$TENX
TENAX THERAPEUTICS, INC.

2022 Q2 Form 10-Q Financial Statement

#000165495422006980 Filed on May 16, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2022 Q1 2021 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $1.337M $1.541M $1.370M
YoY Change 5.2% 12.46% 3.79%
% of Gross Profit
Research & Development $1.524M $1.178M $22.38M
YoY Change 119.91% -94.74% 1569.87%
% of Gross Profit
Depreciation & Amortization $1.200K $1.400K $1.100K
YoY Change 20.0% 27.27%
% of Gross Profit
Operating Expenses $2.862M $2.719M $23.75M
YoY Change 45.68% -88.55% 789.5%
Operating Profit $2.862M $2.719M $23.75M
YoY Change 45.68% -88.55%
Interest Expense $1.484K -$2.590K $0.00
YoY Change 341.67%
% of Operating Profit 0.05% -0.1% 0.0%
Other Income/Expense, Net $2.360K $1.551K $0.00
YoY Change -100.95% -100.0%
Pretax Income -$2.861M -$2.722M -$23.75M
YoY Change 66.63% -88.54% 796.23%
Income Tax
% Of Pretax Income
Net Earnings $2.861M -$2.722M -$23.75M
YoY Change 66.63% -88.54% 794.59%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$113.5K -$108.0K -$1.636M
COMMON SHARES
Basic Shares Outstanding 25.21M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $7.229M $2.869M $4.030M
YoY Change 86.73% -28.82% -17.08%
Cash & Equivalents $7.229M $2.869M $3.537M
Short-Term Investments $490.0K
Other Short-Term Assets $872.4K $587.0K $490.0K
YoY Change 149.35% 19.79% -47.87%
Inventory
Prepaid Expenses $872.4K $587.0K
Receivables
Other Receivables
Total Short-Term Assets $8.102M $3.456M $4.520M
YoY Change 219.94% -23.55% -22.07%
LONG-TERM ASSETS
Property, Plant & Equipment $10.84K $12.08K $30.00K
YoY Change 86.29% -59.74% -80.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $8.435K $8.435K $10.00K
YoY Change 0.0% -15.65% 0.0%
Total Long-Term Assets $253.9K $281.9K $40.00K
YoY Change -28.05% 604.87% -73.33%
TOTAL ASSETS
Total Short-Term Assets $8.102M $3.456M $4.520M
Total Long-Term Assets $253.9K $281.9K $40.00K
Total Assets $8.355M $3.738M $4.560M
YoY Change 189.6% -18.03% -23.36%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $919.4K $1.287M $1.000M
YoY Change 16.09% 28.71% -44.75%
Accrued Expenses $434.5K $460.5K $220.0K
YoY Change 13.44% 109.32% -68.57%
Deferred Revenue
YoY Change
Short-Term Debt $91.88K $228.8K $0.00
YoY Change
Long-Term Debt Due $210.0K
YoY Change
Total Short-Term Liabilities $1.446M $1.976M $1.430M
YoY Change 23.05% 38.21% -43.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $30.00K
YoY Change -100.0%
Other Long-Term Liabilities $125.9K $155.0K
YoY Change -47.34%
Total Long-Term Liabilities $125.9K $155.0K $30.00K
YoY Change -47.34% 416.75% 0.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.446M $1.976M $1.430M
Total Long-Term Liabilities $125.9K $155.0K $30.00K
Total Liabilities $1.572M $2.131M $1.460M
YoY Change 11.15% 45.99% -42.52%
SHAREHOLDERS EQUITY
Retained Earnings -$284.1M -$281.2M
YoY Change 4.64%
Common Stock $2.521K $2.521K
YoY Change -100.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.784M $1.606M $3.096M
YoY Change
Total Liabilities & Shareholders Equity $8.355M $3.738M $4.560M
YoY Change 189.6% -18.03% -23.36%

