$ONCO
Onconetix, Inc.

2023 Q3 Form 10-Q Financial Statement

#000121390023088387 Filed on November 17, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2022 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.269M $2.694M
YoY Change 58.44% 226.18%
% of Gross Profit
Research & Development $219.2K $1.175M
YoY Change -81.35% 335.48%
% of Gross Profit
Depreciation & Amortization $0.00 $1.850K
YoY Change -100.0% 46.83%
% of Gross Profit
Operating Expenses $4.488M $3.870M
YoY Change 15.98% 253.1%
Operating Profit -$4.488M -$3.870M
YoY Change 15.98% 253.1%
Interest Expense $269.1K $3.070K
YoY Change 8665.37%
% of Operating Profit
Other Income/Expense, Net -$858.8K $3.072K
YoY Change -28056.54%
Pretax Income -$5.350M -$3.867M
YoY Change 38.36% 252.82%
Income Tax
% Of Pretax Income
Net Earnings -$5.347M -$3.867M
YoY Change 38.28% 252.82%
Net Earnings / Revenue
Basic Earnings Per Share -$0.31 -$0.27
Diluted Earnings Per Share -$0.31 -$0.27
COMMON SHARES
Basic Shares Outstanding 17.52M shares 13.58M shares
Diluted Shares Outstanding 17.52M shares 14.34M shares

Balance Sheet

Concept 2023 Q3 2022 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.650M $29.14M
YoY Change -73.74% 962.6%
Cash & Equivalents $7.654M $29.14M
Short-Term Investments
Other Short-Term Assets $470.0K $880.1K
YoY Change -46.6% 49.33%
Inventory $1.419M
Prepaid Expenses $467.7K $703.8K
Receivables
Other Receivables
Total Short-Term Assets $9.541M $30.05M
YoY Change -68.25% 793.44%
LONG-TERM ASSETS
Property, Plant & Equipment $12.50K $15.93K
YoY Change -21.53% 33.56%
Goodwill
YoY Change
Intangibles $17.91M
YoY Change
Long-Term Investments
YoY Change
Other Assets $420.0K $93.95K
YoY Change 347.05% 103.22%
Total Long-Term Assets $18.34M $109.9K
YoY Change 16591.89% 88.93%
TOTAL ASSETS
Total Short-Term Assets $9.541M $30.05M
Total Long-Term Assets $18.34M $109.9K
Total Assets $27.88M $30.16M
YoY Change -7.56% 781.47%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.176M $834.3K
YoY Change 280.71% 216.19%
Accrued Expenses $1.539M $3.555M
YoY Change -56.72% 568.1%
Deferred Revenue
YoY Change
Short-Term Debt $12.92M $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.65M $4.431M
YoY Change 298.19% 456.72%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $17.65M $4.431M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $17.65M $4.431M
YoY Change 298.3% 456.72%
SHAREHOLDERS EQUITY
Retained Earnings -$34.44M -$16.16M
YoY Change 113.11%
Common Stock $183.00 $147.00
YoY Change 24.49%
Preferred Stock
YoY Change
Treasury Stock (at cost) $625.8K
YoY Change
Treasury Stock Shares
Shareholders Equity $10.24M $25.73M
YoY Change
Total Liabilities & Shareholders Equity $27.88M $30.16M
YoY Change -7.56% 781.47%

Cashflow Statement

Concept 2023 Q3 2022 Q3
OPERATING ACTIVITIES
Net Income -$5.347M -$3.867M
YoY Change 38.28% 252.82%
Depreciation, Depletion And Amortization $0.00 $1.850K
YoY Change -100.0% 46.83%
Cash From Operating Activities -$3.040M -$1.829M
YoY Change 66.2% 150.4%
INVESTING ACTIVITIES
Capital Expenditures $50.00K $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $220.0K
YoY Change
Cash From Investing Activities $180.0K $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 1.300M 8.724M
YoY Change -85.1% -4528.7%
NET CHANGE
Cash From Operating Activities -3.040M -1.829M
Cash From Investing Activities 180.0K 0.000
Cash From Financing Activities 1.300M 8.724M
Net Change In Cash -1.560M 6.895M
YoY Change -122.63% -843.38%
FREE CASH FLOW
Cash From Operating Activities -$3.040M -$1.829M
Capital Expenditures $50.00K $0.00
Free Cash Flow -$3.090M -$1.829M
YoY Change 68.93% 150.4%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
dei Entity File Number
EntityFileNumber
001-41294
dei Entity Registrant Name
EntityRegistrantName
Blue Water Biotech, Inc.
