$CRVO
CervoMed Inc.

2022 Q1 Form 10-Q Financial Statement

#000143774922012143 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020 Q4
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.129M $1.740M $1.480M
YoY Change 22.33% 25.18% 16.54%
% of Gross Profit
Research & Development $2.426M $2.916M $2.580M
YoY Change -16.82% 90.06% 55.42%
% of Gross Profit
Depreciation & Amortization $0.00 $24.45K $20.00K
YoY Change -100.0% -9.52% -33.33%
% of Gross Profit
Operating Expenses $2.426M $2.916M $4.090M
YoY Change -16.82% 90.06% 38.18%
Operating Profit -$4.554M -$4.684M
YoY Change -2.77% -258.51%
Interest Expense $27.81K $40.42K $30.00K
YoY Change -31.19% -218.52% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.527M -$4.644M -$4.060M
YoY Change -2.53% 58.97% 38.57%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.527M -$4.644M -$4.060M
YoY Change -2.53% 81.49% 8.27%
Net Earnings / Revenue
Basic Earnings Per Share -$2.22 -$2.81
Diluted Earnings Per Share -$2.221M $83.42M -$62.77K
COMMON SHARES
Basic Shares Outstanding 2.038M 1.650M 64.02M
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q1 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.55M $46.63M $18.52M
YoY Change -30.19% 330.56% 30.61%
Cash & Equivalents $9.872M $46.63M $18.52M
Short-Term Investments $22.68M
Other Short-Term Assets $1.022M $680.0K $260.0K
YoY Change 50.22% -23.6% -44.68%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $33.57M $47.31M $18.78M
YoY Change -29.04% 303.82% 28.17%
LONG-TERM ASSETS
Property, Plant & Equipment $124.8K $149.2K
YoY Change -44.64% -40.88%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $15.58K $15.77K
YoY Change -100.0% -93.83% -95.11%
Total Long-Term Assets $0.00 $8.899M $8.953M
YoY Change -100.0% -4.72% -5.37%
TOTAL ASSETS
Total Short-Term Assets $33.57M $47.31M $18.78M
Total Long-Term Assets $0.00 $8.899M $8.953M
Total Assets $33.57M $56.21M $27.73M
YoY Change -40.27% 166.96% 15.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $813.2K $952.9K $545.8K
YoY Change -14.66% 45.42% -56.38%
Accrued Expenses $2.143M $1.160M $1.890M
YoY Change 84.71% 84.13% 302.13%
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 $2.956M $2.113M $2.436M
YoY Change 39.88% 64.21% 41.5%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.00K $40.00K
YoY Change -90.91% -71.43%
Total Long-Term Liabilities $0.00 $10.00K $40.00K
YoY Change -100.0% -90.91% -71.43%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.956M $2.113M $2.436M
Total Long-Term Liabilities $0.00 $10.00K $40.00K
Total Liabilities $2.956M $2.566M $2.915M
YoY Change 15.2% -18.69% -26.68%
SHAREHOLDERS EQUITY
Retained Earnings -$134.5M -$110.6M -$105.9M
YoY Change 21.69% 17.26% 15.47%
Common Stock $165.2M $164.2M $130.7M
YoY Change 0.61% 46.37% 16.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $30.62M $53.65M $24.81M
YoY Change
Total Liabilities & Shareholders Equity $33.57M $56.21M $27.73M
YoY Change -40.27% 166.96% 15.01%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income -$4.527M -$4.644M -$4.060M
YoY Change -2.53% 81.49% 8.27%
Depreciation, Depletion And Amortization $0.00 $24.45K $20.00K
YoY Change -100.0% -9.52% -33.33%
Cash From Operating Activities -$4.730M -$5.176M -$3.390M
YoY Change -8.63% 47.71% 38.93%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$22.72M
YoY Change
Cash From Investing Activities -$22.72M $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $31.09M
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $5.000K $33.30M 0.000
YoY Change -99.98% 21354.42% -100.0%
NET CHANGE
Cash From Operating Activities -$4.730M -$5.176M -3.390M
Cash From Investing Activities -$22.72M $0.00
Cash From Financing Activities $5.000K $33.30M 0.000
Net Change In Cash -$27.44M $28.12M -3.390M
YoY Change -197.59% -939.6% -142.22%
FREE CASH FLOW
Cash From Operating Activities -$4.730M -$5.176M -$3.390M
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:9%;"> <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:91.5%;"> <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: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 45pt;">Diffusion Pharmaceuticals Inc., a Delaware corporation, is a biopharmaceutical company developing novel therapies that enhance the body’s ability to deliver oxygen to 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, including hypoxic tumors.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 45pt;">On <em style="font: inherit;"> April 18, 2022, </em>the Company effected a <em style="font: inherit;">1</em>-for-50 reverse split of its common stock. Any references in the unaudited condensed consolidated financial statements and related notes to share or per share amounts give retroactive effect to this reverse stock split.</p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 9pt;"><i>Use of Estimates</i></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 45pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 45pt;">The preparation of financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 45pt;">On an ongoing basis, the Company evaluates its estimates using historical experience and other factors, including the current economic environment. Significant items subject to such estimates are assumptions used for purposes of determining stock-based compensation and accounting for research and development activities. Management believes its estimates to be reasonable under the circumstances. Actual results could differ significantly from those estimates.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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<p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 9pt;"><i>Concentration of Credit Risk</i></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 45pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed federally insured limits.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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181280 USD
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
72454
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
265.85
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
48300
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
12.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
4190
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
75.33
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
116564
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
164.31
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y10M20D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
23163 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
52849
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
346.79
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M17D
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1956 USD
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
116564
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
164.31
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y10M20D
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
23163 USD
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.90
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 USD
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
200000 USD
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
9000 USD
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
31000 USD
CY2022Q1 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
DefinedContributionPlanMaximumAnnualContributionsPerEmployeePercent
0.90 pure
CY2022Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent
DefinedContributionPlanEmployerMatchingContributionPercent
0.04 pure
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
27000 USD
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
16000 USD

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