$SEELQ
SEELOS THERAPEUTICS, INC.

2023 Q1 Form 10-K Financial Statement

#000110465923030733 Filed on March 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $808.0K $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.072M $2.752M $12.30M
YoY Change 1.77% -64.84% -18.14%
% of Gross Profit
Research & Development $5.668M $15.51M $58.62M
YoY Change -43.37% -20.67% 25.66%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $9.740M $18.26M $70.92M
YoY Change -30.48% -33.31% 14.99%
Operating Profit -$8.932M -$70.92M
YoY Change -36.25% 14.99%
Interest Expense $7.000K $40.00K $14.00K
YoY Change -63.16% -111.49% -100.76%
% of Operating Profit
Other Income/Expense, Net -$4.499M -$440.0K -$2.618M
YoY Change 44890.0% -195.03% 812.2%
Pretax Income -$13.43M -$18.66M -$73.53M
YoY Change -4.07% -31.56% 11.33%
Income Tax
% Of Pretax Income
Net Earnings -$13.43M -$18.66M -$73.53M
YoY Change -4.07% -31.56% 11.33%
Net Earnings / Revenue -1662.25%
Basic Earnings Per Share -$0.12 -$0.69
Diluted Earnings Per Share -$0.12 -$0.17 -$0.69
COMMON SHARES
Basic Shares Outstanding 108.1M 107.2M shares 106.3M
Diluted Shares Outstanding 112.5M 106.3M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.06M $15.53M $15.53M
YoY Change -77.24% -80.27% -80.27%
Cash & Equivalents $14.06M $15.53M
Short-Term Investments
Other Short-Term Assets $8.731M $7.141M $7.141M
YoY Change -1.84% 51.07% 51.07%
Inventory
Prepaid Expenses
Receivables $793.0K
Other Receivables $0.00
Total Short-Term Assets $23.58M $22.67M $22.67M
YoY Change -66.63% -72.83% -72.83%
LONG-TERM ASSETS
Property, Plant & Equipment $58.00K $72.00K $72.00K
YoY Change 123.08% 84.62% 84.62%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $58.00K $72.00K $72.00K
YoY Change 123.08% 84.62% 84.62%
TOTAL ASSETS
Total Short-Term Assets $23.58M $22.67M $22.67M
Total Long-Term Assets $58.00K $72.00K $72.00K
Total Assets $23.64M $22.75M $22.75M
YoY Change -66.56% -72.76% -72.76%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.963M $3.626M $3.626M
YoY Change 180.35% 114.18% 114.18%
Accrued Expenses $5.599M $7.282M $7.340M
YoY Change 56.62% 95.33% 94.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.62M $11.87M $11.87M
YoY Change 174.19% 1051.94% 1051.94%
Total Short-Term Liabilities $39.20M $25.16M $25.16M
YoY Change 286.97% 203.58% 203.58%
LONG-TERM LIABILITIES
Long-Term Debt $5.099M $8.184M $8.184M
YoY Change -65.84% -54.25% -54.25%
Other Long-Term Liabilities $0.00 $15.00K $15.00K
YoY Change
Total Long-Term Liabilities $5.099M $8.199M $8.199M
YoY Change -65.84% -54.17% -54.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.20M $25.16M $25.16M
Total Long-Term Liabilities $5.099M $8.199M $8.199M
Total Liabilities $44.30M $33.36M $33.36M
YoY Change 76.8% 27.43% 27.43%
SHAREHOLDERS EQUITY
Retained Earnings -$228.2M -$214.7M
YoY Change -252.04%
Common Stock $207.5M $204.1M
YoY Change 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$20.66M -$10.61M -$10.61M
YoY Change
Total Liabilities & Shareholders Equity $23.64M $22.75M $22.75M
YoY Change -66.56% -72.76% -72.76%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$13.43M -$18.66M -$73.53M
YoY Change -4.07% -31.56% 11.33%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$10.35M -$13.09M -$61.60M
YoY Change -39.29% -28.62% 25.74%
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 8.874M -1.888M -1.597M
YoY Change 10591.57% -109.33% -101.43%
NET CHANGE
Cash From Operating Activities -10.35M -13.09M -61.60M
Cash From Investing Activities
Cash From Financing Activities 8.874M -1.888M -1.597M
Net Change In Cash -1.474M -14.98M -63.20M
YoY Change -91.31% -887.9% -200.2%
FREE CASH FLOW
Cash From Operating Activities -$10.35M -$13.09M -$61.60M
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;">Organization</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">Seelos Therapeutics, Inc. (together with its subsidiaries, the “Company”) is a clinical-stage biopharmaceutical company focused on achieving efficient development of products that address significant unmet needs in Central Nervous System (“CNS”) disorders and other rare disorders. The Company’s lead programs are SLS-002 for the potential treatment of acute suicidal ideation and behavior in patients with major depressive disorder (“ASIB in MDD”) and SLS-005 for the potential treatment of Amyotrophic Lateral Sclerosis (“ALS”) and Spinocerebellar Ataxia (“SCA”). SLS-005 for the potential treatment of Sanfilippo Syndrome currently requires additional natural history data, which is being considered. Additionally, the Company is developing several preclinical programs, most of which have well-defined mechanisms of action, including: SLS-004, SLS-006 and SLS-007 for the potential treatment of Parkinson’s Disease (“PD”).</p>
CY2022 us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of these consolidated financial statements in conformity with U.S. 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 convertible notes payable, and the valuation of stock options. 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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