$IKT
Inhibikase Therapeutics, Inc.

2024 Q1 Form 10-K Financial Statement

#000095017024037160 Filed on March 27, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $260.5K
YoY Change -100.0% -100.0% 111.03%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.031M $1.401M $6.732M
YoY Change 5.49% 4.18% 8.28%
% of Gross Profit
Research & Development $2.751M $3.003M $13.62M
YoY Change -3.6% -1.68% 13.16%
% of Gross Profit
Depreciation & Amortization $6.568K $7.400K $177.4K
YoY Change 30.24% 46.83% 2538.67%
% of Gross Profit
Operating Expenses $4.782M $4.404M $20.35M
YoY Change 0.06% 0.11% 11.5%
Operating Profit -$4.782M -$20.09M
YoY Change 1.43% 10.82%
Interest Expense $132.7K $225.6K $1.061M
YoY Change -44.04% 303.49% 1325.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.650M -$4.178M -$19.03M
YoY Change 3.84% -2.36% 5.4%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$4.650M -$4.178M -$19.03M
YoY Change 3.84% -2.36% 5.4%
Net Earnings / Revenue -7304.73%
Basic Earnings Per Share -$0.73 -$3.57
Diluted Earnings Per Share -$0.73 -$0.68 -$3.57
COMMON SHARES
Basic Shares Outstanding 6.477M 6.174M 5.333M
Diluted Shares Outstanding 6.341M 5.333M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.749M $13.26M $13.25M
YoY Change -62.09% -42.49% -42.51%
Cash & Equivalents $2.353M $9.170M
Short-Term Investments $7.396M $4.087M $4.087M
Other Short-Term Assets $1.058M $959.0K $959.0K
YoY Change -42.66% -25.14% -25.14%
Inventory
Prepaid Expenses $207.4K $219.8K
Receivables $0.00 $0.00 $0.00
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $10.81M $14.21M $14.21M
YoY Change -60.88% -41.69% -41.69%
LONG-TERM ASSETS
Property, Plant & Equipment $66.80K $73.37K $295.6K
YoY Change -71.14% -68.98% -47.7%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $260.3K $295.6K $295.6K
YoY Change -51.33% -47.7% -47.7%
TOTAL ASSETS
Total Short-Term Assets $10.81M $14.21M $14.21M
Total Long-Term Assets $260.3K $295.6K $295.6K
Total Assets $11.07M $14.51M $14.51M
YoY Change -60.7% -41.83% -41.83%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.294M $646.8K $646.8K
YoY Change 34.9% -43.82% -43.82%
Accrued Expenses $2.508M $2.260M $2.410M
YoY Change 60.93% -5.77% -5.28%
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 $4.233M $3.439M $3.439M
YoY Change 58.89% -6.95% -6.95%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $58.33K $90.12K $90.12K
YoY Change -67.25% -56.14% -56.14%
Total Long-Term Liabilities $58.33K $90.12K $90.12K
YoY Change -67.25% -56.14% -56.14%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.233M $3.439M $3.439M
Total Long-Term Liabilities $58.33K $90.12K $90.12K
Total Liabilities $4.291M $3.529M $3.529M
YoY Change 50.98% -9.54% -9.54%
SHAREHOLDERS EQUITY
Retained Earnings -$71.55M -$66.90M
YoY Change 36.68% 39.75%
Common Stock $78.33M $77.88M
YoY Change 1.06% 13.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.777M $10.98M $10.98M
YoY Change
Total Liabilities & Shareholders Equity $11.07M $14.51M $14.51M
YoY Change -60.7% -41.83% -41.83%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.650M -$4.178M -$19.03M
YoY Change 3.84% -2.36% 5.4%
Depreciation, Depletion And Amortization $6.568K $7.400K $177.4K
YoY Change 30.24% 46.83% 2538.67%
Cash From Operating Activities -$3.867M -$3.445M -$18.09M
YoY Change -35.25% -3.13% 4.23%
INVESTING ACTIVITIES
Capital Expenditures $4.240K $14.24K
YoY Change -94.15%
Acquisitions
YoY Change
Other Investing Activities -$3.312M -$2.119M $11.67M
YoY Change -43.28% -142.7% -174.04%
Cash From Investing Activities -$3.312M -$2.113M $11.66M
YoY Change -43.28% -142.58% -172.83%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $8.544M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 367.0K -135.0K 8.405M
YoY Change -95.72% -4204.63%
NET CHANGE
Cash From Operating Activities -3.867M -3.445M -18.09M
Cash From Investing Activities -3.312M -2.113M 11.66M
Cash From Financing Activities 367.0K -135.0K 8.405M
Net Change In Cash -6.812M -5.693M 1.977M
YoY Change 110.77% -504.75% -105.89%
FREE CASH FLOW
Cash From Operating Activities -$3.867M -$3.445M -$18.09M
Capital Expenditures $4.240K $14.24K
Free Cash Flow -$3.449M -$18.10M
YoY Change -3.01% 2.87%

