$PXMD
PaxMedica, Inc.

2024 Q1 Form 10-K Financial Statement

#000155837024002911 Filed on March 11, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.297M $3.221M $12.23M
YoY Change -13.55% -32.03% 38.71%
% of Gross Profit
Research & Development $392.8K $1.165M $3.915M
YoY Change 76.55% 389.22% 119.02%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $3.690M $4.386M $16.15M
YoY Change -8.58% -11.88% 52.25%
Operating Profit -$3.690M -$16.15M
YoY Change -8.58% 52.25%
Interest Expense $0.00 $0.00 -$9.170K
YoY Change -100.0% -100.0% -275.1%
% of Operating Profit
Other Income/Expense, Net -$3.022K -$1.883M -$2.090M
YoY Change -101.49% 2208.74% -50.21%
Pretax Income -$3.693M -$5.920M -$18.29M
YoY Change -3.67% 13.4% 23.56%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$3.700M -$5.920M -$18.29M
YoY Change -3.49% 13.4% 23.58%
Net Earnings / Revenue
Basic Earnings Per Share -$0.50 -$11.00
Diluted Earnings Per Share -$0.50 -$1.45 -$11.00
COMMON SHARES
Basic Shares Outstanding 7.408M 2.293M 1.663M
Diluted Shares Outstanding 7.418M 1.663M

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.627M $4.711M $4.711M
YoY Change -59.19% 147.68% 147.68%
Cash & Equivalents $1.627M $4.711M
Short-Term Investments
Other Short-Term Assets $1.266M $969.8K $969.8K
YoY Change 65.26% 220.66% 220.66%
Inventory
Prepaid Expenses
Receivables $0.00 $0.00
Other Receivables $0.00 $0.00
Total Short-Term Assets $2.893M $5.680M $5.680M
YoY Change -39.12% 157.69% 157.69%
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 $0.00
YoY Change
TOTAL ASSETS
Total Short-Term Assets $2.893M $5.680M $5.680M
Total Long-Term Assets $0.00 $0.00 $0.00
Total Assets $2.893M $5.680M $5.680M
YoY Change -39.12% 157.69% 157.69%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.138M $811.7K $811.7K
YoY Change 136.97% 12.43% 12.43%
Accrued Expenses $65.13K $965.1K $965.1K
YoY Change -60.28% -5.3% -5.3%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $1.203M $1.795M $1.795M
YoY Change -33.14% -14.33% -14.33%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $500.0K $500.0K $500.0K
YoY Change
Total Long-Term Liabilities $500.0K $500.0K $500.0K
YoY Change 18.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.203M $1.795M $1.795M
Total Long-Term Liabilities $500.0K $500.0K $500.0K
Total Liabilities $1.703M $2.295M $2.295M
YoY Change -23.27% 9.54% 9.54%
SHAREHOLDERS EQUITY
Retained Earnings -$55.70M -$52.00M
YoY Change 48.14% 54.3%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.190M $3.385M $3.385M
YoY Change
Total Liabilities & Shareholders Equity $2.893M $5.680M $5.680M
YoY Change -39.12% 157.69% 157.69%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income -$3.700M -$5.920M -$18.29M
YoY Change -3.49% 13.4% 23.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$3.100M -$2.617M -$10.77M
YoY Change 3.33% -14.66% 76.53%
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 $11.44M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -15.28K 6.175M 13.58M
YoY Change -100.3% -1138.79% 80.33%
NET CHANGE
Cash From Operating Activities -3.100M -2.617M -10.77M
Cash From Investing Activities
Cash From Financing Activities -15.28K 6.175M 13.58M
Net Change In Cash -3.115M 3.558M 2.809M
YoY Change -250.66% -197.17% 96.56%
FREE CASH FLOW
Cash From Operating Activities -$3.100M -$2.617M -$10.77M
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. (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-color:#000000;text-decoration-line:none;">Secondary Public Offering</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">On November 20, 2023, the Company entered into an underwriting agreement relating to the secondary public offering of its common stock, par value $0.0001 per share. The Company agreed to sell 5,384,615 shares of its common stock with the offering price to the public of $1.30 per share, pursuant to the Company’s registration statement on Form S-1 (File No. 333-275416), as amended, under the Securities Act of 1933, that was filed by the Company under Rule 462(b) under the Securities Act. On November 22, 2023, the Company received net proceeds from its public offering of approximately $6.1 million, net of underwriter fees and commissions of approximately $0.6 million, and offering costs of approximately $0.3 million. In connection with its public offering the Company issued 5,384,615 warrants to purchase shares of the Company’s common stock with an exercise price of $1.30 per share and issued 215,385 warrants to purchase shares of the Company’s common stock with an exercise price of $1.625. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 12pt 0pt;">The 2023 Note contained a price adjustment clause where the exercise and conversion price of the 2023 Note and Warrant is adjusted to the selling price of an offering if the Company’s common stock are sold at a price below the conversion or exercise price, respectively. In November 2023, the Company entered into a public offering in which shares of its common stock were sold at $1.30 per share. As the price of the common stock sold as part of the public offering was below the exercise and conversion price of the Note and Warrant, the terms of the conversion and exercise price were reset to $1.30, as further described below. </p>
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<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, common stock, valuation of the 2022 Notes and 2023 Note, and valuation of the SAFE liability. 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>
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<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>
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