$TRAW
Traws Pharma, Inc.

2022 Q4 Form 10-Q Financial Statement

#000155837022017811 Filed on November 14, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $56.00K $57.00K $57.00K
YoY Change 0.0% 0.0% -13.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.017M $2.105M $2.284M
YoY Change -2.75% -7.84% 6.23%
% of Gross Profit
Research & Development $3.773M $3.593M $1.763M
YoY Change 116.22% 103.8% -57.95%
% of Gross Profit
Depreciation & Amortization $4.000K $3.000K $3.000K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $5.790M $5.698M $4.047M
YoY Change 51.61% 40.8% -36.17%
Operating Profit -$5.641M -$3.990M
YoY Change 41.38% -36.4%
Interest Expense $0.00 $0.00 $530.0K
YoY Change -100.0% 783.33%
% of Operating Profit
Other Income/Expense, Net $314.0K $243.0K $7.000K
YoY Change -31500.0% 3371.43% -130.43%
Pretax Income -$5.420M -$5.398M -$3.453M
YoY Change 44.0% 56.33% -44.66%
Income Tax
% Of Pretax Income
Net Earnings -$5.420M -$5.398M -$3.453M
YoY Change 44.0% 56.33% -44.67%
Net Earnings / Revenue -9678.57% -9470.18% -6057.89%
Basic Earnings Per Share -$0.26 -$0.22
Diluted Earnings Per Share -$0.26 -$0.26 -$216.1K
COMMON SHARES
Basic Shares Outstanding 20.93M 20.90M 15.78M
Diluted Shares Outstanding 20.92M 15.98M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.76M $42.61M $59.38M
YoY Change -29.62% -28.23% 145.36%
Cash & Equivalents $38.52M $42.61M $59.38M
Short-Term Investments
Other Short-Term Assets $40.00K $303.0K $97.00K
YoY Change 14.29% 212.37% -87.88%
Inventory
Prepaid Expenses
Receivables $29.00K $28.00K $29.00K
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $39.35M $43.75M $59.94M
YoY Change -29.01% -27.0% 139.74%
LONG-TERM ASSETS
Property, Plant & Equipment $24.00K $28.00K $42.00K
YoY Change -36.84% -33.33% -58.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K $12.00K
YoY Change -90.0% -91.67% -94.0%
Total Long-Term Assets $25.00K $29.00K $54.00K
YoY Change -47.92% -46.3% -73.0%
TOTAL ASSETS
Total Short-Term Assets $39.35M $43.75M $59.94M
Total Long-Term Assets $25.00K $29.00K $54.00K
Total Assets $39.37M $43.78M $59.99M
YoY Change -29.03% -27.02% 138.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.860M $3.760M $4.050M
YoY Change 40.01% -7.16% -28.95%
Accrued Expenses $3.960M $3.350M $2.749M
YoY Change 26.44% 21.86% -11.32%
Deferred Revenue $226.0K $226.0K $226.0K
YoY Change 0.0% 0.0%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $8.046M $7.336M $7.025M
YoY Change 31.58% 4.43% -24.46%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.017M $3.073M $3.299M
YoY Change -6.97% -6.85% -10.84%
Total Long-Term Liabilities $3.017M $3.073M $3.299M
YoY Change -6.97% -6.85% -10.84%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.046M $7.336M $7.025M
Total Long-Term Liabilities $3.017M $3.073M $3.299M
Total Liabilities $11.06M $10.41M $10.32M
YoY Change 18.22% 0.82% -20.58%
SHAREHOLDERS EQUITY
Retained Earnings -$463.7M -$458.3M -$441.0M
YoY Change 4.26% 3.93%
Common Stock $492.0M $491.7M $490.6M
YoY Change 0.24% 0.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $28.31M $33.37M $49.67M
YoY Change
Total Liabilities & Shareholders Equity $39.37M $43.78M $59.99M
YoY Change -29.03% -27.02% 138.06%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.420M -$5.398M -$3.453M
YoY Change 44.0% 56.33% -44.67%
Depreciation, Depletion And Amortization $4.000K $3.000K $3.000K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$3.884M -$3.900M -$4.267M
YoY Change -8.93% -8.6% -26.05%
INVESTING ACTIVITIES
Capital Expenditures $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $19.50M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 0.000 19.94M
YoY Change -100.0% -100.0% 633.24%
NET CHANGE
Cash From Operating Activities -3.884M -3.900M -4.267M
Cash From Investing Activities 0.000
Cash From Financing Activities 0.000 0.000 19.94M
Net Change In Cash -3.884M -3.900M 15.68M
YoY Change -9.67% -124.88% -614.0%
FREE CASH FLOW
Cash From Operating Activities -$3.884M -$3.900M -$4.267M
Capital Expenditures $0.00
Free Cash Flow -$4.267M
YoY Change -26.05%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">1. Nature of Business</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-weight:bold;visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">The Company</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">Onconova Therapeutics, Inc. (the “Company”) was incorporated in the State of Delaware on December 22, 1998 and commenced operations on January 1, 1999. The Company’s headquarters are located in Newtown, Pennsylvania. The Company is a clinical-stage biopharmaceutical company focused on discovering and developing novel products for patients with cancer. The Company has proprietary molecularly targeted agents designed to disrupt specific cellular pathways that are important for cancer cell proliferation. The Company believes that the product candidates in its pipeline have the potential to be efficacious in a variety of cancers with unmet medical need. The Company has the following two clinical-stage programs: 1. narazaciclib (ON 123300), a multi-targeted kinase inhibitor in solid tumors and hematological malignancies as a single agent or in combination with other anti-cancer therapies; and 2. rigosertib administered alone or in combination for the treatment of solid tumors. During 2012, Onconova Europe GmbH was established as a wholly owned subsidiary of the Company for the purpose of further developing business in Europe.