$CRVO
CervoMed Inc.

2024 Q3 Form 10-Q Financial Statement

#000143774924025875 Filed on August 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $1.940M $3.289M $0.00
YoY Change 27.07%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.211M $2.512M $2.220M
YoY Change -8.26% 13.12% 3.89%
% of Gross Profit
Research & Development $5.125M $3.772M $72.19K
YoY Change 186.08% 5126.0% -96.58%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.336M $6.284M $72.19K
YoY Change 74.6% 8605.51% -96.58%
Operating Profit -$5.396M -$2.995M -$2.293M
YoY Change 101.72% 30.64% -46.01%
Interest Expense $646.2K $678.4K $179.5K
YoY Change 1192.34% 278.05% 224.06%
% of Operating Profit
Other Income/Expense, Net $642.7K $678.2K -$194.5K
YoY Change -86.68% -448.68%
Pretax Income -$4.754M -$2.317M -$2.113M
YoY Change -321.09% 9.65% -49.57%
Income Tax
% Of Pretax Income
Net Earnings -$4.754M -$2.317M -$2.113M
YoY Change -321.06% 9.64% -49.57%
Net Earnings / Revenue -245.06% -70.44%
Basic Earnings Per Share -$0.55 -$0.27 -$1.04
Diluted Earnings Per Share -$0.55 -$0.27 -$1.04
COMMON SHARES
Basic Shares Outstanding 8.254M 8.254M 2.040M
Diluted Shares Outstanding 8.703M