Facts In Submission

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CY2023 us-gaap Nature Of Operations
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<p style="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:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. </span><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><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We are 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 (also known as 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 </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(IkT-148009)</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, 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, termed ‘the 201 trial’ (</span><span style="color:#231f20;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">www.the201trial.com</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">), for Risvodetinib </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">(IkT-148009)</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> as a treatment for Parkinson’s disease</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We are also developing platform technologies to improve delivery of protein kinase inhibitors in patients. One example of our potential ability to improve drug delivery is IkT-001Pro, a prodrug of the anticancer agent imatinib mesylate, which is intended to treat Stable Phase Chronic Myelogenous Leukemia, or SP-CML. IkT-001Pro has completed a three-part dose finding/dose equivalence study in 66 healthy volunteers (known as ‘the 501 trial’).</span><span style="color:#231f20;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;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-size:10pt;font-family:Times New Roman;min-width:fit-content;"> For both IkT-148009 and IkT-001Pro, we have completed clinical batch manufacturing of a film-coated tablet formulation. The bioequivalence studies with IkT-001Pro have already implemented these tablets into the study. A pharmacokinetic bridging study with two different tablet formulations of IkT-148009 was completed in 2023.</span></p><p style="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:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Going Concern</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company has recognized recurring losses. At December 31, 2023, the Company had working capital of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10,772,447</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">66,900,725</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, cash and cash equivalents of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">9,165,179</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, marketable securities of $</span><span style="font-size:10pt;font-family:Times New Roman;white-space:pre-wrap;min-width:fit-content;color:#000000;">4,086,873</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> and accounts payable and accrued expenses of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,906,722</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">.</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The future </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">success of the Company is dependent on its ability to successfully obtain additional working capital, obtain regulatory approval for and successfully launch and commercialize its product candidates and to ultimately attain profitable operations. Historically, the Company has funded its operations primarily through cash received in connection with revenue from its various grant programs. In addition, in December 2020, June 2021 and January 2023 the Company raised approximately $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">14.6</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">41.1</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million and $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">8.5</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million in net proceeds for working capital </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">from its initial public offering (“IPO”), June 2021 Offering and January 2023 Offering, respectively.</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company is subject to a variety of risks similar to other early-stage life science companies including, but not limited to, the successful development, regulatory approval, and market acceptance of the Company’s product candidates, development by its competitors of new technological innovations, protection of proprietary technology, and raising additional working capital. The Company has incurred significant research and development expenses, general and administrative expenses related to its product candidate programs and negative cash flows from operations. The Company anticipates costs and expenses to increase in the future as the Company continues to develop its product candidates.</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company may seek to fund its operations through additional public equity, private equity, or debt financings, as well as other sources. However, the Company may be unable to raise additional working capital, or if it is able to raise additional capital, it may be unable to do so on commercially favorable terms. The Company’s failure to raise capital or enter into such other arrangements if and when needed would have a negative impact on the Company’s business, results of operations and financial condition and the Company’s ability to continue to develop its product candidates.</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company estimates that its working capital at December 31, 2023 and funds raised from the February 2024 At the Market Offering is sufficient to fund its normal operations into the first quarter of 2025.</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern for a period of one year after the date the financial statements are issued. Management’s plan to alleviate the conditions that raise substantial doubt may include additional equity raises, suspending or delaying certain research projects and capital expenditures and eliminating certain future operating expenses in order to fund operations at reduced levels for the Company to continue as a going concern.</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-size:10pt;font-family:Times New Roman;min-width:fit-content;">The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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<p style="font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:6pt;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;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of the Company’s financial statements in conformity with U.S. 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 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>
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