$ONCO
Onconetix, Inc.

2022 Q4 Form 10-Q Financial Statement

#000121390022072376 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.040M $2.694M $826.0K
YoY Change 166.35% 226.18% 253.54%
% of Gross Profit
Research & Development $1.206M $1.175M $269.9K
YoY Change 175.68% 335.48% 169.93%
% of Gross Profit
Depreciation & Amortization $1.840K $1.850K $1.260K
YoY Change 60.0% 46.83% 48.24%
% of Gross Profit
Operating Expenses $3.246M $3.870M $1.096M
YoY Change 169.74% 253.1% 225.62%
Operating Profit -$3.870M -$1.096M
YoY Change 253.1%
Interest Expense $28.04K $3.070K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $3.072K
YoY Change
Pretax Income -$3.218M -$3.867M -$1.096M
YoY Change 167.41% 252.82% 227.74%
Income Tax
% Of Pretax Income
Net Earnings -$3.218M -$3.867M -$1.096M
YoY Change 167.41% 252.82% 227.74%
Net Earnings / Revenue
Basic Earnings Per Share -$0.27 -$0.40
Diluted Earnings Per Share -$0.20 -$0.27 -$99.19K
COMMON SHARES
Basic Shares Outstanding 15.47M shares 13.58M shares 3.200M shares
Diluted Shares Outstanding 14.34M shares 3.200M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.75M $29.14M $2.742M
YoY Change 1235.39% 962.6%
Cash & Equivalents $25.75M $29.14M $2.742M
Short-Term Investments
Other Short-Term Assets $469.2K $880.1K $589.4K
YoY Change -52.71% 49.33%
Inventory
Prepaid Expenses $469.2K $703.8K
Receivables
Other Receivables
Total Short-Term Assets $26.26M $30.05M $3.364M
YoY Change 754.41% 793.44%
LONG-TERM ASSETS
Property, Plant & Equipment $14.09K $15.93K $11.93K
YoY Change 22.49% 33.56%
Goodwill
YoY Change
Intangibles $0.00
YoY Change
Long-Term Investments
YoY Change
Other Assets $38.62K $93.95K $46.23K
YoY Change 103.22%
Total Long-Term Assets $52.71K $109.9K $58.16K
YoY Change 358.23% 88.93%
TOTAL ASSETS
Total Short-Term Assets $26.26M $30.05M $3.364M
Total Long-Term Assets $52.71K $109.9K $58.16K
Total Assets $26.31M $30.16M $3.422M
YoY Change 752.93% 781.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.499M $834.3K $263.9K
YoY Change 157.34% 216.19%
Accrued Expenses $2.409M $3.555M $532.1K
YoY Change 128.24% 568.1%
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 $3.922M $4.431M $796.0K
YoY Change 139.45% 456.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $3.922M $4.431M $796.0K
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $3.922M $4.431M $796.0K
YoY Change 139.45% 456.72%
SHAREHOLDERS EQUITY
Retained Earnings -$19.38M -$16.16M
YoY Change 225.29%
Common Stock $157.00 $147.00
YoY Change 390.63%
Preferred Stock
YoY Change
Treasury Stock (at cost) $566.8K
YoY Change
Treasury Stock Shares
Shareholders Equity $22.39M $25.73M $2.626M
YoY Change
Total Liabilities & Shareholders Equity $26.31M $30.16M $3.422M
YoY Change 752.93% 781.47%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$3.218M -$3.867M -$1.096M
YoY Change 167.41% 252.82% 227.74%
Depreciation, Depletion And Amortization $1.840K $1.850K $1.260K
YoY Change 60.0% 46.83% 48.24%
Cash From Operating Activities -$2.801M -$1.829M -$730.5K
YoY Change 315.36% 150.4% 247.0%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -582.8K 8.724M -197.0K
YoY Change 324.78% -4528.7%
NET CHANGE
Cash From Operating Activities -2.801M -1.829M -730.5K
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities -582.8K 8.724M -197.0K
Net Change In Cash -3.384M 6.895M -927.5K
YoY Change 315.97% -843.38% 336.62%
FREE CASH FLOW
Cash From Operating Activities -$2.801M -$1.829M -$730.5K
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$2.801M -$1.829M -$730.5K
YoY Change 316.54% 150.4% 250.18%

Facts In Submission

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CY2022Q1 bwv Price Per Share
PricePerShare
9
CY2022Q1 bwv Initial Public Offering
InitialPublicOffering
Proceeds from the IPO, net of underwriting discounts, commissions, and offering costs of $2.9 million, were $17.1 million.
