$MEIP
MEI Pharma, Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024056834 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $5.894M
YoY Change -100.0% -100.0% -39.2%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.137M $4.609M $7.181M
YoY Change -58.51% -35.82% -19.62%
% of Gross Profit
Research & Development $3.944M $5.220M $15.10M
YoY Change 53.46% -65.44% -32.32%
% of Gross Profit
Depreciation & Amortization $125.0K $86.00K $97.00K
YoY Change 25.0% -11.34% 8.99%
% of Gross Profit
Operating Expenses $8.081M $5.220M $15.10M
YoY Change -35.56% -65.44% -32.32%
Operating Profit -$9.829M -$16.39M
YoY Change -40.03% -23.97%
Interest Expense $608.0K $706.0K $957.0K
YoY Change -42.64% -26.23% -92.54%
% of Operating Profit
Other Income/Expense, Net -$34.00K $702.0K -$4.000K
YoY Change 240.0% -17650.0%
Pretax Income -$18.41M -$9.127M -$15.44M
YoY Change 83.51% -40.88% 76.94%
Income Tax
% Of Pretax Income
Net Earnings -$18.41M -$9.127M -$15.44M
YoY Change 83.51% -40.88% 76.94%
Net Earnings / Revenue -261.93%
Basic Earnings Per Share -$1.37 -$2.32
Diluted Earnings Per Share -$2.76 -$1.37 -$2.32
COMMON SHARES
Basic Shares Outstanding 6.663M 6.663M 133.3M
Diluted Shares Outstanding 6.663M 6.663M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.35M $56.55M $112.0M
YoY Change -61.92% -49.52% -33.72%
Cash & Equivalents $3.705M $2.368M $8.812M
Short-Term Investments $34.64M $54.18M $103.2M
Other Short-Term Assets $2.424M $2.814M $3.867M
YoY Change -64.35% -27.23% -35.31%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00 $4.580M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $40.77M $59.37M $120.5M
YoY Change -62.09% -50.73% -34.33%
LONG-TERM ASSETS
Property, Plant & Equipment $392.0K $1.058M $1.366M
YoY Change -70.05% -22.55% -5.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $606.0K $11.89M $13.70M
YoY Change -95.44% -13.21% 25.0%
TOTAL ASSETS
Total Short-Term Assets $40.77M $59.37M $120.5M
Total Long-Term Assets $606.0K $11.89M $13.70M
Total Assets $41.38M $71.26M $134.2M
YoY Change -65.75% -46.9% -30.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.168M $3.176M $4.389M
YoY Change -48.35% -27.64% -46.85%
Accrued Expenses $5.187M $5.388M $16.26M
YoY Change -58.37% -66.87% 61.32%
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 $8.355M $9.616M $23.62M
YoY Change -58.92% -59.29% -1.4%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $10.62M $76.21M
YoY Change -100.0% -86.07% -25.77%
Total Long-Term Liabilities $0.00 $10.62M $76.21M
YoY Change -100.0% -86.07% -25.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.355M $9.616M $23.62M
Total Long-Term Liabilities $0.00 $10.62M $76.21M
Total Liabilities $8.355M $20.23M $99.83M
YoY Change -91.31% -79.74% -21.16%
SHAREHOLDERS EQUITY
Retained Earnings -$388.2M -$369.8M -$396.0M
YoY Change -4.38% -6.62% 10.58%
Common Stock $421.2M $420.8M $430.3M
YoY Change -2.18% -2.2% 1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $33.02M $51.03M $34.35M
YoY Change
Total Liabilities & Shareholders Equity $41.38M $71.26M $134.2M
YoY Change -65.75% -46.9% -30.98%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income -$18.41M -$9.127M -$15.44M
YoY Change 83.51% -40.88% 76.94%
Depreciation, Depletion And Amortization $125.0K $86.00K $97.00K
YoY Change 25.0% -11.34% 8.99%
Cash From Operating Activities -$18.00M -$2.928M -$12.13M
YoY Change 59.28% -75.86% -28.46%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $19.54M $122.0K $10.02M
YoY Change 0.53% -98.78% -34.35%
Cash From Investing Activities $19.54M $122.0K $10.02M
YoY Change 0.74% -98.78% -33.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -208.0K 0.000 0.000
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -18.00M -2.928M -12.13M
Cash From Investing Activities 19.54M 122.0K 10.02M
Cash From Financing Activities -208.0K 0.000 0.000
Net Change In Cash 1.337M -2.806M -2.105M
YoY Change -83.49% 33.3% 46.28%
FREE CASH FLOW
Cash From Operating Activities -$18.00M -$2.928M -$12.13M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$18.00M -$2.928M
YoY Change 58.72%

Facts In Submission

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<p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, we evaluate our estimates, including those related to the valuation of share-based awards, the discount rate used in estimating the present value of the right-of-use assets and lease liabilities, clinical trial accruals and the assessment of our ability to fund our operations for at least the next 12 months from the date of issuance of these condensed consolidated financial statements. We base our estimates on historical experience and other market-specific </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">or other relevant assumptions that we believe to be reasonable under the circumstances. Estimates are assessed each reporting period and updated to reflect current information. As future events and their effects cannot be determined with precision, actual results may materially differ from those estimates or assumptions.</span>
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<p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk</span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents and short-term investments. Deposits in our checking and money market accounts are maintained in federally insured financial institutions and are subject to federally insured limits or limits set by the Securities Investor Protection Corporation.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">We attempt to minimize credit risk associated with our cash, cash equivalents and short-term investments by periodically evaluating the credit quality of our primary financial institutions. Our investment portfolio is maintained in accordance with our investment policy, which is designed to preserve capital, safeguard funds and limit exposure to risk. While we maintain cash deposits in Federal Deposit Insurance Corporation insured financial institutions in excess of federally insured limits, we do not believe that we are exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. We have not experienced any losses on such accounts.</span>
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