610M -$2.540M
YoY Change 11.98% 2.76% -7.3%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -80.00K 5.650M -720.0K
YoY Change -884.72% -108.99%
NET CHANGE
Cash From Operating Activities -2.150M -2.610M -2.540M
Cash From Investing Activities 0.000
Cash From Financing Activities -80.00K 5.650M -720.0K
Net Change In Cash -2.230M 3.040M -3.260M
YoY Change 16.15% -193.25% -31.8%
FREE CASH FLOW
Cash From Operating Activities -$2.150M -$2.610M -$2.540M
Capital Expenditures $0.00
Free Cash Flow -$2.540M
YoY Change -5.58%

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; font-family: &quot;Times New Roman&quot;; font-size: 10pt; min-width: 700px;"> <tr style="vertical-align: top; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <td style="width: 45pt; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; 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="font-family: &quot;Times New Roman&quot;; font-size: 10pt;"> <div style=" font-family: &quot;Times New Roman&quot;; 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: &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. 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.</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">&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 unaudited interim condensed consolidated financial statements and these notes give retroactive effect to this reverse stock split.</div></div>
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<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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify; text-indent: 36pt;">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>

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