CY2022Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
5626365 shares
CY2022Q3 us-gaap Investments And Cash
InvestmentsAndCash
29100000 usd
CY2022Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
25600000 usd
CY2022Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
16200000 usd
CY2022Q2 us-gaap Proceeds From Debt Net Of Issuance Costs
ProceedsFromDebtNetOfIssuanceCosts
6900000 usd
us-gaap Debt Instrument Term
DebtInstrumentTerm
P1Y
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Use of Estimates</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. The most significant estimates in the Company’s financial statements relate to the valuation of common stock, stock-based compensation, valuation of the contingent warrant liability, judgments used in the evaluation of potential loss contingencies, accrued research and development expenses and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Concentration of Credit Risk</i></b></span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p><p style="font: 9pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash accounts in a financial institution, which, at times, may exceed the Federal Depository Insurance Coverage limit of $250,000. As of September 30, 2022 and December 31, 2021, the Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.</span></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
42056 usd
CY2022Q3 us-gaap Derivative Fair Value Of Derivative Net
DerivativeFairValueOfDerivativeNet
75431 usd
us-gaap Servicing Liability At Fair Value Other Changes In Fair Value
ServicingLiabilityAtFairValueOtherChangesInFairValue
33375 usd
CY2022Q3 us-gaap Derivative Liabilities
DerivativeLiabilities
42056 usd
CY2022Q3 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
800000 usd
CY2021Q4 us-gaap Deferred Costs Current And Noncurrent
DeferredCostsCurrentAndNoncurrent
300000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd
bwv Options To Purchase Shares Of Common Stock
OptionsToPurchaseSharesOfCommonStock
780640 shares
CY2021Q3 bwv Series Seed Preferred Stock
SeriesSeedPreferredStock
4584552 shares
bwv Series Seed Preferred Stock
SeriesSeedPreferredStock
4584552 shares
CY2022Q3 bwv Warrants Issued Upon Close Of Ipo
WarrantsIssuedUponCloseOfIPO
111111 shares
bwv Warrants Issued Upon Close Of Ipo
WarrantsIssuedUponCloseOfIPO
111111 shares
CY2022Q3 bwv Private Placement Warrants
PrivatePlacementWarrants
5264274 shares
bwv Private Placement Warrants
PrivatePlacementWarrants
5264274 shares
CY2022Q3 bwv Total Number Of Shares
TotalNumberOfShares
6759186 shares
CY2021Q3 bwv Total Number Of Shares
TotalNumberOfShares
5365192 shares
bwv Total Number Of Shares
TotalNumberOfShares
6759186 shares
bwv Total Number Of Shares
TotalNumberOfShares
5365192 shares
CY2022Q3 bwv Options To Purchase Shares Of Common Stock
OptionsToPurchaseSharesOfCommonStock
1383801 shares
CY2021Q3 bwv Options To Purchase Shares Of Common Stock
OptionsToPurchaseSharesOfCommonStock
780640 shares
bwv Options To Purchase Shares Of Common Stock
OptionsToPurchaseSharesOfCommonStock
1383801 shares
CY2022Q3 bwv Prepaids Research And Development
PrepaidsResearchAndDevelopment
125281 usd
CY2021Q4 bwv Prepaids Research And Development
PrepaidsResearchAndDevelopment
203910 usd
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
434762 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
4842 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
143786 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
25799 usd
CY2022Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
703829 usd
CY2021Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
234551 usd
us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
12500 usd
CY2021 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
225000 usd
bwv Accrued Research And Development
AccruedResearchAndDevelopment
994875 usd
us-gaap Taxes And Licenses
TaxesAndLicenses
10000 usd
CY2022Q3 us-gaap Contractual Obligation
ContractualObligation
379000 usd
CY2021Q3 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
71000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3555013 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1055515 usd
bwv Oui Agreement Expiration
OUIAgreementExpiration
P10Y
CY2022Q3 us-gaap Taxes And Licenses
TaxesAndLicenses
3000 usd
us-gaap Taxes And Licenses
