$MBRX
Moleculin Biotech, Inc.

2017 Q2 Form 10-Q Financial Statement

#000114420417026918 Filed on May 12, 2017

View on sec.gov

Income Statement

Concept 2017 Q2 2017 Q1 2016 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $800.0K $850.0K $310.0K
YoY Change 29.03% 174.19%
% of Gross Profit
Research & Development $515.0K $683.0K $15.00K
YoY Change 390.48% 4453.33%
% of Gross Profit
Depreciation & Amortization $5.000K $4.000K $0.00
YoY Change 400.0%
% of Gross Profit
Operating Expenses $1.320M $1.535M $321.0K
YoY Change 82.32% 378.19%
Operating Profit -$1.320M -$1.535M -$321.0K
YoY Change 82.32% 378.19%
Interest Expense $0.00 $1.000K $11.00K
YoY Change -100.0% -90.91%
% of Operating Profit
Other Income/Expense, Net $0.00 $0.00
YoY Change
Pretax Income -$3.420M -$330.0K -$330.0K
YoY Change 362.16% 0.0%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.424M -$329.0K -$332.0K
YoY Change 363.33% -0.9%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$1.148M -$135.8K -$138.7K
COMMON SHARES
Basic Shares Outstanding 17.76M shares 17.18M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q2 2017 Q1 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.270M $8.880M $260.0K
YoY Change 28.04% 3315.38%
Cash & Equivalents $9.272M $8.881M $260.0K
Short-Term Investments
Other Short-Term Assets $810.0K $270.0K
YoY Change 153.13%
Inventory
Prepaid Expenses $809.0K
Receivables $30.00K
Other Receivables $0.00
Total Short-Term Assets $10.08M $9.150M $290.0K
YoY Change 33.35% 3055.17%
LONG-TERM ASSETS
Property, Plant & Equipment $20.00K $20.00K
YoY Change 179.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.17M $11.17M -$337.00
YoY Change -4.33% -3313749.85%
TOTAL ASSETS
Total Short-Term Assets $10.08M $9.150M $290.0K
Total Long-Term Assets $11.17M $11.17M -$337.00
Total Assets $21.25M $20.32M $289.7K
YoY Change 10.48% 6914.01%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $650.0K $860.0K $360.0K
YoY Change -32.99% 138.89%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $110.0K $620.0K
YoY Change -100.0% -82.26%
Total Short-Term Liabilities $1.830M $2.204M $980.0K
YoY Change 30.46% 124.9%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $150.0K $1.970M
YoY Change -75.0%
Total Long-Term Liabilities $150.0K $1.970M $0.00
YoY Change -75.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.830M $2.204M $980.0K
Total Long-Term Liabilities $150.0K $1.970M $0.00
Total Liabilities $1.980M $4.180M $978.0K
YoY Change -1.14% 327.4%
SHAREHOLDERS EQUITY
Retained Earnings -$8.429M -$1.081M
YoY Change 305.98%
Common Stock $27.71M $395.3K
YoY Change 43.51%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $19.27M $16.14M -$688.3K
YoY Change
Total Liabilities & Shareholders Equity $21.25M $20.32M $289.7K
YoY Change 10.48% 6915.05%

