$PBLA
Panbela Therapeutics, Inc.

2023 Q2 Form 10-Q Financial Statement

#000143774923012574 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.643M $1.352M
YoY Change 30.6% -24.72%
% of Gross Profit
Research & Development $4.234M $3.508M
YoY Change -78.86% 58.88%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.234M $3.508M
YoY Change -78.86% 58.88%
Operating Profit -$5.877M -$4.860M
YoY Change -72.39% 21.38%
Interest Expense $70.00K $102.0K
YoY Change 337.5% 3300.0%
% of Operating Profit
Other Income/Expense, Net -$103.0K -$253.0K
YoY Change -88.05% -181.88%
Pretax Income -$5.980M -$5.113M
YoY Change -73.0% 38.38%
Income Tax -$147.0K $0.00
% Of Pretax Income
Net Earnings -$5.833M -$5.100M
YoY Change -73.64% 39.12%
Net Earnings / Revenue
Basic Earnings Per Share -$7.95 -$0.65
Diluted Earnings Per Share -$7.95 -$19.61
COMMON SHARES
Basic Shares Outstanding 16.79M 14.60M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.205M $5.235M
YoY Change 184.78% -29.12%
Cash & Equivalents $7.205M $5.200M
Short-Term Investments
Other Short-Term Assets $3.411M $2.549M
YoY Change 501.59% 1300.55%
Inventory
Prepaid Expenses $3.411M $2.549M
Receivables
Other Receivables
Total Short-Term Assets $10.81M $7.833M
YoY Change 212.76% -1.26%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.742M $8.642M
YoY Change 181.91% 173.91%
Total Long-Term Assets $8.742M $8.642M
YoY Change 181.91% 173.91%
TOTAL ASSETS
Total Short-Term Assets $10.81M $7.833M
Total Long-Term Assets $8.742M $8.642M
Total Assets $19.55M $16.48M
YoY Change 198.17% 48.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.440M $7.341M
YoY Change 162.85% 84.17%
Accrued Expenses $1.008M $1.363M
YoY Change -20.88% 161.61%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $1.000M $1.000M
YoY Change 0.0%
Total Short-Term Liabilities $10.56M $9.746M
YoY Change 70.21% 116.24%
LONG-TERM LIABILITIES
Long-Term Debt $4.194M $4.194M
YoY Change -19.25%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.194M $4.194M
YoY Change -19.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $10.56M $9.746M
Total Long-Term Liabilities $4.194M $4.194M
Total Liabilities $14.75M $13.94M
YoY Change 29.43% 209.3%
SHAREHOLDERS EQUITY
Retained Earnings -$102.0M -$96.20M
YoY Change 24.45% 60.87%
Common Stock $3.000K $16.00K
YoY Change -85.71% 23.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $4.802M $2.500M
YoY Change
Total Liabilities & Shareholders Equity $19.55M $16.48M
YoY Change 198.17% 48.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$5.833M -$5.100M
YoY Change -73.64% 39.12%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.738M -$9.800M
YoY Change 36.59% 117.78%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change -100.0%
Cash From Investing Activities $0.00
YoY Change -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.708M $13.70M
YoY Change
NET CHANGE
Cash From Operating Activities -5.738M -$9.800M
Cash From Investing Activities 0.000
Cash From Financing Activities 7.708M $13.70M
Net Change In Cash 1.970M $3.950M
YoY Change -140.57% -188.15%
FREE CASH FLOW
Cash From Operating Activities -$5.738M -$9.800M
Capital Expenditures
Free Cash Flow
YoY Change

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<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: &quot;Times New Roman&quot;, Times, serif; 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: &quot;Times New Roman&quot;, Times, serif; 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: &quot;Times New Roman&quot;; 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 (the “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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; text-align: justify; margin: 0pt;">We have incurred losses of $96.2 million since our inception in <em style="font: inherit;">2011.</em> For the <em style="font: inherit;">three</em> months ended <em style="font: inherit;"> March 31, 2023, </em>we incurred a net loss of $5.1 million. We also incurred negative cash flows from operating activities of approximately $9.8 million for this period. As we continue to pursue development activities and seek commercialization, we expect to incur substantial losses, which are likely to generate negative net cash flows from operating activities. We incurred approximately $13.7 million positive cash flows from financing activities related to proceeds from the sale of common stock, prefunded warrants, and warrants, partially offset by the payments made on <em style="font: inherit;">two</em> promissory notes. As of <em style="font: inherit;"> March 31, 2023, </em>we had cash of approximately $5.2 million, working capital deficit of $1.9 million, (working capital is defined as current assets less current liabilities) and stockholders’ equity of $2.5 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;">2022</em> financial statements dated <em style="font: inherit;"> March 16, 2023. </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 product candidates in the United States, Australia, the European Union or other markets and ultimately our ability to market and sell our product candidates. 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: &quot;Times New Roman&quot;; font-size: 10pt; font-variant: normal; margin: 0pt; text-align: justify;"><em style="font: inherit;"> March 2023 </em>marked <em style="font: inherit;">three</em> years since the World Health Organization declared the spread of a novel strain of coronavirus (“COVID-<em style="font: inherit;">19”</em>) a global pandemic. To date there has been <em style="font: inherit;">no</em> disruption in the supply of our active drug substance for our clinical or preclinical testing. In <em style="font: inherit;"> January </em>of <em style="font: inherit;">2022,</em> the Company announced the opening of a global randomized Phase II/III clinical trial, which is expected to be conducted in the United States, Europe and Asia Pacific (APAC). The Company does <em style="font: inherit;">not</em> expect any disruption to the conduct of this new clinical trial associated with COVID-<em style="font: inherit;">19.</em> The trial is reliant on adequate supply of gemcitabine and Abraxane (nab-paclitaxel) which can be subject to supply shortages.</p>
CY2023Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-96200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-5100000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-9800000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13700000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5200000 usd
CY2023Q1 pbla Working Capital
WorkingCapital
-1900000 usd
CY2023Q1 us-gaap Stockholders Equity
StockholdersEquity
2500000 usd
CY2023Q1 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>
CY2023Q1 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
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CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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180000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
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334000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
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100556
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
145.48
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 usd
CY2023Q1 pbla Sharebased Compensation Arrangement By Sharebased Payment Award Number Of Shares Available For Grant Grants In Period
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CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.50
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
-0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-0
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
408017
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
36.24
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
408017
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P9Y1M2D
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
36.24
CY2023Q1 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
93919
CY2023Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P6Y1M24D
CY2023Q1 pbla Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Common Stock Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsCommonStockFairValue
0.50
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd

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