$SEELQ
SEELOS THERAPEUTICS, INC.

2023 Q2 Form 10-Q Financial Statement

#000110465923059713 Filed on May 12, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $336.0K $808.0K $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.780M $4.072M $4.001M
YoY Change -3.57% 1.77% 60.04%
% of Gross Profit
Research & Development $8.509M $5.668M $10.01M
YoY Change -53.64% -43.37% -29.06%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $11.29M $9.740M $14.01M
YoY Change -46.85% -30.48% -15.65%
Operating Profit -$10.95M -$8.932M -$14.01M
YoY Change -48.43% -36.25%
Interest Expense $7.000K $7.000K $19.00K
YoY Change 40.0% -63.16% -100.76%
% of Operating Profit
Other Income/Expense, Net -$18.54M -$4.499M -$10.00K
YoY Change 56090.91% 44890.0% -99.35%
Pretax Income -$29.50M -$13.43M -$14.00M
YoY Change 38.66% -4.07% -26.77%
Income Tax
% Of Pretax Income
Net Earnings -$29.50M -$13.43M -$14.00M
YoY Change 38.66% -4.07% -26.77%
Net Earnings / Revenue -8778.57% -1662.25%
Basic Earnings Per Share -$0.22 -$0.12 -$0.13
Diluted Earnings Per Share -$0.22 -$0.12 -$132.7K
COMMON SHARES
Basic Shares Outstanding 121.8M 108.1M 105.5M
Diluted Shares Outstanding 131.9M 112.5M 105.5M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.843M $14.06M $61.77M
YoY Change -85.84% -77.24% 59.66%
Cash & Equivalents $5.843M $14.06M $61.77M
Short-Term Investments
Other Short-Term Assets $5.571M $8.731M $8.895M
YoY Change -51.14% -1.84% 240.8%
Inventory
Prepaid Expenses
Receivables $431.0K $793.0K
Other Receivables $0.00 $0.00
Total Short-Term Assets $11.85M $23.58M $70.67M
YoY Change -77.5% -66.63% 71.11%
LONG-TERM ASSETS
Property, Plant & Equipment $44.00K $58.00K $26.00K
YoY Change 238.46% 123.08% -62.86%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $44.00K $58.00K $26.00K
YoY Change 238.46% 123.08% -62.86%
TOTAL ASSETS
Total Short-Term Assets $11.85M $23.58M $70.67M
Total Long-Term Assets $44.00K $58.00K $26.00K
Total Assets $11.89M $23.64M $70.69M
YoY Change -77.43% -66.56% 70.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.437M $5.963M $2.127M
YoY Change 179.14% 180.35% 30.49%
Accrued Expenses $5.589M $5.599M $3.575M
YoY Change 50.24% 56.62% 101.98%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $12.34M $11.62M $4.238M
YoY Change 65.7% 174.19% 84.26%
Total Short-Term Liabilities $56.11M $39.20M $10.13M
YoY Change 283.62% 286.97% -24.06%
LONG-TERM LIABILITIES
Long-Term Debt $2.957M $5.099M $14.93M
YoY Change -74.97% -65.84% 359.26%
Other Long-Term Liabilities $0.00 $0.00
YoY Change
Total Long-Term Liabilities $2.957M $5.099M $14.93M
YoY Change -74.97% -65.84% 355.06%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.11M $39.20M $10.13M
Total Long-Term Liabilities $2.957M $5.099M $14.93M
Total Liabilities $59.07M $44.30M $25.06M
YoY Change 123.41% 76.8% 50.85%
SHAREHOLDERS EQUITY
Retained Earnings -$257.7M -$228.2M
YoY Change -246.01%
Common Stock $210.5M $207.5M
YoY Change 3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$47.18M -$20.66M $45.64M
YoY Change
Total Liabilities & Shareholders Equity $11.89M $23.64M $70.69M
YoY Change -77.43% -66.56% 70.88%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$29.50M -$13.43M -$14.00M
YoY Change 38.66% -4.07% -26.77%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$5.904M -$10.35M -$17.05M
YoY Change -71.05% -39.29% 51.51%
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 $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.312M 8.874M 83.00K
YoY Change 1734.92% 10591.57% -99.76%
NET CHANGE
Cash From Operating Activities -5.904M -10.35M -17.05M
Cash From Investing Activities
Cash From Financing Activities -2.312M 8.874M 83.00K
Net Change In Cash -8.216M -1.474M -16.96M
YoY Change -59.96% -91.31% -173.65%
FREE CASH FLOW
Cash From Operating Activities -$5.904M -$10.35M -$17.05M
Capital Expenditures
Free Cash Flow
YoY Change

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SEELOS THERAPEUTICS, INC.
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SecondaryNumberOfCalendarDaysToRegainCommonStockPriceCompliance
P180D
CY2023Q1 seel Value Of Shares Available Under Registration Statement
ValueOfSharesAvailableUnderRegistrationStatement
67200000
CY2023Q1 seel Valueofsharesthatremainedallocatedtosalesofsharespursuanttosalesagreement
Valueofsharesthatremainedallocatedtosalesofsharespursuanttosalesagreement
49500000
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;">Use of Estimates</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">The preparation of 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>
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
47472000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16638000
CY2023Q1 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1288000
CY2023Q1 us-gaap Prepaid Insurance
PrepaidInsurance
647000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
104000
CY2023Q1 seel Prepaid Clinical Costs
PrepaidClinicalCosts
7705000
CY2022Q4 seel Prepaid Clinical Costs
PrepaidClinicalCosts
6837000
CY2023Q1 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
379000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
200000
CY2023Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
8731000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
7141000
CY2023Q1 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
1000000.0
CY2023Q1 seel Non Refundable Cash Payments
NonRefundableCashPayments
1200000
CY2023Q1 seel Research And Development Expenses Premium Paid
ResearchAndDevelopmentExpensesPremiumPaid
500000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
389000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
278000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
466000
CY2023Q1 seel Outside Research And Development Services Current
OutsideResearchAndDevelopmentServicesCurrent
4193000
CY2022Q4 seel Outside Research And Development Services Current
OutsideResearchAndDevelopmentServicesCurrent
5627000
CY2023Q1 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
497000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
54000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
89000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
5599000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
7282000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000
CY2019Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
1463519
CY2019Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
4.15
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
338135
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.69
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Expiration Period
SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod
P10Y
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
49667000
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6250
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
1000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingAggregateIntrinsicValue
1000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y4M24D
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1062000
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
2232000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P1Y
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
47000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
16000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
63000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
3000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
60000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
15000000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
13000000

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