$PBLA
Panbela Therapeutics, Inc.

2021 Q4 Form 10-Q Financial Statement

#000143774921026149 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q3 2020 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 $1.271M $924.0K $1.220M
YoY Change 41.22% -24.26% 96.77%
% of Gross Profit
Research & Development $2.040M $1.286M $773.0K
YoY Change 191.43% 66.36% 7.36%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.311M $1.286M $773.0K
YoY Change 106.94% 66.36% 7.36%
Operating Profit -$2.210M -$1.996M
YoY Change 10.72% 48.73%
Interest Expense -$2.000K $2.000K $3.000K
YoY Change -80.0% -33.33% 0.0%
% of Operating Profit
Other Income/Expense, Net $8.000K -$336.0K $236.0K
YoY Change -98.55% -242.37% -206.31%
Pretax Income -$3.305M -$2.546M -$1.760M
YoY Change 247.89% 44.66% 12.53%
Income Tax $233.0K -$404.0K -$89.00K
% Of Pretax Income
Net Earnings -$3.538M -$2.142M -$1.671M
YoY Change 302.05% 28.19% 21.62%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16
Diluted Earnings Per Share -$262.7K -$161.2K -$211.7K
COMMON SHARES
Basic Shares Outstanding 13.43M 13.43M 7.068M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q4 2021 Q3 2020 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $11.87M $14.07M $10.87M
YoY Change 31.56% 29.46% 221.6%
Cash & Equivalents $11.87M $14.10M $10.87M
Short-Term Investments
Other Short-Term Assets $91.00K $118.0K $340.0K
YoY Change -77.8% -65.29% 183.33%
Inventory
Prepaid Expenses $91.00K $118.0K $335.0K
Receivables
Other Receivables
Total Short-Term Assets $12.28M $14.75M $11.43M
YoY Change 25.85% 29.0% 203.18%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $593.0K $53.00K $52.00K
YoY Change 958.93% 1.92% 6.12%
Total Long-Term Assets $593.0K $53.00K $52.00K
YoY Change 958.93% 1.92% 6.12%
TOTAL ASSETS
Total Short-Term Assets $12.28M $14.75M $11.43M
Total Long-Term Assets $593.0K $53.00K $52.00K
Total Assets $12.87M $14.80M $11.49M
YoY Change 31.17% 28.88% 200.65%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $640.0K $796.0K $422.0K
YoY Change 15.52% 88.63% 61.69%
Accrued Expenses $2.020M $543.0K $632.0K
YoY Change 149.08% -14.08% 183.41%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $100.0K
YoY Change -100.0%
Long-Term Debt Due $780.0K
YoY Change 290.0%
Total Short-Term Liabilities $2.660M $1.339M $1.936M
YoY Change 94.87% -30.84% 180.99%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.660M $1.339M $1.936M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.660M $1.339M $1.940M
YoY Change 94.87% -30.98% 35.57%
SHAREHOLDERS EQUITY
Retained Earnings -$56.16M -$52.60M -$45.15M
YoY Change 22.02% 16.51% 12.07%
Common Stock $13.00K $13.00K $10.00K
YoY Change 30.0% 30.0% 42.86%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.21M $13.50M $9.549M
YoY Change
Total Liabilities & Shareholders Equity $12.87M $14.80M $11.49M
YoY Change 31.17% 28.88% 200.65%

Cashflow Statement

Concept 2021 Q4 2021 Q3 2020 Q3
OPERATING ACTIVITIES
Net Income -$3.538M -$2.142M -$1.671M
YoY Change 302.05% 28.19% 21.62%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$1.665M -$1.386M -$750.0K
YoY Change 46.05% 84.8% 63.04%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$540.0K
YoY Change
Cash From Investing Activities -$540.0K
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 0.000 9.053M 9.360M
YoY Change -100.0% -3.28% 200.0%
NET CHANGE
Cash From Operating Activities -1.665M -1.386M -750.0K
Cash From Investing Activities -540.0K
Cash From Financing Activities 0.000 9.053M 9.360M
Net Change In Cash -2.205M 7.667M 8.610M
YoY Change 18.55% -10.95% 223.68%
FREE CASH FLOW
Cash From Operating Activities -$1.665M -$1.386M -$750.0K
Capital Expenditures
Free Cash Flow
YoY Change

