$IKT
Inhibikase Therapeutics, Inc.

2024 Q4 Form 10-Q Financial Statement

#000095017024126766 Filed on November 14, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $0.00
YoY Change -100.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.638M
YoY Change 0.91%
% of Gross Profit
Research & Development $4.190M
YoY Change 29.9%
% of Gross Profit
Depreciation & Amortization $6.568K
YoY Change 0.0%
% of Gross Profit
Operating Expenses $5.827M
YoY Change 20.19%
Operating Profit -$5.827M
YoY Change 22.2%
Interest Expense $49.41K
YoY Change -70.94%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$5.778M
YoY Change 25.61%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$5.778M
YoY Change 25.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.65
Diluted Earnings Per Share -$0.65
COMMON SHARES
Basic Shares Outstanding 67.19M 7.464M
Diluted Shares Outstanding 8.883M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.244M
YoY Change -80.73%
Cash & Equivalents $913.4K
Short-Term Investments $2.330M
Other Short-Term Assets $946.5K
YoY Change 31.45%
Inventory
Prepaid Expenses $112.2K
Receivables
Other Receivables
Total Short-Term Assets $4.190M
YoY Change -76.13%
LONG-TERM ASSETS
Property, Plant & Equipment $53.67K
YoY Change -32.87%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $186.8K
YoY Change -43.41%
TOTAL ASSETS
Total Short-Term Assets $4.190M
Total Long-Term Assets $186.8K
Total Assets $4.377M
YoY Change -75.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.529M
YoY Change 244.32%
Accrued Expenses $2.161M
YoY Change 16.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $4.907M
YoY Change 78.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change -100.0%
Total Long-Term Liabilities $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.907M
Total Long-Term Liabilities $0.00
Total Liabilities $4.907M
YoY Change 71.42%
SHAREHOLDERS EQUITY
Retained Earnings -$82.29M
YoY Change 31.19%
Common Stock $81.76M
YoY Change 5.16%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$530.6K
YoY Change
Total Liabilities & Shareholders Equity $4.377M
YoY Change -75.52%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income -$5.778M
YoY Change 25.74%
Depreciation, Depletion And Amortization $6.568K
YoY Change 0.0%
Cash From Operating Activities -$4.881M
YoY Change 19.05%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.526M
YoY Change -85.19%
Cash From Investing Activities $2.526M
YoY Change -85.19%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 182.0K
YoY Change
NET CHANGE
Cash From Operating Activities -4.881M
Cash From Investing Activities 2.526M
Cash From Financing Activities 182.0K
Net Change In Cash -2.173M
YoY Change -116.77%
FREE CASH FLOW
Cash From Operating Activities -$4.881M
Capital Expenditures $0.00
Free Cash Flow -$4.881M
YoY Change 19.05%

Facts In Submission

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<div class="item-list-element-wrapper" 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%;word-break:keep-all;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 cardiopulmonary and neurodegenerative diseases and other diseases that arise from aberrant signaling through the Abelson Tyrosine Kinases. The Company’s multi-therapeutic pipeline includes IkT-001Pro, a prodrug of the anticancer agent imatinib, for the treatment of Pulmonary Arterial Hypertension and risvodetinib (also known as IkT-148009), a selective inhibitor of the non-receptor Abelson Tyrosine Kinases which could be disease-modifying for Parkinson’s disease. Risvodetinib has completed a Phase 2, double-blind placebo-controlled trial evaluating three doses of risvodetinib 1:1:1:1 randomized against placebo. IkT-001Pro has completed bioequivalence dose calibration studies to determine the dose of IkT-001Pro that is equivalent to either 400 mg or 600 mg imatinib mesylate in preparation for a future late-stage trial in Pulmonary Arterial Hypertension (PAH).</span></p>
CY2024Q3 us-gaap Cash
Cash
913420
CY2024Q3 us-gaap Marketable Securities
MarketableSecurities
2330226
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
110000000
CY2024Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-82288034
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>
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 and nine months ended September 30, 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 and nine months ended September 30, </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>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0
CY2024Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
2328472
us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
1754
us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
0
CY2024Q3 us-gaap Marketable Securities
MarketableSecurities
2330226
CY2023Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
4085996
CY2023 us-gaap Debt Securities Available For Sale Unrealized Gain Loss
DebtSecuritiesAvailableForSaleUnrealizedGainLoss
877
CY2023 us-gaap Debt Securities Realized Gain Loss
DebtSecuritiesRealizedGainLoss
0
CY2023Q4 us-gaap Marketable Securities
MarketableSecurities
4086873
us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
12100000
CY2023 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
41100000
ikt Marketable Securities Realized Gain Losses
MarketableSecuritiesRealizedGainLosses
0
CY2023 ikt Marketable Securities Realized Gain Losses
MarketableSecuritiesRealizedGainLosses
0
CY2024Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103825
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
103825
CY2024Q3 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
50158
CY2023Q4 us-gaap Property Plant And Equipment And Finance Lease Right Of Use Asset Accumulated Depreciation And Amortization
PropertyPlantAndEquipmentAndFinanceLeaseRightOfUseAssetAccumulatedDepreciationAndAmortization
30453
CY2024Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
53667
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
73372
CY2024Q3 us-gaap Depreciation
Depreciation
6568
us-gaap Depreciation
Depreciation
19705
CY2023Q3 us-gaap Depreciation
Depreciation
6568
us-gaap Depreciation
Depreciation
170830
CY2024Q3 ikt Accrued Consulting Current
AccruedConsultingCurrent
78447
CY2023Q4 ikt Accrued Consulting Current
AccruedConsultingCurrent
49395
CY2024Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
653230
CY2023Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
635451
CY2024Q3 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1416647
CY2023Q4 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1472292
CY2024Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
13050
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
102817
CY2024Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2161374
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2259955
ikt Common Stock Per Share Entitled To Vote
CommonStockPerShareEntitledToVote
1
CY2024Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3337435
CY2023Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1000000
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
1800000
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
148024
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
129781
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
232155
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
377899
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
-5778066
us-gaap Net Income Loss
NetIncomeLoss
-15387309
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8882570
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8882570
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7592103
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7592103
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.65
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.65
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-2.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-2.03
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8878320
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3916003
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
ikt Collaboration Agreement Description
CollaborationAgreementDescription
“First dosing of patient in US phase 1 trial”; (ii) “US Phase 1 trial completion with endpoints met”; and (iii) “US Phase 2 trial completion with endpoints met”
CY2022Q2 us-gaap Lessee Finance Lease Term Of Contract1
LesseeFinanceLeaseTermOfContract1
P3Y
CY2024Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
35296
us-gaap Operating Lease Expense
OperatingLeaseExpense
105887
CY2024Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
5521
us-gaap Short Term Lease Payments
ShortTermLeasePayments
16827
CY2023Q3 us-gaap Operating Lease Expense
OperatingLeaseExpense
35296
us-gaap Operating Lease Expense
OperatingLeaseExpense
105887
CY2023Q3 us-gaap Short Term Lease Payments
ShortTermLeasePayments
5788
us-gaap Short Term Lease Payments
ShortTermLeasePayments
17364
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
38322
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
114966
CY2024Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
153288
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
8078
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
145210
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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