$PXMD
PaxMedica, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023019143 Filed on November 16, 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 $3.221M $2.426M
YoY Change -32.03% 2.46%
% of Gross Profit
Research & Development $1.165M $1.939M
YoY Change 389.22% 492.38%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $4.386M $4.365M
YoY Change -11.88% 61.95%
Operating Profit -$4.365M
YoY Change 61.95%
Interest Expense $0.00 $1.309K
YoY Change -100.0% 0.0%
% of Operating Profit
Other Income/Expense, Net -$1.883M -$684.7K
YoY Change 2208.74% -92.19%
Pretax Income -$5.920M -$5.049M
YoY Change 13.4% -55.95%
Income Tax
% Of Pretax Income
Net Earnings -$5.920M -$5.049M
YoY Change 13.4% -55.95%
Net Earnings / Revenue
Basic Earnings Per Share -$5.20
Diluted Earnings Per Share -$1.45 -$5.20
COMMON SHARES
Basic Shares Outstanding 2.293M 16.44M
Diluted Shares Outstanding 971.7K

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $4.711M $1.153M
YoY Change 147.68% -79.28%
Cash & Equivalents $4.711M $1.153M
Short-Term Investments
Other Short-Term Assets $969.8K $1.581M
YoY Change 220.66% 279.56%
Inventory
Prepaid Expenses
Receivables $0.00 $500.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $5.680M $3.234M
YoY Change 157.69% -45.92%
LONG-TERM ASSETS
Property, Plant & Equipment
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $0.00 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $5.680M $3.234M
Total Long-Term Assets $0.00 $0.00
Total Assets $5.680M $3.234M
YoY Change 157.69% -45.92%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $811.7K $1.645M
YoY Change 12.43% -38.81%
Accrued Expenses $965.1K $44.23K
YoY Change -5.3% -92.8%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $1.581M
YoY Change -100.0% 910.46%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.795M $3.270M
YoY Change -14.33% -8.94%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $500.0K $500.0K
YoY Change
Total Long-Term Liabilities $500.0K $500.0K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $1.795M $3.270M
Total Long-Term Liabilities $500.0K $500.0K
Total Liabilities $2.295M $3.770M
YoY Change 9.54% 4.98%
SHAREHOLDERS EQUITY
Retained Earnings -$52.00M -$46.10M
YoY Change 54.3% 61.75%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $3.385M -$536.9K
YoY Change
Total Liabilities & Shareholders Equity $5.680M $3.234M
YoY Change 157.69% -45.92%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$5.920M -$5.049M
YoY Change 13.4% -55.95%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$2.617M -$2.331M
YoY Change -14.66% 48.31%
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 6.175M 412.3K
YoY Change -1138.79% -94.21%
NET CHANGE
Cash From Operating Activities -2.617M -2.331M
Cash From Investing Activities
Cash From Financing Activities 6.175M 412.3K
Net Change In Cash 3.558M -1.919M
YoY Change -197.17% -134.55%
FREE CASH FLOW
Cash From Operating Activities -$2.617M -$2.331M
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. (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 90,909 shares of its common stock to the underwriters, at a purchase price per share of $82.11 (the offering price to the public of $89.25 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 13,637 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. 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The Company had an accumulated deficit of approximately $46.1 million at September 30, 2023, a net loss of approximately $12.4 million, and approximately $8.2 million of net cash used in operating activities for the nine months ended September 30, 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 nine months ended September 30, 2023, in connection with its equity purchase agreement with Lincoln Park Capital Fund, LLC (LPC), the Company received net proceeds of approximately $5.4 million from the issuance of 0.2 million shares of the Company’s common stock (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;">2023 Note</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">During the nine months ended September 30, 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 47,059 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;margin:0pt;"><i style="font-style:italic;">Vox Nova Exclusive Pharmacy Distribution Agreement</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">On June 30, 2023, the Company entered into an exclusive specialty benefit manager agreement with Vox Nova, LLC (“Vox Nova”) pursuant to which Vox Nova will act as the exclusive United States distributor for the Company’s lead pipeline asset, PAX-101 intravenous suramin. Vox Nova will provide certain distribution management, pharmacy benefit management, sales and supply monitoring services to the Company with respect to PAX-101, in the event PAX-101 receives FDA approval. The distribution agreement also provides for an exclusivity fee payable to the Company of up to $2.0 million, payable in installments based on various time and regulatory approval parameters. Vox Nova will pay $0.5 million of the exclusivity fee upfront in connection with the signing of the distribution agreement when the distribution right was transferred to Vox Nova. The remaining $1.5 million is due in four equal installments over a one-year period after PAX-101 is approved by the FDA and made available for distribution. The Company recognized the $0.5 million upfront fee in deferred revenue in June 30, 2023. </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;margin:0pt;"><span style="font-style:italic;visibility:hidden;background:#ffffff;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><i style="font-style:italic;background:#ffffff;">Reverse Stock Split</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;background:#ffffff;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">On October 30, 2023, we filed a Certificate of Amendment to our Certificate of Incorporation (the “Reverse Split Amendment”) with the Secretary of State of the State of Delaware to effect a <span style="-sec-ix-hidden:Hidden_NqfSniJm0UW1S9xEYXezyw;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">1-for-17</span></span> reverse stock split of our outstanding common stock (the “Reverse Stock Split”). The Amendment became effective October 30, 2023 (the “Reverse Split Effective Time”). The Reverse Split Amendment was authorized by our stockholders at our special meeting of stockholders on September 26, 2023.