$GRCE

2021 Q4 Form 10-Q Financial Statement

#000117184321007766 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $0.00 $0.00 $0.00
YoY Change -100.0%
Cost Of Revenue $0.00
YoY Change -100.0%
Gross Profit $0.00
YoY Change -100.0%
Gross Profit Margin
Selling, General & Admin $2.046M $2.982M $1.458M
YoY Change 53.72% 104.53% -36.64%
% of Gross Profit
Research & Development $2.179M $585.0K $1.286M
YoY Change 221.39% -54.51% -67.48%
% of Gross Profit
Depreciation & Amortization $0.00 $0.00 $56.00K
YoY Change -100.0% -22.22%
% of Gross Profit
Operating Expenses $4.225M $3.567M $2.744M
YoY Change 110.3% 29.99% -56.13%
Operating Profit -$4.474M -$3.567M -$8.034M
YoY Change 127.8% -55.6% 28.44%
Interest Expense $696.0K $4.548M $2.030M
YoY Change -155.41% 124.04% -113.66%
% of Operating Profit
Other Income/Expense, Net $696.0K $4.548M $1.888M
YoY Change -155.41% 140.89% -112.67%
Pretax Income -$3.778M $981.0K -$6.146M
YoY Change 17.33% -115.96% -70.95%
Income Tax $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings -$3.778M $981.0K -$6.146M
YoY Change 17.33% -115.96% -70.95%
Net Earnings / Revenue
Basic Earnings Per Share -$0.09 -$0.03
Diluted Earnings Per Share -$85.30K $29.92K -$516.9K
COMMON SHARES
Basic Shares Outstanding 44.29M 208.4M 96.89M
Diluted Shares Outstanding 44.29M 32.79M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $46.33M $50.79M $11.55M
YoY Change 65.93% 339.66% -42.9%
Cash & Equivalents $33.01M $36.93M $11.55M
Short-Term Investments $13.31M $13.86M
Other Short-Term Assets $2.434M $2.942M $1.536M
YoY Change 47.78% 91.54% 198.14%
Inventory
Prepaid Expenses $1.847M $2.178M $489.0K
Receivables $238.0K $813.0K $625.0K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $49.00M $54.55M $13.71M
YoY Change 62.25% 297.76% -36.93%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00K $43.00K $119.0K
YoY Change -79.05% -63.87% -94.82%
Goodwill
YoY Change
Intangibles $65.21M $65.21M $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $65.23M $65.25M $119.0K
YoY Change 62023.81% 54732.77% -98.49%
TOTAL ASSETS
Total Short-Term Assets $49.00M $54.55M $13.71M
Total Long-Term Assets $65.23M $65.25M $119.0K
Total Assets $114.2M $119.8M $13.83M
YoY Change 276.95% 766.08% -53.31%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.843M $4.433M $3.670M
YoY Change 35.38% 20.79% -65.16%
Accrued Expenses $22.00K $43.00K $81.00K
YoY Change -79.05% -46.91%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.897M $4.476M $3.751M
YoY Change 28.87% 19.33% -68.84%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $268.0K $1.116M $1.208M
YoY Change -88.55% -7.62% -93.61%
Total Long-Term Liabilities $268.0K $1.116M $1.208M
YoY Change -88.55% -7.62% -93.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.897M $4.476M $3.751M
Total Long-Term Liabilities $268.0K $1.116M $1.208M
Total Liabilities $3.165M $5.592M $4.959M
YoY Change -31.02% 12.76% -83.97%
SHAREHOLDERS EQUITY
Retained Earnings -$151.9M -$148.2M -$137.2M
YoY Change 8.24% 8.02%
Common Stock $258.0M $258.0M $142.6M
YoY Change 59.06% 80.96%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $111.1M $114.2M $8.873M
YoY Change
Total Liabilities & Shareholders Equity $114.2M $119.8M $13.83M
YoY Change 276.95% 766.08% -53.31%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.778M $981.0K -$6.146M
YoY Change 17.33% -115.96% -70.95%
Depreciation, Depletion And Amortization $0.00 $0.00 $56.00K
YoY Change -100.0% -22.22%
Cash From Operating Activities -$4.584M -$6.104M -$4.178M
YoY Change 8.78% 46.1% -32.09%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 -$33.00K
YoY Change -100.0% 94.12%
Acquisitions
YoY Change
Other Investing Activities $557.0K $2.837M $0.00
YoY Change -140.6% -100.0%
Cash From Investing Activities $557.0K $2.837M -$33.00K
YoY Change -140.6% -8696.97% -100.98%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $0.00 $3.435M
YoY Change -100.0% -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 $0.00 $3.434M
YoY Change -100.0% -100.0% -47.94%
NET CHANGE
Cash From Operating Activities -4.584M -$6.104M -$4.178M
Cash From Investing Activities 557.0K $2.837M -$33.00K
Cash From Financing Activities 0.000 $0.00 $3.434M
Net Change In Cash -3.916M -$4.046M -$570.0K
YoY Change -126.12% 609.82% -116.2%
FREE CASH FLOW
Cash From Operating Activities -$4.584M -$6.104M -$4.178M
Capital Expenditures $0.00 $0.00 -$33.00K
Free Cash Flow -$4.584M -$6.104M -$4.145M
YoY Change 8.78% 47.26% -32.44%

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us-gaap Nature Of Operations
