$GOVX
GeoVax Labs, Inc.

2021 Q4 Form 10-Q Financial Statement

#000143774921026298 Filed on November 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $165.0K $30.41K $415.5K
YoY Change -34.02% -92.68% 24.68%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.015M $757.4K $440.0K
YoY Change 22.23% 72.14% 51.72%
% of Gross Profit
Research & Development $12.89M $1.224M $416.8K
YoY Change 1596.6% 193.78% -10.89%
% of Gross Profit
Depreciation & Amortization $11.71K $8.940K -$10.00K
YoY Change -41.45% -189.4% -200.0%
% of Gross Profit
Operating Expenses $13.91M $1.982M $851.8K
YoY Change 774.76% 132.67% 12.2%
Operating Profit -$1.951M -$436.3K
YoY Change 347.25% 2.43%
Interest Expense $740.00 $0.00 $134.4K
YoY Change -100.0% 12653.98%
% of Operating Profit
Other Income/Expense, Net $877.00 -$134.3K
YoY Change -100.65% -9020.12%
Pretax Income -$13.74M -$1.951M -$570.0K
YoY Change 925.6% 242.19% 35.71%
Income Tax
% Of Pretax Income
Net Earnings -$13.74M -$1.951M -$570.6K
YoY Change 925.6% 241.8% 34.45%
Net Earnings / Revenue -8331.11% -6413.17% -137.35%
Basic Earnings Per Share -$0.31
Diluted Earnings Per Share -$2.153M -$307.2K -$730.8K
COMMON SHARES
Basic Shares Outstanding 6.382M 6.328M 15.44M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.42M $18.11M $11.58M
YoY Change 15.63% 56.36% 1931.58%
Cash & Equivalents $11.42M $18.11M $11.58M
Short-Term Investments
Other Short-Term Assets $156.2K $52.82K $10.00K
YoY Change -8.09% 428.2% -91.67%
Inventory
Prepaid Expenses
Receivables $49.01K $0.00 $140.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $11.63M $18.16M $11.73M
YoY Change 13.62% 54.75% 1374.98%
LONG-TERM ASSETS
Property, Plant & Equipment $156.9K $168.7K $10.09K
YoY Change 6.23% 1570.99% 1.65%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $11.01K $11.01K $10.00K
YoY Change 10.1% 10.1% 0.0%
Total Long-Term Assets $167.9K $179.7K $21.10K
YoY Change 5.79% 751.36% 0.78%
TOTAL ASSETS
Total Short-Term Assets $11.63M $18.16M $11.73M
Total Long-Term Assets $167.9K $179.7K $21.10K
Total Assets $11.80M $18.34M $11.76M
YoY Change 13.5% 56.0% 1339.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.058M $289.4K $161.5K
YoY Change 668.59% 79.24% 155.73%
Accrued Expenses $3.378M $46.21K $579.6K
YoY Change 840.16% -92.03% -66.55%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $180.0K
YoY Change -100.0% -100.0% 1700.0%
Total Short-Term Liabilities $5.435M $335.7K $923.6K
YoY Change 570.78% -63.66% -48.92%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $20.00K
YoY Change -100.0% -100.0% -33.33%
Other Long-Term Liabilities $2.000M
YoY Change
Total Long-Term Liabilities $2.000M $0.00 $20.00K
YoY Change 19900.0% -100.0% -33.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.435M $335.7K $923.6K
Total Long-Term Liabilities $2.000M $0.00 $20.00K
Total Liabilities $7.435M $335.7K $942.2K
YoY Change 801.2% -64.37% -48.72%
SHAREHOLDERS EQUITY
Retained Earnings -$64.38M -$50.63M -$44.47M
YoY Change 40.54% 13.86% 5.23%
Common Stock $68.74M $68.64M $55.21M
YoY Change 24.3% 24.33% 41.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.362M $18.00M $10.81M
YoY Change
Total Liabilities & Shareholders Equity $11.80M $18.34M $11.76M
YoY Change 13.5% 56.0% 1339.74%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$13.74M -$1.951M -$570.6K
YoY Change 925.6% 241.8% 34.45%
Depreciation, Depletion And Amortization $11.71K $8.940K -$10.00K
YoY Change -41.45% -189.4% -200.0%
Cash From Operating Activities -$6.683M -$1.634M -$280.0K
YoY Change 333.97% 483.46% -20.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$27.79K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$27.79K $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 230.0K 11.16M
YoY Change -97.94% 1494.29%
NET CHANGE
Cash From Operating Activities -6.683M -1.634M -280.0K
Cash From Investing Activities 0.000 -27.79K 0.000
Cash From Financing Activities 0.000 230.0K 11.16M
Net Change In Cash -6.683M -1.431M 10.88M
YoY Change 293.13% -113.16% 3008.57%
FREE CASH FLOW
Cash From Operating Activities -$6.683M -$1.634M -$280.0K
Capital Expenditures $0.00 -$27.79K $0.00
Free Cash Flow -$6.683M -$1.606M -$280.0K
YoY Change 384.29% 473.54% -20.0%

