$ENTO
Entero Therapeutics Inc

2023 Q2 Form 10-Q Financial Statement

#000141057823001056 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $2.829M $2.701M $4.406M
YoY Change 13.19% -38.7% -22.68%
% of Gross Profit
Research & Development $1.353M $1.362M $4.977M
YoY Change -53.45% -72.64% 97.79%
% of Gross Profit
Depreciation & Amortization $7.300K $7.300K $7.317K
YoY Change 0.0% -0.23% 631.7%
% of Gross Profit
Operating Expenses $4.182M $4.062M $9.382M
YoY Change -22.65% -56.7% 14.23%
Operating Profit -$4.182M -$4.062M -$9.382M
YoY Change -22.65% -56.7% 14.23%
Interest Expense $5.178K $8.987K $5.605K
YoY Change 60.91% 60.34% 8.96%
% of Operating Profit
Other Income/Expense, Net -$7.588K -$8.228K -$244.8K
YoY Change 231.06% -96.64% -146.37%
Pretax Income -$4.189M -$4.071M -$9.627M
YoY Change -22.54% -57.72% 25.26%
Income Tax
% Of Pretax Income
Net Earnings -$4.189M -$4.071M -$9.627M
YoY Change -22.54% -57.72% 25.26%
Net Earnings / Revenue
Basic Earnings Per Share -$1.89 -$1.82 -$0.66
Diluted Earnings Per Share -$1.89 -$1.82 -$0.66
COMMON SHARES
Basic Shares Outstanding 1.814M 1.550M 15.54M
Diluted Shares Outstanding 2.271M 2.281M 15.54M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.236M $2.064M $5.695M
YoY Change 7.02% -63.75% -52.64%
Cash & Equivalents $1.200M $2.100M $5.695M
Short-Term Investments
Other Short-Term Assets $1.118M $1.445M $827.1K
YoY Change 98.3% 74.75% 28.61%
Inventory
Prepaid Expenses $1.118M $1.445M $827.1K
Receivables $20.00K $28.06K
Other Receivables
Total Short-Term Assets $2.354M $3.530M $6.550M
YoY Change 31.56% -46.11% -50.27%
LONG-TERM ASSETS
Property, Plant & Equipment $29.20K $36.52K $65.79K
YoY Change -50.06% -44.49% 6.77%
Goodwill $1.684M $1.684M $1.862M
YoY Change -4.08% -9.55%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $32.77K $39.67K $34.40K
YoY Change -4.54% 15.32% 17.65%
Total Long-Term Assets $1.974M $2.004M $2.275M
YoY Change -7.67% -11.92% -52.72%
TOTAL ASSETS
Total Short-Term Assets $2.354M $3.530M $6.550M
Total Long-Term Assets $1.974M $2.004M $2.275M
Total Assets $4.328M $5.534M $8.825M
YoY Change 10.2% -37.3% -50.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.591M $469.8K $3.450M
YoY Change -59.88% -86.38% 139.46%
Accrued Expenses $479.9K $845.7K $717.5K
YoY Change 12.58% 17.87% 121.57%
Deferred Revenue
YoY Change
Short-Term Debt $153.5K $380.4K $402.8K
YoY Change -5.21% -5.56% 16.05%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.261M $2.625M $14.22M
YoY Change -81.13% -81.54% 297.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $184.7K $196.5K $3.850M
YoY Change -77.84% -94.89% 58492.15%
Total Long-Term Liabilities $184.7K $196.5K $3.850M
YoY Change -77.84% -94.89% 58492.15%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.261M $2.625M $14.22M
Total Long-Term Liabilities $184.7K $196.5K $3.850M
Total Liabilities $3.446M $2.821M $18.07M
YoY Change -80.98% -84.38% 404.44%
SHAREHOLDERS EQUITY
Retained Earnings -$176.8M -$172.6M -$163.5M
YoY Change 4.68% 5.57%
Common Stock $421.00 $155.00 $2.154K
YoY Change -81.45% -92.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $882.0K $2.713M -$9.240M
YoY Change
Total Liabilities & Shareholders Equity $4.328M $5.534M $8.825M
YoY Change 10.2% -37.3% -50.92%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$4.189M -$4.071M -$9.627M
YoY Change -22.54% -57.72% 25.26%
Depreciation, Depletion And Amortization $7.300K $7.300K $7.317K
YoY Change 0.0% -0.23% 631.7%
Cash From Operating Activities -$2.762M -$2.846M -$7.912M
YoY Change -39.78% -64.03% 55.95%
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 $8.000M
YoY Change -11.69%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.933M 3.547M 5.367M
YoY Change 2431.49% -33.91% -51.43%
NET CHANGE
Cash From Operating Activities -2.762M -2.846M -7.912M
Cash From Investing Activities
Cash From Financing Activities 1.933M 3.547M 5.367M
Net Change In Cash -828.4K 701.5K -2.545M
YoY Change -81.63% -127.57% -142.58%
FREE CASH FLOW
Cash From Operating Activities -$2.762M -$2.846M -$7.912M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
5694988
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
8987
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
5605
CY2023Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
87431
CY2022Q1 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
90792
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
2100000
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-172600000
CY2023Q1 fwbi Working Capital
WorkingCapital
900000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying unaudited condensed consolidated financial statements are prepared in conformity with GAAP and include certain 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 (including goodwill), and the reported amounts of revenue and expense during the reporting period, including contingencies. Accordingly, actual results may differ from those estimates.</p>
CY2023Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Reclassifications </span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Certain prior period balance sheet amounts have been reclassified to conform to the fiscal 2023 presentation.</p>
CY2023Q1 us-gaap Restricted Cash Current
RestrictedCashCurrent
20000.00
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 0pt;">Financial instruments that potentially expose the Company to concentrations of credit risk consist of cash. The Company primarily maintains its cash balances with financial institutions in federally insured accounts in the U.S. The Company may from time to time have cash in banks in excess of FDIC insurance limits. At March 31, 2023 the Company had approximately $2.1 million in one account in the U.S. which was in excess of these limits. The Company has not experienced any losses to date resulting from this practice. The Company mitigates its risk by maintaining the majority of its cash and equivalents with high quality financial institutions.</p>
CY2023Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
2100000
CY2023Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2023Q1 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
380390
CY2022Q4 us-gaap Notes Payable Fair Value Disclosure
NotesPayableFairValueDisclosure
603494
CY2023Q1 fwbi Clinical Trials
ClinicalTrials
630587
CY2022Q4 fwbi Clinical Trials
ClinicalTrials
5340