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<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 27pt;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b><em style="font: inherit;">1.</em></b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;; font-size: 10pt;"><b>Nature of Operation:</b></p> </td></tr> </tbody></table> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">Acasti Pharma Inc. (“Acasti” or the “Corporation”) is incorporated under the Business Corporations Act (Québec) (formerly Part <em style="font: inherit;">1A</em> of the Companies Act (Québec)). The Corporation is domiciled in Canada and its registered office is located at <em style="font: inherit;">3009</em> boul. de la Concorde East, Suite <em style="font: inherit;">102,</em> Laval, Québec, Canada <em style="font: inherit;">H7E</em> <em style="font: inherit;">2B5.</em></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">In <em style="font: inherit;"> January 2020 </em>and <em style="font: inherit;"> August 2020, </em>the Corporation released Phase <em style="font: inherit;">3</em> clinical study results for the Corporation’s lead drug candidate, CaPre. The TRILOGY studies did <em style="font: inherit;">not</em> meet the primary endpoint which resulted in the Corporation’s Board of Directors making a decision <em style="font: inherit;">not</em> to proceed with a filing of an NDA with the FDA. With the completion of the TRILOGY studies beginning in the <em style="font: inherit;">second</em> half of fiscal <em style="font: inherit;">2021,</em> marketing and research and development activities and expenses were reduced while management undertook a strategic review, and some CaPre related equipment and other assets were and continue to be classified as held for sale as they are expected to be sold.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">In <em style="font: inherit;"> August 2021, </em>the Corporation completed the acquisition of Grace Therapeutics, Inc. (“Grace”) a privately held emerging biopharmaceutical company focused on developing innovative drug delivery technologies for the treatment of rare and orphan diseases, via a share-for-share merger. The merged Corporation will focus on building a late-stage specialty pharmaceutical company specialized in rare and orphan diseases and focused on developing and commercializing products that improve clinical outcomes using novel drug delivery technologies. The Corporation seeks to apply new proprietary formulations to existing pharmaceutical compounds to achieve enhanced efficacy, faster onset of action, reduced side effects, more convenient delivery and increased patient compliance; all of which could result in improved patient outcomes. The active pharmaceutical ingredients chosen by the Corporation for further development <em style="font: inherit;"> may </em>be already approved in the target indication or could be repurposed for use in new indications.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The Corporation has incurred operating losses and negative cash flows from operations in each year since its inception. The Corporation expects to incur significant expenses and continued operating losses for the foreseeable future. The Corporation expects its expenses will increase substantially in connection with its ongoing activities, particularly as it advances clinical development for the <em style="font: inherit;">first</em> <em style="font: inherit;">three</em> drug candidates in the Corporation’s pipeline; continue to engage contract manufacturing organizations (“CMOs”) to manufacture its clinical study materials and to develop large-scale manufacturing capabilities; seek regulatory approval for its product candidates; and add personnel to support its product development and future commercialization.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The Corporation does <em style="font: inherit;">not</em> expect to generate revenue from product sales unless and until it successfully completes drug development and obtains regulatory approval, which the Corporation expects will take several years and is subject to significant uncertainty. To date, the Corporation has financed its operations primarily through public offerings and private placements of its common shares, warrants and convertible debt and the proceeds from research tax credits. Until such time that the Corporation can generate significant revenue from product sales, if ever, it will require additional financing, which is expected to be sourced from a combination of public or private equity or debt financings or other non-dilutive sources, which <em style="font: inherit;"> may </em>include fees from collaborations with <em style="font: inherit;">third</em> parties. Arrangements with collaborators or others <em style="font: inherit;"> may </em>require the Corporation to relinquish certain rights related to its technologies or drug product candidates. Adequate additional financing <em style="font: inherit;"> may </em><em style="font: inherit;">not</em> be available to the Corporation on acceptable terms, or at all. The Corporation’s inability to raise capital as and when needed would have a negative impact on its financial condition and its ability to pursue its business strategy.