$IKT
Inhibikase Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023042389 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $79.57K $116.4K $6.552K
YoY Change 991.33% 1676.71% -99.52%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.623M $1.783M $1.664M
YoY Change 5.47% 7.14% 3.44%
% of Gross Profit
Research & Development $3.226M $4.536M $2.982M
YoY Change 8.18% 52.09% 25.17%
% of Gross Profit
Depreciation & Amortization $6.568K $159.2K $0.00
YoY Change 290.95%
% of Gross Profit
Operating Expenses $4.848M $6.319M $4.646M
YoY Change 7.26% 35.99% 16.41%
Operating Profit -$4.769M -$6.202M -$4.640M
YoY Change 5.67% 33.67% 76.53%
Interest Expense $170.0K $424.4K
YoY Change
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.600M -$5.778M -$4.640M
YoY Change 2.35% 24.53% 76.01%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.595M -$5.778M -$4.640M
YoY Change 2.24% 24.53% 76.01%
Net Earnings / Revenue -5775.11% -4963.46% -70817.14%
Basic Earnings Per Share -$0.86 -$1.11 -$0.18
Diluted Earnings Per Share -$0.86 -$1.11 -$0.18
COMMON SHARES
Basic Shares Outstanding 5.348M 31.06M 25.23M
Diluted Shares Outstanding 5.342M 5.226M 25.23M

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.83M $20.94M $32.21M
YoY Change -36.57% -35.01% -31.22%
Cash & Equivalents $14.86M $1.905M $32.21M
Short-Term Investments $1.970M $19.03M
Other Short-Term Assets $720.0K $969.2K $1.731M
YoY Change -49.94% -44.0% -3.47%
Inventory
Prepaid Expenses $347.6K $425.2K $919.1K
Receivables $0.00 $79.60K $6.550K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $17.55M $21.98M $33.95M
YoY Change -37.29% -35.25% -31.02%
LONG-TERM ASSETS
Property, Plant & Equipment $79.94K $86.52K $43.09K
YoY Change -66.91% 100.8%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $330.0K $363.6K $43.09K
YoY Change -44.52% 743.87% -4309000.0%
TOTAL ASSETS
Total Short-Term Assets $17.55M $21.98M $33.95M
Total Long-Term Assets $330.0K $363.6K $43.09K
Total Assets $17.88M $22.35M $33.99M
YoY Change -37.44% -34.26% -30.93%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $734.6K $754.1K $860.4K
YoY Change -5.97% -12.35% -4.1%
Accrued Expenses $1.858M $1.831M $3.630M
YoY Change -18.85% -49.56% 315.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $2.742M $2.733M $4.490M
YoY Change -14.67% -39.13% 134.77%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $120.0K $150.0K
YoY Change -48.28%
Total Long-Term Liabilities $120.0K $150.0K $0.00
YoY Change -48.28% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.742M $2.733M $4.490M
Total Long-Term Liabilities $120.0K $150.0K $0.00
Total Liabilities $2.863M $2.883M $4.490M
YoY Change -16.9% -35.79% 107.74%
SHAREHOLDERS EQUITY
Retained Earnings -$62.72M -$58.13M -$39.10M
YoY Change 43.88% 48.67% 92.56%
Common Stock $77.74M $77.59M $68.60M
YoY Change 13.16% 13.11% 1.84%
Preferred Stock
YoY Change
Treasury Stock (at cost) $196.0K $314.2K
YoY Change -37.63% -59.32%
Treasury Stock Shares
Shareholders Equity $15.02M $19.46M $29.50M
YoY Change
Total Liabilities & Shareholders Equity $17.88M $22.35M $33.99M
YoY Change -37.44% -34.26% -30.93%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income -$4.595M -$5.778M -$4.640M
YoY Change 2.24% 24.53% 76.01%
Depreciation, Depletion And Amortization $6.568K $159.2K $0.00
YoY Change 290.95%
Cash From Operating Activities -$4.100M -$4.565M -$4.356M
YoY Change -25.52% 4.81% 2.47%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $14.24K -$43.09K
YoY Change -100.0% -133.05%
Acquisitions
YoY Change
Other Investing Activities $17.06M $2.564M
YoY Change -182.31%
Cash From Investing Activities $17.06M $2.550M -$43.09K
YoY Change -181.53% -6017.57%
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 -35.98K 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -4.100M -4.565M -4.356M
Cash From Investing Activities 17.06M 2.550M -43.09K
Cash From Financing Activities 0.000 -35.98K 0.000
Net Change In Cash 12.96M -2.051M -4.399M
YoY Change -149.03% -53.36% -111.82%
FREE CASH FLOW
Cash From Operating Activities -$4.100M -$4.565M -$4.356M
Capital Expenditures $0.00 $14.24K -$43.09K
Free Cash Flow -$4.100M -$4.580M -$4.313M
YoY Change -22.71% 6.19%

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ikt Issuance Costs
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us-gaap Nature Of Operations