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">On May 20, 2021, the Company amended its certificate of incorporation to decrease the number of authorized shares of common stock par value $0.01 per share from 250,000,000 to 125,000,000, and to effect a <span style="-sec-ix-hidden:Hidden_fJPMrAWrVUCYNdyx8Q0_pg;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one-for-fifteen</span></span> reverse stock split of its common stock. All common stock, equity, share and per share amounts in the financial statements and notes have been retroactively adjusted to reflect this <span style="-sec-ix-hidden:Hidden_vu5sRH_-V0qc145wBBRS1w;"><span style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:normal;">one-for-fifteen</span></span> reverse stock split.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">Liquidity</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has incurred recurring operating losses since inception. For the nine months ended September 30, 2022, the Company incurred a net loss of $13,544,000 and as of September 30, 2022 the Company had generated an accumulated deficit of $458,263,000. The Company anticipates operating losses to continue for the foreseeable future due to, among other things, costs related to research, development of its product candidates and its preclinical programs, strategic alliances and its administrative organization. At September 30, 2022, the Company had cash and cash equivalents of $42,613,000. The Company will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">The Company has and may continue to delay, scale-back, or eliminate certain of its research and development activities and other aspects of its operations until such time as the Company is successful in securing additional funding. The Company is exploring various dilutive and non-dilutive sources of funding, including equity financings, strategic alliances, business development and other sources. The future success of the Company is dependent upon its ability to obtain additional funding. There can be no assurance, however, that the Company will be successful in obtaining such funding in sufficient amounts, on terms acceptable to the Company, or at all. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations for more than twelve months from the date of this filing.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><b style="font-weight:bold;">COVID-19</b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;">While the Company is not aware of a material impact from the novel coronavirus disease (“COVID-19”) pandemic through September 30, 2022, the full extent to which COVID-19 will directly or indirectly impact the Company’s business, results of operations and financial condition, including manufacturing, clinical trials and research and development costs, depends on future developments that are uncertain at this time.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt;"><span style="color:#843c0c;font-size:1pt;visibility:hidden;">​</span></p>
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CommonStockParOrStatedValuePerShare
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CommonStockSharesAuthorized
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CommonStockSharesAuthorized
125000000
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ProfitLoss
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CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Number Of Operating Segments
NumberOfOperatingSegments
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AccruedLiabilitiesCurrent
3350000
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32000
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2021Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
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ClassOfWarrantOrRightOutstanding
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CY2022Q3 ontx Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
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PrepaidResearchAndDevelopmentCurrent
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OtherPrepaidExpenseCurrent
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OtherPrepaidExpenseCurrent
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CY2022Q3 us-gaap Prepaid Insurance
PrepaidInsurance
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PrepaidInsurance
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CY2022Q3 us-gaap Prepaid Expense And Other Assets Current
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CY2021Q4 us-gaap Prepaid Expense And Other Assets Current
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CY2022Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
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CY2022Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
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42000
CY2022Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
28000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
38000
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CY2022Q3 us-gaap Employee Related Liabilities Current
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CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1217000
CY2021Q3 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-530000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-321000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
825000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
315000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000

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