$CRVO
CervoMed Inc.

2024 Q2 Form 10-Q Financial Statement

#000143774924016615 Filed on May 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $3.289M $2.347M $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.512M $2.128M $2.958M
YoY Change 13.12% -28.05% 38.95%
% of Gross Profit
Research & Development $3.772M $2.814M $1.309M
YoY Change 5126.0% 115.06% -46.06%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.284M $4.942M $1.309M
YoY Change 8605.51% 277.67% -46.06%
Operating Profit -$2.995M -$2.595M -$4.266M
YoY Change 30.64% -39.18% -6.33%
Interest Expense $678.4K $80.63K $173.9K
YoY Change 278.05% -53.63% 525.33%
% of Operating Profit
Other Income/Expense, Net $678.2K $80.60K $892.0K
YoY Change -448.68% -90.96%
Pretax Income -$2.317M -$2.514M -$4.092M
YoY Change 9.65% -38.56% -9.59%
Income Tax
% Of Pretax Income
Net Earnings -$2.317M -$2.514M -$4.092M
YoY Change 9.64% -38.56% -9.59%
Net Earnings / Revenue -70.44% -107.12%
Basic Earnings Per Share -$0.27 -$0.41 -$1.95
Diluted Earnings Per Share -$0.27 -$0.41 -$2.01
COMMON SHARES
Basic Shares Outstanding 8.254M 6.170M 2.040M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $45.09M $6.369M $17.64M
YoY Change 200.62% -63.89% -45.82%
Cash & Equivalents $10.01M $6.369M $14.65M
Short-Term Investments $35.08M $2.992M
Other Short-Term Assets $125.5K $30.65K $767.5K
YoY Change -81.94% -96.01% -24.86%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $47.33M $7.966M $18.40M
YoY Change 201.56% -56.72% -45.18%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.806M
YoY Change
Other Assets $56.23K $31.93K
YoY Change
Total Long-Term Assets $5.862M $31.93K $4.00
YoY Change -293124800.0% 798050.0%
TOTAL ASSETS
Total Short-Term Assets $47.33M $7.966M $18.40M
Total Long-Term Assets $5.862M $31.93K $4.00
Total Assets $53.19M $7.997M $18.40M
YoY Change 238.91% -56.55% -45.18%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $725.9K $679.7K $971.5K
YoY Change -22.15% -30.03% 19.46%
Accrued Expenses $1.086M $1.409M $1.154M
YoY Change 104.0% 22.03% -46.12%
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 $3.214M $2.661M $2.126M
YoY Change 119.37% 25.17% -28.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.214M $2.661M $2.126M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.214M $2.661M $2.126M
YoY Change 119.37% 25.17% -28.08%
SHAREHOLDERS EQUITY
Retained Earnings -$59.30M -$57.00M -$149.7M
YoY Change -60.94% -61.92% 11.27%
Common Stock $8.253K $6.170K $2.040K
YoY Change 304.56% 202.45% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $49.98M $5.336M $16.28M
YoY Change
Total Liabilities & Shareholders Equity $53.19M $7.997M $18.40M
YoY Change 238.91% -56.55% -45.18%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$2.317M -$2.514M -$4.092M
YoY Change 9.64% -38.56% -9.59%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.202M -$1.424M -$4.968M
YoY Change -16.79% -71.34% 5.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$40.57M $9.500M
YoY Change -1452.34% -141.82%
Cash From Investing Activities -$40.57M $9.500M
YoY Change -1452.34% -141.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 46.41M $0.00
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -2.202M -$1.424M -$4.968M
Cash From Investing Activities -40.57M $9.500M
Cash From Financing Activities 46.41M $0.00
Net Change In Cash 3.640M -$1.424M $4.532M
YoY Change 928.38% -131.41% -116.51%
FREE CASH FLOW
Cash From Operating Activities -$2.202M -$1.424M -$4.968M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;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:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;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 clinical-stage company focused on developing treatments for age-related neurologic disorders. The Company is currently focused on the development of its lead drug candidate, neflamapimod, an investigational, orally administered, small molecule brain penetrant that inhibits p38α in the neurons (nerve cells) within the brains of people with neurodegenerative diseases. Neflamapimod has the potential to treat and improve synaptic dysfunction, the reversible aspect of the underlying disease processes in DLB and certain other major neurological disorders, and is currently being evaluated in the Company's ongoing RewinD-LB Trial, a Phase 2b study in patients with DLB funded by a $21.0 million grant from the NIA.</p>
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CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
192004
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
79.03
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y8M12D
CY2024Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q1 us-gaap Deferred Offering Costs
DeferredOfferingCosts
638018 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52803252 usd
CY2023Q1 us-gaap Assets
Assets
3943495 usd
CY2023Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
3943495 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
-33748155 usd
CY2023Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1000913 usd
CY2023Q1 us-gaap Operating Expenses
OperatingExpenses
2834187 usd
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-1426319 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-534336 usd
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.03

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