$IKT
Inhibikase Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000095017023063713 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3 2022 Q3
Revenue $0.00 $79.57K $7.291K
YoY Change -100.0% 991.33% -97.78%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.401M $1.623M $1.539M
YoY Change 4.18% 5.47% -6.46%
% of Gross Profit
Research & Development $3.003M $3.226M $2.982M
YoY Change -1.68% 8.18% -5.48%
% of Gross Profit
Depreciation & Amortization $7.400K $6.568K $1.680K
YoY Change 46.83% 290.95%
% of Gross Profit
Operating Expenses $4.404M $4.848M $4.520M
YoY Change 0.11% 7.26% -5.82%
Operating Profit -$4.769M -$4.513M
YoY Change 5.67% 0.94%
Interest Expense $225.6K $170.0K $0.00
YoY Change 303.49% -100.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.178M -$4.600M -$4.495M
YoY Change -2.36% 2.35% 0.52%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.178M -$4.595M -$4.495M
YoY Change -2.36% 2.24% 0.52%
Net Earnings / Revenue -5775.11% -61645.36%
Basic Earnings Per Share -$0.86 -$0.18
Diluted Earnings Per Share -$0.68 -$0.86 -$0.18
COMMON SHARES
Basic Shares Outstanding 6.174M 5.348M 25.23M
Diluted Shares Outstanding 5.342M 25.23M

Balance Sheet

Concept 2023 Q4 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $13.26M $16.83M $26.53M
YoY Change -42.49% -36.57% -40.83%
Cash & Equivalents $9.170M $14.86M $5.782M
Short-Term Investments $4.087M $1.970M $20.75M
Other Short-Term Assets $959.0K $720.0K $1.438M
YoY Change -25.14% -49.94% 78.51%
Inventory
Prepaid Expenses $219.8K $347.6K $932.4K
Receivables $0.00 $0.00 $13.84K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $14.21M $17.55M $27.99M
YoY Change -41.69% -37.29% -38.99%
LONG-TERM ASSETS
Property, Plant & Equipment $73.37K $79.94K $241.6K
YoY Change -68.98% -66.91%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $295.6K $330.0K $594.8K
YoY Change -47.7% -44.52% 59482300.0%
TOTAL ASSETS
Total Short-Term Assets $14.21M $17.55M $27.99M
Total Long-Term Assets $295.6K $330.0K $594.8K
Total Assets $14.51M $17.88M $28.58M
YoY Change -41.83% -37.44% -37.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $646.8K $734.6K $781.2K
YoY Change -43.82% -5.97% 41.07%
Accrued Expenses $2.260M $1.858M $2.290M
YoY Change -5.77% -18.85% 20.19%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.439M $2.742M $3.213M
YoY Change -6.95% -14.67% 18.66%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $90.12K $120.0K $232.0K
YoY Change -56.14% -48.28%
Total Long-Term Liabilities $90.12K $120.0K $232.0K
YoY Change -56.14% -48.28%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.439M $2.742M $3.213M
Total Long-Term Liabilities $90.12K $120.0K $232.0K
Total Liabilities $3.529M $2.863M $3.445M
YoY Change -9.54% -16.9% 27.23%
SHAREHOLDERS EQUITY
Retained Earnings -$66.90M -$62.72M -$43.59M
YoY Change 39.75% 43.88% 75.95%
Common Stock $77.88M $77.74M $68.70M
YoY Change 13.19% 13.16% 1.13%
Preferred Stock
YoY Change
Treasury Stock (at cost) $314.2K
YoY Change
Treasury Stock Shares
Shareholders Equity $10.98M $15.02M $25.14M
YoY Change
Total Liabilities & Shareholders Equity $14.51M $17.88M $28.58M
YoY Change -41.83% -37.44% -37.69%

Cashflow Statement

Concept 2023 Q4 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$4.178M -$4.595M -$4.495M
YoY Change -2.36% 2.24% 0.52%
Depreciation, Depletion And Amortization $7.400K $6.568K $1.680K
YoY Change 46.83% 290.95%
Cash From Operating Activities -$3.445M -$4.100M -$5.505M
YoY Change -3.13% -25.52% 172.45%
INVESTING ACTIVITIES
Capital Expenditures $4.240K $0.00 -$200.2K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities -$2.119M $17.06M -$20.73M
YoY Change -142.7% -182.31%
Cash From Investing Activities -$2.113M $17.06M -$20.93M
YoY Change -142.58% -181.53%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -135.0K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -3.445M -4.100M -5.505M
Cash From Investing Activities -2.113M 17.06M -20.93M
Cash From Financing Activities -135.0K 0.000 0.000
Net Change In Cash -5.693M 12.96M -26.43M
YoY Change -504.75% -149.03% 1227.76%
FREE CASH FLOW
Cash From Operating Activities -$3.445M -$4.100M -$5.505M
Capital Expenditures $4.240K $0.00 -$200.2K
Free Cash Flow -$3.449M -$4.100M -$5.305M
YoY Change -3.01% -22.71%

Facts In Submission

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<div style="text-indent:0;display:flex;margin-top:12pt;justify-content:flex-start;align-items:baseline;margin-bottom:0;min-width:3.333%;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;text-indent:0;display:inline-flex;font-size:10pt;font-family:Times New Roman;justify-content:flex-start;min-width:3.333%;">1.</span><div style="width:100%;display:inline;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Nature of Business </span></div></div><p style="text-indent:3.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 Risvodetinib (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 Risvodetinib (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 Risvodetinib (IkT-148009) as a treatment for Parkinson’s disease. As of the date of this Report, 28 sites are open and actively evaluating prospective trial participants and 20% of the trial has been enrolled.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">In March 2023, the Company opened its IND for Risvodetinib (IkT-148009) as a treatment for the orphan disease Multiple System Atrophy or MSA. In October 2023, the Company received Orphan Drug Designation for Risvodetinib (IkT-148009) as a treatment for MSA.</span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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 has completed a three-part dose finding/dose equivalence study in up to 66 healthy volunteers (the 501 trial). The study was 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 either 400 mg or 600 mg imatinib mesylate. With the completion of the 501 study, Inhibikase will submit briefing materials to 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) statute</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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us-gaap Stockholders Equity Reverse Stock Split
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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">preparation of the Company’s condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated 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 expenses. The Company bases its estimates on historical experience and other</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:0;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">market-specific </span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results could differ from such estimates.</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2022 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
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us-gaap Concentration Risk Credit Risk
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<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:3.733%;font-size:10pt;margin-top:9pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three and nine months ended September 30, 2023 and 2022, the Company d</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">erived </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of its to</span><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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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CY2023Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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CY2022Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
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