2024 Q1 Form 10-K Financial Statement

#000143774924009044 Filed on March 22, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.393M $2.252M $10.02M
YoY Change -9.25% -20.65% -13.21%
% of Gross Profit
Research & Development $4.252M $6.632M $19.49M
YoY Change -25.23% 58.74% 2.74%
% of Gross Profit
Depreciation & Amortization $32.00K $37.00K $127.0K
YoY Change 6.67% 15.63% -2.31%
% of Gross Profit
Operating Expenses $6.677M $8.919M $29.63M
YoY Change -20.07% 26.55% -3.29%
Operating Profit -$6.677M -$29.63M
YoY Change -20.07% -3.29%
Interest Expense $241.0K -$858.0K $1.368M
YoY Change -38.52% -409.75% -13.14%
% of Operating Profit
Other Income/Expense, Net $11.00K $18.00K $48.00K
YoY Change 37.5% 1700.0% 20.0%
Pretax Income -$4.970M -$10.27M -$29.77M
YoY Change -37.21% 51.68% 2.56%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.970M -$10.27M -$29.77M
YoY Change -37.09% 51.68% 2.65%
Net Earnings / Revenue
Basic Earnings Per Share -$2.02 -$15.07
Diluted Earnings Per Share -$2.02 -$5.09 -$15.07
COMMON SHARES
Basic Shares Outstanding 2.228M 29.81M 1.976M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.82M $23.55M $23.55M
YoY Change -54.85% -45.42% -45.42%
Cash & Equivalents $16.82M $23.55M $23.55M
Short-Term Investments
Other Short-Term Assets $2.133M $1.204M $1.204M
YoY Change 5.39% -14.18% -14.18%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $18.96M $26.27M $26.27M
YoY Change -51.75% -42.38% -42.38%
LONG-TERM ASSETS
Property, Plant & Equipment $240.0K $272.0K $796.0K
YoY Change -1.64% -1.09% 17.4%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.89M $11.94M $11.94M
YoY Change 0.98% 1.0% 1.0%
TOTAL ASSETS
Total Short-Term Assets $18.96M $26.27M $26.27M
Total Long-Term Assets $11.89M $11.94M $11.94M
Total Assets $30.85M $38.22M $38.22M
YoY Change -39.59% -33.45% -33.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.104M $2.498M $2.498M
YoY Change 8.51% 19.24% 19.24%
Accrued Expenses $3.304M $4.317M $4.257M
YoY Change 6.82% 58.48% 61.37%
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 $5.408M $6.815M $6.815M
YoY Change 7.47% 41.42% 41.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.850M $5.329M $5.329M
YoY Change 1012.72% 1193.45% 1193.45%
Total Long-Term Liabilities $3.850M $5.329M $5.329M
YoY Change 1012.72% 1193.45% 1193.45%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.408M $6.815M $6.815M
Total Long-Term Liabilities $3.850M $5.329M $5.329M
Total Liabilities $9.258M $12.14M $12.14M
YoY Change 72.15% 132.15% 132.15%
SHAREHOLDERS EQUITY
Retained Earnings -$136.6M -$131.6M
YoY Change 24.41% 29.27%
Common Stock $158.2M $157.7M
YoY Change 1.77% 2.38%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.59M $26.07M $26.07M
YoY Change
Total Liabilities & Shareholders Equity $30.85M $38.22M $38.22M
YoY Change -39.59% -33.45% -33.45%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$4.970M -$10.27M -$29.77M
YoY Change -37.09% 51.68% 2.65%
Depreciation, Depletion And Amortization $32.00K $37.00K $127.0K
YoY Change 6.67% 15.63% -2.31%
Cash From Operating Activities -$6.717M -$5.411M -$24.10M
YoY Change 11.95% -25.43% -12.68%
INVESTING ACTIVITIES
Capital Expenditures $84.00K $124.0K
YoY Change 85.07%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$84.00K -$124.0K
YoY Change 85.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 4.461M $4.651M
YoY Change -100.0% -20321.74%
NET CHANGE
Cash From Operating Activities -$6.717M -5.411M -$24.10M
Cash From Investing Activities -84.00K -$124.0K
Cash From Financing Activities $0.00 4.461M $4.651M
Net Change In Cash -$6.726M -1.034M -$19.60M
YoY Change 14.39% -85.75% -29.41%
FREE CASH FLOW
Cash From Operating Activities -$6.717M -$5.411M -$24.10M
Capital Expenditures $84.00K $124.0K
Free Cash Flow -$5.495M -$24.23M
YoY Change -24.27% -12.44%

