$SEELQ
SEELOS THERAPEUTICS, INC.

2022 Q4 Form 10-Q Financial Statement

#000113626122000332 Filed on November 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.752M $2.660M $2.227M
YoY Change -64.84% 19.44% 7.58%
% of Gross Profit
Research & Development $15.51M $14.75M $8.683M
YoY Change -20.67% 69.87% 329.85%
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $18.26M $17.41M $10.91M
YoY Change -33.31% 59.58% 166.75%
Operating Profit -$17.41M -$10.91M
YoY Change 59.58%
Interest Expense $40.00K $2.000K $19.00K
YoY Change -111.49% -89.47% -290.0%
% of Operating Profit
Other Income/Expense, Net -$440.0K -$2.194M $76.00K
YoY Change -195.03% -2986.84%
Pretax Income -$18.66M -$19.60M -$10.82M
YoY Change -31.56% 81.27% 164.43%
Income Tax
% Of Pretax Income
Net Earnings -$18.66M -$19.60M -$10.82M
YoY Change -31.56% 81.27% 164.43%
Net Earnings / Revenue
Basic Earnings Per Share -$0.18 -$0.11
Diluted Earnings Per Share -$0.17 -$0.18 -$105.7K
COMMON SHARES
Basic Shares Outstanding 107.2M shares 106.7M shares 102.3M shares
Diluted Shares Outstanding 106.7M shares 102.3M shares

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.53M $30.51M $76.83M
YoY Change -80.27% -60.29% 854.45%
Cash & Equivalents $15.53M $30.51M $76.83M
Short-Term Investments
Other Short-Term Assets $7.141M $9.997M $4.062M
YoY Change 51.07% 146.11% 123.19%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $22.67M $40.51M $80.90M
YoY Change -72.83% -49.93% 718.78%
LONG-TERM ASSETS
Property, Plant & Equipment $72.00K $0.00 $51.00K
YoY Change 84.62% -100.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets
YoY Change
Total Long-Term Assets $72.00K $0.00 $51.00K
YoY Change 84.62% -100.0%
TOTAL ASSETS
Total Short-Term Assets $22.67M $40.51M $80.90M
Total Long-Term Assets $72.00K $0.00 $51.00K
Total Assets $22.75M $40.51M $80.95M
YoY Change -72.76% -49.96% 719.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.626M $5.952M $3.401M
YoY Change 114.18% 75.01% 844.72%
Accrued Expenses $7.282M $4.048M $3.776M
YoY Change 95.33% 7.2% 131.66%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $11.87M $10.66M $0.00
YoY Change 1051.94%
Total Short-Term Liabilities $25.16M $21.89M $8.034M
YoY Change 203.58% 172.43% 182.89%
LONG-TERM LIABILITIES
Long-Term Debt $8.184M $10.74M $0.00
YoY Change -54.25% -100.0%
Other Long-Term Liabilities $15.00K $0.00
YoY Change -100.0%
Total Long-Term Liabilities $8.199M $10.74M $0.00
YoY Change -54.17% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.16M $21.89M $8.034M
Total Long-Term Liabilities $8.199M $10.74M $0.00
Total Liabilities $33.36M $32.63M $8.034M
YoY Change 27.43% 306.14% 151.85%
SHAREHOLDERS EQUITY
Retained Earnings -$214.7M $196.1M
YoY Change -252.04%
Common Stock $204.1M $204.0M
YoY Change 2.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$10.61M $7.879M $72.91M
YoY Change
Total Liabilities & Shareholders Equity $22.75M $40.51M $80.95M
YoY Change -72.76% -49.96% 719.29%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$18.66M -$19.60M -$10.82M
YoY Change -31.56% 81.27% 164.43%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities -$13.09M -$11.07M -$10.51M
YoY Change -28.62% 5.37% 151.44%
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 -1.888M 334.0K 143.0K
YoY Change -109.33% 133.57% -97.76%
NET CHANGE
Cash From Operating Activities -13.09M -11.07M -10.51M
Cash From Investing Activities
Cash From Financing Activities -1.888M 334.0K 143.0K
Net Change In Cash -14.98M -10.74M -10.37M
YoY Change -887.9% 3.6% -571.23%
FREE CASH FLOW
Cash From Operating Activities -$13.09M -$11.07M -$10.51M
Capital Expenditures
Free Cash Flow
YoY Change