dei Document Type
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10-Q
dei Document Quarterly Report
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true
dei Document Period End Date
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2023-09-30
dei Document Fiscal Year Focus
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2023
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dei Entity Incorporation State Country Code
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DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
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EntityAddressAddressLine1
201 E. Fifth Street
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Suite 1900
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Cincinnati
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dei Security12b Title
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-777225 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
945 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1035060 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
33115222 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
-18098684 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
27208242 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
25752659 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1928474 usd
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7653975 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29136716 usd
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
12947000 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
2613011 usd
us-gaap Fair Value Of Assets Acquired
FairValueOfAssetsAcquired
860204 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
150000 usd
us-gaap Noncash Or Part Noncash Acquisition Payables Assumed1
NoncashOrPartNoncashAcquisitionPayablesAssumed1
125000 usd
bwv Recognition Of Contingent Warrant Liability Upon Issuance Of Common Stock In Private Placement
RecognitionOfContingentWarrantLiabilityUponIssuanceOfCommonStockInPrivatePlacement
25837 usd
bwv Recognition Of Contingent Warrant Liability Upon Issuance Of Common Stock In Private Placement
RecognitionOfContingentWarrantLiabilityUponIssuanceOfCommonStockInPrivatePlacement
75431 usd
bwv Warrants Issued For Settlement Of Contingent Warrants
WarrantsIssuedForSettlementOfContingentWarrants
129184 usd
bwv Deferred Offering Costs Previously Prepaid
DeferredOfferingCostsPreviouslyPrepaid
-11020 usd
bwv Exercise Of Prefunded Warrants
ExerciseOfPrefundedWarrants
7 usd
bwv Exercise Of Prefunded Warrants
ExerciseOfPrefundedWarrants
6 usd
bwv Issuance Of Restricted Stock
IssuanceOfRestrictedStock
5 usd
us-gaap Stock Issued1
StockIssued1
2 usd
bwv Payment Of Accrued Bonus Through Related Party Receivable
PaymentOfAccruedBonusThroughRelatedPartyReceivable
140000 usd
bwv Initial Public Offering Costs Included In Accounts Payable
InitialPublicOfferingCostsIncludedInAccountsPayable
67823 usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
45 usd
CY2022Q1 bwv Initial Public Offering Shares
InitialPublicOfferingShares
2222222 shares
CY2022Q1 bwv Price Per Share
PricePerShare
0.00001
CY2022Q1 bwv Public Of Per Share
PublicOfPerShare
9
CY2022Q1 us-gaap Convertible Preferred Stock Shares Reserved For Future Issuance
ConvertiblePreferredStockSharesReservedForFutureIssuance
5626365 shares
CY2022 us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
33100000 usd
us-gaap Proceeds From Sale Of Other Investments
ProceedsFromSaleOfOtherInvestments
2300000 usd
CY2023Q3 us-gaap Investments And Cash
InvestmentsAndCash
7700000 usd
CY2023Q3 us-gaap Other Additional Capital
OtherAdditionalCapital
8100000 usd
CY2023Q3 us-gaap Retained Earnings Appropriated
RetainedEarningsAppropriated
34400000 usd
CY2023Q2 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
8500000 usd
CY2023Q2 bwv Common Stock Paid Amount
CommonStockPaidAmount
3500000 usd
CY2023Q2 bwv Agreement Remainder Common Stock
AgreementRemainderCommonStock
4500000 usd
CY2023Q2 bwv Common Stock Remaining Amount
CommonStockRemainingAmount
500000 usd
us-gaap Dividend Payment Restrictions Schedule Description
DividendPaymentRestrictionsScheduleDescription
The amendment, which is subject to court approval, seeks, among other things, to eliminate the $500,000 post-closing payment due June 13, 2024 and stagger the $4.5 million cash payment that the Company would otherwise have to pay at closing to: (i) $2.2 million to be paid at closing, (ii) $2.3 million, to be paid in monthly installments of $150,000 commencing January 2024 and (iii) 789 shares of Series A Preferred Stock to be paid at closing.