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us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">1.</em></b>         <b>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;margin:0pt;">GeoVax Labs, Inc. (“GeoVax” or the “Company”), is a clinical-stage biotechnology company developing immunotherapies and vaccines against infectious diseases and cancers using novel vector vaccine platforms. GeoVax’s Modified Vaccinia Ankara-Virus-Like Particle (MVA-VLP) based platform utilizes MVA, a large virus capable of carrying several vaccine antigens, to express proteins that assemble into highly effective virus-like particle (VLP) immunogens in the person receiving the vaccine. The production of VLPs in the person being vaccinated can mimic virus production in a natural infection, stimulating both the humoral and cellular arms of the immune system to recognize, prevent, and control the target infection. The MVA-VLP derived vaccines can elicit durable immune responses in the host similar to a live-attenuated virus, while providing the safety characteristics of a replication-defective vector.</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;margin:0pt;">GeoVax’s MVA-VLP development programs are focused primarily on preventive vaccines against the SARS-CoV-<em style="font: inherit;">2</em> virus (COVID-<em style="font: inherit;">19</em>) and immunotherapies for solid tumor cancers. Other development programs include preventive vaccines against Zika Virus, hemorrhagic fever viruses (Ebola, Sudan, Marburg, Lassa), Human Immunodeficiency Virus (HIV), and malaria. Certain of our vaccine development activities have been, and continue to be, financially supported by the U.S. Government. This support has been both in the form of research grants and contracts awarded directly to us, as well as indirect support for the conduct of preclinical animal studies and human clinical trials.</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;margin:0pt;">On <em style="font: inherit;"> September 28, 2021, </em>GeoVax entered into an Assignment and License Agreement with PNP Therapeutics, Inc., whereby GeoVax expanded its immuno-oncology pipeline and added a new technology platform through the acquisition of exclusive rights to Gedeptin®, a novel patented product for the treatment of solid tumors through a gene therapy strategy known as GDEPT (Gene-Directed Enzyme Prodrug Therapy). In GDEPT, a vector is used to selectively transduce tumor cells with a nonhuman gene, which expresses an enzyme that can convert a nontoxic prodrug into a potent antitumor compound. A Phase <em style="font: inherit;">1/2</em> clinical trial is currently enrolling to evaluate the safety and efficacy of repeat cycles of Gedeptin therapy in patients with recurrent head and neck squamous cell carcinoma (HNSCC), with tumors accessible for injection and <em style="font: inherit;">no</em> curable treatment options. The FDA has granted Gedeptin Orphan Drug status for the treatment of HNSCC and the initial stage of the ongoing clinical trial is being funded by the FDA pursuant to its Orphan Products Clinical Trials Grants Program. GeoVax’s license to Gedeptin includes rights to expand its use to all human diseases and/or conditions including, but <em style="font: inherit;">not</em> limited to, cancers.</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;margin:0pt;">GeoVax is incorporated under the laws of the State of Delaware and our principal offices are located in the metropolitan Atlanta, Georgia area.</p>
us-gaap Basis Of Accounting
BasisOfAccounting
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b>         <b>Basis of Presentation</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;margin:0pt;">The accompanying condensed consolidated financial statements at <em style="font: inherit;"> September 30, 2021 </em>and for the <em style="font: inherit;">three</em>-month and <em style="font: inherit;">nine</em>-month periods ended <em style="font: inherit;"> September 30, 2021 </em>and <em style="font: inherit;">2020</em> are unaudited, but include all adjustments, consisting of normal recurring entries, which we believe to be necessary for a fair presentation of the dates and periods presented. Interim results are <em style="font: inherit;">not</em> necessarily indicative of results for a full year. The financial statements should be read in conjunction with our audited consolidated financial statements included in our Annual Report on Form <em style="font: inherit;">10</em>-K for the year ended <em style="font: inherit;"> December 31, 2020. </em>We expect our operating results to fluctuate for the foreseeable future; therefore, period-to-period comparisons should <em style="font: inherit;">not</em> be relied upon as predictive of the results in future periods.