Cashflow Statement

Concept 2017 Q2 2017 Q1 2016 Q1
OPERATING ACTIVITIES
Net Income -$3.424M -$329.0K -$332.0K
YoY Change 363.33% -0.9%
Depreciation, Depletion And Amortization $5.000K $4.000K $0.00
YoY Change 400.0%
Cash From Operating Activities -$1.930M -$1.391M -$290.0K
YoY Change 41.91% 379.66%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 -$30.00K
YoY Change -100.0%
Cash From Investing Activities $0.00 $0.00 -$30.00K
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $386.5K
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.320M $5.265M 550.0K
YoY Change -72.08% 857.27%
NET CHANGE
Cash From Operating Activities -1.930M -$1.391M -290.0K
Cash From Investing Activities 0.000 $0.00 -30.00K
Cash From Financing Activities 2.320M $5.265M 550.0K
Net Change In Cash 390.0K $3.874M 230.0K
YoY Change -94.41% 1584.35%
FREE CASH FLOW
Cash From Operating Activities -$1.930M -$1.391M -$290.0K
Capital Expenditures $0.00 $0.00
Free Cash Flow -$1.930M -$1.391M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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CY2017Q1 us-gaap Interest Paid
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CY2017Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2017Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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CY2017Q1 us-gaap Increase Decrease In Prepaid Expense
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CY2017Q1 us-gaap Proceeds From Issuance Initial Public Offering
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CY2017Q1 us-gaap Proceeds From Notes Payable
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CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Weighted Average Grant Date Fair Value
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CY2016Q2 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Liabilities
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1000000 USD
CY2016Q2 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
750000 USD
CY2017Q1 dei Document Type
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10-Q
CY2017Q1 dei Amendment Flag
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false
CY2017Q1 dei Document Period End Date
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2017-03-31
CY2017Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2017
CY2017Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2017Q1 dei Entity Registrant Name
EntityRegistrantName
Moleculin Biotech, Inc.
CY2017Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001659617
CY2017Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2017Q1 dei Entity Filer Category
EntityFilerCategory
Smaller Reporting Company
CY2017Q1 dei Trading Symbol
TradingSymbol
MBRX
CY2017Q2 dei Entity Common Stock Shares Outstanding
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17756862 shares
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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20000 shares
CY2015Q4 mbrx Milestone Payment Description
MilestonePaymentDescription
The amended milestone payments are as follows: (i) commencement of Phase III Study for first licensed drug/product within the United States, Europe, China or Japan - $150,000; (ii) submission of the first NDA within the United States - $500,000; and (iii) receipt of first marketing approval for sale of a license product in the United States - $600,000.
CY2017Q1 us-gaap Derivative Liabilities
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1238000 USD
CY2016Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
0 USD
CY2017Q1 us-gaap Derivative Liabilities Noncurrent
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1846000 USD
CY2016Q4 us-gaap Derivative Liabilities Noncurrent
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CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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10000 USD
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6000 USD
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CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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48500 USD
CY2017Q1 us-gaap Other Nonoperating Expense
OtherNonoperatingExpense
1000 USD
CY2016Q1 us-gaap Other Nonoperating Expense
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CY2017Q1 mbrx Gain From Settlement Liability
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149000 USD
CY2016Q1 mbrx Gain From Settlement Liability
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0 USD
CY2017Q1 mbrx Sharebased Compensation Arrangement By Sharebased Payment Award Cancelled In Period Intrinsic Value
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0
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0
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P8Y9M25D
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0.20
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CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt" align="justify"><strong><font style="FONT-SIZE: 10pt">Use of Estimates in Financial Statement Presentation &#150;</font></strong> <font style="FONT-SIZE: 10pt">The preparation of these financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</font></div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2016Q1 us-gaap Proceeds From Warrant Exercises
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CY2017Q1 us-gaap Proceeds From Warrant Exercises
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805000 USD
CY2017Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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38000 USD
CY2016Q1 us-gaap Deferred Compensation Arrangement With Individual Compensation Expense
