$MBRX
Moleculin Biotech, Inc.

2024 Q3 Form 10-Q Financial Statement

#000143774924026367 Filed on August 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.172M $2.064M
YoY Change -17.73% -17.17%
% of Gross Profit
Research & Development $4.932M $4.090M
YoY Change 50.37% 5.2%
% of Gross Profit
Depreciation & Amortization $31.00K $31.00K
YoY Change -3.13% 0.0%
% of Gross Profit
Operating Expenses $7.135M $6.185M
YoY Change 19.98% -3.53%
Operating Profit -$7.135M -$6.185M
YoY Change 19.98% -3.53%
Interest Expense $102.0K $159.0K
YoY Change -68.52% -59.23%
% of Operating Profit
Other Income/Expense, Net $9.000K $11.00K
YoY Change -30.77% 22.22%
Pretax Income -$10.59M -$4.319M
YoY Change 88.81% -27.73%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$10.59M -$4.319M
YoY Change 88.84% -27.73%
Net Earnings / Revenue
Basic Earnings Per Share -$2.85 -$1.70
Diluted Earnings Per Share -$2.85 -$1.70
COMMON SHARES
Basic Shares Outstanding 2.562M 2.312M
Diluted Shares Outstanding

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $9.405M $10.85M
YoY Change -61.74% -66.29%
Cash & Equivalents $9.405M $10.85M
Short-Term Investments
Other Short-Term Assets $2.201M $1.605M
YoY Change -27.12% -49.97%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $11.61M $13.73M
YoY Change -57.95% -61.19%
LONG-TERM ASSETS
Property, Plant & Equipment $190.0K $221.0K
YoY Change -15.56% -3.49%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $11.79M $11.84M
YoY Change -1.11% 0.93%
TOTAL ASSETS
Total Short-Term Assets $11.61M $13.73M
Total Long-Term Assets $11.79M $11.84M
Total Assets $23.39M $25.58M
YoY Change -40.81% -45.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.550M $2.833M
YoY Change 26.99% -31.5%
Accrued Expenses $3.043M $2.913M
YoY Change 61.86% 20.47%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $5.593M $5.746M
YoY Change 43.85% -12.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.32M $2.124M
YoY Change 1964.4% 624.91%
Total Long-Term Liabilities $10.32M $2.124M
YoY Change 1964.4% 624.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $5.593M $5.746M
Total Long-Term Liabilities $10.32M $2.124M
Total Liabilities $15.92M $7.870M
YoY Change 262.94% 14.94%
SHAREHOLDERS EQUITY
Retained Earnings -$151.5M -$140.9M
YoY Change 24.9% 21.78%
Common Stock $159.0M $158.6M
YoY Change 1.59% 1.68%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.479M $17.71M
YoY Change
Total Liabilities & Shareholders Equity $23.39M $25.58M
YoY Change -40.81% -45.72%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$10.59M -$4.319M
YoY Change 88.84% -27.73%
Depreciation, Depletion And Amortization $31.00K $31.00K
YoY Change -3.13% 0.0%
Cash From Operating Activities -$6.113M -$5.949M
YoY Change -19.03% 16.06%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $13.00K
YoY Change -100.0% -13.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$13.00K
YoY Change -100.0% -13.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.659M -25.00K
YoY Change -151.02%
NET CHANGE
Cash From Operating Activities -6.113M -5.949M
Cash From Investing Activities 0.000 -13.00K
Cash From Financing Activities 4.659M -25.00K
Net Change In Cash -1.454M -5.987M
YoY Change -80.79% 17.58%
FREE CASH FLOW
Cash From Operating Activities -$6.113M -$5.949M
Capital Expenditures $0.00 $13.00K
Free Cash Flow -$6.113M -$5.962M
YoY Change -19.25% 15.97%