</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;margin:0pt;">We enacted reverse stock splits of our common stock on <em style="font: inherit;"> September 25, 2020 (</em><em style="font: inherit;">1</em>-for-20) and on <em style="font: inherit;"> January 21, 2020 (</em><em style="font: inherit;">1</em>-for-2,000). The accompanying financial statements, and all share and per share information contained herein, have been retroactively restated to reflect the reverse stock splits.</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;margin:0pt;">Our financial statements have been prepared assuming that we will continue as a going concern, which contemplates realization of assets and the satisfaction of liabilities in the normal course of business for at least the <em style="font: inherit;">twelve</em>-month period following the issue date of these consolidated financial statements. We are devoting substantially all of our present efforts to research and development of our vaccine and immunotherapy candidates. We have funded our activities to date from sales of our equity securities, government grants and clinical trial assistance, and corporate and academic collaborations. We expect to incur future net losses and require substantial funds as we continue our research and development activities. Our transition to profitability will be dependent upon, among other things, the successful development and commercialization of our product candidates. We <em style="font: inherit;"> may </em>never achieve profitability or positive cash flows, and unless and until we do, we will continue to need to raise additional funding. We intend to fund future operations through additional private and/or public offerings of debt or equity securities. In addition, we <em style="font: inherit;"> may </em>seek additional capital through arrangements with strategic partners or from other sources. There can be <em style="font: inherit;">no</em> assurance that we will be able to raise additional funds or achieve or sustain profitability or positive cash flows from operations. </p>
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2965451
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2550184
CY2020Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
204553
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
78754
CY2021Q3 us-gaap Unrecorded Unconditional Purchase Obligation Balance Sheet Amount
UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount
607000 USD
CY2021Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
707159 USD
CY2020Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
659441 USD
CY2021Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
538506 USD
CY2020Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
511700 USD
CY2021Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
168653 USD
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
147741 USD
CY2021Q3 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
11212 USD
CY2020Q4 us-gaap Accrued Salaries Current
AccruedSalariesCurrent
279696 USD
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
35000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
79585 USD
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
46212 USD
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
359281 USD
CY2021Q1 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
1644000
CY2021Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
6.25
CY2021Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
9400000 USD
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
602000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.79
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P9Y2M12D
CY2021Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
3174156 USD
CY2021Q3 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
230000 USD
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
13707
CY2021Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
486940 USD
CY2021Q3 govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
29560 USD
govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
80733 USD
CY2020Q3 govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
6000 USD
govx Stock Issued During Period Value Expensed During The Period Issued For Services
StockIssuedDuringPeriodValueExpensedDuringThePeriodIssuedForServices
24000 USD
CY2021Q3 govx Prepaid Expense Value Of Stock Issued For Services During Period
PrepaidExpenseValueOfStockIssuedForServicesDuringPeriod
39773 USD
CY2021Q3 govx Unused Grant Funds
UnusedGrantFunds
244888 USD

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