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.66M $45.09M $15.00M
YoY Change 347.76% 200.62% -47.44%
Cash & Equivalents $7.744M $10.01M $15.00M
Short-Term Investments $38.91M $35.08M $0.00
Other Short-Term Assets $74.34K $125.5K $695.1K
YoY Change -48.24% -81.94% 7.99%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $48.81M $47.33M $15.69M
YoY Change 312.13% 201.56% -46.22%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $5.806M
YoY Change
Other Assets $73.94K $56.23K
YoY Change -61.97%
Total Long-Term Assets $73.94K $5.862M -$2.00
YoY Change -61.97% -293124800.0%
TOTAL ASSETS
Total Short-Term Assets $48.81M $47.33M $15.69M
Total Long-Term Assets $73.94K $5.862M -$2.00
Total Assets $48.88M $53.19M $15.69M
YoY Change 306.08% 238.91% -46.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.082M $725.9K $932.4K
YoY Change 102.78% -22.15% 10.21%
Accrued Expenses $2.164M $1.086M $532.6K
YoY Change 56.81% 104.0% -68.09%
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 $3.246M $3.214M $1.465M
YoY Change 31.97% 119.37% -41.75%
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 $3.246M $3.214M $1.465M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.246M $3.214M $1.465M
YoY Change 31.77% 119.37% -41.75%
SHAREHOLDERS EQUITY
Retained Earnings -$64.00M -$59.30M -$151.8M
YoY Change 22.84% -60.94% 9.43%
Common Stock $8.253K $8.253K $2.040K
YoY Change 45.45% 304.56% -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $45.64M $49.98M $14.23M
YoY Change
Total Liabilities & Shareholders Equity $48.88M $53.19M $15.69M
YoY Change 306.08% 238.91% -46.22%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.754M -$2.317M -$2.113M
YoY Change -321.06% 9.64% -49.57%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.855M -$2.202M -$2.646M
YoY Change -279.8% -16.79% -33.97%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.602M -$40.57M $3.000M
YoY Change -1452.34% 2882.4%
Cash From Investing Activities $2.602M -$40.57M $3.000M
YoY Change -1452.34% 2882.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -13.34K 46.41M 0.000
YoY Change -100.12%
NET CHANGE
Cash From Operating Activities -4.855M -2.202M -2.646M
Cash From Investing Activities 2.602M -40.57M 3.000M
Cash From Financing Activities -13.34K 46.41M 0.000
Net Change In Cash -2.266M 3.640M 354.0K
YoY Change -116.25% 928.38% -109.06%
FREE CASH FLOW
Cash From Operating Activities -$4.855M -$2.202M -$2.646M
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 biotechnology company developing treatments for age-related neurologic disorders. The Company is currently focused on developing of its lead drug 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 the Company's ongoing RewinD-LB Trial, a Phase 2b study in patients with Early-Stage DLB, funded by a $21.0 million grant from the NIA.</p>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;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;text-align:justify;margin:0pt;">The preparation of unaudited condensed consolidated interim 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 reported 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>
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;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;text-align:justify;margin:0pt;">Financial instruments that potentially subject the Company to significant concentration of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company maintains deposits in a financial institution in excess of government insured limits. Management believes that the Company is not exposed to significant credit risk as the Company’s deposits are held at a financial institution that management believes to be of high credit quality, and the Company has not experienced any losses on these deposits. Management also believes that the Company is not exposed to significant credit risk as it relates to marketable securities because the Company invests in U.S. government securities and commercial paper.</p>
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CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
3306 usd
CY2024Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2024Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2022Q4 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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12414000 usd
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
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CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Gain Loss Included In Earnings
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CY2023Q2 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Liability Value
FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue
11768000 usd
CY2024Q2 crvo Prepaid Clinical Expenses
PrepaidClinicalExpenses
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CY2023Q4 crvo Prepaid Clinical Expenses
PrepaidClinicalExpenses
711362 usd
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
95956 usd
CY2023Q4 us-gaap Prepaid Insurance
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436859 usd
CY2024Q2 crvo Prepaid Professional Services
PrepaidProfessionalServices
54125 usd
CY2023Q4 crvo Prepaid Professional Services
PrepaidProfessionalServices
37917 usd
CY2024Q2 crvo Prepaid Dues And Memberships Current
PrepaidDuesAndMembershipsCurrent
54740 usd
CY2023Q4 crvo Prepaid Dues And Memberships Current
PrepaidDuesAndMembershipsCurrent
0 usd
CY2024Q2 us-gaap Other Assets Current
OtherAssetsCurrent
125522 usd
CY2023Q4 us-gaap Other Assets Current
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70363 usd
CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
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2236436 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
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1256501 usd
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
482162 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1026054 usd
CY2024Q2 crvo Accrued Clinical Studies Expenses Current
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209043 usd
CY2023Q4 crvo Accrued Clinical Studies Expenses Current
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389045 usd
CY2024Q2 us-gaap Accrued Professional Fees Current
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257902 usd
CY2023Q4 us-gaap Accrued Professional Fees Current
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309062 usd
CY2024Q2 us-gaap Sales And Excise Tax Payable Current
SalesAndExciseTaxPayableCurrent
20456 usd
CY2023Q4 us-gaap Sales And Excise Tax Payable Current
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120456 usd
CY2024Q2 us-gaap Other Sundry Liabilities Current
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CY2023Q4 us-gaap Other Sundry Liabilities Current
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CY2024Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
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CY2023Q4 us-gaap Other Accrued Liabilities Current
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17892 usd
us-gaap Operating Lease Expense
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15150 usd
CY2024Q2 us-gaap Operating Lease Expense
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8400 usd
CY2023Q2 us-gaap Operating Lease Expense
OperatingLeaseExpense
7484 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
CY2024Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3082891
CY2024Q1 crvo Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
499995
CY2024Q1 us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
36
CY2024Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
495959
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
578581 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
796796 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
133492 usd
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
349374
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
51.15
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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207284
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
11.23
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
23354
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
114.18
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
533304
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
32.87
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y4M24D
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
228508
CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
64.13
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
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CY2024Q2 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0 usd
CY2023Q2 us-gaap Deferred Offering Costs
DeferredOfferingCosts
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CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q2 us-gaap Assets
Assets
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CY2023Q2 us-gaap Liabilities
Liabilities
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
1993466 usd
us-gaap Operating Expenses
OperatingExpenses
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us-gaap Operating Income Loss
OperatingIncomeLoss
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NetIncomeLoss
-1959837 usd
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-3.78
CY2023Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
992553 usd
CY2023Q2 us-gaap Operating Expenses
OperatingExpenses
2950941 usd
CY2023Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-1230997 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-1425501 usd
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.75

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