TaxesAndLicenses
13000 usd
CY2021Q3 us-gaap Taxes And Licenses
TaxesAndLicenses
0 usd
CY2021 bwv Accrued Research And Development
AccruedResearchAndDevelopment
300182 usd
CY2022Q3 bwv Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
125000 usd
CY2021Q4 bwv Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
246236 usd
CY2022Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
815902 usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Benefits
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeBenefits
234265 usd
CY2022Q3 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Other
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsOther
1313924 usd
CY2022Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
86875 usd
CY2022Q3 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
205937 usd
CY2021Q4 us-gaap Other Accounts Payable And Accrued Liabilities
OtherAccountsPayableAndAccruedLiabilities
49832 usd
us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
71000 usd
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2022Q3 us-gaap Convertible Preferred Stock Shares Issued Upon Conversion
ConvertiblePreferredStockSharesIssuedUponConversion
1150000 shares
CY2022Q3 us-gaap Common Stock No Par Value
CommonStockNoParValue
0.00001
CY2022Q3 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
14689851 shares
CY2022Q3 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
14689851 shares
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
3200000 shares
CY2021Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
3200000 shares
CY2022Q1 bwv Aggregate Purchase Shares
AggregatePurchaseShares
2222222 shares
CY2022Q1 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
9
CY2022Q1 us-gaap Underwriting Expense Ratio
UnderwritingExpenseRatio
0.08 pure
CY2022Q1 us-gaap Other Operating Income Expense Net
OtherOperatingIncomeExpenseNet
17100000 usd
CY2022Q1 us-gaap Stock Repurchase Program Number Of Shares Authorized To Be Repurchased
StockRepurchaseProgramNumberOfSharesAuthorizedToBeRepurchased
111111 shares
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Per Share Weighted Average Price Of Shares Purchased
ShareBasedCompensationArrangementByShareBasedPaymentAwardPerShareWeightedAveragePriceOfSharesPurchased
10.35
CY2022Q2 us-gaap Other Expenses
OtherExpenses
6900000 usd
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.001
CY2022Q2 us-gaap Shares Issued
SharesIssued
590406 shares
CY2022Q2 us-gaap Share Price
SharePrice
6.65
CY2022Q2 bwv Agent Fee Percentage
AgentFeePercentage
0.075 pure
CY2022Q2 bwv Management Fee Percentage
ManagementFeePercentage
0.01 pure
CY2022Q2 bwv Out Of Pocket Expenses
OutOfPocketExpenses
85000 usd
CY2022Q2 us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
70849 shares
CY2022Q2 bwv Percentage Of Purchase Warrants
PercentageOfPurchaseWarrants
0.06 pure
CY2022Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.46875
bwv Percentage Of Common Stock Shares
PercentageOfCommonStockShares
0.06 pure
CY2022Q2 bwv Warrants Issuable Shares
WarrantsIssuableShares
70849 shares
bwv Aggregate Percentage
AggregatePercentage
0.02 pure
CY2022Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1180812 shares
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
2.546
bwv Agent Fee Percentage
AgentFeePercentage
0.075 pure
bwv Management Fee Percentage
ManagementFeePercentage
0.01 pure
bwv Out Of Pocket Expenses
OutOfPocketExpenses
85000 usd
us-gaap Stock Issued During Period Shares Conversion Of Units
StockIssuedDuringPeriodSharesConversionOfUnits
220997 shares
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
3.3938 usd
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
298346 shares
bwv Warrants Issuable Shares
WarrantsIssuableShares
70849 shares
bwv Percentage Subscription
PercentageSubscription
0.02 pure
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
70849 shares
CY2022Q3 us-gaap Asset Acquisition Contingent Consideration Liability
AssetAcquisitionContingentConsiderationLiability
8000 usd
bwv Contigent Warrant Liability Description
ContigentWarrantLiabilityDescription
The remaining 227,497 of August Contingent Warrants were measured as a liability upon the close of the August Private Placement, and the entire 298,346 of August Contingent Warrants were remeasured at September 30, 2022, using a Monte Carlo simulation.