Facts In Submission

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CY2024Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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CY2024Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
8000 usd
CY2024Q2 us-gaap Stockholders Equity
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CY2022Q4 us-gaap Stockholders Equity
StockholdersEquity
52191000 usd
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
141000 usd
CY2023Q1 mbrx Stock Issued During Period Value License Rights
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CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
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499000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
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CY2023Q2 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
69000 usd
CY2023Q2 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
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CY2023Q2 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
513000 usd
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
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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: &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:c116179230">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 outlicensing 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: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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;">In <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;, Times, serif; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt; 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;"> 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>On <em style="font: inherit;"> April 8, 2024, </em>the Company received a letter from Nasdaq notifying the Company that it had regained compliance with Bid Price Rule <em style="font: inherit;">5550</em>(a)(<em style="font: inherit;">2</em>) as a result of the closing bid price of the Company's common stock being at $1.00 per share or greater for the <em style="font: inherit;">10</em> consecutive business days from <em style="font: inherit;"> March 22, 2024 </em>through <em style="font: inherit;"> April 5, 2024. </em>Accordingly, the Company is in compliance with the Bid Price Rule and Nasdaq considers the matter closed.</p>
CY2023Q2 mbrx Nasdaq Compliance Minimum Closing Bid Price Per Share
NASDAQComplianceMinimumClosingBidPricePerShare
1
mbrx Nasdaq Compliance Extension Period
NASDAQComplianceExtensionPeriod
P180D
CY2023Q2 mbrx Nasdaq Compliance Minimum Closing Bid Price Per Share
NASDAQComplianceMinimumClosingBidPricePerShare
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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: left"> </p>
CY2024Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2024Q2 us-gaap Cash
Cash
10800000 usd
CY2024Q2 mbrx Prepaid Sponsored Research Current
PrepaidSponsoredResearchCurrent
1277000 usd
CY2023Q4 mbrx Prepaid Sponsored Research Current
PrepaidSponsoredResearchCurrent
1515000 usd
CY2024Q2 us-gaap Prepaid Insurance
PrepaidInsurance
1143000 usd
CY2023Q4 us-gaap Prepaid Insurance
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564000 usd
CY2024Q2 mbrx Vendor Prepayments And Deposits
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457000 usd
CY2023Q4 mbrx Vendor Prepayments And Deposits
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545000 usd
CY2024Q2 us-gaap Nontrade Receivables Current
NontradeReceivablesCurrent
5000 usd
CY2023Q4 us-gaap Nontrade Receivables Current
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95000 usd
CY2024Q2 mbrx Related Party Receivables
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CY2023Q4 mbrx Related Party Receivables
RelatedPartyReceivables
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CY2024Q2 us-gaap Prepaid Expense And Other Assets Current
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2886000 usd
CY2023Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2723000 usd
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1600000
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000
CY2024Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1157000 usd
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
765000 usd
CY2024Q2 mbrx Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
1060000 usd
CY2023Q4 mbrx Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2845000 usd
CY2024Q2 mbrx Accrued Legal Regulatory Professional And Other Current
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540000 usd
CY2023Q4 mbrx Accrued Legal Regulatory Professional And Other Current
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547000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
112000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
100000 usd
CY2024Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2913000 usd
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4317000 usd
CY2024Q1 us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
6834
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
19743
CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
453000 usd
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
513000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
946000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1012000 usd
CY2024Q2 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0 usd
CY2024Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
38000 usd
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
33000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
75000 usd
us-gaap Operating Lease Cost
OperatingLeaseCost
65000 usd
CY2024Q2 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
CY2023Q2 us-gaap Variable Lease Cost
VariableLeaseCost
7000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
10000 usd
us-gaap Variable Lease Cost
VariableLeaseCost
14000 usd
CY2024Q2 us-gaap Lease Cost
LeaseCost
45000 usd
CY2023Q2 us-gaap Lease Cost
LeaseCost
40000 usd
us-gaap Lease Cost
LeaseCost
85000 usd
us-gaap Lease Cost
LeaseCost
79000 usd
CY2023Q3 mbrx Operating Lease Monthly Rent Payment
OperatingLeaseMonthlyRentPayment
4700 usd
CY2023Q3 mbrx Operating Lease Rent Expense Annual Increase In Rent Percent
OperatingLeaseRentExpenseAnnualIncreaseInRentPercent
0.02 pure
CY2024Q2 us-gaap Sublease Income
SubleaseIncome
12000 usd
us-gaap Sublease Income
SubleaseIncome
24000 usd
us-gaap Sublease Income
SubleaseIncome
25000 usd
CY2024Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
38000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
68000 usd
us-gaap Operating Lease Payments
OperatingLeasePayments
75000 usd
CY2024Q2 mbrx License Agreements Expense
LicenseAgreementsExpense
377000 usd
CY2023Q2 mbrx License Agreements Expense
LicenseAgreementsExpense
176000 usd
mbrx License Agreements Expense
LicenseAgreementsExpense
533000 usd
mbrx License Agreements Expense
LicenseAgreementsExpense
331000 usd

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