us-gaap Payments For Repurchase Of Initial Public Offering
PaymentsForRepurchaseOfInitialPublicOffering
3.5 usd
us-gaap Use Of Estimates
UseOfEstimates
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Use of Estimates</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">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 valuation of inventory, useful life of the amortizable intangible assets, estimates of future cash flows used to evaluate impairment, accrued research and development expenses, stock-based compensation, the valuation of preferred stock, 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.</p>
CY2023Q3 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
106287 usd
CY2023Q3 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
156883 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
125922 usd
CY2022Q4 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
177600 usd
CY2023Q3 us-gaap Financing Interest Expense
FinancingInterestExpense
865000 usd
CY2023Q3 us-gaap Accounts Payable Current And Noncurrent
AccountsPayableCurrentAndNoncurrent
898000 usd
CY2023Q3 bwv Principal Amounts
PrincipalAmounts
4000000 usd
us-gaap Revenue Recognition Customer Acquisitions
RevenueRecognitionCustomerAcquisitions
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b><i>Acquisitions</i></b></p><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company evaluates acquisitions to first determine whether a set of assets acquired constitutes a business and should be accounted for as a business combination. If the assets acquired are not a business, the transaction is accounted as an asset acquisition in accordance with Accounting Standards Codification (“ASC”) 805-50, <i>Asset Acquisitions</i> (“ASC 805-50”), which requires the acquiring entity to recognize assets acquired and liabilities assumed based on the cost to the acquiring entity on a relative fair value basis, except for non-qualifying assets including financial assets such as inventory. Further, the cost of the acquisition includes the fair value of consideration transferred and direct transaction costs attributable to the acquisition. Goodwill is not recognized in an asset acquisition and any excess consideration transferred over the fair value of the net assets acquired is allocated to the identifiable assets based on relative fair values. Contingent consideration payments in asset acquisitions are recognized when the contingency is determined to be probable and reasonably estimable. If the assets acquired are a business, the Company accounts for the transaction as a business combination. Business combinations are accounted for by using the acquisition method of accounting. Under the acquisition method, assets acquired, and liabilities assumed are recorded at their respective fair values. The excess of the fair value of consideration transferred over the fair value of the net assets acquired is recorded as goodwill. Contingent consideration obligations are recorded at their fair values on the acquisition date and remeasured at their fair values each subsequent reporting period until the related contingencies are resolved. The resulting changes in fair values are recorded in earnings.</p>
CY2023Q3 us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
267000 usd
us-gaap Impairment Of Long Lived Assets To Be Disposed Of
ImpairmentOfLongLivedAssetsToBeDisposedOf
267000 usd
CY2023Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1538544 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2409128 usd
CY2023Q2 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
20000000 usd
CY2023Q3 us-gaap Inventory Raw Materials
InventoryRawMaterials
329780 usd
CY2023Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
1089492 usd
CY2023Q3 us-gaap Inventory Net
InventoryNet
1419272 usd
CY2023Q3 us-gaap Prepaid Insurance
PrepaidInsurance
277058 usd
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
148789 usd
CY2023Q3 bwv Prepaids Research And Development
PrepaidsResearchAndDevelopment
89195 usd
CY2022Q4 bwv Prepaids Research And Development
PrepaidsResearchAndDevelopment
231981 usd
CY2023Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
101485 usd
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
88462 usd
CY2023Q3 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
467738 usd
CY2022Q4 us-gaap Prepaid Expense Current
PrepaidExpenseCurrent
469232 usd
CY2023Q3 bwv Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
548287 usd
CY2022Q4 bwv Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
847747 usd
CY2023Q3 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
386087 usd
CY2022Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
1132859 usd
CY2023Q3 bwv Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
125000 usd
CY2022Q4 bwv Accrued Deferred Offering Costs
AccruedDeferredOfferingCosts
125000 usd
CY2023Q3 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
216000 usd
us-gaap Business Acquisition Pro Forma Information Description
BusinessAcquisitionProFormaInformationDescription
(i) $6.0 million paid upon the closing of the Transaction on April 19, 2023, (ii) an additional $4.0 million in the form of a non-interest bearing note payable due on September 30, 2023, and (iii) an additional $10.0 million in the form of two $5.0 million non-interest bearing notes payable, each due on April 19, 2024 and September 30, 2024.