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CY2022Q4 us-gaap Stockholders Equity
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CY2023 mbrx Shares Issued During Period Value Sale Of Common Stocks And Warrants
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CY2023 us-gaap Stock Issued During Period Value New Issues
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CY2023 mbrx Stock Issued During Period Value License Rights
StockIssuedDuringPeriodValueLicenseRights
772000 usd
CY2023 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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1984000 usd
CY2023 us-gaap Income Loss Attributable To Parent
IncomeLossAttributableToParent
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CY2023 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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CY2023Q4 us-gaap Stockholders Equity
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CY2023 us-gaap Nature Of Operations
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<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:left;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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:c109131103">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 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;"><span style="background-color:#ffffff;">I</span>n <em style="font: inherit;">2019,</em> the Company sublicensed its technologies to Animal Life Sciences, Inc. (ALI), to enable research and commercialization for non-human use and share development data. As part of this agreement, ALI issued to the Company a 10% equity interest in ALI. </p> <p style="font-family: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify; text-indent: 36pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">On <em style="font: inherit;"> May 5, 2023, </em>the Company received a letter from the Nasdaq Capital Market (Nasdaq) notifying the Company that for the prior <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 Nasdaq pursuant to Nasdaq Listing Rule <em style="font: inherit;">5550</em>(a)(<em style="font: inherit;">2</em>) (Bid Price Rule). The deficiency letter did <em style="font: inherit;">not</em> result in the immediate delisting of the Company's common stock from the Nasdaq. In accordance with Nasdaq Listing Rule <em style="font: inherit;">5810</em>(c)(<em style="font: inherit;">3</em>)(A), the Company was  provided an initial period of <em style="font: inherit;">180</em> calendar days, until <em style="font: inherit;"> November 1, 2023, </em>to regain compliance with the Bid Price Rule. On <em style="font: inherit;"> November 2, </em><em style="font: inherit;">2023,</em> the Company received a 180-calendar day extension, until <em style="font: inherit;"> April 29, 2024, </em>from the Nasdaq to regain compliance with Bid Price Rule. On <em style="font: inherit;"> October 3, 2023, </em>the Company held a Special Meeting of Stockholders (special meeting). The Company's stockholders granted the Board of Directors the authority to effect an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse stock split of the outstanding shares of the Company’s common stock, at a reverse stock split ratio of between <em style="font: inherit;">1</em>-for-5 and <em style="font: inherit;">1</em>-for-20 as determined by the Board in its sole discretion, prior to the <em style="font: inherit;">one</em>-year anniversary of the Special Meeting. On <em style="font: inherit;"> March 5, 2024, </em>the Board of Directors approved a reverse <em style="font: inherit;">1</em>-for-15 reverse stock split effective <em style="font: inherit;">11:59</em> P.M. (Eastern time) on <em style="font: inherit;"> March 21, 2024, </em>with trading to commence on a split-adjusted basis on <em style="font: inherit;"> March 22, 2024.</em></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;">If, at any time before <em style="font: inherit;"> April 29, 2024, </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 10 day period pursuant to Nasdaq Listing Rule <em style="font: inherit;">5810</em>(c)(<em style="font: inherit;">3</em>)(G). If the Company does <em style="font: inherit;">not</em> regain compliance with the Bid Price Rule by <em style="font: inherit;"> April 29, 2024, </em>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. 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>
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<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 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:36pt;"><b> </b></p> <p style="font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; text-indent: 36pt;"></p>
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CY2022 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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CY2022 mbrx Effective Income Tax Rate Reconciliation Stock Warrant Costs
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CY2022 mbrx Effective Income Tax Rate Reconciliation Other Permanent Difference
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CY2022 mbrx Effective Income Tax Rate Reconciliation Permanent Ptr Items
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CY2022 us-gaap Effective Income Tax Rate Reconciliation Share Based Compensation Excess Tax Benefit Amount
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159000 usd
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164000 usd
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141000 usd
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41000 usd
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712000 usd
CY2023Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
138000 usd

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