$EPIX
ESSA Pharma Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023008649 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue $0.00 $62.77K
YoY Change -6.05%
Gross Profit $0.00 -$62.77K
YoY Change -6.05%
Gross Profit Margin
Selling, General & Admin $2.814M $3.887M
YoY Change -2.93% 1.74%
% of Gross Profit
Research & Development $6.271M $4.481M
YoY Change -1.93% -41.42%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $8.912M $8.213M
YoY Change -4.1% -28.39%
Operating Profit -$8.912M -$8.276M
YoY Change -4.1% -28.26%
Interest Expense $1.613M $1.155M
YoY Change 283.45% 87.55%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$7.299M -$7.059M
YoY Change -17.74% -34.97%
Income Tax $0.00 $1.600K
% Of Pretax Income
Net Earnings -$7.299M -$7.060M
YoY Change -17.31% -34.96%
Net Earnings / Revenue
Basic Earnings Per Share -$0.17 -$0.16
Diluted Earnings Per Share -$0.17 -$0.16
COMMON SHARES
Basic Shares Outstanding 44.09M 44.09M
Diluted Shares Outstanding 44.09M 44.09M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $152.5M $157.0M
YoY Change -12.67% -13.24%
Cash & Equivalents $38.47M $44.30M
Short-Term Investments $114.0M $112.7M
Other Short-Term Assets $688.2K $1.061M
YoY Change 20.92% -0.29%
Inventory
Prepaid Expenses $688.2K $1.061M
Receivables $133.3K $8.780K
Other Receivables $0.00 $0.00
Total Short-Term Assets $153.3M $158.1M
YoY Change -12.5% -13.17%
LONG-TERM ASSETS
Property, Plant & Equipment $95.16K $125.6K
YoY Change -56.14% -49.23%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $264.7K $264.6K
YoY Change 2.0% 1.98%
Total Long-Term Assets $359.8K $390.2K
YoY Change -24.47% -23.02%
TOTAL ASSETS
Total Short-Term Assets $153.3M $158.1M
Total Long-Term Assets $359.8K $390.2K
Total Assets $153.7M $158.5M
YoY Change -12.53% -13.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.051M $1.196M
YoY Change 268.84% 58.06%
Accrued Expenses $769.3K $359.2K
YoY Change -73.88% -85.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.408M $2.147M
YoY Change -15.52% -42.74%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $19.78K
YoY Change -100.0% -86.38%
Total Long-Term Liabilities $0.00 $19.78K
YoY Change -100.0% -86.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.408M $2.147M
Total Long-Term Liabilities $0.00 $19.78K
Total Liabilities $3.408M $2.166M
YoY Change -17.79% -44.37%
SHAREHOLDERS EQUITY
Retained Earnings -$174.0M -$166.7M
YoY Change 18.71% 21.02%
Common Stock $278.1M $278.1M
YoY Change 0.02% 0.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $150.2M $156.3M
YoY Change
Total Liabilities & Shareholders Equity $153.7M $158.5M
YoY Change -12.53% -13.2%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$7.299M -$7.060M
YoY Change -17.31% -34.96%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.324M -$6.974M
YoY Change -49.96% -16.83%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$2.472M $86.27K
YoY Change -78.96% -100.32%
Cash From Investing Activities -$2.472M $86.27K
YoY Change -78.96% -100.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -35.52K -34.64K
YoY Change -821.95% -118.91%
NET CHANGE
Cash From Operating Activities -3.324M -6.974M
Cash From Investing Activities -2.472M 86.27K
Cash From Financing Activities -35.52K -34.64K
Net Change In Cash -5.832M -6.923M
YoY Change -68.29% -80.12%
FREE CASH FLOW
Cash From Operating Activities -$3.324M -$6.974M
Capital Expenditures
Free Cash Flow
YoY Change

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us-gaap Nature Of Operations
NatureOfOperations
<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;text-align:justify;margin:0pt 0pt 12pt 0pt;">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”. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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 (“NTD”) which were the joint property of the British Columbia Cancer Agency and the University of British Columbia. As of March 31, 2023, no products are in commercial production or use.</p>
CY2022Q3 us-gaap Accounts Payable And Accrued Liabilities Current
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2176565
us-gaap Use Of Estimates
UseOfEstimates
<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;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of the accompanying condensed consolidated interim 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 of 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 valuation of equity instruments issued for services. Further details of the nature of these assumptions and conditions may be found in the relevant notes to these condensed consolidated interim financial statements.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;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. Estimates and assumptions are reviewed quarterly.</p>
CY2023Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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CY2023Q1 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
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CY2022Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q3 us-gaap Debt Securities Available For Sale Accrued Interest After Allowance For Credit Loss
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CY2022Q3 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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CY2022Q3 us-gaap Available For Sale Securities Debt Securities
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CY2023Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2022Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
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CY2023Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
0
us-gaap Gain Loss On Sale Of Investments
GainLossOnSaleOfInvestments
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
195000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
170000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.76
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
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CY2023Q1 epix Prepaid Preclinical And Clinical Expenses And Deposits
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CY2022Q3 epix Prepaid Preclinical And Clinical Expenses And Deposits
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CY2023Q1 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2022Q3 us-gaap Prepaid Expense And Other Assets
PrepaidExpenseAndOtherAssets
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CY2023Q1 us-gaap Prepaid Expense Current
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CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
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CY2023Q1 us-gaap Accounts Payable Current
AccountsPayableCurrent
1195783
CY2022Q3 us-gaap Accounts Payable Current
AccountsPayableCurrent
954598
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
359160
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
807484
CY2023Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
466170
CY2022Q3 us-gaap Accrued Vacation Current
AccruedVacationCurrent
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CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Current
AccountsPayableAndAccruedLiabilitiesCurrent
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CY2021Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
308286
us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2022Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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CY2022Q3 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
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us-gaap Operating Lease Right Of Use Asset Amortization Expense
OperatingLeaseRightOfUseAssetAmortizationExpense
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CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
125605
CY2021Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
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us-gaap Operating Lease Payments
OperatingLeasePayments
64746
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
273634
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
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epix Operating Lease Liabilities Accretion Expenses
OperatingLeaseLiabilitiesAccretionExpenses
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us-gaap Operating Lease Payments
OperatingLeasePayments
69278
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
145268
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
125491
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19777
CY2023Q1 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
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CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
6803230
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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1347500
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
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CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
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CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
3.60
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
7902061
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
195000
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
51787
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
5.03
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8045274
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.08
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5302472
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.83
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8045274
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y1M24D
CY2022Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
3234750
CY2022Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.0484
epix Class Of Warrant Or Right Expired
ClassOfWarrantOrRightExpired
307273
epix Class Of Warrant Or Right Weighted Average Exercise Price Warrants Expired
ClassOfWarrantOrRightWeightedAverageExercisePriceWarrantsExpired
-0.4986
CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
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CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
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CY2023Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
2927477
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 epix Cash Canada Deposit Insurance Corporation Insured Amount
CashCanadaDepositInsuranceCorporationInsuredAmount
100000
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000
CY2023Q1 epix Working Capital
WorkingCapital
155967246

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