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0 USD
CY2017Q1 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif "> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"></div> <div style="CLEAR:both; FONT-FAMILY:Times New Roman;FONT-SIZE: 10pt;TEXT-INDENT: 0.5in; MARGIN: 0pt 0px; FONT: 10pt Times New Roman, Times, Serif" align="justify"><b>Reclassifications &#150;</b> A reclassification was made to the December 31, 2016 financial statements to conform to the 2017 presentation. Such reclassification did not affect net loss as previously reported. Historically, accrued interest associated with &#8220;convertible notes payable&#8221; was included in the line item &#8220;accounts payable and accrued expenses&#8221;. Management believes that these costs are best shown included in the amounts shown for &#8220;convertible notes payable&#8221; and, as such, a reclassification was made to the balance sheet for the year ended December 31, 2016 by reducing &#8220;accounts payable and accrued expenses&#8221; and increasing &#8220;convertible notes payable&#8221; by $<font style="FONT-FAMILY: 'Times New Roman','serif'; FONT-SIZE: 10pt">0.02</font> million.</div> </div><table border="0" style="width:100%; table-layout:fixed;" cellspacing="0" cellpadding="0"><tr><td></td></tr></table>
CY2017Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
190000 USD
CY2017Q1 mbrx Stock Issued During Period Value For Cash Initial Public Offering Net Of Stock Issuance Costs
StockIssuedDuringPeriodValueForCashInitialPublicOfferingNetOfStockIssuanceCosts
317000 USD
CY2017Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
0 USD
CY2016Q1 us-gaap Payments To Acquire Notes Receivable
PaymentsToAcquireNotesReceivable
30000 USD
CY2016Q1 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
0 USD
CY2017Q1 mbrx Stock Issued During Period Value Stock Warrants Exercised
StockIssuedDuringPeriodValueStockWarrantsExercised
805000 USD
CY2017Q1 mbrx Estimated Forfeiture Rate Percentage
EstimatedForfeitureRatePercentage
0 pure
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
1490000 USD
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
110000 USD
CY2016 us-gaap Increase Decrease In Notes Payable Current
IncreaseDecreaseInNotesPayableCurrent
20000 USD
CY2016 us-gaap Fair Value Assumptions Risk Free Interest Rate
FairValueAssumptionsRiskFreeInterestRate
0 pure
CY2016 us-gaap Fair Value Assumptions Expected Volatility Rate
FairValueAssumptionsExpectedVolatilityRate
0 pure
CY2017Q1 mbrx Debt Instrument Convertible Number Of Common Shares
DebtInstrumentConvertibleNumberOfCommonShares
772486 shares
CY2016 us-gaap Fair Value Assumptions Expected Term
FairValueAssumptionsExpectedTerm
P0Y
CY2017Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P3Y3M11D
CY2016Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q1 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q1 us-gaap Fair Value Assumptions Expected Dividend Rate
FairValueAssumptionsExpectedDividendRate
0.00 pure
CY2016Q2 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
180000 USD
CY2016Q2 us-gaap Interest Payable Current
InterestPayableCurrent
20000 USD
CY2017Q1 us-gaap Debt Conversion Original Debt Amount1
DebtConversionOriginalDebtAmount1
320000 USD
CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
30000 USD
CY2017Q1 mbrx Debt Conversion Converted Instrument Common Stock Shares Issued Trading Restrictions Description
DebtConversionConvertedInstrumentCommonStockSharesIssuedTradingRestrictionsDescription
(a) beginning 90 days after the initial closing of our IPO and until the one-year anniversary of the initial closing of the IPO, which will occur on May 31, 2017, the holder of the note will be able to sell 1% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (b) if the common stock price is over $7.00 per share for five consecutive trading days then the holder of the note can sell up to 3% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 4% of the daily volume; (c) if the common stock price is over $10.00 per share for five consecutive trading days then the holder of the note can sell up to an additional 5% of the number of shares of common stock underlying the note on a monthly basis, subject to a maximum sale on any trading day of 7% of the daily volume; and (d) if the common stock price is over $14.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock price falls back below $14.00 per share; and (b) thereafter, until the two-year anniversary of the initial closing of IPO, the holder of the note can sell on any trading day 10% of the daily volume; provided that if the common stock price is over $10.00 per share then the holder of the note is not restricted from making any sales until such time as the common stock falls back below $10.00 per share. The foregoing lock-up restrictions relate to public sales and do not restrict the transfer of the shares privately, if permitted by applicable law, provided the acquirer of the shares agrees to comply with the above restrictions with respect to any public sales.
CY2017Q1 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
1.35
CY2017Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
550000 USD
CY2017Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
0
CY2017Q1 mbrx Stock Issued During Period Shares For Cash Initial Public Offering Net Of Stock Issuance Costs
StockIssuedDuringPeriodSharesForCashInitialPublicOfferingNetOfStockIssuanceCosts
3710000 shares
CY2017Q2 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
1240000 USD
CY2016Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0 pure

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