$MBRX
Moleculin Biotech, Inc.

2023 Q2 Form 10-Q Financial Statement

#000143774923013582 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 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 $2.492M $2.637M $2.422M
YoY Change -22.03% 8.88% 24.85%
% of Gross Profit
Research & Development $3.888M $5.687M $4.620M
YoY Change -7.52% 23.1% 12.55%
% of Gross Profit
Depreciation & Amortization $31.00K $30.00K $32.00K
YoY Change -8.82% -6.25% -27.27%
% of Gross Profit
Operating Expenses $6.411M $8.354M $7.074M
YoY Change -13.76% 18.09% 16.2%
Operating Profit -$6.411M -$8.354M -$7.074M
YoY Change -13.76% 18.09% 16.2%
Interest Expense $390.0K $392.0K $202.0K
YoY Change -39.25% 94.06% -87.61%
% of Operating Profit
Other Income/Expense, Net $9.000K $8.000K $5.000K
YoY Change -40.0% 60.0% -44.44%
Pretax Income -$5.976M -$7.915M -$6.867M
YoY Change -11.82% 15.26% 54.31%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.976M -$7.900M -$6.867M
YoY Change -11.82% 15.04% 54.49%
Net Earnings / Revenue
Basic Earnings Per Share -$0.20 -$0.28 -$0.24
Diluted Earnings Per Share -$0.20 -$0.28 -$240.3K
COMMON SHARES
Basic Shares Outstanding 29.68M 28.63M 28.58M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $32.17M $37.27M $66.10M
YoY Change -44.53% -43.63% -23.39%
Cash & Equivalents $32.20M $37.30M $66.10M
Short-Term Investments
Other Short-Term Assets $3.208M $2.024M $805.0K
YoY Change 47.77% 151.43% -53.47%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $35.38M $39.29M $67.26M
YoY Change -42.3% -41.59% -23.58%
LONG-TERM ASSETS
Property, Plant & Equipment $229.0K $244.0K $312.0K
YoY Change -32.45% -21.79% -28.77%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.74M $11.77M $11.54M
YoY Change -1.66% 2.01% -1.9%
TOTAL ASSETS
Total Short-Term Assets $35.38M $39.29M $67.26M
Total Long-Term Assets $11.74M $11.77M $11.54M
Total Assets $47.12M $51.06M $78.80M
YoY Change -35.68% -35.2% -21.03%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.136M $1.939M $2.224M
YoY Change 29.9% -12.81% 15.35%
Accrued Expenses $2.418M $3.093M $2.610M
YoY Change -9.61% 18.51% -1.51%
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 $6.554M $5.032M $4.834M
YoY Change 11.86% 4.1% 5.59%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $293.0K $346.0K $1.302M
YoY Change -71.75% -73.43% -80.54%
Total Long-Term Liabilities $293.0K $346.0K $1.302M
YoY Change -71.75% -73.43% -80.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $6.554M $5.032M $4.834M
Total Long-Term Liabilities $293.0K $346.0K $1.302M
Total Liabilities $6.847M $5.378M $6.136M
YoY Change -0.71% -12.35% -45.54%
SHAREHOLDERS EQUITY
Retained Earnings -$115.7M -$109.8M -$79.70M
YoY Change 33.76% 37.77% 29.8%
Common Stock $156.0M $155.4M $152.3M
YoY Change 2.09% 2.06% 1.65%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $40.27M $45.68M $72.67M
YoY Change
Total Liabilities & Shareholders Equity $47.12M $51.06M $78.80M
YoY Change -35.68% -35.2% -21.03%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$5.976M -$7.900M -$6.867M
YoY Change -11.82% 15.04% 54.49%
Depreciation, Depletion And Amortization $31.00K $30.00K $32.00K
YoY Change -8.82% -6.25% -27.27%
Cash From Operating Activities -$5.126M -$6.000M -$4.800M
YoY Change -35.93% 25.0% 33.33%
INVESTING ACTIVITIES
Capital Expenditures $15.00K $0.00 $6.000K
YoY Change -124.59% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$15.00K $0.00 -$6.000K
YoY Change -75.41% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 49.00K $141.0K $0.00
YoY Change -508.33% -100.0%
NET CHANGE
Cash From Operating Activities -5.126M -$6.000M -$4.800M
Cash From Investing Activities -15.00K $0.00 -$6.000K
Cash From Financing Activities 49.00K $141.0K $0.00
Net Change In Cash -5.092M -$5.880M -$4.799M
YoY Change -36.93% 22.53% -106.75%
FREE CASH FLOW
Cash From Operating Activities -$5.126M -$6.000M -$4.800M
Capital Expenditures $15.00K $0.00 $6.000K
Free Cash Flow -$5.141M -$6.000M -$4.806M
YoY Change -35.25% 24.84% 33.5%