CY2023Q2 us-gaap Business Combination Step Acquisition Equity Interest In Acquiree Remeasurement Gain Or Loss
BusinessCombinationStepAcquisitionEquityInterestInAcquireeRemeasurementGainOrLoss
80000000 usd
CY2023Q2 bwv Royalty Sales Percentage
RoyaltySalesPercentage
0.06 pure
CY2023Q2 bwv Sales Payments Amount
SalesPaymentsAmount
22500000 usd
bwv Aggregate Purchase Shares
AggregatePurchaseShares
5709935 shares
CY2023Q2 bwv Business Transaction Yeare
BusinessTransactionYeare
P5Y
us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
6000000 usd
us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
12947000 usd
bwv Business Acquisition C Transaction Costs
BusinessAcquisitionCTransactionCosts
-79771 usd
us-gaap Business Combination Consideration Transferred Including Equity Interest In Acquiree Held Prior To Combination1
BusinessCombinationConsiderationTransferredIncludingEquityInterestInAcquireeHeldPriorToCombination1
19026771 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Inventory
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedInventory
1120000 usd
CY2023Q3 bwv Business Intangible
BusinessIntangible
17906771 usd
CY2023Q3 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
19026771 usd
CY2023Q3 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P5Y
CY2023Q2 bwv Inventory Fair Value
InventoryFairValue
300000 usd
CY2023Q3 us-gaap Business Combination Separately Recognized Transactions Additional Disclosures Acquisition Costs
BusinessCombinationSeparatelyRecognizedTransactionsAdditionalDisclosuresAcquisitionCosts
4500000 usd
CY2023Q3 bwv Initial Payment Amount
InitialPaymentAmount
3500000 usd
CY2023Q3 bwv Payments
Payments
3500000 usd
CY2023Q3 us-gaap Deposits
Deposits
3500000 usd
CY2023Q3 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
1100000 usd
us-gaap Payments For Fees
PaymentsForFees
3500000 usd
CY2023Q3 us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
3500000 usd
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
3500000 usd
us-gaap Increase Decrease In Receivable For Investment Sold
IncreaseDecreaseInReceivableForInvestmentSold
154000 usd
CY2023Q3 bwv Research And Development Expenses
ResearchAndDevelopmentExpenses
-56000 usd
bwv Research And Development Expenses
ResearchAndDevelopmentExpenses
231000 usd
CY2023Q3 us-gaap Accounts Payable And Accrued Liabilities Current And Noncurrent
AccountsPayableAndAccruedLiabilitiesCurrentAndNoncurrent
900000 usd
CY2023Q3 bwv Accured Expense
AccuredExpense
496000 usd
bwv Accured Expense
AccuredExpense
988000 usd
CY2023Q3 bwv Incurred Amount
IncurredAmount
2000 usd
bwv Incurred Amount
IncurredAmount
21000 usd
CY2023Q3 us-gaap Administrative Fees Expense
AdministrativeFeesExpense
800000 usd
CY2023Q3 us-gaap Long Term Debt Maturity Date
LongTermDebtMaturityDate
2025-07-14
CY2023Q3 us-gaap Investment Interest Rate
InvestmentInterestRate
0.10 pure
CY2023Q3 us-gaap Other Notes Payable
OtherNotesPayable