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 7.2pt 0pt 0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">The Reverse Split Amendment provides that, at the Reverse Split Effective Time, every <span style="-sec-ix-hidden:Hidden_JEUlstjNtUSCe_9NCwGJ4Q;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">17</span></span> shares of our issued and outstanding common stock were automatically combined into one issued and outstanding share of common stock, without any change in par value per share. The Reverse Stock Split affected all or our shares of common stock outstanding immediately prior to the Reverse Split Effective Time. As a result of the Reserve Stock Split, proportionate adjustments have been made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options and warrants issued and outstanding immediately prior to the Reverse Split Effective Time, which resulted in a proportionate decrease in the number of shares of our common stock reserved for issuance upon exercise or vesting of such stock options and warrants, and, in the case of stock options and warrants, a proportionate increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under our 2020 Plan (as defined below) immediately prior to the Reverse Split Effective Time has been reduced proportionately.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 10.8pt 0pt 0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">No fractional shares were issued as a result of the Reverse Stock Split. Stockholders of record who would otherwise have been entitled to receive a fractional share received a number of shares rounded up to the next whole share in lieu thereof. The Reverse Stock Split affected all stockholders proportionately and did not affect any stockholder’s percentage ownership of our common stock (other than the nominal effect of the treatment of fractional shares).</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt 32.4pt 0pt 0pt;"> </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;">Our common stock began trading on The Nasdaq Capital Market on a split-adjusted basis when the market opened on October 31, 2023. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;background:#ffffff;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt;">All share and per share information referenced throughout this Form 10-Q has been retroactively adjusted to reflect the Reverse Stock Split<span style="background:#ffffff;">. </span>Any fractional shares resulting from the Reverse Stock Split have been rounded up to the nearest whole share.</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:18pt;"></td><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:18pt;"></td><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:18pt;"></td><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:18pt;"></td><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:18pt;"></td><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:18pt;"></td><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;"></div><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 convertible 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>
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pxmd Class Of Warrant Or Right Issued During Period
ClassOfWarrantOrRightIssuedDuringPeriod
55419
pxmd Warrants Issued During Period Weighted Average Exercise Price
WarrantsIssuedDuringPeriodWeightedAverageExercisePrice
55.62
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
81623
CY2023Q3 pxmd Warrants Outstanding Weighted Average Exercise Price
WarrantsOutstandingWeightedAverageExercisePrice
62.14
pxmd Warrants Outstanding Weighted Average Remaining Contractual Term
WarrantsOutstandingWeightedAverageRemainingContractualTerm
P4Y4M24D
CY2023Q3 pxmd Warrants Exercisable Number
WarrantsExercisableNumber
81623
CY2023Q3 pxmd Warrants Exercisable Weighted Average Exercise Price
WarrantsExercisableWeightedAverageExercisePrice
62.14
pxmd Warrants Exercisable Weighted Average Remaining Contractual Term
WarrantsExercisableWeightedAverageRemainingContractualTerm
P4Y4M24D
pxmd Restricted Stock Shares Withheld For Tax Withholdings
RestrictedStockSharesWithheldForTaxWithholdings
3650
pxmd Restricted Stock Value Of Shares Withheld For Tax Withholdings
RestrictedStockValueOfSharesWithheldForTaxWithholdings
100000
CY2022Q3 us-gaap Litigation Reserve
LitigationReserve
0
CY2023Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false

Files In Submission

Name View Source Status
pxmd-20230930_cal.xml Edgar Link unprocessable
pxmd-20230930_def.xml Edgar Link unprocessable
0001558370-23-019143-index-headers.html Edgar Link pending
0001558370-23-019143-index.html Edgar Link pending
0001558370-23-019143.txt Edgar Link pending
0001558370-23-019143-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
pxmd-20230930.xsd Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
pxmd-20230930x10q.htm Edgar Link pending
pxmd-20230930xex31d1.htm Edgar Link pending
pxmd-20230930xex31d2.htm Edgar Link pending
pxmd-20230930xex32d1.htm Edgar Link pending
pxmd-20230930xex32d2.htm Edgar Link pending
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R9.htm Edgar Link pending
pxmd-20230930_lab.xml Edgar Link unprocessable
pxmd-20230930_pre.xml Edgar Link unprocessable
pxmd-20230930x10q_htm.xml Edgar Link completed
report.css Edgar Link pending
Show.js Edgar Link pending