2023 Q2 Form 10-Q Financial Statement

#000149315223016356 Filed on May 11, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $161.8K $205.0K $187.6K
YoY Change -49.69% 9.28%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $380.1K $378.0K $403.6K
YoY Change -16.63% -6.33% 3.13%
% of Gross Profit
Research & Development $434.2K $548.4K $669.0K
YoY Change -46.83% -18.02% 2.45%
% of Gross Profit
Depreciation & Amortization $2.230K $2.230K $3.220K
YoY Change -20.92% -30.75% 0.0%
% of Gross Profit
Operating Expenses $962.0K $987.2K $1.076M
YoY Change -31.27% -8.23% 2.69%
Operating Profit -$800.2K -$782.2K -$1.000M
YoY Change -25.77% -21.78%
Interest Expense -$50.82K -$45.24K -$30.24K
YoY Change 33.39% 49.6% -93.83%
% of Operating Profit
Other Income/Expense, Net -$34.86K -$45.24K -$30.86K
YoY Change -25178.42% 46.58%
Pretax Income -$835.1K -$827.5K -$1.031M
YoY Change -22.52% -19.74% -38.27%
Income Tax
% Of Pretax Income
Net Earnings -$835.1K -$827.5K -$1.031M
YoY Change -22.52% -19.74% -38.27%
Net Earnings / Revenue -515.97% -403.59% -549.5%
Basic Earnings Per Share $0.00 $0.00 $0.00
Diluted Earnings Per Share $0.00 $0.00 -$2.458K
COMMON SHARES
Basic Shares Outstanding 419.5M shares 419.5M shares 419.4M shares
Diluted Shares Outstanding 419.5M shares 419.5M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $176.0K $34.15K $173.6K
YoY Change 108.86% -80.33% -50.36%
Cash & Equivalents $1.359M $1.321M $173.6K
Short-Term Investments
Other Short-Term Assets $1.398M $1.561M $2.535M
YoY Change -36.22% -38.44% 822.07%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.575M $1.596M $2.712M
YoY Change -30.87% -41.17% 331.07%
LONG-TERM ASSETS
Property, Plant & Equipment $16.48K $18.71K $43.80K
YoY Change -36.12% -57.28% -69.22%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $111.3K $124.8K $43.79K
YoY Change -32.39% 184.92% -69.23%
TOTAL ASSETS
Total Short-Term Assets $1.575M $1.596M $2.712M
Total Long-Term Assets $111.3K $124.8K $43.79K
Total Assets $1.687M $1.720M $2.756M
YoY Change -30.97% -37.57% 257.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.989M $1.908M $1.598M
YoY Change 5.02% 19.42% 68.93%
Accrued Expenses $3.049M $2.914M $2.250M
YoY Change 24.12% 29.52% -66.06%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $200.0K
YoY Change -100.0% -100.0% -97.03%
Long-Term Debt Due $2.751M $2.533M $1.465M
YoY Change 40.87% 72.88% -91.88%
Total Short-Term Liabilities $8.934M $8.660M $7.825M
YoY Change 5.17% 10.68% -75.82%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $49.98K $61.75K
YoY Change -48.05%
Total Long-Term Liabilities $49.98K $61.75K $0.00
YoY Change -48.05% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.934M $8.660M $7.825M
Total Long-Term Liabilities $49.98K $61.75K $0.00
Total Liabilities $8.983M $8.722M $7.825M
YoY Change 4.57% 11.47% -75.84%
SHAREHOLDERS EQUITY
Retained Earnings -$251.3M -$250.4M
YoY Change 1.25%
Common Stock $419.5K $419.5K
YoY Change 0.01%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$7.297M -$7.002M -$5.069M
YoY Change
Total Liabilities & Shareholders Equity $1.687M $1.720M $2.756M
YoY Change -30.97% -37.57% 257.23%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$835.1K -$827.5K -$1.031M
YoY Change -22.52% -19.74% -38.27%
Depreciation, Depletion And Amortization $2.230K $2.230K $3.220K
YoY Change -20.92% -30.75% 0.0%
Cash From Operating Activities -$617.8K -$624.1K -$592.2K
YoY Change -29.63% 5.38% -46.81%
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
YoY Change
Cash From Financing Activities 656.4K $515.7K -33.53K
YoY Change 52.54% -1638.03% -102.46%
NET CHANGE
Cash From Operating Activities -617.8K -$624.1K -592.2K
Cash From Investing Activities
Cash From Financing Activities 656.4K $515.7K -33.53K
Net Change In Cash 38.66K -$110.3K -625.8K
YoY Change -108.64% -82.38% -348.36%
FREE CASH FLOW
Cash From Operating Activities -$617.8K -$624.1K -$592.2K
Capital Expenditures
Free Cash Flow
YoY Change

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CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2481009 usd
CY2023Q1 us-gaap Cash
Cash
34153 usd
CY2022Q1 us-gaap Cash
Cash
173614 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
1287302 usd
CY2022Q1 us-gaap Restricted Cash
RestrictedCash
2307395 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1321455 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2481009 usd
CY2023Q1 PVCT Conversion Of Notes And Related Accrued Interest
ConversionOfNotesAndRelatedAccruedInterest
54010 usd
