$CRVO
CervoMed Inc.

2021 Q4 Form 10-Q Financial Statement

#000143774921026014 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.935M $1.930M $2.110M
YoY Change 30.74% -8.53% 63.57%
% of Gross Profit
Research & Development $1.505M $2.106M $3.138M
YoY Change -41.68% -32.88% 79.96%
% of Gross Profit
Depreciation & Amortization $26.12K $19.10K $30.00K
YoY Change 30.6% -36.33% 50.0%
% of Gross Profit
Operating Expenses $3.466M $2.106M $3.138M
YoY Change -15.27% -32.88% 79.96%
Operating Profit -$12.69M -$5.274M
YoY Change 140.68% 72.81%
Interest Expense -$8.870K $50.71K $29.23K
YoY Change -129.57% 73.47% 32.93%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$3.474M -$12.64M -$5.245M
YoY Change -14.42% 141.06% 73.1%
Income Tax -$400.0K -$400.0K -$805.7K
% Of Pretax Income
Net Earnings -$3.474M -$12.20M -$4.439M
YoY Change -14.42% 174.81% 58.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.12 -$0.07
Diluted Earnings Per Share -$1.847M $101.9M $64.01M
COMMON SHARES
Basic Shares Outstanding 101.9M 101.9M 64.00M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.31M $40.34M $21.91M
YoY Change 101.48% 84.09% 256.84%
Cash & Equivalents $37.31M $40.34M $21.91M
Short-Term Investments
Other Short-Term Assets $510.0K $380.1K $770.0K
YoY Change 96.16% -50.64% 32.76%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $37.82M $40.72M $22.68M
YoY Change 101.44% 79.54% 237.54%
LONG-TERM ASSETS
Property, Plant & Equipment $0.00 $81.90K $174.1K
YoY Change -100.0% -52.97% -37.69%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $15.58K $15.58K $252.1K
YoY Change -1.22% -93.82% -13.29%
Total Long-Term Assets $15.58K $165.4K $9.240M
YoY Change -99.83% -98.21% -2.52%
TOTAL ASSETS
Total Short-Term Assets $37.82M $40.72M $22.68M
Total Long-Term Assets $15.58K $165.4K $9.240M
Total Assets $37.84M $40.88M $31.92M
YoY Change 36.46% 28.08% 97.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $947.5K $678.0K $1.412M
YoY Change 73.58% -51.97% 180.95%
Accrued Expenses $1.980M $2.071M $1.280M
YoY Change 4.77% 61.79% 77.78%
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 $2.928M $2.749M $2.687M
YoY Change 20.19% 2.31% 120.52%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $60.00K
YoY Change -100.0% -100.0% -62.5%
Total Long-Term Liabilities $0.00 $0.00 $60.00K
YoY Change -100.0% -100.0% -62.5%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.928M $2.749M $2.687M
Total Long-Term Liabilities $0.00 $0.00 $60.00K
Total Liabilities $2.928M $2.749M $3.193M
YoY Change 0.42% -13.9% 19.2%
SHAREHOLDERS EQUITY
Retained Earnings -$130.0M -$126.5M -$101.8M
YoY Change 22.75% 24.24% 15.77%
Common Stock $164.9M $164.7M $130.6M
YoY Change 26.16% 26.11% 28.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.91M $38.13M $28.72M
YoY Change
Total Liabilities & Shareholders Equity $37.84M $40.88M $31.92M
YoY Change 36.46% 28.08% 97.05%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.474M -$12.20M -$4.439M
YoY Change -14.42% 174.81% 58.31%
Depreciation, Depletion And Amortization $26.12K $19.10K $30.00K
YoY Change 30.6% -36.33% 50.0%
Cash From Operating Activities -$3.025M -$2.973M -$3.510M
YoY Change -10.75% -15.31% 63.26%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $4.000K
YoY Change
Cash From Investing Activities $4.000K
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 0.000 -140.0K
YoY Change -100.0% 75.0%
NET CHANGE
Cash From Operating Activities -3.025M -2.973M -3.510M
Cash From Investing Activities 4.000K
Cash From Financing Activities 0.000 0.000 -140.0K
Net Change In Cash -3.021M -2.973M -3.650M
YoY Change -10.87% -18.56% 63.68%
FREE CASH FLOW
Cash From Operating Activities -$3.025M -$2.973M -$3.510M
Capital Expenditures
Free Cash Flow
YoY Change

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<table border="0" cellpadding="0" cellspacing="0" style="font-family:Times New Roman;font-size:10pt;width:100%;margin-left:auto;margin-right:auto;"> <tbody> <tr> <td style="vertical-align: top; width: 7%;"> <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="vertical-align: top; width: 93%;"> <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; text-align: justify;">Diffusion Pharmaceuticals Inc., a Delaware corporation, is a 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.</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; text-align: justify; 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;">nine</em> months ended <em style="font: inherit;"> September </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>
CY2021Q3 us-gaap Impairment Of Intangible Assets Indefinitelived Excluding Goodwill
ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill
8600000 USD
CY2021Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-400000 USD
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10591084
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11293316
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
1732515
CY2021Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
773917 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
653899 USD
CY2021Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
59126 USD
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
31809 USD
CY2021Q3 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
1081453 USD
CY2020Q4 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
1055398 USD
CY2021Q3 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
88485 USD
CY2020Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
35364 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2002981 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1776470 USD
CY2021Q3 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
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
2200000 USD
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
164392 USD
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
279473 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
642952 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
584297 USD
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.91
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
172904
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
1.76
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3799815
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.22
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M14D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
33791 USD
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
1839079
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
9.85
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y2M1D
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
30113 USD
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
3542971
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
5.51
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y8M26D
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
33791 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.87
CY2021Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 USD
CY2020Q3 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
600000 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
600000 USD
CY2021Q3 us-gaap Lessee Operating Lease Remaining Lease Term
LesseeOperatingLeaseRemainingLeaseTerm
P0Y7M6D
CY2021Q3 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.10 pure
CY2021Q3 us-gaap Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
P5Y
CY2021Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
48000 USD
CY2020Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
30000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 USD
us-gaap Operating Lease Expense
OperatingLeaseExpense
91000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
29801 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
39735 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
69536 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
1650 USD
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
67886 USD
us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90 pure
us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04 pure
CY2021Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
29000 USD
CY2020Q3 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
11000 USD
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
60000 USD
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
42000 USD
CY2021Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
69536 USD

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