4000000 usd
CY2023Q3 us-gaap Preferred Stock Capital Shares Reserved For Future Issuance
PreferredStockCapitalSharesReservedForFutureIssuance
3000 shares
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-490000 usd
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1 pure
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
CY2023Q3 us-gaap Lessee Finance Lease Discount Rate
LesseeFinanceLeaseDiscountRate
0.082 pure
us-gaap Interest Expense Debt
InterestExpenseDebt
300000 usd
CY2023Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
600000 usd
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000 shares
CY2022Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.00001
CY2023Q3 us-gaap Preferred Stock Convertible Conversion Price
PreferredStockConvertibleConversionPrice
0.5254
CY2023Q3 us-gaap Preferred Stock Liquidation Preference Value
PreferredStockLiquidationPreferenceValue
1000 usd
CY2023Q3 bwv Convertible Preferred Stock Shares Designated
ConvertiblePreferredStockSharesDesignated
10000 shares
us-gaap Common Stock Voting Rights
CommonStockVotingRights
one
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
CY2022Q4 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
5000000 shares
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
1
CY2022Q4 us-gaap Temporary Equity Redemption Price Per Share
TemporaryEquityRedemptionPricePerShare
2
us-gaap Common Stock Dividends Shares
CommonStockDividendsShares
57670 shares
bwv Aggregate Amount
AggregateAmount
59000 usd
us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
1.02
bwv Remaining Shares
RemainingShares
4500000 shares
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 Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
6.65
bwv Percentage Of Purchase Warrants
PercentageOfPurchaseWarrants
0.06 pure
CY2023Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
8.46875
CY2022Q2 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
1180812 shares
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
1686640 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
646640 shares
CY2022Q3 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
2.546
CY2023Q3 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
1.09
CY2023Q3 us-gaap Investment Owned Balance Shares
InvestmentOwnedBalanceShares
2486214 shares
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
bwv Percentage Of Common Stock Shares
PercentageOfCommonStockShares
0.06 pure
us-gaap Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
298346 shares
bwv Warrants Issuable Shares
WarrantsIssuableShares
70849 shares
us-gaap Shares Paid For Tax Withholding For Share Based Compensation
SharesPaidForTaxWithholdingForShareBasedCompensation
70849 shares
bwv Contigent Warrant Liability Description
ContigentWarrantLiabilityDescription
The remaining 227,497 August Contingent Warrants were measured as a liability upon the close of the August 2022 Private Placement.
