$CRVO
CervoMed Inc.

2022 Q3 Form 10-Q Financial Statement

#000143774922020219 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.125M $2.137M $2.129M
YoY Change 10.09% 16.36% 22.33%
% of Gross Profit
Research & Development $798.2K $2.109M $2.426M
YoY Change -62.09% 6.89% -16.82%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
% of Gross Profit
Operating Expenses $798.2K $2.109M $2.426M
YoY Change -62.09% 6.89% -16.82%
Operating Profit -$2.923M -$4.246M -$4.554M
YoY Change -76.97% 10.77% -2.77%
Interest Expense $124.7K $55.38K $27.81K
YoY Change 145.93% 0.27% -31.19%
% of Operating Profit
Other Income/Expense, Net $21.43K
YoY Change
Pretax Income -$2.798M -$4.191M -$4.527M
YoY Change -77.87% 10.92% -2.53%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$2.798M -$4.191M -$4.527M
YoY Change -77.06% 10.92% -2.53%
Net Earnings / Revenue
Basic Earnings Per Share -$1.37 -$2.06 -$2.22
Diluted Earnings Per Share -$1.372M -$2.055M -$2.221M
COMMON SHARES
Basic Shares Outstanding 2.039M 2.039M 2.038M
Diluted Shares Outstanding 518.1K

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.86M $28.54M $32.55M
YoY Change -35.89% -34.1% -30.19%
Cash & Equivalents $6.587M $5.966M $9.872M
Short-Term Investments $19.27M $22.57M $22.68M
Other Short-Term Assets $464.9K $643.6K $1.022M
YoY Change 22.3% 16.58% 50.22%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $26.32M $29.18M $33.57M
YoY Change -35.35% -33.46% -29.04%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $26.32M $29.18M $33.57M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $26.32M $29.18M $33.57M
YoY Change -35.61% -44.63% -40.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $807.4K $846.0K $813.2K
YoY Change 19.08% 12.81% -14.66%
Accrued Expenses $1.463M $1.669M $2.143M
YoY Change -29.34% 23.57% 84.71%
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 $2.271M $2.515M $2.956M
YoY Change -17.4% 19.73% 39.88%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.271M $2.515M $2.956M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.271M $2.515M $2.956M
YoY Change -17.4% -1.16% 15.2%
SHAREHOLDERS EQUITY
Retained Earnings -$141.5M -$138.7M -$134.5M
YoY Change 11.85% 21.33% 21.69%
Common Stock $165.7M $165.5M $165.2M
YoY Change 0.61% 0.6% 0.61%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $24.05M $26.67M $30.62M
YoY Change
Total Liabilities & Shareholders Equity $26.32M $29.18M $33.57M
YoY Change -35.61% -44.63% -40.27%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.798M -$4.191M -$4.527M
YoY Change -77.06% 10.92% -2.53%
Depreciation, Depletion And Amortization $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Operating Activities -$2.759M -$4.007M -$4.730M
YoY Change -7.19% 20.56% -8.63%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $3.380M $100.6K -$22.72M
YoY Change
Cash From Investing Activities $3.380M $100.6K -$22.72M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 $5.000K
YoY Change -100.0% -99.98%
NET CHANGE
Cash From Operating Activities -2.759M -4.007M -$4.730M
Cash From Investing Activities 3.380M 100.6K -$22.72M
Cash From Financing Activities 0.000 0.000 $5.000K
Net Change In Cash 621.3K -3.907M -$27.44M
YoY Change -120.9% 17.39% -197.59%
FREE CASH FLOW
Cash From Operating Activities -$2.759M -$4.007M -$4.730M
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: 36pt;"> <p style="font-family: 'Times New Roman', Times, serif;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', Times, serif;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: 36pt;">Diffusion Pharmaceuticals Inc., a Delaware corporation, is a biopharmaceutical company developing novel therapies to enhance the body’s ability to deliver oxygen to areas where it is needed most. The Company’s lead product candidate, TSC, is being investigated 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 solid 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:36pt;">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>
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><i>Use of Estimates</i></p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"> </p> <p style="font-family: Times New Roman; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">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:36pt;">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>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><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; margin: 0pt; text-align: justify; text-indent: 36pt;">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>
CY2022Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
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CY2022Q2 dffn Stock Issued During Period Fractional Shares Reverse Stock Split
StockIssuedDuringPeriodFractionalSharesReverseStockSplit
0
CY2022Q2 dffn Reverse Stock Split Fractional Shares Cash Multiple
ReverseStockSplitFractionalSharesCashMultiple
12.93
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
239445
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
194107
CY2022Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q2 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
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CY2021Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
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CY2022Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
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CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
247704 usd
CY2022Q2 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
766916 usd
CY2021Q4 dffn Accrued Clinical Studies Expenses Current
AccruedClinicalStudiesExpensesCurrent
786579 usd
CY2022Q2 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
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CY2021Q4 us-gaap Other Sundry Liabilities Current
OtherSundryLiabilitiesCurrent
65935 usd
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1668990 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1980189 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
111891
dffn Class Of Warrant Or Rights Expired
ClassOfWarrantOrRightsExpired
18077
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
278130 usd
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
297280 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
556261 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
478560 usd
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
72454
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
265.85
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
56300
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.40
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
5612
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
188.18
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
260
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1575
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
122882
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
149.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y9M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
60688
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
283.73
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P8Y1M6D
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
122882
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
149.96
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P8Y9M18D
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
0 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.35
CY2022Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 usd
CY2021Q2 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
500000 usd
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
300000 usd
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
2000 usd
CY2021Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
29000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
11000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
60000 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
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
26000 usd
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
24000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
53000 usd
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
40000 usd

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