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="xdx_806_eus-gaap--NatureOfOperations_z1CxWXO8h0hl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82B_zTOdkU945Ejf">Business Organization, Nature of Operations and Basis of Presentation</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provectus Biopharmaceuticals, Inc., a Delaware corporation (together with its subsidiaries, “Provectus” or “the Company”), is a clinical-stage biotechnology company developing immunotherapy medicines for different diseases that are based on a class of synthetic small molecule immuno-catalysts called halogenated xanthenes (“HXs”). Our lead molecule is named rose bengal sodium (“RBS”).</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s proprietary, patented, pharmaceutical-grade RBS is the active pharmaceutical ingredient in the drug product candidates of our current clinical development programs and the preclinical formulations of our current drug discovery programs. Importantly, our pharmaceutical-grade RBS displays different therapeutic effects at different concentrations and can be formulated for delivery by different routes of administration,</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that RBS targets disease in a bifunctional manner. First, direct contact may lead to cell death or repair depending on the disease being treated and the concentration of the RBS utilized in the treatment. Secondly, multivariate immune signaling, activation, and response may follow that may manifest as stimulatory, inhibitory, or both.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that it is the first entity to advance an RBS formulation into clinical trials for the treatment of a disease, such as those trials reported on the clinical trials registry ClinicalTrials.gov.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company believes that it is the first and only entity to date to successfully, reproducibly, and consistently make pharmaceutical-grade RBS at a purity of nearly 100%.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s small molecule HX medical science platform comprises a number of different drug product candidates and preclinical pharmaceutical-grade RBS formulations using different concentrations and delivered by different routes of administration specific to each disease area and/or indication. The Company’s HX medical science platform includes clinical development programs in oncology, dermatology, and ophthalmology; proof-of-concept <i>in vivo</i> drug discovery programs in oncology, hematology, wound healing, and animal health; and preclinical <i>in vitro</i> drug discovery programs in infectious diseases and tissue regeneration and repair.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Risks and Uncertainties</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company’s activities are subject to significant risks and uncertainties, including failing to successfully develop and license or commercialize the Company’s prescription drug candidates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Basis of Presentation</i></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information pursuant to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements and should be reviewed in conjunction with the Company’s audited consolidated financial statements included in the Company’s Form 10-K for the year ended December 31, 2022 filed with the SEC on March 30, 2023. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1321455 usd
CY2023Q1 us-gaap Restricted Cash
RestrictedCash
1287302 usd
CY2023Q1 PVCT Working Capital Deficit
WorkingCapitalDeficit
7064779 usd
CY2022Q4 PVCT Working Capital Deficit
WorkingCapitalDeficit
6293198 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_84B_eus-gaap--UseOfEstimates_zsag2TXSRblg" style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_866_zGeOfh3LKxC9">Use of Estimates</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s significant estimates and assumptions include the recoverability and useful lives of long-lived assets, stock-based compensation, accrued liabilities and the valuation allowance related to the Company’s deferred tax assets.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2021Q4 PVCT Proceeds From Grant Award For Study Of Animal Cancer And Dermatological
ProceedsFromGrantAwardForStudyOfAnimalCancerAndDermatological
2500000 usd
CY2021Q4 PVCT Payment To Vendors For Expense And Deposits
PaymentToVendorsForExpenseAndDeposits
1212698 usd
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p id="xdx_846_eus-gaap--ConcentrationRiskCreditRisk_zOuSo72B8sak" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="text-decoration: underline"><span id="xdx_865_z6mAIU2synDg">Cash Concentrations</span></span></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash and restricted cash are maintained at financial institutions and, at times, balances may exceed federally insured limits of $<span id="xdx_902_eus-gaap--CashFDICInsuredAmount_iI_c20230331_z18NeCiLhBkh" title="Insured limits">250,000</span>, although the Company seeks to minimize this through treasury management. The Company has never experienced any losses related to these balances although no assurance can be provided that it will not experience any losses in the future. As of March 31, 2023 and December 31, 2022, the Company had cash and restricted cash balances in excess of FDIC insurance limits of $<span id="xdx_90A_eus-gaap--FDICIndemnificationAsset_iI_c20230331_zBwu0EaDMQub" title="Cash in excess FDIC insured amount">1,071,455</span> and $<span id="xdx_900_eus-gaap--FDICIndemnificationAsset_iI_c20221231_zW78IjDyCcFk" title="Cash in excess FDIC insured amount">1,181,707</span>, respectively.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"/>
