2021 Q3 Form 10-Q Financial Statement

#000143774921019370 Filed on August 11, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 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 $1.930M $1.837M $1.460M
YoY Change -8.53% 25.81% 36.45%
% of Gross Profit
Research & Development $2.106M $1.973M $2.173M
YoY Change -32.88% -9.23% 43.13%
% of Gross Profit
Depreciation & Amortization $19.10K $28.20K $20.00K
YoY Change -36.33% 41.0% -33.33%
% of Gross Profit
Operating Expenses $2.106M $1.973M $2.173M
YoY Change -32.88% -9.23% 43.13%
Operating Profit -$12.69M -$3.833M -$3.658M
YoY Change 140.68% 4.78% 39.57%
Interest Expense $50.71K $55.23K $25.91K
YoY Change 73.47% 113.13% 53.14%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$12.64M -$3.778M -$3.633M
YoY Change 141.06% 4.0% 39.48%
Income Tax -$400.0K $0.00 -$507.3K
% Of Pretax Income
Net Earnings -$12.20M -$3.778M -$3.125M
YoY Change 174.81% 20.89% 25.24%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$1.85 -$0.10
Diluted Earnings Per Share $101.9M $101.9M $51.98M
COMMON SHARES
Basic Shares Outstanding 101.9M 2.038M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.34M $43.31M $25.56M
YoY Change 84.09% 69.43% 205.38%
Cash & Equivalents $40.34M $43.31M $25.56M
Short-Term Investments
Other Short-Term Assets $380.1K $552.1K $1.150M
YoY Change -50.64% -51.99% 10.58%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $40.72M $43.86M $26.71M
YoY Change 79.54% 64.21% 183.85%
LONG-TERM ASSETS
Property, Plant & Equipment $81.90K $101.0K $198.3K
YoY Change -52.97% -49.08% -33.36%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.58K $15.58K $252.1K
YoY Change -93.82% -93.82% -13.4%
Total Long-Term Assets $165.4K $8.851M $9.284M
YoY Change -98.21% -4.66% -2.47%
TOTAL ASSETS
Total Short-Term Assets $40.72M $43.86M $26.71M
Total Long-Term Assets $165.4K $8.851M $9.284M
Total Assets $40.88M $52.71M $35.99M
YoY Change 28.08% 46.45% 90.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $678.0K $749.9K $1.355M
YoY Change -51.97% -44.65% 177.01%
Accrued Expenses $2.071M $1.351M $430.0K
YoY Change 61.79% 214.1% -21.82%
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 $2.749M $2.101M $1.782M
YoY Change 2.31% 17.89% 70.83%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $90.00K
YoY Change -100.0% -100.0% -50.0%
Total Long-Term Liabilities $0.00 $0.00 $90.00K
YoY Change -100.0% -100.0% -50.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.749M $2.101M $1.782M
Total Long-Term Liabilities $0.00 $0.00 $90.00K
Total Liabilities $2.749M $2.544M $3.116M
YoY Change -13.9% -18.35% 13.26%
SHAREHOLDERS EQUITY
Retained Earnings -$126.5M -$114.3M -$97.41M
YoY Change 24.24% 17.37% 14.37%
Common Stock $164.7M $164.5M $130.3M
YoY Change 26.11% 26.26% 28.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $38.13M $50.17M $32.88M
YoY Change
Total Liabilities & Shareholders Equity $40.88M $52.71M $35.99M
YoY Change 28.08% 46.45% 90.15%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$12.20M -$3.778M -$3.125M
YoY Change 174.81% 20.89% 25.24%
Depreciation, Depletion And Amortization $19.10K $28.20K $20.00K
YoY Change -36.33% 41.0% -33.33%
Cash From Operating Activities -$2.973M -$3.324M -$3.150M
YoY Change -15.31% 5.52% 20.69%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 -4.250K 17.87M
YoY Change -100.0% -100.02% 216.28%
NET CHANGE
Cash From Operating Activities -2.973M -3.324M -3.150M
Cash From Investing Activities
Cash From Financing Activities 0.000 -4.250K 17.87M
Net Change In Cash -2.973M -3.328M 14.72M
YoY Change -18.56% -122.61% 384.21%
FREE CASH FLOW
Cash From Operating Activities -$2.973M -$3.324M -$3.150M
Capital Expenditures
Free Cash Flow
YoY Change

