$PBLA
Panbela Therapeutics, Inc.

2020 Q3 Form 10-Q Financial Statement

#000143774920017410 Filed on August 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2020 Q2 2019 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.220M $670.0K $580.0K
YoY Change 96.77% 15.52% -10.77%
% of Gross Profit
Research & Development $773.0K $434.0K $508.0K
YoY Change 7.36% -14.57% 14.93%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $773.0K $434.0K $508.0K
YoY Change 7.36% -14.57% 14.93%
Operating Profit -$1.996M -$1.104M -$1.088M
YoY Change 48.73% 1.47% -0.73%
Interest Expense $3.000K $4.000K $1.152M
YoY Change 0.0% -99.65% -10.56%
% of Operating Profit
Other Income/Expense, Net $236.0K $645.0K -$1.253M
YoY Change -206.31% -151.48% -14.65%
Pretax Income -$1.760M -$459.0K -$2.341M
YoY Change 12.53% -80.39% -8.7%
Income Tax -$89.00K -$40.00K -$70.00K
% Of Pretax Income
Net Earnings -$1.671M -$419.0K -$2.271M
YoY Change 21.62% -81.55% -8.69%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$211.7K -$62.41K -$447.7K
COMMON SHARES
Basic Shares Outstanding 7.068M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q3 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.87M $2.270M $720.0K
YoY Change 221.6% 215.28% -20.88%
Cash & Equivalents $10.87M $2.265M $721.0K
Short-Term Investments
Other Short-Term Assets $340.0K $500.0K $90.00K
YoY Change 183.33% 455.56% 0.0%
Inventory
Prepaid Expenses $335.0K $495.0K $93.00K
Receivables
Other Receivables
Total Short-Term Assets $11.43M $3.272M $1.288M
YoY Change 203.18% 154.04% -13.9%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $52.00K $50.00K $51.00K
YoY Change 6.12% -1.96% -7.27%
Total Long-Term Assets $52.00K $50.00K $51.00K
YoY Change 6.12% -1.96% -7.27%
TOTAL ASSETS
Total Short-Term Assets $11.43M $3.272M $1.288M
Total Long-Term Assets $52.00K $50.00K $51.00K
Total Assets $11.49M $3.322M $1.339M
YoY Change 200.65% 148.1% -13.67%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $422.0K $493.0K $289.0K
YoY Change 61.69% 70.59% -69.12%
Accrued Expenses $632.0K $320.0K $192.0K
YoY Change 183.41% 66.67% 38.13%
Deferred Revenue
YoY Change
Short-Term Debt $100.0K $100.0K $0.00
YoY Change
Long-Term Debt Due $780.0K $810.0K $232.0K
YoY Change 290.0% 249.14% -22.67%
Total Short-Term Liabilities $1.936M $1.721M $714.0K
YoY Change 180.99% 141.04% -50.45%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $740.0K
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $0.00
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $740.0K
YoY Change -100.0% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.936M $1.721M $714.0K
Total Long-Term Liabilities $0.00 $0.00 $740.0K
Total Liabilities $1.940M $1.720M $1.456M
YoY Change 35.57% 18.13% 1.04%
SHAREHOLDERS EQUITY
Retained Earnings -$45.15M -$43.48M -$38.91M
YoY Change 12.07% 11.73% 16.52%
Common Stock $10.00K $7.000K $6.000K
YoY Change 42.86% 16.67% 20.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.549M $1.600M -$117.0K
YoY Change
Total Liabilities & Shareholders Equity $11.49M $3.322M $1.339M
YoY Change 200.65% 148.1% -13.67%

