2021 Q1 Form 10-Q Financial Statement

#000143774921011830 Filed on May 12, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.150M $460.0K
YoY Change 150.0% 53.33%
% of Gross Profit
Research & Development $1.099M $598.0K
YoY Change 83.78% 70.86%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $1.099M $598.0K
YoY Change 83.78% 70.86%
Operating Profit -$2.248M -$1.066M
YoY Change 110.88% 63.25%
Interest Expense $3.000K $4.000K
YoY Change -25.0% -99.61%
% of Operating Profit
Other Income/Expense, Net -$125.0K -$824.0K
YoY Change -84.83% -17.52%
Pretax Income -$2.373M -$1.890M
YoY Change 25.56% 14.41%
Income Tax -$116.0K -$92.00K
% Of Pretax Income
Net Earnings -$2.257M -$1.798M
YoY Change 25.53% 13.73%
Net Earnings / Revenue
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$228.5K -$268.3K
COMMON SHARES
Basic Shares Outstanding 9.888M 6.631M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $8.100M $1.300M
YoY Change 523.08% -5.8%
Cash & Equivalents $8.098M $1.296M
Short-Term Investments
Other Short-Term Assets $310.0K $390.0K
YoY Change -20.51% 457.14%
Inventory
Prepaid Expenses $310.0K $389.0K
Receivables
Other Receivables
Total Short-Term Assets $8.839M $2.091M
YoY Change 322.72% 12.42%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $55.00K $45.00K
YoY Change 22.22% -11.76%
Total Long-Term Assets $55.00K $45.00K
YoY Change 22.22% -11.76%
TOTAL ASSETS
Total Short-Term Assets $8.839M $2.091M
Total Long-Term Assets $55.00K $45.00K
Total Assets $8.894M $2.136M
YoY Change 316.39% 11.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $782.0K $271.0K
YoY Change 188.56% -70.06%
Accrued Expenses $528.0K $308.0K
YoY Change 71.43% 54.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $830.0K
YoY Change 220.46%
Total Short-Term Liabilities $1.310M $1.412M
YoY Change -7.22% -43.5%
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 $1.310M $1.412M
Total Long-Term Liabilities $0.00 $0.00
Total Liabilities $1.310M $1.410M
YoY Change -7.09% -43.6%
SHAREHOLDERS EQUITY
Retained Earnings -$48.28M -$43.06M
YoY Change 12.14% 17.51%
Common Stock $10.00K $7.000K
YoY Change 42.86% 40.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $7.584M $724.0K
YoY Change
Total Liabilities & Shareholders Equity $8.894M $2.136M
YoY Change 316.39% 11.77%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$2.257M -$1.798M
YoY Change 25.53% 13.73%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.965M -$1.120M
YoY Change 75.45% 43.04%
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 $26.00K
YoY Change -3.7%
Cash From Financing Activities $1.042M -26.00K
YoY Change -4107.69% -103.43%
NET CHANGE
Cash From Operating Activities -$1.965M -1.120M
Cash From Investing Activities
Cash From Financing Activities $1.042M -26.00K
Net Change In Cash -$924.0K -1.153M
YoY Change -19.86% 4512.0%
FREE CASH FLOW
Cash From Operating Activities -$1.965M -$1.120M
Capital Expenditures
Free Cash Flow
YoY Change

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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: Times New Roman; 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: Times New Roman; 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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We have incurred losses of <div style="display: inline; font-style: italic; font: inherit;">$48.3</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;">three</div> months ended <div style="display: inline; font-style: italic; font: inherit;"> March 31, 2021, </div>we incurred a net loss of <div style="display: inline; font-style: italic; font: inherit;">$2.3</div> million. We also incurred negative cash flows from operating activities of approximately <div style="display: inline; font-style: italic; font: inherit;">$1.9</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;"> March 31, 2021, </div>we had cash of <div style="display: inline; font-style: italic; font: inherit;">$8.1</div> million, working capital of <div style="display: inline; font-style: italic; font: inherit;">$7.5</div> million, (current assets less current liabilities) and stockholders' equity of <div style="display: inline; font-style: italic; font: inherit;">$7.6</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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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;">2020</div> financial statements dated <div style="display: inline; font-style: italic; font: inherit;"> March 25, 2021. </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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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. These measures, while intended to protect human life, have led to significantly reduced economic activity. Vaccines became available at the end of <div style="display: inline; font-style: italic; font: inherit;">2020</div> and distribution accelerated during the <div style="display: inline; font-style: italic; font: inherit;">first</div> quarter of <div style="display: inline; font-style: italic; font: inherit;">2021.</div> 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. During <div style="display: inline; font-style: italic; font: inherit;"> April 2020, </div>we initiated a temporary pause in the enrollment of new patients in our clinical trial. After <div style="display: inline; font-style: italic; font: inherit;">six</div> weeks, we reauthorized our clinical sites to resume recruitment and enrollment of patients in the clinical trial. We continued to treat patients already enrolled throughout the temporary pause in enrollment. New enrollments were <div style="display: inline; font-style: italic; font: inherit;">not</div> interrupted again once the temporary pause was lifted in <div style="display: inline; font-style: italic; font: inherit;"> May 2020, </div>and the enrollment in this study was completed in the <div style="display: inline; font-style: italic; font: inherit;">fourth</div> quarter <div style="display: inline; font-style: italic; font: inherit;">2020.</div> The Company also experienced a brief delay in the manufacturing of the active product ingredient. As we have adequate supply of drug product, there was <div style="display: inline; font-style: italic; font: inherit;">no</div> disruption in supply for our clinical or preclinical testing. The Company's administrative operations have been decentralized since inception so the Company experienced <div style="display: inline; font-style: italic; font: inherit;">no</div> administrative disruptions or additional costs due to the pandemic or related restrictions.</div></div>
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CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.77
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.01
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
12.52
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
4.09
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
252000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
112000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.9
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0108
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
883001
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
1453208
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
136628
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
385000
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
388461
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
636150
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2137499
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
2385871
CY2021Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1499785
CY2021Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2385871
CY2021Q1 us-gaap Share Price
SharePrice
4.82
CY2021Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y273D
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P6Y189D
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
6.01
CY2021Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y208D
CY2021Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
7584000
CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
8448000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1385000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
724000
CY2021Q1 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=" font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;"><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';font-size:10pt;font-variant:normal;margin:0pt;">&nbsp;</div> <div style=" font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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, particularly given the significant social and economic disruptions and uncertainties with the ongoing pandemic and control responses.</div></div></div></div></div></div>
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
9887578
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
6631308

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