$EPIX
ESSA Pharma Inc

2021 Q4 Form 10-K Financial Statement

#000155837021016181 Filed on November 18, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue $66.76K $0.00
YoY Change -4.63%
Gross Profit -$66.76K $0.00
YoY Change -4.63%
Gross Profit Margin
Selling, General & Admin $3.066M $12.89M $2.130M
YoY Change 38.74% 13.41% 76.03%
% of Gross Profit
Research & Development $6.020M $24.26M $2.170M
YoY Change 34.2% 99.73% 6.37%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.086M $37.17M $4.430M
YoY Change 35.7% 53.97% 36.73%
Operating Profit -$37.23M -$4.430M
YoY Change 53.8%
Interest Expense -$12.01K $313.3K -$130.0K
YoY Change -109.24% -242.42% 62.5%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$9.098M -$36.84M -$4.560M
YoY Change 38.6% 55.22% 37.76%
Income Tax $100.00 -$34.35K -$10.00K
% Of Pretax Income
Net Earnings -$9.098M -$36.81M -$4.550M
YoY Change 39.35% 56.98% 37.46%
Net Earnings / Revenue
Basic Earnings Per Share -$0.21 -$0.96
Diluted Earnings Per Share -$206.8K -$956.5K -$163.3K
COMMON SHARES
Basic Shares Outstanding 43.98M 38.48M
Diluted Shares Outstanding 43.99M 38.48M

Balance Sheet

Concept 2021 Q4 2021 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $189.2M $194.9M $78.30M
YoY Change 153.96% 148.85% 46.9%
Cash & Equivalents $121.1M $137.8M $56.32M
Short-Term Investments $68.14M $57.10M $22.00M
Other Short-Term Assets $1.748M $2.182M $1.700M
YoY Change 58.87% 31.44% 183.33%
Inventory
Prepaid Expenses $1.748M $1.600M
Receivables $2.030K $489.0K $300.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $190.9M $197.6M $80.30M
YoY Change 151.59% 146.07% 47.88%
LONG-TERM ASSETS
Property, Plant & Equipment $277.8K $308.3K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $259.5K $259.5K $300.0K
YoY Change -13.51% -7.34% 0.0%
Total Long-Term Assets $537.3K $567.7K $277.6K
YoY Change 93.52% 110.27% 1.3%
TOTAL ASSETS
Total Short-Term Assets $190.9M $197.6M $80.30M
Total Long-Term Assets $537.3K $567.7K $277.6K
Total Assets $191.5M $198.2M $80.57M
YoY Change 151.38% 145.95% 47.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.563M $1.426M $678.6K
YoY Change 13.57% 109.69% -50.05%
Accrued Expenses $1.635M $2.504M $310.6K
YoY Change 168.2% 381.5% 105.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change -100.0%
Total Short-Term Liabilities $3.658M $3.930M $1.203M
YoY Change 79.71% 227.47% -78.41%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $289.0K $230.6K $100.0K
YoY Change 77.38%
Total Long-Term Liabilities $289.0K $230.6K $100.0K
YoY Change 77.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.658M $3.930M $1.203M
Total Long-Term Liabilities $289.0K $230.6K $100.0K
Total Liabilities $3.947M $4.160M $1.331M
YoY Change 90.33% 212.8% -76.2%
SHAREHOLDERS EQUITY
Retained Earnings -$126.9M -$80.97M
YoY Change 45.0% 40.76%
Common Stock $277.6M $131.1M
YoY Change 106.6% 66.89%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $187.5M $194.0M $79.24M
YoY Change
Total Liabilities & Shareholders Equity $191.5M $198.2M $80.57M
YoY Change 151.38% 145.95% 47.65%