Facts In Submission

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CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><b><em style="font: inherit;">1.</em> Nature of Business</b></p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"> </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The terms "MBI" or "the Company", "we", "our", and "us" are used herein to refer to Moleculin Biotech, Inc. MBI is a clinical-stage pharmaceutical company, organized as a Delaware corporation in <em style="font: inherit;"> July 2015, </em>with clinical programs for hard-to-treat cancers and viruses. The Company has <span style="-sec-ix-hidden:c98008372">three</span> core technologies, each of which have had <em style="font: inherit;">one</em> or more drugs successfully complete a Phase <em style="font: inherit;">1</em> clinical trial, based substantially on discoveries made at and licensed from The University of Texas System on behalf of the MD Anderson Cancer Center (MD Anderson) in Houston, Texas. The Company has <em style="font: inherit;">two</em> wholly owned subsidiaries, Moleculin Australia Pty. Ltd., which was set up to perform certain preclinical development and Moleculin Amsterdam B.V., which acts as its legal representative for clinical trials in Europe. The Company utilizes its own internal resources and funds to conduct some of these trials and also has trials being conducted via physician-sponsored trials. The physician-sponsored trials utilize primarily external funds, such as grant funds, which are <em style="font: inherit;">not</em> presented in these financial statements. The Company does <em style="font: inherit;">not</em> have manufacturing facilities and all manufacturing activities are contracted out to <em style="font: inherit;">third</em> parties. Additionally, the Company does <em style="font: inherit;">not</em> have a sales organization. The Company’s overall strategy is to seek potential out-licensing or outsourcing opportunities with development/commercialization strategic partners who are better suited for the marketing, sales and distribution of its drugs, if approved.</p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b>Use of Estimates -</b> The preparation of these condensed consolidated financial statements 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 expenses during the reporting period. Actual results could differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors <em style="font: inherit;"> may </em>affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often <em style="font: inherit;"> may </em>yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process <em style="font: inherit;"> may </em>result in actual results differing materially from those estimated amounts used in the preparation of financial statements. Estimates are used in the following areas, among others: fair value estimates on intangible assets, warrants, and stock-based compensation expense, as well as accrued expenses and taxes. </p> <p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:18pt;"> </p>
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-7900000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-6900000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6000000.0 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-4800000 usd
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-109800000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37300000 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6200000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
499000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
527000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
29000 usd
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
CY2023Q1 us-gaap Lease Cost
LeaseCost
40000 usd
CY2022Q1 us-gaap Lease Cost
LeaseCost
36000 usd
CY2023Q1 us-gaap Sublease Income
SubleaseIncome
12000 usd
CY2022Q1 us-gaap Sublease Income
SubleaseIncome
10000 usd
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
38000 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
35000 usd
CY2023Q1 mbrx License Agreements Expense
LicenseAgreementsExpense
64000 usd
CY2022Q1 mbrx License Agreements Expense
LicenseAgreementsExpense
76000 usd

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