Cashflow Statement

Concept 2022 Q2 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income $2.861M -$2.722M -$23.75M
YoY Change 66.63% -88.54% 794.59%
Depreciation, Depletion And Amortization $1.200K $1.400K $1.100K
YoY Change 20.0% 27.27%
Cash From Operating Activities -$3.431M -$2.938M -$3.221M
YoY Change 85.85% -8.8% 20.64%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $6.323K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 -$40.00K
YoY Change -100.0% -100.0% 300.0%
Cash From Investing Activities $0.00 -$6.323K -$36.96K
YoY Change -100.0% -82.89% 269.64%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 7.792M $228.8K $544.7K
YoY Change 167463.66% -58.0% -74.43%
NET CHANGE
Cash From Operating Activities -3.431M -$2.938M -$3.221M
Cash From Investing Activities 0.000 -$6.323K -$36.96K
Cash From Financing Activities 7.792M $228.8K $544.7K
Net Change In Cash 4.360M -$2.715M -$2.713M
YoY Change -334.58% 0.07% 393.36%
FREE CASH FLOW
Cash From Operating Activities -$3.431M -$2.938M -$3.221M
Capital Expenditures $0.00 $6.323K $0.00
Free Cash Flow -$3.431M -$2.944M -$3.221M
YoY Change 86.04% -8.6% 20.64%

