$IKT
Inhibikase Therapeutics, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021028436 Filed on May 17, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q4 2020 Q1
Revenue $1.407M $170.0K $270.8K
YoY Change 419.66% -29.17% -54.1%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.601M $1.140M $527.7K
YoY Change 203.32% 192.31% -31.47%
% of Gross Profit
Research & Development $2.432M $230.0K $283.1K
YoY Change 758.97% -14.81% -81.85%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.032M $1.370M $810.8K
YoY Change 397.34% 107.58% -65.05%
Operating Profit -$2.625M -$540.0K
YoY Change 386.15%
Interest Expense $11.80K -$10.00K $7.425K
YoY Change 58.88% 0.0%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.640M -$1.210M -$550.0K
YoY Change 380.0% 181.4% -68.39%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$2.637M -$1.210M -$547.4K
YoY Change 381.71% 181.4% -68.54%
Net Earnings / Revenue -187.4% -711.76% -202.17%
Basic Earnings Per Share
Diluted Earnings Per Share -$262.7K -$146.0K -$58.76K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q4 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.610M $13.95M $10.00K
YoY Change 96000.0%
Cash & Equivalents $9.610M $13.95M $13.15K
Short-Term Investments
Other Short-Term Assets $1.930M $830.0K $10.00K
YoY Change 19200.0%
Inventory
Prepaid Expenses $712.7K $774.4K
Receivables
Other Receivables
Total Short-Term Assets $11.87M $14.78M $30.00K
YoY Change 39470.84%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $10.00K
YoY Change -100.0%
Total Long-Term Assets $2.783K $0.00 $10.00K
YoY Change -72.17%
TOTAL ASSETS
Total Short-Term Assets $11.87M $14.78M $30.00K
Total Long-Term Assets $2.783K $0.00 $10.00K
Total Assets $11.87M $14.78M $40.00K
YoY Change 29585.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $715.0K $1.721M $750.0K
YoY Change -4.66%
Accrued Expenses $627.4K $632.9K $1.860M
YoY Change -66.27%
Deferred Revenue $1.251M $2.326M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $990.0K $40.00K $340.0K
YoY Change 191.18%
Total Short-Term Liabilities $3.589M $4.722M $4.430M
YoY Change -18.99%
LONG-TERM LIABILITIES
Long-Term Debt $250.0K $280.0K $310.0K
YoY Change -19.35%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $250.0K $280.0K $310.0K
YoY Change -19.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.589M $4.722M $4.430M
Total Long-Term Liabilities $250.0K $280.0K $310.0K
Total Liabilities $3.837M $4.998M $4.740M
YoY Change -19.04%
SHAREHOLDERS EQUITY
Retained Earnings -$17.67M $15.03M
YoY Change
Common Stock $25.71M $24.82M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $8.037M $9.784M -$4.702M
YoY Change
Total Liabilities & Shareholders Equity $11.87M $14.78M $40.00K
YoY Change 29585.09%

Cashflow Statement

Concept 2021 Q1 2020 Q4 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.637M -$1.210M -$547.4K
YoY Change 381.71% 181.4% -68.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.934M -$950.0K -$255.4K
YoY Change 1440.22% 1800.0% -11.92%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $4.870K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -409.7K 14.88M 250.1K
YoY Change -263.79% -1350.6%
NET CHANGE
Cash From Operating Activities -3.934M -950.0K -255.4K
Cash From Investing Activities
Cash From Financing Activities -409.7K 14.88M 250.1K
Net Change In Cash -4.344M 13.93M -5.312K
YoY Change 81674.89% -27960.0% -98.29%
FREE CASH FLOW
Cash From Operating Activities -$3.934M -$950.0K -$255.4K
Capital Expenditures
Free Cash Flow
YoY Change