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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"> <tbody> <tr style="vertical-align: top;"> <td style="width: 54pt;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b></p> </td> <td style="width: auto;"> <p style="font-family: Times New Roman;font-size: 10pt;font-variant:normal;margin:0pt;"><b>Organization and Description of Business</b></p> </td> </tr> </tbody> </table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">Diffusion Pharmaceuticals Inc., a Delaware corporation, is an innovative biopharmaceutical company developing novel therapies that enhance the body’s ability to deliver oxygen to the areas where it is needed most. The Company’s lead product candidate, TSC, is being developed to enhance the diffusion of oxygen to tissues with low oxygen levels, also known as hypoxia, a serious complication of many of medicine’s most intractable and difficult-to-treat conditions. In addition to TSC, the Company's product candidate DFN-<em style="font: inherit;">529,</em> a novel, allosteric <em style="font: inherit;">PI3K/Akt/mTOR</em> pathway inhibitor, is in early-stage development.</p>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><i>Use of Estimates</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-indent: 36pt;">The preparation of unaudited interim 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. The COVID-<em style="font: inherit;">19</em> pandemic had <em style="font: inherit;">no</em> material impact on the Company's estimates and assumptions used in the preparation of the unaudited interim consolidated financial statements for the <em style="font: inherit;">three</em> and <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June </em><em style="font: inherit;">30,</em> <em style="font: inherit;">2021.</em> However, the full extent to which the ongoing COVID-<em style="font: inherit;">19</em> pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including sales, expenses, reserves and allowances, clinical trials, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain, including as a result of new information that <em style="font: inherit;"> may </em>emerge concerning COVID-<em style="font: inherit;">19,</em> governmental and business responses to the pandemic, further actions taken to contain or treat COVID-<em style="font: inherit;">19,</em> the ongoing economic impact on local, regional, national and international markets, and the speed of the anticipated economic recovery. Due to the uncertainty of factors surrounding these estimates or judgments, actual results <em style="font: inherit;"> may </em>materially vary from the Company’s estimates. Estimates and assumptions are periodically reviewed, and the effects of revisions are reflected in the unaudited interim consolidated financial statements in the period they are determined. The Company’s future assessment of the magnitude and duration of COVID-<em style="font: inherit;">19,</em> as well as other factors, could result in material impacts to the Company’s consolidated financial statements in future reporting periods.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9705356
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10643138
CY2021Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
542598 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
653899 USD
CY2021Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
61306 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
31809 USD
CY2021Q2 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
634870 USD
CY2020Q4 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
1055398 USD
CY2021Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
16016 USD
CY2020Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
35364 USD
CY2021Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1254790 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1776470 USD
CY2021Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
6499469
dffn Class Of Warrant Or Rights Expired
ClassOfWarrantOrRightsExpired
53570
dffn Class Of Warrant Or Right Exercised During Period
ClassOfWarrantOrRightExercisedDuringPeriod
4230000
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
113444 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
478560 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
304824 USD
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
297280 USD
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000 USD
CY2020Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
100000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 USD
CY2021Q2 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2021Q2 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y9M18D
CY2021Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.10 pure
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2240204
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
8.28
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
924115
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
1.10
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
111432
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0.91
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3052887
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.37
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
219228 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1563224
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
11.54
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2021Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
195252 USD
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3052887
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.37
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M18D
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
219228 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.05
CY2021Q2 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
29000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
60000 USD
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
95829 USD
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90 pure
CY2020Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
69365 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
39735 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
109100 USD
CY2021Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
13271 USD
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04 pure
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
24000 USD
CY2020Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
14000 USD
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
40000 USD
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
31000 USD

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