Facts In Submission

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CY2022Q1 us-gaap Use Of Estimates
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<p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The preparation of the accompanying unaudited condensed consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and reported amounts of expenses during the reporting period. Actual results could differ from those estimates.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">On an ongoing basis, management reviews its estimates to ensure that these estimates appropriately reflect changes in the Company’s business and new information as it becomes available. If historical experience and other factors used by management to make these estimates do not reasonably reflect future activity, the Company’s results of operations and financial position could be materially impacted.</p>
CY2022Q1 tenx Liquidity And Capital Resources
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<p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">On March 31, 2022, the Company had cash and cash equivalents of approximately $2.9 million. The Company used $2.9 million of cash for operating activities during the three months ended March 31, 2022 and had stockholders’ equity of $1.6 million, versus $4.2 million on December 31, 2021.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The Company expects to continue to incur expenses related to development of imatinib for PAH, levosimendan for pulmonary hypertension, and other potential indications, as well as identifying and developing other potential product candidates. Based on its resources on March 31, 2022, the Company believes that it has sufficient capital to fund its planned operations through the second quarter of calendar year 2022. However, the Company will need substantial additional financing in order to fund its operations beyond such period and thereafter until it can achieve profitability, if ever. The Company depends on its ability to raise additional funds through various potential sources, such as equity and debt financing, or licensing its product candidates to another pharmaceutical company. The Company will continue to fund operations from cash on hand and through sources of capital similar to those previously described. The Company cannot provide assurance that it will be able to secure such additional financing on reasonable terms, or if available, that it will be sufficient to meet its needs.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">To the extent that the Company raises additional funds by issuing shares of its common stock or other securities convertible or exchangeable for shares of common stock, stockholders will experience dilution, which may be significant. In the event the Company raises additional capital through debt financings, the Company may incur significant interest expense and become subject to restrictive covenants in the related transaction documentation that may affect the manner in which the Company conducts its business. To the extent that the Company raises additional funds through collaboration and licensing arrangements, it may be necessary to relinquish some rights to its technologies or product candidates or grant licenses on terms that may not be favorable to the Company.</p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">The continued spread of COVID-19 globally could adversely affect the Company’s clinical trial operations, including its ability to recruit and retain patients, principal investigators and site staff who, as healthcare providers, may have heightened exposure to COVID-19 if an outbreak occurs in their geography. Further, some patients may be unable to comply with clinical trial protocols if quarantines or travel restrictions impede patient movement or interrupt healthcare services, or if the patients become infected with COVID-19 themselves, which would delay the Company’s ability to initiate and/or complete planned clinical and preclinical studies in the future.</p><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Any or all of the foregoing may have a material adverse effect on the Company’s business and financial performance.</p>
CY2022Q1 tenx Cash And Cash Equivalents
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CY2022Q1 tenx Lease Term Period
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CY2022Q1 us-gaap Description Of Lessee Leasing Arrangements Operating Leases
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CY2022Q1 us-gaap Operating Leases Rent Expense Net
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CY2022Q1 tenx Percentage Of Annual Increase In Rent
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CY2022Q1 tenx Classification Of Lease Liabilities Tabletextblock
ClassificationOfLeaseLiabilitiesTabletextblock
<table cellpadding="0" style="border-spacing:0;text-align:left;font:10pt times new roman;margin-left:auto;margin-right:auto;width:85%"><tbody><tr style="height:15px"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>March 31, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>2022</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="hdcell" colspan="2" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:center;"><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>December 31, </strong></p><p style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman; MARGIN: 0px 0px 0px 0in; text-align:center;"><strong>2021</strong></p></td><td style="PADDING-BOTTOM: 1px;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Current portion included in accrued liabilities</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">110,144</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="width:9%;vertical-align:bottom;text-align:right;">107,192</td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#ffffff"><td style="vertical-align:top;"><p style="font-size:10pt;font-family:times new roman;margin:0px 0px 0px 0in">Long term lease liability</p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">155,024</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 1px solid;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td class="ffcell" style="BORDER-BOTTOM: 1px solid;width:9%;vertical-align:bottom;text-align:right;">183,589</td><td style="PADDING-BOTTOM: 1px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr><tr style="height:15px;background-color:#cceeff"><td><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">265,168</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td><td style="BORDER-BOTTOM: 3px double;width:1%;vertical-align:bottom;white-space: nowrap;">$</td><td class="ffcell" style="BORDER-BOTTOM: 3px double;width:9%;vertical-align:bottom;text-align:right;">290,781</td><td style="PADDING-BOTTOM: 3px;width:1%;white-space: nowrap;"><p style="font-size:10pt;font-family:times new roman;margin:0px"> </p></td></tr></tbody></table>
CY2022Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
110144 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
107192 USD
CY2022Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
290852 USD
CY2022Q1 tenx Less Imputed Interest
LessImputedInterest
-25684 USD
CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
265168 USD
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.080 pure
CY2022Q1 us-gaap Lease Cost
LeaseCost
32809 USD
CY2022Q1 tenx Common Stock Acquired
CommonStockAcquired
1892905 shares
CY2022Q1 tenx Series B Convertible Preferred Stock Conversion
SeriesBConvertiblePreferredStockConversion
10232 shares
CY2022Q1 tenx Common Stock For Conversion
CommonStockForConversion
10232000 shares
CY2022Q1 us-gaap Conversion Of Stock Shares Issued1
ConversionOfStockSharesIssued1
1212492 shares
CY2022Q1 tenx Percentage Of Preferred Stock Carries Voting Rights
PercentageOfPreferredStockCarriesVotingRights
0.10 pure
CY2022Q1 tenx Fgdf
fgdf
881.5 shares of common stock, and (ii) the right to receive up to 118.5 Holdback Shares, to be delivered 24 months after the date of issuance of the Series B Stock, subject to reduction for indemnification claims.
CY2022Q1 us-gaap Business Combination Consideration Transferred Equity Interests Issued And Issuable
BusinessCombinationConsiderationTransferredEquityInterestsIssuedAndIssuable
3369371 USD
CY2022Q1 us-gaap Business Combination Consideration Transferred Other1
BusinessCombinationConsiderationTransferredOther1
18212960 USD
CY2022Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
21582331 USD
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Assets
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets
0 USD
CY2022Q1 tenx Accounts Payable Assumed
AccountsPayableAssumed
-150000 USD
CY2022Q1 us-gaap Business Combination Recognized Identifiable Assets Acquired And Liabilities Assumed Net
BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet
-150000 USD
CY2022Q1 tenx In Process Research And Development Expense
InProcessResearchAndDevelopmentExpense
21732331 USD
CY2022Q1 us-gaap Payments To Acquire Businesses Gross
PaymentsToAcquireBusinessesGross
21582331 USD
CY2022Q1 tenx Conversion Of Preferred Stock Into Common Stock Maximum Ownership Limit Percentage
ConversionOfPreferredStockIntoCommonStockMaximumOwnershipLimitPercentage
0.0499 pure
CY2022Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
400000000 shares
CY2022Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.0001
CY2022Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
25206914 shares
CY2020Q1 us-gaap Class Of Warrant Or Right Number Of Securities Called By Each Warrant Or Right
ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight
1610313 shares

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