CY2023Q1 us-gaap Cash Fdic Insured Amount
CashFDICInsuredAmount
250000 usd
CY2023Q1 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
1071455 usd
CY2022Q4 us-gaap Fdic Indemnification Asset
FDICIndemnificationAsset
1181707 usd
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
122621984 shares
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
114655755 shares
CY2023Q1 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
418881 usd
CY2022Q4 us-gaap Accrued Payroll Taxes Current
AccruedPayrollTaxesCurrent
314160 usd
CY2023Q1 us-gaap Accrued Vacation Current
AccruedVacationCurrent
77666 usd
CY2022Q4 us-gaap Accrued Vacation Current
AccruedVacationCurrent
69077 usd
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2041839 usd
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1945589 usd
CY2023Q1 PVCT Accrued Other Expenses
AccruedOtherExpenses
219657 usd
CY2022Q4 PVCT Accrued Other Expenses
AccruedOtherExpenses
75186 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2758043 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2404012 usd
CY2023Q1 us-gaap Notes Payable
NotesPayable
155097 usd
CY2022Q4 us-gaap Notes Payable
NotesPayable
239394 usd
CY2023Q1 us-gaap Officers Compensation
OfficersCompensation
96250 usd
CY2023Q1 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
2041839 usd
CY2022Q4 us-gaap Accrued Professional Fees Current And Noncurrent
AccruedProfessionalFeesCurrentAndNoncurrent
1945589 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
3425000 shares
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3425000 shares
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P2Y5M19D
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y5M19D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
97000 usd
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
97000 usd
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber
475000 shares
CY2023Q1 PVCT Share Based Compensation Arrangement By Share Based Payment Award Non Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionsExercisableNumber
475000 shares
CY2023Q1 PVCT Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Exercisable Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsExercisableWeightedAverageRemainingContractualTerm2
P1Y14D
CY2023Q1 PVCT Sharebased Compensation Arrangement By Sharebased Payment Award Non Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardNonOptionsOutstandingWeightedAverageRemainingContractualTerm2
P1Y14D
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
10731 usd
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
23831 usd
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P3M
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.08 pure
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
37152 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
50663 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
25669 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
113484 usd
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6416 usd
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
107068 usd
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
45319 usd
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
61749 usd
CY2021Q4 PVCT Proceeds From Grant Award For Study Of Animal Cancer And Dermatological
ProceedsFromGrantAwardForStudyOfAnimalCancerAndDermatological
2500000 usd
CY2023Q1 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1305933 usd
CY2022Q4 us-gaap Deferred Revenue Current
DeferredRevenueCurrent
1510958 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
205025 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
187605 usd
CY2023Q1 PVCT License Transaction Description
LicenseTransactionDescription
The Company completed the arrangements of this collaboration during the third quarter of 2022, whereby the Company (i) paid $5,000 for the option to obtain an exclusive worldwide, royalty-bearing license that expires on May 31, 2023, (ii) agreed to pay up to $10,000 of new UM patent expenses for this IP during the period of the option, (iii) agreed to pay up to $25,000 of past UM patent expenses for this IP, and (iv) entered into a sponsored research agreement with UM on September 16, 2022 to study the combination of OBC’s PDAT and TOP PV-305, a formulation of the Company’s pharmaceutical-grade RBS, for the treatment of infectious keratitis

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