$MNPR
Monopar Therapeutics

2023 Q2 Form 10-Q Financial Statement

#000165495423006119 Filed on May 11, 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 $733.5K $871.7K $779.3K
YoY Change 7.1% 11.86% 12.93%
% of Gross Profit
Research & Development $1.595M $1.653M $1.678M
YoY Change -23.27% -1.46% 39.04%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $2.328M $2.525M $2.457M
YoY Change -15.75% 2.76% 29.69%
Operating Profit -$2.328M -$2.525M -$2.457M
YoY Change -15.75% 2.76% 29.69%
Interest Expense $128.2K $90.49K $460.00
YoY Change 30428.57% 19571.74% -95.4%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income -$2.200M -$2.435M -$2.457M
YoY Change -20.37% -0.9% 30.68%
Income Tax
% Of Pretax Income
Net Earnings -$2.200M -$2.435M -$2.457M
YoY Change -20.37% -0.9% 30.4%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.19
Diluted Earnings Per Share -$0.16 -$0.19 -$194.9K
COMMON SHARES
Basic Shares Outstanding 13.22M shares 13.19M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $16.33M $11.68M $17.82M
YoY Change -0.84% -34.47% -30.72%
Cash & Equivalents $7.215M $5.726M $17.82M
Short-Term Investments $9.111M $5.951M
Other Short-Term Assets $109.9K $106.8K $193.6K
YoY Change -41.92% -44.84% 76.04%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $10.30M $11.78M $18.01M
YoY Change -38.14% -34.58% -30.29%
LONG-TERM ASSETS
Property, Plant & Equipment $37.33K $49.38K $53.69K
YoY Change -55.75% -8.03%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $37.33K $49.38K $53.69K
YoY Change -55.75% -8.04% -23.3%
TOTAL ASSETS
Total Short-Term Assets $10.30M $11.78M $18.01M
Total Long-Term Assets $37.33K $49.38K $53.69K
Total Assets $10.34M $11.83M $18.07M
YoY Change -38.23% -34.51% -30.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.502M $2.888M $1.048M
YoY Change 16.91% 175.51% 29.4%
Accrued Expenses $25.98K
YoY Change
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 $2.502M $2.888M $1.074M
YoY Change 14.4% 168.85% 32.61%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00 $0.00 $25.34K
YoY Change -100.0% -100.0%
Total Long-Term Liabilities $0.00 $0.00 $25.34K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.502M $2.888M $1.074M
Total Long-Term Liabilities $0.00 $0.00 $25.34K
Total Liabilities $2.502M $2.888M $1.099M
YoY Change 12.69% 162.65% 35.74%
SHAREHOLDERS EQUITY
Retained Earnings -$56.40M -$54.24M
YoY Change 21.27%
Common Stock $64.27M $13.22K
YoY Change 505908.42%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.837M $8.945M $16.97M
YoY Change
Total Liabilities & Shareholders Equity $10.34M $11.83M $18.07M
YoY Change -38.23% -34.51% -30.27%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$2.200M -$2.435M -$2.457M
YoY Change -20.37% -0.9% 30.4%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.101M -$2.271M -$2.468M
YoY Change 60.32% -7.96% 27.32%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $2.954M -$983.4K
YoY Change
Cash From Investing Activities $2.954M -$983.4K $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 641.2K $804.8K -$16.67K
YoY Change -1079.5% -4928.98% -100.15%
NET CHANGE
Cash From Operating Activities -2.101M -$2.271M -$2.468M
Cash From Investing Activities 2.954M -$983.4K $0.00
Cash From Financing Activities 641.2K $804.8K -$16.67K
Net Change In Cash 1.494M -$2.461M -$2.484M
YoY Change -208.52% -0.95% -127.65%
FREE CASH FLOW
Cash From Operating Activities -$2.101M -$2.271M -$2.468M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><strong>Note 1 – Nature of Business and Liquidity</strong> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Nature of Business</strong></em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Monopar Therapeutics Inc. (“Monopar” or the ”Company”) is a clinical-stage biopharmaceutical company focused on developing proprietary therapeutics designed to extend life or improve quality of life for cancer patients. Monopar currently has three compounds in development: 1) camsirubicin (generic name for MNPR-201, GPX-150; 5-imino-13-deoxydoxorubicin), a Phase 1b clinical stage novel analog of doxorubicin engineered specifically to retain anticancer activity while minimizing toxic effects on the heart; 2) MNPR-101 RIT and MNPR-101-Zr, a preclinical stage uPAR-targeted antibody being developed as a radioimmunotherapeutic and companion diagnostic for advanced cancers; and 3) an early stage camsirubicin analog, MNPR-202, for various cancers. On March 27, 2023, the Company discontinued its Validive Phase 2b/3 VOICE trial based upon its Data Safety Monitoring Board’s determination that the trial did not meet the pre-defined threshold for efficacy of a 15% absolute difference in severe oral mucositis prevention between Validive and placebo. Other than clinical site close-out related expense to be incurred in Q2 2023, the Company will not incur any license or royalty obligations or incur any significant expenses beyond Q2 2023 related to Validive. