$PBLA
Panbela Therapeutics, Inc.

2016 Q3 Form 10-Q Financial Statement

#000143774916041662 Filed on November 10, 2016

View on sec.gov

Income Statement

Concept 2016 Q3 2015 Q4 2015 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 $500.0K $370.0K $430.0K
YoY Change 16.28% 54.17% 30.3%
% of Gross Profit
Research & Development $636.0K $920.0K $341.0K
YoY Change 86.51% 37.31% -56.78%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $636.0K $1.280M $341.0K
YoY Change 86.51% 39.13% -56.78%
Operating Profit -$1.135M -$770.0K
YoY Change 47.4% -30.88%
Interest Expense $45.00K -$60.00K $38.00K
YoY Change 18.42% -14.29% -7.32%
% of Operating Profit
Other Income/Expense, Net $11.00K -$20.00K -$46.00K
YoY Change -123.91% -33.33% 35.29%
Pretax Income -$1.124M -$1.370M -$816.0K
YoY Change 37.75% 34.31% -28.92%
Income Tax -$45.00K -$640.0K -$23.00K
% Of Pretax Income
Net Earnings -$1.079M -$730.0K -$793.0K
YoY Change 36.07% -25.51% -30.68%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$337.5K -$237.8K -$580.9K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2016 Q3 2015 Q4 2015 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.230M $930.0K $1.790M
YoY Change -31.28% -56.74% 1276.92%
Cash & Equivalents $1.229M $925.0K $1.786M
Short-Term Investments $0.00
Other Short-Term Assets $160.0K $70.00K $50.00K
YoY Change 220.0% 250.0%
Inventory
Prepaid Expenses $164.0K $74.00K $49.00K
Receivables
Other Receivables
Total Short-Term Assets $1.646M $1.732M $1.958M
YoY Change -15.93% -27.01% 599.29%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $76.00K $83.00K
YoY Change -27.62%
Total Long-Term Assets $0.00 $0.00 $83.00K
YoY Change -100.0% -100.0% 315.0%
TOTAL ASSETS
Total Short-Term Assets $1.646M $1.732M $1.958M
Total Long-Term Assets $0.00 $0.00 $83.00K
Total Assets $1.646M $1.732M $2.041M
YoY Change -19.35% -30.1% 580.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.069M $585.0K $638.0K
YoY Change 67.55% 96.97%
Accrued Expenses $693.0K $505.0K $31.00K
YoY Change 2135.48% 282.58% -48.33%
Deferred Revenue
YoY Change
Short-Term Debt $250.0K $250.0K $250.0K
YoY Change 0.0% -56.14%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.082M $1.375M $919.0K
YoY Change 126.55% 194.43% 37.16%
LONG-TERM LIABILITIES
Long-Term Debt $292.0K $287.0K $300.0K
YoY Change -2.67% -4.33%
Other Long-Term Liabilities $50.00K $40.00K $40.00K
YoY Change 25.0% 33.33%
Total Long-Term Liabilities $3.069M $3.038M $3.111M
YoY Change -1.35% -8.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.082M $1.375M $919.0K
Total Long-Term Liabilities $3.069M $3.038M $3.111M
Total Liabilities $5.151M $4.413M $4.030M
YoY Change 27.82% 16.32% 501.49%
SHAREHOLDERS EQUITY
Retained Earnings -$16.54M -$13.67M -$12.94M
YoY Change 27.84% 59.49%
Common Stock $32.00K $30.00K $30.00K
YoY Change 6.67% 400.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$3.505M -$2.681M -$1.989M
YoY Change
Total Liabilities & Shareholders Equity $1.646M $1.732M $2.041M
YoY Change -19.35% -30.1% 580.33%

Cashflow Statement

Concept 2016 Q3 2015 Q4 2015 Q3
OPERATING ACTIVITIES
Net Income -$1.079M -$730.0K -$793.0K
YoY Change 36.07% -25.51% -30.68%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$940.0K -$860.0K -$880.0K
YoY Change 6.82% -26.5% -60.18%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $500.0K
YoY Change -100.0% -100.0% -1350.0%
Cash From Investing Activities $0.00 $0.00 $500.0K
YoY Change -100.0% -100.0% -1350.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 270.0K 0.000 1.170M
YoY Change -76.92% -100.0% -51.45%
NET CHANGE
Cash From Operating Activities -940.0K -860.0K -880.0K
Cash From Investing Activities 0.000 0.000 500.0K
Cash From Financing Activities 270.0K 0.000 1.170M
Net Change In Cash -670.0K -860.0K 790.0K
YoY Change -184.81% -31.75% 393.75%
FREE CASH FLOW
Cash From Operating Activities -$940.0K -$860.0K -$880.0K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Risks and Uncertainties</div></div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We operate in a highly regulated and competitive environment. The development, manufacturing and marketing of pharmaceutical products require approval from, and are subject to ongoing oversight by, the Food and Drug Administration (&#x201c;FDA&#x201d;) in the United States, the Therapeutic Goods Administration (&#x201c;TGA&#x201d;) in Australia, the European Medicines Agency (&#x201c;EMA&#x201d;) in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, may take many years, and is normally expected to involve substantial expenditures.</div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">We have incurred losses of $16.5 million since our inception in 2011. For the nine months ended September 30, 2016, we incurred a net loss and negative cash flows from operating activities of $2.9 million and $1.6 million, respectively. We expect to incur substantial losses for the foreseeable future, which will continue to generate negative cash flows from operating activities, as we continue to pursue research and development activities and seek to commercialize our initial product candidate, SBP-101</div><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">. As of September 30, 2016, we had cash and cash equivalents of $1.2 million, negative working capital of $436,000 and stockholders&#x2019; deficit of $3.5 million. The Company&#x2019;s principal sources of cash have historically included the issuance of convertible debt and equity securities. </div></div> <div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div> <div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The accompanying condensed consolidated financial statements have been prepared assuming that we will continue as a going concern which contemplates the realization of assets and liquidation of liabilities in the normal course of business. The condensed<div style="display: inline; font-weight: bold;"> </div>consolidated financial statements do not include any adjustments relating to the recoverability or classification of assets or the amounts of liabilities that might result from the outcome of these uncertainties. Our current independent registered public accounting firm, included a paragraph emphasizing this going concern uncertainty in their audit report on our 2015 financial statements dated March 8, 2016. Our ability to continue as a going concern, realize the carrying value of our assets and discharge our liabilities in the ordinary course of business is dependent upon a number of factors, including our ability to obtain additional financing, the success of our development efforts, our ability to obtain marketing approval for our initial product candidate, SBP-101, in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell SBP-101. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See note 4 entitled &#x201c;Liquidity and Management&#x2019;s Plans.&#x201d;</div></div></div>
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us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" TEXT-ALIGN: left; MARGIN: 0pt 0pt 0pt 9pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div></div><div style=" MARGIN-BOTTOM: 0pt; MARGIN-TOP: 0pt"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">&nbsp;</div></div><div style=" TEXT-ALIGN: left; MARGIN: 0pt; LINE-HEIGHT: 1.25"><div style="display: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman, Times, serif">The preparation of condensed consolidated financial statements 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 condensed consolidated financial statements and the reported amount of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div>
CY2016Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
32017196
CY2015Q3 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
13574929
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30692141
us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
8532816

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