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<div style="text-indent:0.0%;display:flex;margin-top:12.0pt;justify-content:flex-start;align-items:baseline;margin-bottom:0.0pt;min-width:3.333%;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10.0pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.333%;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Nature of Business </span></div></div><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Inhibikase Therapeutics, Inc. (the “Company,” “we” or “our”) is a clinical-stage pharmaceutical company developing protein kinase inhibitor therapeutics to modify the course of Parkinson’s disease ("PD"), Parkinson’s-related disorders and other diseases of the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline has a primary focus on neurodegeneration and its lead program utilizing IkT-148009, a selective inhibitor of the non-receptor Abelson Tyrosine Kinases, targets the treatment of Parkinson’s disease inside and outside the brain as well as other diseases that arise from Abelson Tyrosine Kinases. In 2021, we commenced clinical development of IkT-148009, which we believe can modify the course of Parkinson’s disease including its manifestation in the gastrointestinal tract, or GI. In January, 2023, the Company initiated its Phase 2 program for IkT-148009 as a treatment for Parkinson’s disease. As of the date of this Report, 22 of 35 planned sites are currently screening and enrolling patients and the first patient has completed the 12 week treatment regimen.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">In March, 2023 the Company opened its IND for IkT-148009 as a treatment for the orphan disease Multiple System Atrophy or MSA.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is also developing platform technologies for alternate ways to deliver protein kinase inhibitors in patients. Our first example of this technology is IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, to treat Stable Phase Chronic Myelogenous Leukemia (SP-CML). Pursuant to its IND, which was cleared by the FDA in August 2022, IkT-001Pro is being evaluated in a two-part dose finding/dose equivalence study in up to 59 healthy volunteers (the 501 trial). The study is designed to evaluate the 96-hour pharmacokinetics of imatinib delivered as IkT-001Pro and determine the dose of IkT-001Pro that can deliver imatinib equivalent to 400 mg imatinib mesylate, the standard-of-care dose for SP-CML. Following completion of the 501 study, Inhibikase will confer with the FDA and seek agreement on the requirements for the New Drug Application (“NDA”) process following the proposed approval path for IkT-001Pro under the 505(b)(2) approval pathway.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
CY2023Q2 ikt Working Capital
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CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
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CY2023Q2 us-gaap Cash
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us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares
us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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 our liquidity and working capital adequacy, 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</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">expenses. </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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">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:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10.0pt;margin-top:9.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">For the three and six months ended June 30, 2023 and 2022, the Company d</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">erived </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">100</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of its to</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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">tal revenue from a single source, the United States Government, in the form of federal research grants.</span></p>
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CY2022 us-gaap Marketable Securities Realized Gain Loss
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ikt Common Stock Per Share Entitled To Vote
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2023Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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4222496
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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CY2023Q2 us-gaap Stockholders Equity Reverse Stock Split
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CY2023Q2 us-gaap Income Tax Expense Benefit
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0
CY2022Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Operating Lease Expense
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us-gaap Short Term Lease Payments
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CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2023Q2 us-gaap Lessor Operating Lease Payments To Be Received
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CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Operating Lease Liability
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