Facts In Submission

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SEELOS THERAPEUTICS, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
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dei Entity Tax Identification Number
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us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
138000 usd
us-gaap Stock Issued During Period Value Employee Stock Ownership Plan
StockIssuedDuringPeriodValueEmployeeStockOwnershipPlan
104000 usd
us-gaap Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
8408000 usd
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
97957000 usd
us-gaap Net Income Loss
NetIncomeLoss
-38789000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
72912000 usd
us-gaap Net Income Loss
NetIncomeLoss
-38789000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4166000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2599000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-192000 usd
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
750000 usd
SEEL Change In Fair Value Of Convertible Notes Payable
ChangeInFairValueOfConvertibleNotesPayable
-2477000 usd
us-gaap Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
841000 usd
SEEL Gain Loss On Forgiveness Of Note Payable
GainLossOnForgivenessOfNotePayable
-147000 usd
SEEL Net Loss On Extinguishment Of Convertible Debt
NetLossOnExtinguishmentOfConvertibleDebt
2387000 usd
us-gaap Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
1582000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-5103000 usd
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-2230000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
4259000 usd
us-gaap Interest Paid Net
InterestPaidNet
11000 usd
us-gaap Interest Paid Net
InterestPaidNet
10000 usd
SEEL Reclass Of Warrant Liabilities Related To Series Warrants Exercised For Cash
ReclassOfWarrantLiabilitiesRelatedToSeriesWarrantsExercisedForCash
1155000 usd
us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
75000 usd
SEEL Non Cash Issuance Of Common Stock For Convertible Notes
NonCashIssuanceOfCommonStockForConvertibleNotes
69000 usd
us-gaap Stock Issued1
StockIssued1
840000 usd
us-gaap Debt Issuance Costs Incurred During Noncash Or Partial Noncash Transaction
DebtIssuanceCostsIncurredDuringNoncashOrPartialNoncashTransaction
32000 usd
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1514000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
289000 usd
us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
1803000 usd
us-gaap Derivative Loss On Derivative
DerivativeLossOnDerivative
1174000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
800000 usd
us-gaap Increase Decrease In Other Accrued Liabilities
IncreaseDecreaseInOtherAccruedLiabilities
-125000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-48514000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-30656000 usd
us-gaap Repayments Of Notes Payable
RepaymentsOfNotesPayable
13551000 usd
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
97957000 usd
us-gaap Proceeds From Warrant Exercises
ProceedsFromWarrantExercises
7252000 usd
us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
457000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
273000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
8000 usd
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
65000 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
99000 usd
us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
104000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
291000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
91827000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-48223000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
61171000 usd
CY2021Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
78734000 usd
CY2020Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
15662000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
30511000 usd
CY2021Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
76833000 usd
SEEL Non Cash Issuance Of Common Stock For Settlement Of Debt
NonCashIssuanceOfCommonStockForSettlementOfDebt
1377000 usd
SEEL Non Cash Extinguishment Of Beneficial Conversion Feature
NonCashExtinguishmentOfBeneficialConversionFeature
1519000 usd
CY2022Q3 us-gaap Cash
Cash
30500000 usd
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
196100000 usd
SEEL Initial Number Of Calendar Days To Regain Common Stock Price Compliance
InitialNumberOfCalendarDaysToRegainCommonStockPriceCompliance
P180D
CY2022Q3 SEEL Financing Available Under Form S3 Shelf Registration Statement
FinancingAvailableUnderFormS3ShelfRegistrationStatement
94600000 usd
us-gaap Use Of Estimates
UseOfEstimates
<p id="xdx_848_eus-gaap--UseOfEstimates_zsG5uQdUXm5h" style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify; text-indent: -0.5pt"><b><i>Use of Estimates</i></b></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt">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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 5pt"><span style="font-weight: normal"> </span></p>
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16649000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
16649000 shares
CY2021Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12330000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
12330000 shares
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0 usd
CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
329000 usd
CY2021Q4 us-gaap Prepaid Insurance
PrepaidInsurance
59000 usd
CY2022Q3 SEEL Prepaid Clinical Costs
PrepaidClinicalCosts
9254000 usd
CY2021Q4 SEEL Prepaid Clinical Costs
PrepaidClinicalCosts
4481000 usd
CY2022Q3 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
414000 usd
CY2021Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
187000 usd
CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
9997000 usd
CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
4727000 usd
CY2022Q3 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
239000 usd
CY2021Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
181000 usd
CY2022Q3 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
955000 usd
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1303000 usd
CY2022Q3 SEEL Outside Research And Development Services Current
OutsideResearchAndDevelopmentServicesCurrent
2767000 usd
CY2021Q4 SEEL Outside Research And Development Services Current
OutsideResearchAndDevelopmentServicesCurrent
2219000 usd
CY2022Q3 us-gaap Accrued Insurance Current
AccruedInsuranceCurrent
84000 usd
CY2022Q3 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3000 usd
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
25000 usd
CY2022Q3 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
4048000 usd
CY2021Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3728000 usd
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000 shares
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2021Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
240000000 shares
us-gaap Common Stock Voting Rights
CommonStockVotingRights
Each share of common stock is entitled to one voting right
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
6250 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
0 shares
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
2.26
CY2022Q3 us-gaap Share Based Compensation
ShareBasedCompensation
973000 usd
CY2021Q3 us-gaap Share Based Compensation
ShareBasedCompensation
857000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
4166000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
2599000 usd
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P0Y
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
8.0 pure
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
0 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
100000 usd

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