CY2023Q3 us-gaap Option Indexed To Issuers Equity Settlement Alternatives Shares At Fair Value
OptionIndexedToIssuersEquitySettlementAlternativesSharesAtFairValue
149173 shares
CY2023Q1 us-gaap Restricted Stock Shares Issued Net Of Shares For Tax Withholdings
RestrictedStockSharesIssuedNetOfSharesForTaxWithholdings
3900000 shares
CY2023Q3 us-gaap Warrant Down Round Feature Increase Decrease In Equity Amount1
WarrantDownRoundFeatureIncreaseDecreaseInEquityAmount1
2.546 usd
CY2023Q3 us-gaap Warrant Exercise Price Decrease
WarrantExercisePriceDecrease
1.09
CY2023Q3 us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
4972428 shares
CY2023Q3 us-gaap Class Of Warrant Or Right Unissued
ClassOfWarrantOrRightUnissued
911214 shares
us-gaap Legal Fees
LegalFees
50000 usd
bwv Non Accountable Expenses
NonAccountableExpenses
35000 usd
us-gaap Equity Classified Written Call Option Modification Equity Issuance Increase Decrease In Equity Amount
EquityClassifiedWrittenCallOptionModificationEquityIssuanceIncreaseDecreaseInEquityAmount
2600000 usd
CY2023Q3 bwv Reduction Of Additional Paid In Capital
ReductionOfAdditionalPaidInCapital
26000 usd
CY2023Q3 us-gaap Shares Issued Price Per Share
SharesIssuedPricePerShare
0.51
us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
10000 usd
CY2022Q1 us-gaap Shares Issued
SharesIssued
1600000 shares
CY2022Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
2600000 shares
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
3150000 shares
bwv Issuance Options
IssuanceOptions
1146878 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExercisePrice
1.05
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
1.131 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.035 pure
bwv Weighted Average Grant Date Fair Value
WeightedAverageGrantDateFairValue
1.08
CY2023Q3 us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
137000 usd
us-gaap Stock Issued During Period Value Stock Options Exercised Net Of Tax Benefit Expense
StockIssuedDuringPeriodValueStockOptionsExercisedNetOfTaxBenefitExpense
616000 usd
CY2023Q2 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
487500 shares
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.94
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10949265 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14338379 shares
bwv Description Of Restricted Stock
DescriptionOfRestrictedStock
All of the restricted shares granted vest as follows: 50% in January 2024, 25% in August 2024, and 25% in August 2025.
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
512940 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.01
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
168860 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
1.02
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
344080 shares
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
1.01
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
394000 usd
us-gaap Restricted Stock Value Shares Issued Net Of Tax Withholdings
RestrictedStockValueSharesIssuedNetOfTaxWithholdings
143000 usd
CY2022Q2 us-gaap Short Term Lease Payments
ShortTermLeasePayments
14000 usd
bwv Rent Expenses
RentExpenses
51000 usd
bwv Lease Expense
leaseExpense
4000 usd
CY2023Q3 bwv Incurred Rent Expense
IncurredRentExpense
53000 usd
bwv Incurred Rent Expense
IncurredRentExpense
89000 usd
bwv Percentage Of Subscription
PercentageOfSubscription
0.02 pure
bwv Aggregate Royalties Amount
AggregateRoyaltiesAmount
115100000 usd
bwv Accured Expenses
AccuredExpenses
91000 usd
CY2022 bwv Miscellaneous Expenses
MiscellaneousExpenses
36000 usd
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
16452136 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
17521562 shares
CY2023Q1 bwv Exercise Of Prefunded Warrants1
ExerciseOfPrefundedWarrants1
usd
CY2023Q2 bwv Stock Issued During Period Of Restricted Stock Value
StockIssuedDuringPeriodOfRestrictedStockValue
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CY2023Q3 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
usd
CY2022Q1 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
usd
CY2022Q2 bwv Exercise Of Prefunded Warrants1
ExerciseOfPrefundedWarrants1
usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
344080 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Written Put Options
IncrementalCommonSharesAttributableToWrittenPutOptions
1378855 shares
us-gaap Incremental Common Shares Attributable To Written Put Options
IncrementalCommonSharesAttributableToWrittenPutOptions
1383801 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
7899661 shares
us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
5375385 shares
CY2023Q3 us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
9622596 shares
us-gaap Stock Issued During Period Shares Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodSharesRestrictedStockAwardNetOfForfeitures
6759186 shares
bwv Gross Pay Percentage
GrossPayPercentage
0.03 pure
bwv Wra Ser Bankruptcy And Wra Ser Apa Amendment Description
WraSerBankruptcyAndWraSerAPAAmendmentDescription
The amendment, among other things, eliminates the $500,000 post-closing payment due June 13, 2024 and staggers the $4.5 million cash payment that the Company would otherwise have to pay at closing to: (i) $2.2 million to be paid at closing, (ii) $2.3 million, to be paid in monthly installments of $150,000 commencing January 2024 and (iii) 789 shares of Series A Preferred Stock to be paid at closing. The amendment also reduced the number of products we were acquiring by excluding pain medications and including only (i) Ciprofloxacin 0.3% and Fluocinolone 0.025% Otic Solution, under the trademark OTOVEL and its Authorized Generic Version approved under US FDA NDA No. 208251, (ii) Ciprofloxacin 0.2% Otic solution, under the trademark CETRAXAL, and (iii) Vorapaxar Sulfate tablets under the trademark Zontivity approved under US FDA NDA N204886.