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"><em><strong>Liquidity</strong></em></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Company has incurred an accumulated deficit of approximately $54.2 million as of March 31, 2023. To date, the Company has primarily funded its operations with the net proceeds from the Company’s initial public offering of its common stock on Nasdaq, sales of its common stock in the public market through at-the-market sales agreements, private placements of convertible preferred stock and of common stock and cash provided in the camsirubicin asset purchase transaction. Management estimates that currently available cash will provide sufficient funds to enable the Company to meet its obligations at least through June 2024. The Company’s ability to fund its future operations, including the continued clinical development of camsirubicin and continued development of its radiopharmaceutical program, is dependent upon its ability to execute its business strategy, to obtain additional funding and/or to execute collaborative research agreements. There can be no certainty that future financing or collaborative research agreements will occur in the amounts required or at a time needed to maintain operations, if at all.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Market variables over which the Company has no control, such as inflation of product costs, higher capital costs, labor rates and fuel, freight and energy costs, as well as geopolitical events could cause the Company to suffer significant increases in its operating and administrative expenses.</p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The Russia-Ukraine war, and resulting sanctions against Russia and Russian entities or allies, have increased fuel costs and may cause shipping delays. The broader economic, trade and financial market consequences are uncertain at this time, which may increase the cost of supplies for the Company’s clinical materials, may delay the manufacture of its clinical materials, may increase costs of other goods and services, or make it more difficult or costly to raise additional financing, any of which could cause an adverse effect on the Company’s clinical and development program and on the Company’s financial condition. </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;"> </p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The coronavirus disease (“COVID-19”) continues to affect economies and business around the world. Due to many uncertainties, the Company is unable to estimate COVID-19’s financial impact or duration in light of global vaccine rollouts, treatment options and potential surges of new cases from current or future COVID-19 variants or its potential impact on the Company’s current clinical trial and development programs, including COVID-19’s effect on drug candidate manufacturing, shipping, patient recruitment at clinical sites and regulatory agencies around the globe. </p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</p>
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P7Y2M15D
CY2023Q1 mnpr Insurance Premiums Dues Subscription And Software Cost Paid In Advance
InsurancePremiumsDuesSubscriptionAndSoftwareCostPaidInAdvance
10000 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px; text-align:justify;">Financial instruments that potentially subject the Company to concentration of credit risk consist of cash and cash equivalents. The Company maintains cash and cash equivalents at two reputable financial institutions. As of March 31, 2023, the balance at one financial institution was in excess of the $250,000 Federal Deposit Insurance Corporation (“FDIC”) insurable limit. The Company has not experienced any losses on its deposits since inception and management believes the Company is not exposed to significant risks with respect to these financial institutions.</p>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
4472806 usd
CY2023Q1 us-gaap Investments
Investments
5950638 usd
CY2023Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
10423444 usd
CY2022Q4 us-gaap Cash And Cash Equivalents Fair Value Disclosure
CashAndCashEquivalentsFairValueDisclosure
7248946 usd
CY2022Q4 us-gaap Investments
Investments
4933550 usd
CY2022Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
