$IKT
Inhibikase Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024060579 Filed on May 15, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change -100.0% -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.975M $2.031M
YoY Change 10.74% 5.49%
% of Gross Profit
Research & Development $3.076M $2.751M
YoY Change -32.19% -3.6%
% of Gross Profit
Depreciation & Amortization $6.569K $6.568K
YoY Change -95.87% 30.24%
% of Gross Profit
Operating Expenses $5.051M $4.782M
YoY Change -20.07% 0.06%
Operating Profit -$5.051M -$4.782M
YoY Change -18.57% 1.43%
Interest Expense $90.93K $132.7K
YoY Change -78.58% -44.04%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$4.960M -$4.650M
YoY Change -14.16% 3.84%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.960M -$4.650M
YoY Change -14.16% 3.84%
Net Earnings / Revenue
Basic Earnings Per Share -$0.66 -$0.73
Diluted Earnings Per Share -$0.66 -$0.73
COMMON SHARES
Basic Shares Outstanding 6.477M 6.477M
Diluted Shares Outstanding 7.536M 6.341M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.940M $9.749M
YoY Change -62.07% -62.09%
Cash & Equivalents $3.086M $2.353M
Short-Term Investments $4.854M $7.396M
Other Short-Term Assets $662.8K $1.058M
YoY Change -31.61% -42.66%
Inventory
Prepaid Expenses $306.3K $207.4K
Receivables $0.00
Other Receivables $0.00
Total Short-Term Assets $8.603M $10.81M
YoY Change -60.87% -60.88%
LONG-TERM ASSETS
Property, Plant & Equipment $60.24K $66.80K
YoY Change -30.38% -71.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $224.0K $260.3K
YoY Change -38.4% -51.33%
TOTAL ASSETS
Total Short-Term Assets $8.603M $10.81M
Total Long-Term Assets $224.0K $260.3K
Total Assets $8.827M $11.07M
YoY Change -60.5% -60.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.341M $1.294M
YoY Change 77.76% 34.9%
Accrued Expenses $2.035M $2.508M
YoY Change 11.12% 60.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.705M $4.233M
YoY Change 35.55% 58.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $25.61K $58.33K
YoY Change -82.92% -67.25%
Total Long-Term Liabilities $25.61K $58.33K
YoY Change -82.92% -67.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.705M $4.233M
Total Long-Term Liabilities $25.61K $58.33K
Total Liabilities $3.730M $4.291M
YoY Change 29.38% 50.98%
SHAREHOLDERS EQUITY
Retained Earnings -$76.51M -$71.55M
YoY Change 31.62% 36.68%
Common Stock $81.61M $78.33M
YoY Change 5.17% 1.06%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $5.097M $6.777M
YoY Change
Total Liabilities & Shareholders Equity $8.827M $11.07M
YoY Change -60.5% -60.7%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$4.960M -$4.650M
YoY Change -14.16% 3.84%
Depreciation, Depletion And Amortization $6.569K $6.568K
YoY Change -95.87% 30.24%
Cash From Operating Activities -$5.054M -$3.867M
YoY Change 10.71% -35.25%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $2.543M -$3.312M
YoY Change -0.81% -43.28%
Cash From Investing Activities $2.543M -$3.312M
YoY Change -0.26% -43.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 3.244M 367.0K
YoY Change -9116.84% -95.72%
NET CHANGE
Cash From Operating Activities -5.054M -3.867M
Cash From Investing Activities 2.543M -3.312M
Cash From Financing Activities 3.244M 367.0K
Net Change In Cash 733.1K -6.812M
YoY Change -135.74% 110.77%
FREE CASH FLOW
Cash From Operating Activities -$5.054M -$3.867M
Capital Expenditures $0.00
Free Cash Flow -$5.054M
YoY Change 10.37%

Facts In Submission

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<div style="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:3.333%;display:inline-flex;justify-content:flex-start;">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: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><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>
CY2024Q1 ikt Working Capital
WorkingCapital
6574717
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-71550360
CY2024Q1 us-gaap Cash
Cash
2353346
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
7396009
CY2024Q1 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
3801344
CY2024Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On June 30, 2023, we effected a reverse stock split at the ratio of 1 post-split share for every 6 pre-split shares.
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<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-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-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-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><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
4086873
CY2024Q1 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
5100000
CY2024Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of C</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">redit Risk</span><span style="color:#000000;white-space:pre-wrap;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-size:10pt;font-family:Times New Roman;min-width:fit-content;">For the three months ended March 31, 2024, the Company did </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">no</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">t report any revenues. For the three months ended March 31, </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">2023</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">, the Company derived </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">100</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">% of its total revenue from a single source, the United States Government, in the form of federal research grants.</span></p>
CY2024Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
7397809
CY2024Q1 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
0
CY2024Q1 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
1800
CY2024Q1 us-gaap Marketable Securities
MarketableSecurities
7396009
CY2024Q1 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
325059
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
635451
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.73
CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
41100000
CY2024Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2023 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103825
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103825
CY2024Q1 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
37021
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
30453
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
66804
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73372
CY2024Q1 us-gaap Depreciation
Depreciation
6568
CY2023 us-gaap Depreciation
Depreciation
177398
CY2024Q1 ikt Accrued Consulting Current
AccruedConsultingCurrent
68460
CY2023Q4 ikt Accrued Consulting Current
AccruedConsultingCurrent
49395
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
6340697
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
6340697
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
4585013
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
4585013
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.73
CY2024Q1 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2088509
CY2023Q4 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1472292
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25561
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
102817
CY2024Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2507589
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2259955
CY2024Q1 ikt Common Stock Per Share Entitled To Vote
CommonStockPerShareEntitledToVote
1
CY2024Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
1215481
CY2023Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1937985
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
8500000
CY2023Q3 us-gaap Shares Issued
SharesIssued
12000
CY2023Q4 us-gaap Shares Issued
SharesIssued
12000
CY2023Q3 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value
ForwardContractIndexedToEquitySettlementShareFairValue
17280
CY2023Q4 us-gaap Forward Contract Indexed To Equity Settlement Share Fair Value
ForwardContractIndexedToEquitySettlementShareFairValue
14280
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
53434
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
123273
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-4649635
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-4477778
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.98
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.98
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3112802
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4036955
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
151159
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
58330
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
35296
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
35296
CY2024Q1 us-gaap Short Term Lease Payments
ShortTermLeasePayments
5653
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
35296
CY2023Q1 us-gaap Short Term Lease Payments
ShortTermLeasePayments
5788
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
112837
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
LessorOperatingLeasePaymentsToBeReceivedNextTwelveMonths
114966
CY2024Q1 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
227803
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
18314
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
209489

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