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<div style="align:left;"> <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse; width:100%;"> <tr> <td style="width:3.33%;white-space:nowrap" valign="top"> <p style="text-align:left;margin-top:0pt;margin-bottom:0pt;font-weight:bold;font-style:normal;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;"><span style="font-weight:bold;font-style:normal;text-decoration:none;Background-color:#auto;color:#000000;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;letter-spacing:0pt;">1.</span></p></td> <td valign="top"> <p style="text-align:left;margin-top:0pt;margin-bottom:0pt;font-weight:bold;font-style:normal;color:#000000;text-transform:none;font-variant: normal;letter-spacing:0pt;font-family:Times New Roman;font-size:10pt;"><span style="Background-color:#auto;text-decoration:none;"/><span style="font-weight:normal;color:#000000;"/>Nature of Business </p></td></tr></table></div> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:3.73%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">We are  a clinical stage pharmaceutical company developing therapeutics for Parkinson’s Disease, or PD, and related disorders that arise inside and outside of the brain. In 2021, we commenced clinical development of IkT-148009, a small molecule Abelson Tyrosine Kinase inhibitor we believe can modify the course of Parkinson’s disease and its manifestation in the gastrointestinal tract, or GI.  Results to date of our ongoing Phase 1 Single and Multiple Ascending Dose escalation study (SAD and MAD, respectively) in older and elderly healthy volunteers have revealed important insights into the metabolism of IkT-148009 in human subjects.  IkT-148009 has a half-life of greater than 24 hours, and just a 25 mg once daily oral dose in older and elderly healthy subjects in our Phase 1 study reached exposures that are consistent with the exposure to the drug that resulted in therapeutic efficacy in animal models of progressive PD.   This has led to an acceleration of the clinical development program by more than 6 months.  Subject to discussions with the FDA, we plan to initiate dosing in a Parkinson’s patient population as part of the Phase 1 MAD study.  Clinical development of IkT-148009 for the GI complications in PD patients will cross-reference the Phase 1 Study of IkT-148009 for the treatment of PD.</p>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:3.73%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The 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 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. </p>
CY2021Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;text-transform:none;font-variant: normal;">Concentrations of Credit Risk </p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:3.73%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">For the three months ended March 31, 2021 and 2020, the Company derived more than <span>90%</span> of its total revenue from a single source, the United States Government, in the form of federal research grants.</p>
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
82802
CY2020Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
49079
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
383286
CY2021Q1 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
378775
CY2020Q4 ikt Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
83491
CY2021Q1 ikt Accrued Interest Current
AccruedInterestCurrent
499
CY2020Q4 ikt Accrued Interest Current
AccruedInterestCurrent
1673
CY2021Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3322
CY2021Q1 ikt Accrued Consulting Current
AccruedConsultingCurrent
162001
CY2020Q4 ikt Accrued Consulting Current
AccruedConsultingCurrent
115405
CY2021Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
627399
CY2020Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
632934
CY2021Q1 us-gaap Notes Payable
NotesPayable
1243700
CY2020Q4 us-gaap Notes Payable
NotesPayable
318995
CY2021Q1 us-gaap Notes Payable
NotesPayable
1243700
CY2020Q4 us-gaap Notes Payable
NotesPayable
318995
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
994789
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
248911
CY2021Q1 us-gaap Long Term Debt
LongTermDebt
1243700
CY2020Q2 us-gaap Common Stock Shares Subscribed But Unissued
CommonStockSharesSubscribedButUnissued
11594
CY2020Q2 us-gaap Common Stock Shares Subscriptions
CommonStockSharesSubscriptions
63800
CY2020Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
5.50
CY2020Q1 us-gaap Debt Instrument Issuance Date1
DebtInstrumentIssuanceDate1
2020-02-05
CY2020Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0159
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.87
CY2021Q1 ikt Common Stock Per Share Entitled To Vote
CommonStockPerShareEntitledToVote
1
CY2021Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4386985
CY2020Q4 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4318357
CY2021Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
On August 20, 2020, the board of directors adopted resolutions proposing that each 1.14396 shares of the Company’s issued and outstanding common stock, par value $0.001 per share, be automatically converted into one fully paid and nonassessable share of common stock, par value $0.001 (the “Reverse Stock Split”) with cash in lieu of fractional shares.
CY2020Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
1.14396
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2020Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
68628
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
6.82
CY2021Q1 ikt Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGrantDateFairValue
259674
CY2020Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
591124
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
139758
CY2020Q1 ikt Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
26225
CY2020Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
5.67
CY2020Q1 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
101478
CY2021Q1 ikt Class Of Warrant Or Right Issued
ClassOfWarrantOrRightIssued
0
CY2021Q1 ikt Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
0
CY2020Q1 ikt Class Of Warrant Or Right Exercised In Period
ClassOfWarrantOrRightExercisedInPeriod
0
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-2637068
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-547440
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
10053949
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8181734
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.26
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.07
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4386985
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3843867
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0

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