$PBLA
Panbela Therapeutics, Inc.

2023 Q3 Form 10-Q Financial Statement

#000143774923023053 Filed on August 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.110M $1.643M
YoY Change -14.22% 30.6%
% of Gross Profit
Research & Development $6.739M $4.234M
YoY Change 189.35% -78.86%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $6.739M $4.234M
YoY Change 189.35% -78.86%
Operating Profit -$7.846M -$5.877M
YoY Change 116.56% -72.39%
Interest Expense $71.00K $70.00K
YoY Change -18.39% 337.5%
% of Operating Profit
Other Income/Expense, Net -$4.000K -$103.0K
YoY Change -99.52% -88.05%
Pretax Income -$7.850M -$5.980M
YoY Change 76.09% -73.0%
Income Tax -$19.00K -$147.0K
% Of Pretax Income
Net Earnings -$7.831M -$5.833M
YoY Change 77.9% -73.64%
Net Earnings / Revenue
Basic Earnings Per Share -$2.69 -$7.95
Diluted Earnings Per Share -$2.69 -$7.95
COMMON SHARES
Basic Shares Outstanding 2.958M 16.79M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $910.0K $7.205M
YoY Change -3.29% 184.78%
Cash & Equivalents $900.0K $7.205M
Short-Term Investments
Other Short-Term Assets $820.0K $3.411M
YoY Change 5.26% 501.59%
Inventory
Prepaid Expenses $824.0K $3.411M
Receivables
Other Receivables
Total Short-Term Assets $1.886M $10.81M
YoY Change 6.8% 212.76%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.742M $8.742M
YoY Change 181.91% 181.91%
Total Long-Term Assets $8.742M $8.742M
YoY Change 181.91% 181.91%
TOTAL ASSETS
Total Short-Term Assets $1.886M $10.81M
Total Long-Term Assets $8.742M $8.742M
Total Assets $10.63M $19.55M
YoY Change 118.37% 198.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.612M $8.440M
YoY Change 22.58% 162.85%
Accrued Expenses $1.133M $1.008M
YoY Change 49.47% -20.88%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Long-Term Debt Due $1.000M $1.000M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $8.917M $10.56M
YoY Change 12.14% 70.21%
LONG-TERM LIABILITIES
Long-Term Debt $4.194M $4.194M
YoY Change -19.25% -19.25%
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $4.194M $4.194M
YoY Change -19.25% -19.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.917M $10.56M
Total Long-Term Liabilities $4.194M $4.194M
Total Liabilities $13.11M $14.75M
YoY Change -0.27% 29.43%
SHAREHOLDERS EQUITY
Retained Earnings -$109.9M -$102.0M
YoY Change 27.2% 24.45%
Common Stock $3.000K $3.000K
YoY Change -85.71% -85.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$2.500M $4.802M
YoY Change
Total Liabilities & Shareholders Equity $10.63M $19.55M
YoY Change 118.37% 198.17%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$7.831M -$5.833M
YoY Change 77.9% -73.64%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$6.680M -$5.738M
YoY Change 319.33% 36.59%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $400.0K $0.00
YoY Change -40100.0% -100.0%
Cash From Investing Activities $400.0K $0.00
YoY Change -40100.0% -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 -20.00K 7.708M
YoY Change -500.0%
NET CHANGE
Cash From Operating Activities -6.680M -5.738M
Cash From Investing Activities 400.0K 0.000
Cash From Financing Activities -20.00K 7.708M
Net Change In Cash -6.300M 1.970M
YoY Change 296.48% -140.57%
FREE CASH FLOW
Cash From Operating Activities -$6.680M -$5.738M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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pbla Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Fair Value
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationFairValue
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pbla Noncash Or Part Noncash Acquisition Noncash Financial Or Equity Instrument Consideration Fair Value
NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationFairValue
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us-gaap Nature Of Operations
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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b><em style="font: inherit;">2.</em></b>         <b>Risks and Uncertainties</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 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:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">We have incurred losses of $102.0 million since our inception in <em style="font: inherit;">2011.</em> For the <em style="font: inherit;">six</em> months ended <em style="font: inherit;"> June 30, 2023 </em>we incurred a net loss of $11.0 million. We also incurred negative cash flows from operating activities of approximately $15.5 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 $21.4 million positive cash flows from financing activities related to proceeds from the sale of common stock, pre-funded warrants, and warrants, partially offset by the payments made on <em style="font: inherit;">two</em> promissory notes. As of <em style="font: inherit;"> June 30, 2023 </em>we had cash of approximately $7.2 million, working capital of $0.3 million, (working capital is defined as current assets less current liabilities), and stockholders’ equity of $4.8 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:Times New Roman;font-size:10pt;font-variant:normal;text-align:justify;margin:0pt;">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 being 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>
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-102000000.0 usd
us-gaap Net Income Loss
NetIncomeLoss
-11000000.0 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15500000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21400000 usd
CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
7200000 usd
CY2023Q2 pbla Working Capital
WorkingCapital
300000 usd
CY2023Q2 us-gaap Stockholders Equity
StockholdersEquity
4800000 usd
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4846381
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7906
CY2023Q2 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4846381
CY2023Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
400000 usd
us-gaap Allocated Share Based Compensation Expense
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509000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
627000 usd
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
3287
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
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0 usd
pbla Sharebased Compensation Arrangement By Sharebased Payment Award Number Of Shares Available For Grant Grants In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardNumberOfSharesAvailableForGrantGrantsInPeriod
10240
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
15
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
-0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
1424
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
13455
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1071
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
13455
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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P8Y11M1D
CY2023Q2 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1071
CY2023Q2 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
4698
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
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pbla Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Common Stock Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsCommonStockFairValue
15.00
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Payments
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendPayments
0 usd

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