$PBLA
Panbela Therapeutics, Inc.

2023 Q4 Form 10-Q Financial Statement

#000143774923031265 Filed on November 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $931.0K $1.110M
YoY Change -45.07% -14.22%
% of Gross Profit
Research & Development $6.113M $6.739M
YoY Change 75.36% 189.35%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $7.044M $6.739M
YoY Change 35.96% 189.35%
Operating Profit -$7.846M
YoY Change 116.56%
Interest Expense -$63.00K $71.00K
YoY Change -64.41% -18.39%
% of Operating Profit
Other Income/Expense, Net $614.0K -$4.000K
YoY Change 0.49% -99.52%
Pretax Income -$6.493M -$7.850M
YoY Change 36.78% 76.09%
Income Tax -$19.00K -$19.00K
% Of Pretax Income
Net Earnings -$6.474M -$7.831M
YoY Change 36.73% 77.9%
Net Earnings / Revenue
Basic Earnings Per Share -$2.69
Diluted Earnings Per Share -$27.16 -$2.69
COMMON SHARES
Basic Shares Outstanding 5.128M 2.958M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.578M $910.0K
YoY Change 100.62% -3.29%
Cash & Equivalents $2.578M $900.0K
Short-Term Investments
Other Short-Term Assets $299.0K $820.0K
YoY Change -32.51% 5.26%
Inventory
Prepaid Expenses $299.0K $824.0K
Receivables
Other Receivables
Total Short-Term Assets $3.060M $1.886M
YoY Change 72.2% 6.8%
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 173.1% 181.91%
Total Long-Term Assets $8.742M $8.742M
YoY Change 173.1% 181.91%
TOTAL ASSETS
Total Short-Term Assets $3.060M $1.886M
Total Long-Term Assets $8.742M $8.742M
Total Assets $11.80M $10.63M
YoY Change 137.08% 118.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.939M $6.612M
YoY Change 246.91% 22.58%
Accrued Expenses $1.379M $1.133M
YoY Change -53.93% 49.47%
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 $12.32M $8.917M
YoY Change 57.26% 12.14%
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 $12.32M $8.917M
Total Long-Term Liabilities $4.194M $4.194M
Total Liabilities $16.51M $13.11M
YoY Change 26.75% -0.27%
SHAREHOLDERS EQUITY
Retained Earnings -$125.5M -$109.9M
YoY Change 37.76% 27.2%
Common Stock $0.00 $3.000K
YoY Change -100.0% -85.71%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$4.710M -$2.500M
YoY Change
Total Liabilities & Shareholders Equity $11.80M $10.63M
YoY Change 137.08% 118.37%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$6.474M -$7.831M
YoY Change 36.73% 77.9%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.079M -$6.680M
YoY Change -38.48% 319.33%
INVESTING ACTIVITIES
Capital Expenditures
YoY Change
Acquisitions
YoY Change
Other Investing Activities $0.00 $400.0K
YoY Change -40100.0%
Cash From Investing Activities $0.00 $400.0K
YoY Change -40100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 4.752M -20.00K
YoY Change -11.16% -500.0%
NET CHANGE
Cash From Operating Activities -3.079M -6.680M
Cash From Investing Activities 0.000 400.0K
Cash From Financing Activities 4.752M -20.00K
Net Change In Cash 1.673M -6.300M
YoY Change 386.34% 296.48%
FREE CASH FLOW
Cash From Operating Activities -$3.079M -$6.680M
Capital Expenditures
Free Cash Flow
YoY Change

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<p style="font-family:Times New Roman;font-size:10pt;font-variant:normal;margin:0pt;"><b>2.</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, may 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 $109.9 million since our inception in 2011. For the nine months ended September 30, 2023, we incurred a net loss of $18.8 million. We also incurred negative cash flows from operating activities of approximately $22.2 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 generated 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 two promissory notes. As of September 30, 2023, we had cash of approximately $0.9 million, working capital deficit of $7.0 million, (working capital is defined as current assets less current liabilities), and stockholders’ deficit 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 not 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 2022 financial statements dated March 16, 2023. 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 4 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 January of 2022, 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 not expect any disruption to the conduct of this new clinical trial associated with COVID-19. The trial is reliant on adequate supply of gemcitabine and Abraxane (nab-paclitaxel) which can be subject to supply shortages.</p>
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-109900000 usd
us-gaap Net Income Loss
NetIncomeLoss
-18800000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-22200000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
21400000 usd
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
900000 usd
CY2023Q3 pbla Working Capital
WorkingCapital
7000000.0 usd
CY2023Q3 us-gaap Stockholders Equity
StockholdersEquity
-2500000 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>
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
-0
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
0
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
13455
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
1071
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4082281
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7890
CY2023Q3 us-gaap Common Stock Capital Shares Reserved For Future Issuance
CommonStockCapitalSharesReservedForFutureIssuance
4082281
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
699000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
857000 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
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4369
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
pbla Sharebased Compensation Arrangement By Sharebased Payment Award Number Of Shares Available For Grant Grants In Period
SharebasedCompensationArrangementBySharebasedPaymentAwardNumberOfSharesAvailableForGrantGrantsInPeriod
10240
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0 usd
CY2023Q3 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
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P8Y7M28D
CY2023Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
1071
CY2023Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
4764
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2
P7Y2M8D
pbla Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Common Stock Fair Value
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsCommonStockFairValue
15.00
CY2023Q3 us-gaap Proceeds From Divestiture Of Businesses And Interests In Affiliates
ProceedsFromDivestitureOfBusinessesAndInterestsInAffiliates
400000 usd

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