12182496 usd
CY2023Q1 mnpr Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
13105831 shares
CY2022Q1 mnpr Weighted Average Number Of Shares Outstanding Basic And Diluted
WeightedAverageNumberOfSharesOutstandingBasicAndDiluted
12604443 shares
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2745916 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2548155 shares
CY2023Q1 mnpr Net Aggregate Cost Basis
NetAggregateCostBasis
10374760 usd
CY2023Q1 mnpr Investments Gross Unrealized Gain Before Tax
InvestmentsGrossUnrealizedGainBeforeTax
48684 usd
CY2023Q1 mnpr Net Aggregate Fair Value
NetAggregateFairValue
10423444 usd
CY2023Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
600000.0 usd
CY2022Q4 mnpr Net Aggregate Cost Basis
NetAggregateCostBasis
12167457 usd
CY2022Q4 mnpr Investments Gross Unrealized Gain Before Tax
InvestmentsGrossUnrealizedGainBeforeTax
15039 usd
CY2022Q4 mnpr Net Aggregate Fair Value
NetAggregateFairValue
12182496 usd
CY2022Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
490000 usd
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
40000000 shares
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 mnpr Pursuant Aggregate Amount
PursuantAggregateAmount
4870000 usd
CY2023Q1 mnpr Aggregate Amount Increased
AggregateAmountIncreased
6505642 usd
CY2023Q1 us-gaap Sale Of Stock Number Of Shares Issued In Transaction
SaleOfStockNumberOfSharesIssuedInTransaction
244392 shares
CY2023Q1 mnpr Average Gross Price Per Share
AverageGrossPricePerShare
3.46
CY2023Q1 us-gaap Sale Of Stock Consideration Received On Transaction
SaleOfStockConsiderationReceivedOnTransaction
823855 usd
CY2023Q1 mnpr Fees And Commission
FeesAndCommission
21144 usd
CY2023Q1 mnpr Legal Accounting And Other Fees
LegalAccountingAndOtherFees
16517 usd
CY2023Q1 mnpr Net Proceeds After Fees Commissions And Expenses
NetProceedsAfterFeesCommissionsAndExpenses
807338 usd
CY2023Q1 mnpr Common Stock Issued And Oustanding
CommonStockIssuedAndOustanding
13222056 shares
CY2023Q1 mnpr Description Of Exercise Price
DescriptionOfExercisePrice
exercise prices ranging from $2.37 to $3.16 per share which vest over 1 to 4 years. All stock option grants have a 10-year term.
CY2023Q1 mnpr Stock Option Grants Term Period
StockOptionGrantsTermPeriod
P10Y
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1642950 shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.28
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
508902 shares
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.14
CY2023Q1 mnpr Stock Options Forfeited
StockOptionsForfeited
-5729 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
2.44
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2146123 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.01
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Nonvested Options Forfeited Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedOptionsForfeitedNumberOfShares
901308 shares
CY2023Q1 mnpr Weighted Average Exercise Price Unvested Options Outstanding Expected To Vest
WeightedAverageExercisePriceUnvestedOptionsOutstandingExpectedToVest
3.45
CY2023Q1 mnpr Stock Option Granted
StockOptionGranted
508902 shares
CY2023Q1 mnpr Number Of Shares Subject To Options Outstanding
NumberOfSharesSubjectToOptionsOutstanding
2146123 shares
CY2023Q1 mnpr Number Of Shares Subjected To Fully Vested And Exercisable
NumberOfSharesSubjectedToFullyVestedAndExercisable
1244815 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P5Y8M4D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
508902 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
553064 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.38
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.11
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
223273 usd
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Total Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodTotalFairValue
292328 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
500000 usd
CY2023Q1 mnpr Weighted Average Exercise Price
WeightedAverageExercisePrice
4.01
CY2023Q1 mnpr Weighted Average Vested Exercise Price
WeightedAverageVestedExercisePrice
4.42
CY2023Q1 mnpr Weighted Average Stock Options Expected To Vest
WeightedAverageStockOptionsExpectedToVest
3.45
CY2023Q1 mnpr Unamortized Unvested Balance Of Stock Base Compensation
UnamortizedUnvestedBalanceOfStockBaseCompensation
410000 usd
CY2023Q1 mnpr Unamortized Unvested Balance Of Stock Base Compensation Period
UnamortizedUnvestedBalanceOfStockBaseCompensationPeriod
P3Y

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