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0 USD
pbla Amortization Of Warrants As Offering Costs
AmortizationOfWarrantsAsOfferingCosts
114000 USD
us-gaap Nature Of Operations
NatureOfOperations
<table border="0" cellpadding="0" cellspacing="0" style="width: 100%; text-indent: 0px;"><tbody><tr style="vertical-align: top;"><td style="width: 36pt;"> <p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b><em style="font: inherit;">2.</em></b></p> </td><td style="width: auto;"> <p style="margin: 0pt; text-align: left; font-family: Times New Roman; font-size: 10pt;"><b>Risks and Uncertainties</b></p> </td></tr> </tbody></table> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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 (“FDA”) 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, <em style="font: inherit;"> may </em>take many years, and is normally expected to involve substantial expenditures.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We have incurred losses of $52.6 million since our inception in <em style="font: inherit;">2011.</em> For the <em style="font: inherit;">nine</em> months ended <em style="font: inherit;"> September 30, 2021, </em>we incurred a net loss of $6.6 million. We also incurred negative cash flows from operating activities of approximately $5.0 million for this period. As we continue to pursue development activities and seek commercialization of our initial product candidate, SBP-<em style="font: inherit;">101,</em> we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. As of <em style="font: inherit;"> September 30, 2021, </em>we had cash and cash equivalents of $14.1 million, working capital of $13.4 million, (current assets less current liabilities) and stockholders’ equity of $13.5 million. The Company’s principal sources of cash have historically included the issuance of convertible debt and equity securities.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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<b> </b>consolidated financial statements do <em style="font: inherit;">not</em> 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 <em style="font: inherit;">2020</em> financial statements dated <em style="font: inherit;"> March 25, 2021. </em>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-<em style="font: inherit;">101</em> product candidate in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our SBP-<em style="font: inherit;">101</em> product candidate. These factors, among others, raise substantial doubt about our ability to continue operations as a going concern. See Note <em style="font: inherit;">4</em> titled “Liquidity and Business Plan.”</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;"><em style="font: inherit;"> September 2021 </em>marked <em style="font: inherit;">18</em> months since the World Health Organization declared the spread of a novel strain of coronavirus (“COVID-<em style="font: inherit;">19”</em>) a global pandemic. Early in the pandemic, actions were taken by federal, state and local governmental authorities to combat the spread of COVID-<em style="font: inherit;">19,</em> including through issuances of “stay-at-home” 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, led to significantly reduced economic activity. Vaccines became available at the end of <em style="font: inherit;">2020</em> and distribution in the U.S. accelerated during the <em style="font: inherit;">first</em> quarter of <em style="font: inherit;">2021</em> and then leveled off in the <em style="font: inherit;">second</em> quarter. Most state and local authorities have reopened businesses and while for much of the quarter ended <em style="font: inherit;"> September 30, 2021 </em>infection rates increased in the United States and other parts of the world as the result of the delta variant, infection rates are once again decreasing. The rapid development and uncertainty of the situation continues to preclude any prediction as to the ultimate impact COVID-<em style="font: inherit;">19</em> 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-<em style="font: inherit;">19</em> outbreak in the United States, Australia and the rest of the world. During the spring of <em style="font: inherit;">2020</em> enrollment in our clinical trial was temporarily paused to allow our clinical sites time to prepare for COVID -<em style="font: inherit;">19.</em> <em style="font: inherit;">No</em> disruption occurred as a result of COVID -<em style="font: inherit;">19</em> to the treatment of subjects enrolled prior to or after this pause in the study and the study enrollment was completed in <em style="font: inherit;"> December </em>of <em style="font: inherit;">2020.</em> During the spring of <em style="font: inherit;">2021,</em> the Company also experienced a delay in the manufacturing of the active product ingredient, which is manufactured in India. There was <em style="font: inherit;">no</em> disruption in supply for our clinical or preclinical testing. The active ingredient for our next clinical trial has now been received in the United States. The Company’s administrative operations have been decentralized since inception so the Company experienced <em style="font: inherit;">no</em> administrative disruptions or additional costs due to the pandemic or related restrictions.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
CY2021Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-52600000 USD
us-gaap Net Income Loss
NetIncomeLoss
-6600000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5000000.0 USD
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
14100000 USD
CY2021Q3 pbla Working Capital
WorkingCapital
13400000 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
13500000 USD
CY2021Q1 pbla Stock Issued During Period Shares Exercise Of Warrants For Cash
StockIssuedDuringPeriodSharesExerciseOfWarrantsForCash
228938
CY2021Q1 us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000000.0 USD
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt 0pt 0pt 9pt;"><b><i>Use of estimates</i></b></p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p> <p 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.</p> <p style="font-family:'Times New Roman';font-size:10pt;font-variant:normal;margin:0pt;"> </p>
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7614822
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
8741927
pbla Stock Issued During Period Shares Exercise Of Warrants For Cash
StockIssuedDuringPeriodSharesExerciseOfWarrantsForCash
228939
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
1000000.0 USD
pbla Stock Issued During Period Shares Cashless Exercise Of Warrants
StockIssuedDuringPeriodSharesCashlessExerciseOfWarrants
190588
pbla Class Of Warrant Or Right Exercised During Period
ClassOfWarrantOrRightExercisedDuringPeriod
536140
CY2021Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
8943185
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
951000 USD
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
969000 USD
CY2021Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
2489136
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P7Y5M26D
CY2021Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
5.88
CY2021Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
1747982
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P6Y4M9D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0 pure
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.90 pure

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