$IKT
Inhibikase Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000095017021004620 Filed on November 15, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 Q3
Revenue $1.940K $328.5K $37.68K
YoY Change -98.86% 771.71% -68.6%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.653M $1.645M $580.8K
YoY Change 45.01% 183.21% -45.72%
% of Gross Profit
Research & Development $3.390M $3.155M $120.6K
YoY Change 1374.03% 2516.39% -51.77%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $5.043M $4.799M $701.4K
YoY Change 268.13% 584.28% -47.26%
Operating Profit -$4.471M -$663.7K
YoY Change 573.64%
Interest Expense -$160.00 $157.00 $6.890K
YoY Change -98.4% -97.72% -168.9%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.042M -$4.471M -$670.0K
YoY Change 316.66% 567.34% -44.63%
Income Tax
% Of Pretax Income
Net Earnings -$5.042M -$4.471M -$670.6K
YoY Change 316.66% 566.75% -44.58%
Net Earnings / Revenue -259877.32% -1361.26% -1779.72%
Basic Earnings Per Share -$0.18
Diluted Earnings Per Share -$199.8K -$177.8K -$81.71K
COMMON SHARES
Basic Shares Outstanding 25.16M 25.14M
Diluted Shares Outstanding 25.14M

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $40.75M $44.85M $20.00K
YoY Change 192.12% 224129.75%
Cash & Equivalents $40.75M $44.85M $16.17K
Short-Term Investments $0.00
Other Short-Term Assets $1.610M $805.8K $10.00K
YoY Change 93.94% 7957.7%
Inventory
Prepaid Expenses $107.0K $264.4K
Receivables $110.1K
Other Receivables $0.00
Total Short-Term Assets $42.47M $45.87M $30.00K
YoY Change 187.3% 152797.33%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.430M
YoY Change
Total Long-Term Assets $0.00 $1.00 $1.430M
YoY Change -100.0%
TOTAL ASSETS
Total Short-Term Assets $42.47M $45.87M $30.00K
Total Long-Term Assets $0.00 $1.00 $1.430M
Total Assets $42.47M $45.87M $1.460M
YoY Change 187.3% 3041.73%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.090M $553.8K $3.310M
YoY Change -36.67% -83.27%
Accrued Expenses $2.716M $1.905M $610.0K
YoY Change 329.07% 212.3%
Deferred Revenue $0.00 $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $248.9K $248.9K $40.00K
YoY Change 522.28% 522.28%
Total Short-Term Liabilities $4.054M $2.708M $5.910M
YoY Change -14.13% -54.18%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $670.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $670.0K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.054M $2.708M $5.910M
Total Long-Term Liabilities $0.00 $0.00 $670.0K
Total Liabilities $4.054M $2.708M $6.590M
YoY Change -18.88% -58.91%
SHAREHOLDERS EQUITY
Retained Earnings -$29.82M -$24.78M
YoY Change -298.37%
Common Stock $68.23M $67.94M
YoY Change 174.96%
Preferred Stock
YoY Change
Treasury Stock (at cost) $519.8K
YoY Change
Treasury Stock Shares
Shareholders Equity $38.42M $43.16M -$5.125M
YoY Change
Total Liabilities & Shareholders Equity $42.47M $45.87M $1.460M
YoY Change 187.3% 3041.73%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$5.042M -$4.471M -$670.6K
YoY Change 316.66% 566.75% -44.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$4.096M -$2.020M $80.00K
YoY Change 331.14% -2625.61%
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
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 29.89K -70.00K
YoY Change -100.0% -142.7%
NET CHANGE
Cash From Operating Activities -4.096M -2.020M 80.00K
Cash From Investing Activities
Cash From Financing Activities 0.000 29.89K -70.00K
Net Change In Cash -4.096M -1.991M 10.00K
YoY Change -129.4% -20006.0%
FREE CASH FLOW
Cash From Operating Activities -$4.096M -$2.020M $80.00K
Capital Expenditures
Free Cash Flow
YoY Change

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13953513
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
18457
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
44845950
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16168
us-gaap Interest Paid Net
InterestPaidNet
19608
ikt Accrued Deferred Initial Public Offering Costs
AccruedDeferredInitialPublicOfferingCosts
1334331
us-gaap Nature Of Operations
NatureOfOperations
<div style="display:flex;margin-top:12.0pt;line-height:1.3;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:0.25in;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;display:inline-block;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:0.25in;">1.</span><div style="display:inline;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">Nature of Business </span></div></div><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a clinical stage pharmaceutical company developing therapeutics for Parkinson’s Disease, or "PD", and related disorders that arise inside and outside of the brain. In 2021, we commenced clinical development of IkT-148009, a small molecule Abelson Tyrosine Kinase inhibitor we believe can modify the course of Parkinson’s disease and its manifestation in the gastrointestinal tract, or GI. Results to date of our ongoing Phase 1 Single and Multiple Ascending Dose escalation study ("SAD" and "MAD", respectively) in older and elderly healthy volunteers have revealed important insights into the safety, tolerability and pharmacokinetics of IkT-148009 in human subjects. Outcomes of this study led to an acceleration of the clinical development program. In July 2021, the U.S. Food and Drug Administration (“FDA”) agreed with the Company’s plan to initiate its Phase 1b study in Parkinson’s patients which commenced dosing October 19, 2021. Clinical development of IkT-148009 for the GI complications in PD patients will cross-reference the Phase 1 study of IkT-148009 for the treatment of PD. Clinical development of the Company’s lead oncology asset, IkT-001Pro, is anticipated to begin shortly after submission of Company’s Investigational New Drug application for IkT-001Pro; submission of the IND is anticipated to occur in the first quarter of 2022. The Company’s pursuit of the orphan indication Multiple System Atrophy is ongoing with regulators in the U.S. and Europe.</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span>