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The Corporation remains subject to risks similar to other companies in the biopharmaceutical industry, including compliance with government regulations, protection of proprietary technology, dependence on <em style="font: inherit;">third</em> party contractors and consultants and potential product liability, among others.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p><p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"/> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"><b><i>Reverse Stock Split</i></b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">On <em style="font: inherit;"> August 26, 2021, </em>the shareholders of the Corporation approved a resolution to undertake a reverse split of the common stock within a range of <em style="font: inherit;">1</em>-<em style="font: inherit;">6</em> to <em style="font: inherit;">1</em>-<em style="font: inherit;">8</em> with such specific ratio to be approved by the Acasti Board. All references in these financial statements to number of common shares, warrants and options, price per share and weighted average number of shares outstanding prior to the reverse split have been adjusted to reflect the approved reverse stock split of <em style="font: inherit;">1</em>-8, which was made effective on <em style="font: inherit;"> August 31, 2021, </em>on a retroactive basis as of the earliest period presented.</p>
us-gaap Use Of Estimates
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<p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"><b><i>Use of estimates:</i></b></p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">The preparation of these financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. Actual results <em style="font: inherit;"> may </em>differ from these estimates.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt 0pt 0pt -9pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">Estimates are based on management’s best knowledge of current events and actions that management <em style="font: inherit;"> may </em>undertake in the future. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;">Estimates and assumptions include the measurement of derivative warrant liabilities (note <em style="font: inherit;">8</em>), stock-based compensation (note <em style="font: inherit;">12</em>), assets held for sale (note <em style="font: inherit;">5</em><span style="text-decoration: underline; ">),</span> acquisition of Grace<span style="text-decoration: underline; ">,</span> valuation of intangibles (note <em style="font: inherit;">4</em>) and the take-or-pay contract (note <em style="font: inherit;">14</em>(a)). Estimates and assumptions are also involved in measuring the accrual of services rendered with respect to research and developments expenditures at each reporting date, including whether contingencies should be accrued for, as well as in determining which research and development expenses qualify for investment tax credits and in what amounts. The Corporation recognizes the tax credits once it has reasonable assurance that they will be realized. Recorded tax credits are subject to review and approval by tax authorities and, therefore, could be different from the amounts recorded.</p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt 0pt 0pt -1pt;"> </p>
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us-gaap Foreign Currency Transaction Gain Loss Realized
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us-gaap Fair Value Adjustment Of Warrants
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CY2021Q3 us-gaap Increase Decrease In Prepaid Expense
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CY2020Q3 us-gaap Increase Decrease In Prepaid Expense
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us-gaap Increase Decrease In Prepaid Expense
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CY2021Q3 us-gaap Increase Decrease In Other Current Assets
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CY2021Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2020Q3 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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CY2021Q3 acst Increase Decrease In Working Capital
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CY2020Q3 acst Increase Decrease In Working Capital
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acst Increase Decrease In Working Capital
IncreaseDecreaseInWorkingCapital
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acst Increase Decrease In Working Capital
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