$PXMD
PaxMedica, Inc.

2022 Q4 Form 10-Q Financial Statement

#000141057822003388 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 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 $4.739M $2.368M $1.277M
YoY Change 258.5% 85.37% -1.75%
% of Gross Profit
Research & Development $238.1K $327.3K $437.6K
YoY Change -49.25% -25.21% 28.69%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.978M $2.695M $1.715M
YoY Change 177.9% 57.16% 4.56%
Operating Profit -$2.695M -$1.715M
YoY Change 57.16%
Interest Expense -$3.930K $1.309K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$81.56K -$8.769M -$1.396M
YoY Change -101.02% 528.22%
Pretax Income -$5.221M -$11.46M -$3.111M
YoY Change -183.75% 268.53% 89.67%
Income Tax
% Of Pretax Income
Net Earnings -$5.221M -$11.46M -$3.111M
YoY Change -183.75% 268.53% 89.67%
Net Earnings / Revenue
Basic Earnings Per Share -$0.87 -$0.45
Diluted Earnings Per Share -$0.41 -$0.87 -$264.1K
COMMON SHARES
Basic Shares Outstanding 11.78M 11.78M 6.913M
Diluted Shares Outstanding 9.178M 6.913M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.902M $5.563M $1.799M
YoY Change 328.27% 209.31%
Cash & Equivalents $1.902M $5.563M $1.799M
Short-Term Investments
Other Short-Term Assets $302.4K $416.4K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $2.204M $5.980M $1.799M
YoY Change 396.37% 232.47%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $60.78K
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $60.78K
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $2.204M $5.980M $1.799M
Total Long-Term Assets $0.00 $0.00 $60.78K
Total Assets $2.204M $5.980M $1.859M
YoY Change 239.72% 221.6%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $722.0K $2.689M $487.0K
YoY Change -1.94% 452.03%
Accrued Expenses $1.019M $614.5K $574.4K
YoY Change 49.86% 6.98%
Deferred Revenue
YoY Change
Short-Term Debt $173.5K $156.5K $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $2.096M $3.591M $18.43M
YoY Change -80.52% -80.51%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $0.00 $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.096M $3.591M $18.43M
Total Long-Term Liabilities $0.00 $0.00 $0.00
Total Liabilities $2.096M $3.591M $18.43M
YoY Change -80.52% -80.51%
SHAREHOLDERS EQUITY
Retained Earnings -$33.70M -$28.50M
YoY Change 77.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $108.8K $2.388M -$16.57M
YoY Change
Total Liabilities & Shareholders Equity $2.204M $5.980M $1.859M
YoY Change 239.72% 221.6%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.221M -$11.46M -$3.111M
YoY Change -183.75% 268.53% 89.67%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.067M -$1.572M -$1.506M
YoY Change 145.68% 4.35% 1155.28%
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 -594.4K 7.126M -60.78K
YoY Change 460.16% -11824.53% -160.78%
NET CHANGE
Cash From Operating Activities -3.067M -1.572M -1.506M
Cash From Investing Activities
Cash From Financing Activities -594.4K 7.126M -60.78K
Net Change In Cash -3.661M 5.554M -1.567M
YoY Change 170.31% -454.43% 7735.6%
FREE CASH FLOW
Cash From Operating Activities -$3.067M -$1.572M -$1.506M
Capital Expenditures
Free Cash Flow
YoY Change