CY2022Q3 us-gaap Other Liabilities
OtherLiabilities
39000 usd
us-gaap Stock And Warrants Issued During Period Value Preferred Stock And Warrants
StockAndWarrantsIssuedDuringPeriodValuePreferredStockAndWarrants
42000 usd
bwv Conversion Price Per Shares
ConversionPricePerShares
1.52
bwv Underwritten Public Offering Netting Proceeds
UnderwrittenPublicOfferingNettingProceeds
50000000 usd
bwv Offering Price Percentage
OfferingPricePercentage
3 pure
bwv Cumulative Dividends Per Share
CumulativeDividendsPerShare
0.08 pure
CY2022Q3 us-gaap Cumulative Dividends
CumulativeDividends
1586162 usd
CY2022Q3 us-gaap Dividends Payable Amount Per Share
DividendsPayableAmountPerShare
1.38
CY2022Q1 us-gaap Shares Issued
SharesIssued
1600000 shares
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2600000 shares
bwv Issuance Options
IssuanceOptions
1050747 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.55
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.49
CY2022Q3 bwv Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue
400000 usd
bwv Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue
1900000 usd
CY2022Q3 us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
200000 usd
us-gaap Stock Granted During Period Value Sharebased Compensation
StockGrantedDuringPeriodValueSharebasedCompensation
1400000 usd
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
4073 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod
68613 shares
CY2022Q3 bwv Stockbased Compensation
StockbasedCompensation
46000 usd
bwv Stockbased Compensation
StockbasedCompensation
100000 usd
CY2022Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
19109 shares
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
19109 shares
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1000000 usd
us-gaap Insured Financial Obligations With Credit Deterioration Remaining Weighted Average Contract Period
InsuredFinancialObligationsWithCreditDeteriorationRemainingWeightedAverageContractPeriod
P2Y7D
CY2022Q4 us-gaap Debt Conversion Converted Instrument Warrants Or Options Issued1
DebtConversionConvertedInstrumentWarrantsOrOptionsIssued1
111111 shares
CY2022Q3 us-gaap Loss Contingency Range Of Possible Loss Portion Not Accrued
LossContingencyRangeOfPossibleLossPortionNotAccrued
1300000 usd
CY2022Q3 us-gaap Commitments Fair Value Disclosure
CommitmentsFairValueDisclosure
10000 usd
us-gaap Lease Cost
LeaseCost
5500 usd
CY2022Q3 us-gaap Contingent Consideration Classified As Equity Fair Value Disclosure
ContingentConsiderationClassifiedAsEquityFairValueDisclosure
254000 usd
us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
200000 shares
CY2022Q4 us-gaap Legal Fees
LegalFees
50000 usd
CY2022Q4 us-gaap Excess Stock Shares Issued
ExcessStockSharesIssued
93466 shares
bwv Rentals Deposit
RentalsDeposit
15000 usd
CY2022Q3 us-gaap Payments For Rent
PaymentsForRent
0 usd
us-gaap Payments For Rent
PaymentsForRent
0 usd
CY2021Q3 us-gaap Payments For Rent
PaymentsForRent
0 usd
us-gaap Payments For Rent
PaymentsForRent
28000 usd
us-gaap Lessee Operating Lease Description
LesseeOperatingLeaseDescription
The Company terminated the related party lease in May 2021 and entered into a month-to-month lease in Cincinnati, Ohio, with an unrelated party in April 2021 with monthly payments of approximately $500 per month.
us-gaap Related Party Costs
RelatedPartyCosts
500 usd
CY2022Q2 us-gaap Short Term Lease Payments
ShortTermLeasePayments
14000 usd
us-gaap Loss Contingency Date Of Dismissal
LossContingencyDateOfDismissal
2023-04-30
CY2022Q3 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
53000 usd
us-gaap Lease And Rental Expense
LeaseAndRentalExpense
89000 usd
CY2022Q4 us-gaap Other Underwriting Expense
OtherUnderwritingExpense
1000000 usd
CY2022Q3 us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
800000 usd
us-gaap Other General And Administrative Expense
OtherGeneralAndAdministrativeExpense
1300000 usd
CY2022Q2 us-gaap Other Commitments Future Minimum Payments Remainder Of Fiscal Year
OtherCommitmentsFutureMinimumPaymentsRemainderOfFiscalYear
56000 usd
CY2022Q3 bwv Research Agreement
ResearchAgreement
75603 usd
CY2022Q3 us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
8000 usd
us-gaap Research And Development Expense Software Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseSoftwareExcludingAcquiredInProcessCost
15000 usd
bwv Royalty Net Sales Description
RoyaltyNetSalesDescription
Specifically, the Company is obligated to pay CHMC a single-digit royalty on net sales, being 5%, 4% or 2% depending on the product, until the last valid claim covering a licensed product exists, at which point the royalty rates decrease by 50%. The Company is also obligated to pay up to a 25% royalty on any non-royalty sublicense revenue paid to the Company by any sublicensee.