CY2021Q3 ikt Working Capital
WorkingCapital
43161479
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-24776068
CY2021Q3 us-gaap Cash
Cash
44845950
CY2021Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
2458811
CY2021Q3 us-gaap Notes Payable
NotesPayable
248911
CY2021Q4 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1932618
CY2021Q4 us-gaap Treasury Stock Value
TreasuryStockValue
519813
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">The preparation of the Company’s financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company utilizes certain estimates in the determination of the fair value of its stock options and warrants, deferred tax valuation allowances and revenue recognition, to record expenses relating to research and development contracts and accrued expenses. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Concentrations of Credit Risk</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">For the three months ended September 30, 2021</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> and 2020, the Company derived more than </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">90</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">% of its total revenue from a single source, the United States Government, in the form of federal research grants.</span></p>
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.87
ikt Common Stock Per Share Entitled To Vote
CommonStockPerShareEntitledToVote
1
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
5191957
CY2021Q3 ikt Accrued Consulting Current
AccruedConsultingCurrent
256342
CY2020Q4 ikt Accrued Consulting Current
AccruedConsultingCurrent
115405
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
383286
CY2021Q3 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1483479
CY2020Q4 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
83491
CY2021Q3 ikt Accrued Interest Current
AccruedInterestCurrent
811
CY2020Q4 ikt Accrued Interest Current
AccruedInterestCurrent
1673
CY2021Q3 us-gaap Accrued Bonuses Current
AccruedBonusesCurrent
152860
CY2021Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
11518
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49079
CY2021Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1905010
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
632934
CY2021Q3 us-gaap Notes Payable
NotesPayable
248911
CY2020Q4 us-gaap Notes Payable
NotesPayable
318995
CY2021Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
248911
CY2021Q3 us-gaap Long Term Debt
LongTermDebt
248911
CY2020Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
11594
CY2020Q2 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
63800
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5.50
CY2020Q1 us-gaap Debt Instrument Issuance Date1
DebtInstrumentIssuanceDate1
2020-02-05
CY2020Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0159
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4318357
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
73496
CY2021Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
0.38
CY2021Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
6.82
CY2021Q3 ikt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
259674
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
90708
CY2021Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
2.92
CY2021Q2 ikt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
160000
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
27240
CY2021Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
1.79
CY2021Q3 ikt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
50000
us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On August 20, 2020, the board of directors adopted resolutions proposing that each 1.14396 shares of the Company’s issued and outstanding common stock, par value $0.001 per share, be automatically converted into one fully paid and non-assessable share of common stock, par value $0.001 (the “Reverse Stock Split”) with cash in lieu of fractional shares.
CY2020Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.14396
CY2020Q1 ikt Additional Rights Or Options Granted
AdditionalRightsOrOptionsGranted
0
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
95349
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
68628
CY2021Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
21854
CY2021Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
2.02
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Shares Issued In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod
21853
CY2021Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
2.02
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1266026
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
419275
CY2020Q1 ikt Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
26225
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.67
CY2020Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P7Y
CY2020Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
101478
us-gaap Class Of Warrant Or Righst Date From Which Warrants Or Rights Exercisable
ClassOfWarrantOrRighstDateFromWhichWarrantsOrRightsExercisable
2022-06-15
CY2021Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
3.75
ikt Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
0
ikt Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
0
us-gaap Net Income Loss
NetIncomeLoss
-9744444
us-gaap Net Income Loss
NetIncomeLoss
-1639908
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
15868421
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8187517
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.61
us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.20
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5191957
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4020092
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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