CY2022Q4 us-gaap Inventory Net
InventoryNet
usd
CY2023Q3 bwv Receivable From Related Parties
ReceivableFromRelatedParties
usd
CY2022Q4 us-gaap Deferred Costs
DeferredCosts
usd
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
usd
CY2022Q4 us-gaap Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
usd
CY2022Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
usd
CY2022Q4 us-gaap Preferred Stock Value
PreferredStockValue
usd
CY2023Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
usd
CY2022Q3 us-gaap Asset Impairment Charges
AssetImpairmentCharges
usd
us-gaap Asset Impairment Charges
AssetImpairmentCharges
usd
CY2022Q3 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
CY2022Q3 us-gaap Interest Expense
InterestExpense
usd
us-gaap Interest Expense
InterestExpense
usd
CY2023Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
CY2022Q3 us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
us-gaap Preferred Stock Dividends Income Statement Impact
PreferredStockDividendsIncomeStatementImpact
usd
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.27
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.31
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.92
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
usd
us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
usd
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
usd
bwv Gain Loss On Related Party Receivable
GainLossOnRelatedPartyReceivable
usd
us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
usd
us-gaap Increase Decrease In Deposit Other Assets
IncreaseDecreaseInDepositOtherAssets
usd
us-gaap Payments To Acquire Other Productive Assets
PaymentsToAcquireOtherProductiveAssets
usd
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
usd
us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
usd
bwv Payments For Purchase Of Treasury Shares
PaymentsForPurchaseOfTreasuryShares
usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
usd
us-gaap Proceeds From Issuance Of Convertible Preferred Stock
ProceedsFromIssuanceOfConvertiblePreferredStock
usd
bwv Proceeds From Issuance Of Common Stock In Initial Public Offering Net Of Underwriting Discount
ProceedsFromIssuanceOfCommonStockInInitialPublicOfferingNetOfUnderwritingDiscount
usd
us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
usd
us-gaap Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
usd
us-gaap Noncash Or Part Noncash Acquisition Inventory Acquired1
NoncashOrPartNoncashAcquisitionInventoryAcquired1
usd
bwv Deferred Offering Costs Previously Prepaid
DeferredOfferingCostsPreviouslyPrepaid
usd
bwv Issuance Of Restricted Stock
IssuanceOfRestrictedStock
usd
us-gaap Stock Issued1
StockIssued1
usd
bwv Payment Of Accrued Bonus Through Related Party Receivable
PaymentOfAccruedBonusThroughRelatedPartyReceivable
usd
bwv Initial Public Offering Costs Included In Accounts Payable
InitialPublicOfferingCostsIncludedInAccountsPayable
usd
us-gaap Debt Conversion Converted Instrument Amount1
DebtConversionConvertedInstrumentAmount1
usd
CY2022Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
usd
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
usd
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
usd
CY2022Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
usd
CY2023Q3 us-gaap Accrual For Taxes Other Than Income Taxes Current
AccrualForTaxesOtherThanIncomeTaxesCurrent
usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
shares
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod
shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue
CY2022 us-gaap Adjustment Of Warrants Granted For Services
AdjustmentOfWarrantsGrantedForServices
usd
us-gaap Weighted Average Number Of Shares Restricted Stock
WeightedAverageNumberOfSharesRestrictedStock
shares
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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