$CRVO
CervoMed Inc.

2024 Q1 Form 10-K Financial Statement

#000143774924010064 Filed on March 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $2.347M $2.491M $7.145M
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.128M $2.116M $5.719M
YoY Change -28.05% -9.75% -34.52%
% of Gross Profit
Research & Development $2.814M $2.855M $8.439M
YoY Change 115.06% 49.93% 16.6%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.942M $4.971M $14.16M
YoY Change 277.67% 17.0% 95.63%
Operating Profit -$2.595M -$7.813M
YoY Change -39.18% -51.08%
Interest Expense $80.63K $118.7K $219.4K
YoY Change -53.63% -31.36% -42.37%
% of Operating Profit
Other Income/Expense, Net $80.60K -$600.00 $5.422M
YoY Change -90.96% -332.93%
Pretax Income -$2.514M -$2.362M -$2.172M
YoY Change -38.56% -42.04% -86.07%
Income Tax
% Of Pretax Income
Net Earnings -$2.514M -$2.362M -$2.172M
YoY Change -38.56% -42.04% -86.07%
Net Earnings / Revenue -107.12% -94.85% -30.4%
Basic Earnings Per Share -$0.41 -$0.82
Diluted Earnings Per Share -$0.41 -$0.38 -$0.82
COMMON SHARES
Basic Shares Outstanding 6.170M 5.675M 2.661M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.369M $7.793M $7.793M
YoY Change -63.89% -65.4% -65.4%
Cash & Equivalents $6.369M $7.793M $7.793M
Short-Term Investments
Other Short-Term Assets $30.65K $1.257M $1.257M
YoY Change -96.01% 1017.78% 1017.78%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $7.966M $9.965M $9.965M
YoY Change -56.72% -55.98% -55.98%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $31.93K $7.770K $7.770K
YoY Change
Total Long-Term Assets $31.93K $7.770K $7.770K
YoY Change 798050.0%
TOTAL ASSETS
Total Short-Term Assets $7.966M $9.965M $9.965M
Total Long-Term Assets $31.93K $7.770K $7.770K
Total Assets $7.997M $9.973M $9.973M
YoY Change -56.55% -55.94% -55.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $679.7K $662.5K $662.5K
YoY Change -30.03% -41.26% -41.26%
Accrued Expenses $1.409M $1.933M $1.933M
YoY Change 22.03% 49.92% 49.92%
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 $2.661M $2.596M $2.596M
YoY Change 25.17% 7.38% 7.38%
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
TOTAL LIABILITIES
Total Short-Term Liabilities $2.661M $2.596M $2.596M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.661M $2.596M $2.596M
YoY Change 25.17% 7.38% 7.38%
SHAREHOLDERS EQUITY
Retained Earnings -$57.00M -$54.40M
YoY Change -61.92% -62.64%
Common Stock $6.170K $5.674K
YoY Change 202.45% 178.14%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.336M $7.377M $7.377M
YoY Change
Total Liabilities & Shareholders Equity $7.997M $9.973M $9.973M
YoY Change -56.55% -55.94% -55.94%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$2.514M -$2.362M -$2.172M
YoY Change -38.56% -42.04% -86.07%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.424M -$2.540M -$7.450M
YoY Change -71.34% -26.88% -50.23%
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 $810.0K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -90.89K 11.15M
YoY Change 222882.2%
NET CHANGE
Cash From Operating Activities -$1.424M -2.540M -7.450M
Cash From Investing Activities
Cash From Financing Activities -90.89K 11.15M
Net Change In Cash -$1.424M -2.631M 3.699M
YoY Change -131.41% -174.6% -113.6%
FREE CASH FLOW
Cash From Operating Activities -$1.424M -$2.540M -$7.450M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>1. The Company and Description of Business</b></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;">The Company is a corporation organized under the laws of the state of Delaware and headquartered in Boston, Massachusetts. The Company is a biotechnology company developing treatments for age-related neurologic disorders. The Company is currently developing its product candidate neflamapimod, an investigational orally administered small molecule brain penetrant that inhibits p38α. Neflamapimod has the potential to treat synaptic dysfunction, the reversible aspect of the underlying neurodegenerative processes that cause disease in DLB and certain other major neurological disorders and is currently being evaluated in a Phase 2b study in patients with DLB.</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;">On March 30, 2023, Diffusion Pharmaceuticals Inc. (“Diffusion”), Dawn Merger Inc., a wholly-owned subsidiary of Diffusion (“Merger Sub”) and EIP Pharma, Inc. (“EIP”) entered into the Merger Agreement (Note 4), pursuant to which, at the Effective Time, Merger Sub merged with and into EIP, with EIP surviving the Merger as a wholly-owned subsidiary of the Company. In connection with the Merger, on August 16, 2023, the Company changed its corporate name from “Diffusion Pharmaceuticals Inc.” to “CervoMed Inc.”</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;">On August 16, 2023, Diffusion approved a one-for-1.5 reverse stock split which was consummated for historical Diffusion shares in connection with the Merger. In addition, upon consummation of the Merger, all historical EIP shares were adjusted using an exchange ratio of 0.1151. All information in the accompanying consolidated financial statements and notes thereto regarding share amounts of common stock, price per share of common stock and the conversion factor for preferred stock into common stock has been adjusted to reflect the application of the reverse stock split and the exchange ratio on a retroactive basis.</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;">All shares of EIP common stock outstanding immediately prior to the Effective Time, after giving effect to the conversion of EIP preferred stock and the Convertible Notes (and excluding shares held as treasury stock by EIP, shares held or owned by the Company and any dissenting shares), converted into the right to receive, in the aggregate, 4,314,033 shares of the Company’s common stock and prefunded warrants to purchase 495,995 shares of common stock, based on an exchange ratio of 0.1151.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><i>Use of estimates</i></b></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;">The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, grant revenue, expenses, and related disclosures. On an ongoing basis, the Company’s management evaluates its estimates, including estimates related to money market accounts, clinical trial accruals, stock-based compensation expense, grant revenue, Convertible Notes, and expenses during the reporting period. The Company bases its estimates on historical experience and other market-specific or relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ significantly from those estimates or assumptions.</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;margin:0pt;"><b><i>Concentration of Credit Risk</i></b></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;">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains its cash and cash equivalent balances with financial institutions that management believes are creditworthy. The Company has no financial instruments with off-balance-sheet risk of loss. The Company has not experienced any losses in such accounts.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
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