Cashflow Statement

Concept 2021 Q4 2021 2020 Q3
OPERATING ACTIVITIES
Net Income -$9.098M -$36.81M -$4.550M
YoY Change 39.35% 56.98% 37.46%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.820M -$25.42M -$4.430M
YoY Change 47.61% 49.65% -13.98%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$11.00M -$35.01M -$21.74M
YoY Change 61.06%
Cash From Investing Activities -$11.00M -$35.01M -$21.74M
YoY Change 61.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $150.0M
YoY Change 206.18%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 99.31K 142.0M 46.05M
YoY Change -34.2% 239.88% -14.09%
NET CHANGE
Cash From Operating Activities -5.820M -25.42M -4.430M
Cash From Investing Activities -11.00M -35.01M -21.74M
Cash From Financing Activities 99.31K 142.0M 46.05M
Net Change In Cash -16.77M 81.50M 19.88M
YoY Change 337.06% 2618.58% -58.97%
FREE CASH FLOW
Cash From Operating Activities -$5.820M -$25.42M -$4.430M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1.     NATURE OF OPERATIONS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Nature of Operations</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">ESSA Pharma Inc. (the “Company”) was incorporated under the laws of the Province of British Columbia on January 6, 2009. The Company’s head office address is Suite 720 – 999 West Broadway, Vancouver, BC, V5Z 1K5. The registered and records office address is the 26<sup style="font-size:7.5pt;line-height:100%;top:0pt;vertical-align:top;">th</sup> Floor at 595 Burrard Street, Three Bentall Centre, Vancouver, BC, V7X 1L3. The Company is listed on the Nasdaq Capital Market (“Nasdaq”) under the symbol “EPIX”. On October 30, 2020 the Company’s common shares delisted in Canada from the TSX Venture Exchange.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The Company is focused on the development of small molecule drugs for the treatment of prostate cancer. The Company has acquired a license to certain patents (the “NTD Technology”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As at September 30, 2021, no products are in commercial production or use.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Acquisition of Realm Therapeutics plc</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">On July 31, 2019, the Company acquired all of the issued and outstanding shares of Realm Therapeutics plc (“Realm”) pursuant to a Scheme of Arrangement as sanctioned on July 29, 2019 by the High Court of Justice in England and Wales (the “Realm Acquisition”) (Note 4).</p>
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><b style="font-style:normal;font-weight:bold;">Use of Estimates</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets, liabilities, expenses, contingent assets and contingent liabilities as at the end of, or during, the reporting period. Actual results could significantly differ from those estimates. Significant areas requiring management to make estimates include the derivative liabilities, the valuation of equity instruments issued for services, income taxes and the product development and relocation grant. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these consolidated financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions that have been made, relate to the following key estimates:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;font-weight:normal;">Income tax</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The determination of income tax is inherently complex and requires making certain estimates and assumptions about future events. Changes in facts and circumstances as a result of income tax audits, reassessments, changes to corporate structure and associated domiciling, jurisprudence and any new legislation may result in an increase or decrease the provision for income taxes. The value of deferred tax assets is evaluated based on the probability of realization; the Company has assessed that it is improbable that such assets will be realized and has accordingly not recognized a value for deferred taxes.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;font-weight:normal;">Derivative financial instruments</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">Certain warrants are treated as derivative financial liabilities. The estimated fair value, based on the Black-Scholes model, is adjusted on a quarterly basis with gains or losses recognized in the statement of loss and comprehensive loss. The Black-Scholes model is based on significant assumptions such as volatility, dividend yield, expected term and liquidity discounts (Note 10).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 10pt 0pt;"><i style="font-style:italic;font-weight:normal;">Share-based payments and compensation</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 0pt;">The Company has applied estimates with respect to the valuation of shares issued for non-cash consideration. Shares are valued at the fair value of the equity instruments granted at the date the Company receives the goods or services.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">The Company measures the cost of equity-settled transactions with employees by reference to the fair value of the equity instruments at the date at which they are granted. Estimating fair value for share-based payment transactions requires determining the most appropriate valuation model, which is dependent on the terms and conditions of the grant. This estimate also requires determining the most appropriate inputs to the valuation model including the fair value of the underlying common shares, the expected life of the share option, volatility and dividend yield and making assumptions about them. The assumptions and models used for estimating fair value for share-based payment transactions are discussed in Note 11.</p>
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