bwv Accured Expenses
AccuredExpenses
851000 usd
CY2022Q3 us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
71000 usd
us-gaap Related Party Transaction Expenses From Transactions With Related Party
RelatedPartyTransactionExpensesFromTransactionsWithRelatedParty
71000 usd
CY2022Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
0 usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
63000 usd
CY2021Q3 us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
105000 usd
us-gaap Related Party Transaction Selling General And Administrative Expenses From Transactions With Related Party
RelatedPartyTransactionSellingGeneralAndAdministrativeExpensesFromTransactionsWithRelatedParty
315000 usd
CY2022Q3 us-gaap Due From Related Parties
DueFromRelatedParties
35000 usd
CY2021Q4 us-gaap Due From Related Parties
DueFromRelatedParties
153000 usd
us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
14000 usd
CY2021 us-gaap Related Party Transaction Amounts Of Transaction
RelatedPartyTransactionAmountsOfTransaction
140000 usd
us-gaap Deferred Compensation Arrangement With Individual Cash Awards Granted Percentage
DeferredCompensationArrangementWithIndividualCashAwardsGrantedPercentage
1 pure
bwv Description Of Wainwright Placement Agent Fees
DescriptionOfWainwrightPlacementAgentFees
As consideration for such waiver and termination of the Underwriting Agreement, the Company agreed to pay Boustead a cash fee of $1,000,000, $50,000 in legal expenses, and release Boustead from all claims, subject to certain exceptions.  In addition, the Company agreed to issue to Boustead 93,466 shares of restricted common stock in exchange for the cancellation of 111,111 warrants issued to Boustead in connection with the IPO. Concurrent with the execution of the Settlement Agreement, the Company and Boustead entered into a three-month Advisory Agreement for which consideration equal to 200,000 shares of restricted common stock, with no vesting provisions, was issuable to Boustead Capital upon execution of the Advisory Agreement. See Note 7.
CY2022Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
491640 shares
CY2022Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
CY2022Q2 bwv Exercise Of Prefunded Warrants1
ExerciseOfPrefundedWarrants1
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us-gaap Increase Decrease In Derivative Liabilities
IncreaseDecreaseInDerivativeLiabilities
usd
us-gaap Increase Decrease In Other Deferred Liability
IncreaseDecreaseInOtherDeferredLiability
usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
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us-gaap Proceeds From Issuance Of Preferred Stock And Preference Stock
ProceedsFromIssuanceOfPreferredStockAndPreferenceStock
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
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us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
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bwv Initial Public Offering Costs Included In Accounts Payable
InitialPublicOfferingCostsIncludedInAccountsPayable
usd
bwv Recognition Of Contingent Warrant Liability Upon Issuance Of Common Stock In Private Placement
RecognitionOfContingentWarrantLiabilityUponIssuanceOfCommonStockInPrivatePlacement
usd
bwv Incremental Fair Value Of Preferred Investment Options Exchanged With Private Placement
IncrementalFairValueOfPreferredInvestmentOptionsExchangedWithPrivatePlacement
usd
bwv Payment Of Accrued Bonus Through Related Party Receivable
PaymentOfAccruedBonusThroughRelatedPartyReceivable
usd
bwv Exercise Of Prefunded Warrants
ExerciseOfPrefundedWarrants
usd
CY2021Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
usd
CY2022Q3 bwv Series Seed Preferred Stock
SeriesSeedPreferredStock
shares
bwv Series Seed Preferred Stock
SeriesSeedPreferredStock
shares
CY2021Q3 bwv Warrants Issued Upon Close Of Ipo
WarrantsIssuedUponCloseOfIPO
shares
bwv Warrants Issued Upon Close Of Ipo
WarrantsIssuedUponCloseOfIPO
shares
CY2021Q3 bwv Private Placement Warrants
PrivatePlacementWarrants
shares
bwv Private Placement Warrants
PrivatePlacementWarrants
shares
CY2021Q4 us-gaap Recorded Unconditional Purchase Obligation Nonfinancial Assets Pledged As Security Value
RecordedUnconditionalPurchaseObligationNonfinancialAssetsPledgedAsSecurityValue
usd
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Other
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsOther
usd
CY2021Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
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dei Amendment Flag
AmendmentFlag
false
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Entity Central Index Key
EntityCentralIndexKey
0001782107

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