$MBRX
Moleculin Biotech, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923023021 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.640M $2.492M
YoY Change -14.48% -22.03%
% of Gross Profit
Research & Development $3.280M $3.888M
YoY Change -45.01% -7.52%
% of Gross Profit
Depreciation & Amortization $32.00K $31.00K
YoY Change 0.0% -8.82%
% of Gross Profit
Operating Expenses $5.947M $6.411M
YoY Change -34.53% -13.76%
Operating Profit -$5.947M -$6.411M
YoY Change -34.53% -13.76%
Interest Expense $324.0K $390.0K
YoY Change -28.63% -39.25%
% of Operating Profit
Other Income/Expense, Net $13.00K $9.000K
YoY Change -31.58% -40.0%
Pretax Income -$5.610M -$5.976M
YoY Change -34.85% -11.82%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$5.609M -$5.976M
YoY Change -34.86% -11.82%
Net Earnings / Revenue
Basic Earnings Per Share -$0.19 -$0.20
Diluted Earnings Per Share -$0.19 -$0.20
COMMON SHARES
Basic Shares Outstanding 29.81M 29.68M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $24.58M $32.17M
YoY Change -51.22% -44.53%
Cash & Equivalents $24.60M $32.20M
Short-Term Investments
Other Short-Term Assets $3.020M $3.208M
YoY Change 72.47% 47.77%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $27.60M $35.38M
YoY Change -48.4% -42.3%
LONG-TERM ASSETS
Property, Plant & Equipment $225.0K $229.0K
YoY Change -26.47% -32.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.92M $11.74M
YoY Change 0.35% -1.66%
TOTAL ASSETS
Total Short-Term Assets $27.60M $35.38M
Total Long-Term Assets $11.92M $11.74M
Total Assets $39.52M $47.12M
YoY Change -39.54% -35.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.008M $4.136M
YoY Change -43.72% 29.9%
Accrued Expenses $1.880M $2.418M
YoY Change -32.71% -9.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $3.888M $6.554M
YoY Change -38.89% 11.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $293.0K
YoY Change -15.68% -71.75%
Total Long-Term Liabilities $500.0K $293.0K
YoY Change -15.68% -71.75%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.888M $6.554M
Total Long-Term Liabilities $500.0K $293.0K
Total Liabilities $4.385M $6.847M
YoY Change -36.95% -0.71%
SHAREHOLDERS EQUITY
Retained Earnings -$121.3M -$115.7M
YoY Change 27.55% 33.76%
Common Stock $156.5M $156.0M
YoY Change 1.95% 2.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $35.14M $40.27M
YoY Change
Total Liabilities & Shareholders Equity $39.52M $47.12M
YoY Change -39.54% -35.68%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$5.609M -$5.976M
YoY Change -34.86% -11.82%
Depreciation, Depletion And Amortization $32.00K $31.00K
YoY Change 0.0% -8.82%
Cash From Operating Activities -$7.550M -$5.126M
YoY Change -0.36% -35.93%
INVESTING ACTIVITIES
Capital Expenditures $20.00K $15.00K
YoY Change -124.59%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$20.00K -$15.00K
YoY Change -75.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 49.00K
YoY Change -100.0% -508.33%
NET CHANGE
Cash From Operating Activities -7.550M -5.126M
Cash From Investing Activities -20.00K -15.00K
Cash From Financing Activities 0.000 49.00K
Net Change In Cash -7.570M -5.092M
YoY Change -0.24% -36.93%
FREE CASH FLOW
Cash From Operating Activities -$7.550M -$5.126M
Capital Expenditures $20.00K $15.00K
Free Cash Flow -$7.570M -$5.141M
YoY Change -0.09% -35.25%

