$PXMD
PaxMedica, Inc.

2023 Q1 Form 10-K Financial Statement

#000155837023004966 Filed on March 30, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.814M $4.739M $8.817M
YoY Change 308.45% 258.5% 77.29%
% of Gross Profit
Research & Development $222.5K $238.1K $1.787M
YoY Change -79.22% -49.25% -19.65%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.037M $4.978M $10.60M
YoY Change 101.38% 177.9% 47.33%
Operating Profit -$4.037M -$10.60M
YoY Change 101.38% 47.33%
Interest Expense $3.928K -$3.930K $5.237K
YoY Change -100.19%
% of Operating Profit
Other Income/Expense, Net $202.9K -$81.56K -$4.197M
YoY Change -94.75% -101.02% 1371.67%
Pretax Income -$3.834M -$5.221M -$14.80M
YoY Change -305.73% -183.75% 44.7%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.834M -$5.221M -$14.80M
YoY Change -305.73% -183.75% 44.69%
Net Earnings / Revenue
Basic Earnings Per Share -$0.30 -$1.69
Diluted Earnings Per Share -$0.30 -$0.41 -$1.69
COMMON SHARES
Basic Shares Outstanding 13.56M 11.78M 8.742M
Diluted Shares Outstanding 12.64M 8.742M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.986M $1.902M $1.902M
YoY Change 7972.6% 328.27% 328.27%
Cash & Equivalents $3.986M $1.902M
Short-Term Investments
Other Short-Term Assets $766.2K $302.4K $302.4K
YoY Change
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $4.752M $2.204M $2.204M
YoY Change 9524.18% 396.37% 396.37%
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
YoY Change -100.0% -100.0%
Total Long-Term Assets $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $4.752M $2.204M $2.204M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $4.752M $2.204M $2.204M
YoY Change 778.58% 239.72% 239.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $480.2K $722.0K $722.0K
YoY Change -77.74% -1.94% -1.94%
Accrued Expenses $164.0K $1.019M $1.019M
YoY Change -81.3% 49.86% 49.86%
Deferred Revenue
YoY Change
Short-Term Debt $1.121M $173.5K $173.5K
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.799M $2.096M $2.096M
YoY Change -79.09% -80.52% -80.52%
LONG-TERM LIABILITIES
Long-Term Debt $420.3K $0.00 $0.00
YoY Change
Other Long-Term Liabilities
YoY Change
Total Long-Term Liabilities $420.3K $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.799M $2.096M $2.096M
Total Long-Term Liabilities $420.3K $0.00 $0.00
Total Liabilities $2.220M $2.096M $2.096M
YoY Change -74.21% -80.52% -80.52%
SHAREHOLDERS EQUITY
Retained Earnings -$37.60M -$33.70M
YoY Change 77.95%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.533M $108.8K $108.8K
YoY Change
Total Liabilities & Shareholders Equity $4.752M $2.204M $2.204M
YoY Change 778.58% 239.72% 239.72%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$3.834M -$5.221M -$14.80M
YoY Change -305.73% -183.75% 44.69%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.000M -$3.067M -$6.100M
YoY Change 660.07% 145.68% 10.65%
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 5.068M -594.4K 7.529M
YoY Change 460.16% 55.78%
NET CHANGE
Cash From Operating Activities -3.000M -3.067M -6.100M
Cash From Investing Activities
Cash From Financing Activities 5.068M -594.4K 7.529M
Net Change In Cash 2.068M -3.661M 1.429M
YoY Change -623.87% 170.31% -310.29%
FREE CASH FLOW
Cash From Operating Activities -$3.000M -$3.067M -$6.100M
Capital Expenditures
Free Cash Flow
YoY Change

