$PXMD
PaxMedica, Inc.

2023 Q2 Form 10-Q Financial Statement

#000155837023009939 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.769M $3.814M $933.8K
YoY Change 256.84% 308.45% -27.61%
% of Gross Profit
Research & Development $589.0K $222.5K $1.071M
YoY Change 288.99% -79.22% 149.0%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.358M $4.037M $2.005M
YoY Change 262.09% 101.38% 16.54%
Operating Profit -$3.358M -$4.037M -$2.005M
YoY Change 262.09% 101.38%
Interest Expense $3.928K $3.928K $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$128.3K $202.9K $3.868M
YoY Change -113.56% -94.75% -240.14%
Pretax Income -$3.486M -$3.834M $1.863M
YoY Change -18419.97% -305.73% -125.81%
Income Tax
% Of Pretax Income
Net Earnings -$3.486M -$3.834M $1.863M
YoY Change -18418.03% -305.73% -125.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.24 -$0.30 $0.18
Diluted Earnings Per Share -$0.24 -$0.30 $158.2K
COMMON SHARES
Basic Shares Outstanding 14.62M 13.56M 6.913M
Diluted Shares Outstanding 14.67M 12.64M 7.563M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $3.070M $3.986M $49.38K
YoY Change 33784.0% 7972.6%
Cash & Equivalents $3.070M $3.986M $49.38K
Short-Term Investments
Other Short-Term Assets $1.574M $766.2K
YoY Change
Inventory
Prepaid Expenses
Receivables $500.0K
Other Receivables $0.00
Total Short-Term Assets $5.144M $4.752M $49.38K
YoY Change 56704.79% 9524.18%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $491.5K
YoY Change
Total Long-Term Assets $0.00 $0.00 $491.5K
YoY Change -100.0% -100.0%
TOTAL ASSETS
Total Short-Term Assets $5.144M $4.752M $49.38K
Total Long-Term Assets $0.00 $0.00 $491.5K
Total Assets $5.144M $4.752M $540.9K
YoY Change 824.6% 778.58%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $658.7K $480.2K $2.157M
YoY Change -69.55% -77.74%
Accrued Expenses $55.13K $164.0K $876.7K
YoY Change -90.86% -81.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.121M $0.00
YoY Change -100.0%
Long-Term Debt Due $1.611M
YoY Change
Total Short-Term Liabilities $2.425M $1.799M $8.605M
YoY Change -71.31% -79.09%
LONG-TERM LIABILITIES
Long-Term Debt $53.71K $420.3K $0.00
YoY Change
Other Long-Term Liabilities $400.0K
YoY Change
Total Long-Term Liabilities $453.7K $420.3K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $2.425M $1.799M $8.605M
Total Long-Term Liabilities $453.7K $420.3K $0.00
Total Liabilities $2.879M $2.220M $8.605M
YoY Change -65.94% -74.21%
SHAREHOLDERS EQUITY
Retained Earnings -$41.10M -$37.60M
YoY Change 140.35%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.265M $2.533M -$8.064M
YoY Change
Total Liabilities & Shareholders Equity $5.144M $4.752M $540.9K
YoY Change 824.6% 778.58%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$3.486M -$3.834M $1.863M
YoY Change -18418.03% -305.73% -125.81%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.836M -$3.000M -$394.7K
YoY Change 173.34% 660.07% -49.4%
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 1.920M 5.068M 0.000
YoY Change 92.5% -100.0%
NET CHANGE
Cash From Operating Activities -2.836M -3.000M -394.7K
Cash From Investing Activities
Cash From Financing Activities 1.920M 5.068M 0.000
Net Change In Cash -916.3K 2.068M -394.7K
YoY Change 2172.13% -623.87% -109.35%
FREE CASH FLOW
Cash From Operating Activities -$2.836M -$3.000M -$394.7K
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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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. (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 $37.6 million at March 31, 2023, a net loss of approximately $3.8 million, and approximately $3.0 million of net cash used in operating activities for the three months ended March 31, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;"><i style="font-style:italic;">Equity Purchase Agreement with Lincoln Park Capital</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">During the three months ended March 31, 2023, in connection with its equity purchase agreement with Lincoln Park Capital Fund, LLC (LPC), the Company received net proceeds of approximately $2.6 million from the issuance of 1.2 million shares of the Company’s common stock (See Note 8). Subsequent to March 31, 2023, the Company received proceeds of approximately $1.1 million from the issuance of 0.6 million shares of the Company’s common stock.</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;">2023 Note</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the three months ended March 31, 2023, the Company issued a convertible promissory note (the “2023 Note”) with a principal balance of $3.7 million. The Company received proceeds of approximately $2.5 million, net of expenses and other costs. The 2023 Note bears no interest and matures 18 months from the issuance date. In connection with the 2023 Note, the Company issued a common stock warrant to purchase 800,000 shares of the Company’s common stock (See Note 6). </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;"><span style="visibility:hidden;">​</span></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>
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