Cashflow Statement

Concept 2020 Q3 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income -$1.671M -$419.0K -$2.271M
YoY Change 21.62% -81.55% -8.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$750.0K -$850.0K -$630.0K
YoY Change 63.04% 34.92% -37.0%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities
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 9.360M 1.830M -30.00K
YoY Change 200.0% -6200.0% -104.11%
NET CHANGE
Cash From Operating Activities -750.0K -850.0K -630.0K
Cash From Investing Activities
Cash From Financing Activities 9.360M 1.830M -30.00K
Net Change In Cash 8.610M 980.0K -660.0K
YoY Change 223.68% -248.48% 144.44%
FREE CASH FLOW
Cash From Operating Activities -$750.0K -$850.0K -$630.0K
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"><table border="0" cellpadding="0" cellspacing="0" style="; text-indent: 0px; min-width: 700px;"> <tr style="vertical-align: top;"> <td style="width: 36pt;"> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font: inherit;">2.</div> </div></div> </td> <td> <div style=" margin: 0pt; text-align: left; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt;"><div style="display: inline; font-weight: bold;">Risks and Uncertainties</div></div> </td> </tr> </table> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">The Company operates 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 in Australia, the European Medicines Agency in the European Union, and comparable agencies in other countries. Obtaining approval for a new pharmaceutical product is never certain, <div style="display: inline; font-style: italic; font: inherit;"> may </div>take many years, and is normally expected to involve substantial expenditures.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">We have incurred losses of <div style="display: inline; font-style: italic; font: inherit;">$43.5</div> million since our inception in <div style="display: inline; font-style: italic; font: inherit;">2011.</div> For the <div style="display: inline; font-style: italic; font: inherit;">six</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font: inherit;">$2.2</div> million. We also incurred negative cash flows from operating activities of <div style="display: inline; font-style: italic; font: inherit;">$2.0</div> million for this period. As we continue to pursue development activities and seek commercialization of our initial product candidate, SBP-<div style="display: inline; font-style: italic; font: inherit;">101,</div> we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of <div style="display: inline; font-style: italic; font: inherit;"> June 30, 2020, </div>we had cash of <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million, working capital of <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million, (current assets less current liabilities) and stockholders' equity of <div style="display: inline; font-style: italic; font: inherit;">$1.6</div> million. The Company's principal sources of cash have historically included the issuance of convertible debt and equity securities.</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 <div style="display: inline; font-style: italic; font: inherit;">not</div> 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 regarding our <div style="display: inline; font-style: italic; font: inherit;">2019</div> financial statements dated <div style="display: inline; font-style: italic; font: inherit;"> March 24, 2020. </div>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 SBP-<div style="display: inline; font-style: italic; font: inherit;">101</div> product candidate in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our SBP-<div style="display: inline; font-style: italic; font: inherit;">101</div> product candidate. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note <div style="display: inline; font-style: italic; font: inherit;">4</div> titled &#x201c;Liquidity and Business Plan.&#x201d;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt; margin: 0pt; text-align: justify;">In <div style="display: inline; font-style: italic; font: inherit;"> March 2020, </div>the World Health Organization declared the spread of a novel strain of coronavirus (&#x201c;COVID-<div style="display: inline; font-style: italic; font: inherit;">19&#x201d;</div>) a global pandemic. Actions have been taken by federal, state and local governmental authorities to combat the spread of COVID-<div style="display: inline; font-style: italic; font: inherit;">19,</div> including through issuances of &#x201c;stay-at-home&#x201d; directives and similar mandates for many individuals to substantially restrict daily activities and for many businesses to curtail or cease normal operations.&nbsp; These measures, while intended to protect human life, have led to significantly reduced economic activity. While many state and local authorities have started to reopen businesses, others have adopted additional measures to mitigate COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> and the rapid development and uncertainty of the situation continues to preclude any prediction as to the ultimate impact COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> will have on the Company's business, financial condition, results of operation and cash flows, which will depend largely on future developments directly or indirectly relating to the duration and scope of the COVID-<div style="display: inline; font-style: italic; font: inherit;">19</div> outbreak in the United States and Australia.&nbsp; On <div style="display: inline; font-style: italic; font: inherit;"> April 3, 2020, </div>we initiated a temporary pause in the enrollment of new patients in our ongoing clinical trial.&nbsp; On <div style="display: inline; font-style: italic; font: inherit;"> May 20, 2020, </div>we reauthorized our clinical sites to resume recruitment and enrollment of patients in our clinical trial, which we expect to continue as conditions allow.&nbsp; We continued to treat patients already enrolled throughout the temporary pause in enrollment.&nbsp;</div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div></div>
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Income Loss
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us-gaap Nonoperating Income Expense
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us-gaap Nonoperating Income Expense
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us-gaap Payments Of Stock Issuance Costs
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CY2020Q2 us-gaap Preferred Stock Shares Issued
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CY2020Q2 us-gaap Preferred Stock Value
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Convertible Debt
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us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Proceeds From Issuance Of Unsecured Debt
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us-gaap Research And Development Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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CY2019Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2020Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
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CY2020Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
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CY2020Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
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us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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CY2019Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2020Q2 us-gaap Stock Issued During Period Value New Issues
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CY2020Q2 us-gaap Stockholders Equity
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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="display: inline; font-family: times new roman; font-size: 10pt"><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="display: inline; font-family: times new roman; font-size: 10pt"><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=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:9pt;margin-right:0pt;margin-top:0pt;text-align:left;"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic;">Use of estimates</div></div></div> <div style=" font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</div> <div style=" font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:justify;">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 expenses during the reporting period. Actual results could differ from those estimates.</div></div></div></div></div></div></div></div></div>
CY2020Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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CY2019Q2 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
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us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
5071378

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