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<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. (Formerly Purinix Pharmaceuticals LLC) (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;"><span style="font-weight:bold;text-decoration-line:none;">Initial Public Offering</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin: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>
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100000
CY2022Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-33700000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
-14800000
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6100000
CY2022 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 financial statements relate to the valuation of warrants, valuation of the 2022 Notes, valuation of the 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>
CY2021Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022Q4 us-gaap Cash Equivalents At Carrying Value
CashEquivalentsAtCarryingValue
0
CY2022 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>
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
0
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3278340
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3006419
CY2021Q4 us-gaap Share Price
SharePrice
12.05
CY2021Q4 pxmd Simple Agreement For Equity Investment Post Money Valuation
SimpleAgreementForEquityInvestmentPostMoneyValuation
150000000
CY2021Q4 pxmd Common Stock Shares Outstanding Considered For Determination Of Post Money Valuation
CommonStockSharesOutstandingConsideredForDeterminationOfPostMoneyValuation
12444251
CY2021Q4 pxmd Common Stock Shares Outstanding Considered For Determination Of Post Money Valuation
CommonStockSharesOutstandingConsideredForDeterminationOfPostMoneyValuation
12444251
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
6913492
CY2021Q4 pxmd Potential Shares From Initial Public Offering
PotentialSharesFromInitialPublicOffering
2703776
CY2021Q4 pxmd Restricted Stock Units Considered For Determination Of Post Money Valuation
RestrictedStockUnitsConsideredForDeterminationOfPostMoneyValuation
1377999
CY2021Q4 pxmd Common Stock Warrants For Safe Investment
CommonStockWarrantsForSafeInvestment
1034176
CY2021Q4 pxmd Simple Agreement For Future Equity Shares
SimpleAgreementForFutureEquityShares
414808
CY2021Q4 pxmd Simple Agreement For Future Equity Shares
SimpleAgreementForFutureEquityShares
414808
CY2021Q4 pxmd Simple Agreement For Future Equity Investment
SimpleAgreementForFutureEquityInvestment
5000000.0
CY2021Q4 us-gaap Share Price
SharePrice
12.05
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
667000
CY2022Q3 pxmd Number Of Warrants Converted Into Common Stock Or Preferred Shares
NumberOfWarrantsConvertedIntoCommonStockOrPreferredShares
750000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
510297
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
680026
CY2022Q4 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
269753
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
162021
CY2022Q4 pxmd Research And Development
ResearchAndDevelopment
77000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
1019071
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
680026
CY2021 pxmd Proceeds From Safe Investment
ProceedsFromSafeInvestment
5000000.0
CY2022Q3 pxmd Stock Issued During Period Value Conversion Of Simple Agreement For Future Equity Liability
StockIssuedDuringPeriodValueConversionOfSimpleAgreementForFutureEquityLiability
10000000.0
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-200000
CY2022Q4 pxmd Deferred Tax Assets Deferred Expense Capitalized Research And Development Costs
DeferredTaxAssetsDeferredExpenseCapitalizedResearchAndDevelopmentCosts
447000
CY2022 pxmd Number Of Employees Terminated
NumberOfEmployeesTerminated
2
CY2022 pxmd Number Of Board Members Terminated
NumberOfBoardMembersTerminated
2
CY2022 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
500000
CY2021 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1300000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
200000000
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022 pxmd Non Cash Transaction Shares Settled Liability
NonCashTransactionSharesSettledLiability
200000
CY2022 us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
100000
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
12035592
CY2021 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
3400000
CY2022Q3 pxmd Simple Agreement For Equity Liability Current
SimpleAgreementForEquityLiabilityCurrent
5000000.0
CY2022Q4 us-gaap Operating Loss Carryforwards
OperatingLossCarryforwards
14100000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4800000
CY2022 us-gaap Valuation Allowance Deferred Tax Asset Change In Amount
ValuationAllowanceDeferredTaxAssetChangeInAmount
2600000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
3687000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
2030000
CY2022Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
29000
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards Research
DeferredTaxAssetsTaxCreditCarryforwardsResearch
11000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Accrued Liabilities
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsAccruedLiabilities
166000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
4830000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
2207000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
4830000
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
2207000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.050
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.037
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.018
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Share Based Compensation Cost
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseShareBasedCompensationCost
0.092
CY2022 pxmd Effective Income Tax Rate Reconciliation Deduction Debt Conversion Percent
EffectiveIncomeTaxRateReconciliationDeductionDebtConversionPercent
0.078
CY2021 pxmd Effective Income Tax Rate Reconciliation Deduction Debt Conversion Percent
EffectiveIncomeTaxRateReconciliationDeductionDebtConversionPercent
0.067
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.007
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.004
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Adjustments
EffectiveIncomeTaxRateReconciliationOtherAdjustments
0.007
CY2022 pxmd Effective Income Tax Rate Reconciliation Deduction Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationDeductionWarrantLiabilityPercent
-0.027
CY2021 pxmd Effective Income Tax Rate Reconciliation Deduction Warrant Liability Percent
EffectiveIncomeTaxRateReconciliationDeductionWarrantLiabilityPercent
0.009
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.177
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
0.083
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0
CY2022Q4 us-gaap Accounts Payable Related Parties Current And Noncurrent
AccountsPayableRelatedPartiesCurrentAndNoncurrent
20000

Files In Submission

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Financial_Report.xlsx Edgar Link pending
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pxmd-20221231.xsd Edgar Link pending
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pxmd-20221231_lab.xml Edgar Link unprocessable
pxmd-20221231_def.xml Edgar Link unprocessable
pxmd-20221231_pre.xml Edgar Link unprocessable
pxmd-20221231x10k_htm.xml Edgar Link completed
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