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
87818
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
87818
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
51297
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
43979
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
36521
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
43839
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7300
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
7300
CY2021Q4 us-gaap Goodwill
Goodwill
1911705
CY2022 us-gaap Goodwill Foreign Currency Translation Gain Loss
GoodwillForeignCurrencyTranslationGainLoss
-227523
CY2022Q4 us-gaap Goodwill
Goodwill
1684182
CY2023Q1 us-gaap Goodwill
Goodwill
1684182
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
309867
CY2022Q4 fwbi Consulting Fees
ConsultingFees
4969
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
845728
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
320176
CY2023Q1 fwbi Note Payables
NotePayables
380000
CY2022Q4 fwbi Note Payables
NotePayables
603000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
50000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2023Q1 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
7
CY2022Q3 us-gaap Stock Issued During Period Shares Reverse Stock Splits
StockIssuedDuringPeriodSharesReverseStockSplits
30
CY2023Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
1549581
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
995003
CY2022Q1 fwbi Deemed Dividend On Warrant Modification
DeemedDividendOnWarrantModification
-47000.000
CY2022Q1 fwbi Stocks Issued During Period Shares Common Stock Pre Funded Warrants And Warrants For Cash Net Of Offering Costs
StocksIssuedDuringPeriodSharesCommonStockPreFundedWarrantsAndWarrantsForCashNetOfOfferingCosts
7857
CY2022Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1
CY2022Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
288.75
CY2022Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8000000.0
CY2022Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
264.60
CY2022Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2179798
CY2022Q4 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
19.16
CY2022 fwbi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P5Y6M
CY2023Q1 fwbi Class Of Warrant Or Right Granted
ClassOfWarrantOrRightGranted
2941054
CY2023Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Granted
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsGranted
2.55
CY2023Q1 fwbi Class Of Warrant Or Right Issued Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightIssuedWeightedAverageRemainingContractualTerm
P4Y11M15D
CY2023Q1 fwbi Class Of Warrant Or Right Expired
ClassOfWarrantOrRightExpired
429473
CY2023Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Expired
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired
0.00
CY2023Q1 fwbi Class Of Warrant Or Right Expired Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightExpiredWeightedAverageRemainingContractualTerm
P5Y3M10D
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
4691379
CY2023Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
10.50
CY2023Q1 fwbi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P5Y25D
CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
26089
CY2021Q4 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
1992.90
CY2021 fwbi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P3Y11M12D
CY2022Q1 fwbi Class Of Warrant Or Right Granted
ClassOfWarrantOrRightGranted
56382
CY2022Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Granted
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsGranted
160.37
CY2022Q1 fwbi Class Of Warrant Or Right Issued Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightIssuedWeightedAverageRemainingContractualTerm
P4Y11M1D
CY2022Q1 fwbi Class Of Warrant Or Right Expired
ClassOfWarrantOrRightExpired
33
CY2022Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Expired
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExpired
-10414.73
CY2022Q1 fwbi Class Of Warrant Or Right Exercised
ClassOfWarrantOrRightExercised
23087
CY2022Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Exercised
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsExercised
-2.10
CY2022Q1 fwbi Class Of Warrant Or Right Exercised Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightExercisedWeightedAverageRemainingContractualTerm
P4Y11M1D
CY2022Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
59351
CY2022Q1 fwbi Class Of Warrant Or Right Exercise Price Of Warrants Or Rights Outstanding And Exercisable
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRightsOutstandingAndExercisable
1019.89
CY2022Q1 fwbi Class Of Warrant Or Right Outstanding Weighted Average Remaining Contractual Term
ClassOfWarrantOrRightOutstandingWeightedAverageRemainingContractualTerm
P4Y4M20D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
5000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
3219
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
358316
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
218229
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1100000
CY2022Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
1900000
CY2023Q1 fwbi Number Of Real Property Operating Leases
NumberOfRealPropertyOperatingLeases
2
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
37000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
28000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3Y4M24D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0700
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
63128
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
86202
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
88788
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
60593
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
298711
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
34251
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
264460
CY2022Q1 fwbi Amount Incorrectly Classified As Deemed Dividend
AmountIncorrectlyClassifiedAsDeemedDividend
595000
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4863947
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
67724
CY2023Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
26000
CY2022Q1 us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
46000

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