Facts In Submission

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CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-1000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
40268000 usd
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
78993000 usd
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
527000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-6867000 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
12000 usd
CY2022Q1 us-gaap Stockholders Equity
StockholdersEquity
72665000 usd
CY2022Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-12000 usd
CY2022Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
514000 usd
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-6777000 usd
CY2022Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-31000 usd
CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
66359000 usd
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 Phase <em style="font: inherit;">2</em> 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:c101572933">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> <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;">On<span style="background-color:#ffffff"> <em style="font: inherit;"> May 5, 2023, </em>the Company received a letter from NASDAQ notifying the Company that for the last <em style="font: inherit;">30</em> consecutive business days the bid price for the Company's common stock had closed below the minimum $1.00 per share requirement for continued inclusion on the Nasdaq Capital Market pursuant to Nasdaq Listing Rule <em style="font: inherit;">5550</em>(a)(<em style="font: inherit;">2</em>) (the "Bid Price Rule"). The deficiency letter does <em style="font: inherit;">not</em> result in the immediate delisting of the Company's common stock from the Nasdaq Capital Market. In accordance with Nasdaq Listing Rule <em style="font: inherit;">5810</em>(c)(<em style="font: inherit;">3</em>)(A), the Company has been provided an initial period of 180 calendar days, or until <em style="font: inherit;"> November 1, 2023, </em>to regain compliance with the Bid Price Rule. If, at any time before <em style="font: inherit;"> November 1, 2023, </em>the bid price for the Company's common stock closes at $1.00 or more for a minimum of <em style="font: inherit;">10</em> consecutive business days, the Nasdaq Staff will provide written notification to the Company that it complies with the Bid Price Rule, unless the Staff exercises its discretion to extend this <em style="font: inherit;">10</em> day period pursuant to Nasdaq Listing Rule <em style="font: inherit;">5810</em>(c)(<em style="font: inherit;">3</em>)(G). If the Company is <em style="font: inherit;">not</em> in compliance with the Bid Price Rule by <em style="font: inherit;"> November 1, 2023, </em>the Company <em style="font: inherit;"> may </em>be afforded a <em style="font: inherit;">second</em> <em style="font: inherit;">180</em> calendar day period to regain compliance. To qualify, the Company would be required to meet the continued listing requirement for market value of publicly held shares and all other initial listing standards for the Nasdaq Capital Market, except for the minimum bid price requirement. In addition, the Company would be required to notify Nasdaq of its intent to cure the minimum bid price deficiency, which <em style="font: inherit;"> may </em>include, if necessary, implementing a reverse stock split. If the Company does <em style="font: inherit;">not</em> regain compliance with the Bid Price Rule by <em style="font: inherit;"> November 1, 2023, </em>and </span>is <em style="font: inherit;">not</em> eligible for an additional compliance period at that time, the Nasdaq Staff will provide written notification to the Company that its common stock <em style="font: inherit;"> may </em>be delisted. The Company would then be entitled to appeal the Nasdaq Staff’s determination to a NASDAQ Listing Qualifications Panel and request a hearing. There can be <em style="font: inherit;">no</em> assurance that, if the Company does appeal a delisting determination by the Nasdaq Staff to the NASDAQ Listing Qualifications Panel, that such appeal would be successful. The Company intends to monitor the closing bid price of its common stock and <em style="font: inherit;"> may</em><i>,</i> if appropriate, consider available options to regain compliance with the Bid Price Rule, which could include effecting a reverse stock split. However, there can be <em style="font: inherit;">no</em> assurance that the Company will be able to regain compliance with the Bid Price Rule.</p>
CY2023Q2 mbrx Nasdaq Compliance Minimum Closing Bid Price Per Share
NASDAQComplianceMinimumClosingBidPricePerShare
1.00
CY2023Q2 mbrx Nasdaq Compliance Extension Period
NASDAQComplianceExtensionPeriod
P180D
CY2023Q2 mbrx Nasdaq Compliance Minimum Closing Bid Price Per Share
NASDAQComplianceMinimumClosingBidPricePerShare
1.00
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> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt; "></p>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-115700000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
32200000 usd
CY2023Q2 mbrx Prepaid Insurance And Other
PrepaidInsuranceAndOther
1220000 usd
CY2022Q4 mbrx Prepaid Insurance And Other
PrepaidInsuranceAndOther
1028000 usd
CY2023Q2 mbrx Prepaid Sponsored Research Current
PrepaidSponsoredResearchCurrent
1073000 usd
CY2022Q4 mbrx Prepaid Sponsored Research Current
PrepaidSponsoredResearchCurrent
600000 usd
CY2023Q2 mbrx Vendor Prepayments And Deposits
VendorPrepaymentsAndDeposits
903000 usd
CY2022Q4 mbrx Vendor Prepayments And Deposits
VendorPrepaymentsAndDeposits
801000 usd
CY2023Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
7000 usd
CY2022Q4 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
2000 usd
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3208000 usd
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2451000 usd
CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6400000
CY2022Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4900000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6300000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4800000
us-gaap Lease Cost
LeaseCost
79000 usd
us-gaap Lease Cost
LeaseCost
72000 usd
CY2023Q2 us-gaap Sublease Income
SubleaseIncome
12000 usd
CY2022Q2 us-gaap Sublease Income
SubleaseIncome
10000 usd
us-gaap Sublease Income
SubleaseIncome
25000 usd
us-gaap Sublease Income
SubleaseIncome
21000 usd
CY2023Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
38000 usd
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
35000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
75000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
70000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
513000 usd
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
514000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1012000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1041000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1496000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.49
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.60
CY2023Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
29000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
65000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
58000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
CY2022Q2 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
14000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
14000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
40000 usd
CY2022Q2 us-gaap Lease Cost
LeaseCost
36000 usd
CY2023Q2 mbrx License Agreements Expense
LicenseAgreementsExpense
64000 usd
CY2022Q2 mbrx License Agreements Expense
LicenseAgreementsExpense
56000 usd
mbrx License Agreements Expense
LicenseAgreementsExpense
129000 usd
mbrx License Agreements Expense
LicenseAgreementsExpense
133000 usd

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