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CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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pxmd Stock Issued During Period Value Conversion Of Convertible Securities To Preferred Stock
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us-gaap Stock Issued1
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us-gaap Stock Issued1
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pxmd Conversion Of Simple Agreement For Future Equity Liability To Preferred Stock
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pxmd Warrants Exchanged For Common And Preferred Stock
WarrantsExchangedForCommonAndPreferredStock
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pxmd Reclassification Of Warrants To Equity During Period
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pxmd Unpaid Offering Costs
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Note 1. Organization and description of business operations</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">PaxMedica, Inc. (the “Company”) is a clinical stage biopharmaceutical company organized as a Delaware limited liability company on April 5, 2018 (“Inception”) to focus on the development of drug candidates for the treatment of autism spectrum disorder (ASD), Fragile X syndrome tremor-ataxia (FXTAS) and Human African Trypanosomiasis (HAT).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:none;">Initial Public Offering</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 9, 2022, the Company entered into an underwriting agreement relating to the public offering of its common stock, par value $0.0001 per share. The Company agreed to sell 1,545,454 shares of its common stock to the underwriters, at a purchase price per share of $4.83 (the offering price to the public of $5.25 per share minus the underwriters’ discount), pursuant to the Company’s registration statement on Form S-1 (File No. 333-239676), as amended, under the Securities Act of 1933, that was filed by the Company under Rule 462(b) under the Securities Act. The Company also granted the underwriters a 45-day option to purchase up to 231,818 additional shares of common stock to cover over-allotments. On August 30, 2022, the Company received net proceeds from its public offering of approximately $6.0 million, net of underwriter fees and commissions of approximately $0.8 million, and offering costs of approximately $1.4 million. In connection with its public offering the Company issued 108,181 warrants to purchase shares of the Company’s common stock with an exercise price of $6.5625 per share.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Going concern, liquidity and capital resources</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company has no product revenues, incurred operating losses since inception, and expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. The Company had an accumulated deficit of approximately $28.5 million at September 30, 2022, a net loss of approximately $9.6 million, and approximately $3.0 million of net cash used in operating activities for the nine months ended September 30, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:none;">2022 Notes</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the second and third quarters of 2022, the Company entered into senior secured convertible promissory notes (the “2022 Notes”) with a principal balance totaling approximately $1.5 million. The 2022 Notes contain an original issue discount totaling $0.3 million and the Company received net proceeds of approximately $1.2 million (See Note 6).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:none;">Series X Preferred Stock</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On August 2, 2022, the Company issued 3,200 shares of Series X preferred stock, par value $0.0001 per share at a purchase price of $100 per share. The Company received net proceeds of approximately $0.3 million, net of fees. (See Note 8).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><i style="text-decoration-line:none;">Going Concern</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The accompanying condensed financial statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and settlement of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result from uncertainty related to its ability to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company’s future liquidity and capital funding requirements will depend on numerous factors, including:</p><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">its ability to raise additional funds to finance its operations;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the outcome, costs and timing of clinical trial results for the Company’s current or future product candidates;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the emergence and effect of competing or complementary products;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">its ability to maintain, expand and defend the scope of its intellectual property portfolio, including the amount and timing of any payments the Company may be required to make, or that it may receive, in connection with the licensing, filing, prosecution, defense and enforcement of any patents or other intellectual property rights;</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:12pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">its ability to retain its current employees and the need and ability to hire additional management and scientific and medical personnel; and</span></td></tr></table><table style="border-collapse:collapse;font-family:'Times New Roman','Times','serif';font-size:10pt;margin-bottom:0pt;margin-top:0pt;table-layout:fixed;text-align:justify;width:100%;border:0pt;"><tr><td style="width:36pt;"/><td style="font-family:'Times New Roman','Times','serif';font-size:10pt;vertical-align:text-top;white-space:nowrap;width:18pt;padding:0pt;">●</td><td style="padding:0pt;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">the terms and timing of any collaborative, licensing or other arrangements that it has or may establish.</span></td></tr></table><div style="margin-top:12pt;"/><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The Company will likely need to raise substantial additional funds through one or more of the following: issuance of additional debt or equity, or the completion of a licensing transaction for one or more of the Company’s pipeline assets. If the Company is unable to maintain sufficient financial resources, its business, financial condition and results of operations will be materially and adversely affected. This could affect future development and business activities and potential future clinical studies and/or other future ventures. Failure to obtain additional equity or debt financing will have a material, adverse impact on the Company’s business operations. There can be no assurance that the Company will be able to obtain the needed financing on acceptable terms or at all. Additionally, equity or debt financings will likely have a dilutive effect on the holdings of the Company’s existing stockholders. Accordingly, there are material risks and uncertainties that raise substantial doubt about the Company’s ability to continue as a going concern for the next twelve months from the issuance of these condensed financial statements. The accompanying condensed financial statements do not include any adjustments that result from the outcome of these uncertainties.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The COVID-19 global pandemic has been unprecedented and unpredictable, is likely to continue to result in significant national and global economic disruption, which may adversely affect our business. Based on the Company’s current assessment, the Company does not expect any material impact on its long-term development timeline and its liquidity due to the worldwide spread of the COVID-19 virus. However, the Company is continuing to assess the effect on its operations by monitoring the spread of COVID-19 and the resulting global pandemic and the actions implemented to combat the virus throughout the world.</p>
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
0
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-28500000
us-gaap Net Income Loss
NetIncomeLoss
-9600000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-3000000.0
us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The preparation of financial statements in conformity with GAAP 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 financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed financial statements relate to the valuation of convertible notes, valuation of warrants, valuation of the Simple Agreement For Equity (“SAFE”)  liability and valuation of equity-based awards. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected.</p>
CY2022Q2 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentrations of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash. The Company maintains its cash high credit quality financial institutions, which may at times, be in excess of federal insured limits. The Company believes it is not exposed to any significant losses due to credit risk on cash.</p>
CY2022Q3 us-gaap Warrants And Rights Outstanding
WarrantsAndRightsOutstanding
0
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3070138
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4384418
CY2022Q3 pxmd Reclassification Of Warrants To Equity During Share Period
ReclassificationOfWarrantsToEquityDuringSharePeriod
479316
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
50335
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
680026
CY2022Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
385362
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
153995
CY2022Q3 pxmd Research And Development
ResearchAndDevelopment
24758
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
614450
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
680026
CY2021 pxmd Proceeds From Safe Investment
ProceedsFromSafeInvestment
5000000.0
CY2021 pxmd Percentage Of Discount Of Pricing In Triggering Equity Financing
PercentageOfDiscountOfPricingInTriggeringEquityFinancing
0.50
CY2021Q4 pxmd Simple Agreement For Equity Investment Post Money Valuation
SimpleAgreementForEquityInvestmentPostMoneyValuation
150000000.0
pxmd Simple Agreement For Equity Investment Loss On Conversion
SimpleAgreementForEquityInvestmentLossOnConversion
5300000
CY2022Q3 pxmd Simple Agreement For Equity Investment Loss On Conversion
SimpleAgreementForEquityInvestmentLossOnConversion
5300000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1047153
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
272124
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1377165
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1110874
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
1051167
CY2022Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions
5500000
CY2021Q3 us-gaap Litigation Reserve
LitigationReserve
0
CY2022Q3 us-gaap Litigation Reserve
LitigationReserve
0

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