$TRAW
Traws Pharma, Inc.

2023 Q3 Form 10-Q Financial Statement

#000155837023014933 Filed on August 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $57.00K $57.00K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.686M $2.211M
YoY Change 27.6% 3.37%
% of Gross Profit
Research & Development $2.460M $2.456M
YoY Change -31.53% 20.51%
% of Gross Profit
Depreciation & Amortization $2.000K $4.000K
YoY Change -33.33% 0.0%
% of Gross Profit
Operating Expenses $5.146M $4.667M
YoY Change -9.69% 11.73%
Operating Profit -$5.089M -$4.610M
YoY Change -9.79% 11.89%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $350.0K $360.0K
YoY Change 44.03% 275.0%
Pretax Income -$4.739M -$4.250M
YoY Change -12.21% 5.62%
Income Tax
% Of Pretax Income
Net Earnings -$4.739M -$4.250M
YoY Change -12.21% 5.62%
Net Earnings / Revenue -8314.04% -7456.14%
Basic Earnings Per Share -$0.23 -$0.20
Diluted Earnings Per Share -$0.23 -$0.20
COMMON SHARES
Basic Shares Outstanding 20.98M 20.97M
Diluted Shares Outstanding 21.00M 20.98M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $25.24M $29.73M
YoY Change -40.76% -36.11%
Cash & Equivalents $25.24M $29.73M
Short-Term Investments
Other Short-Term Assets $303.0K $264.0K
YoY Change 0.0% -13.73%
Inventory
Prepaid Expenses
Receivables $18.00K $17.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.01M $30.45M
YoY Change -38.26% -36.61%
LONG-TERM ASSETS
Property, Plant & Equipment $26.00K $17.00K
YoY Change -7.14% -45.16%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K
YoY Change 0.0% -90.0%
Total Long-Term Assets $27.00K $18.00K
YoY Change -6.9% -56.1%
TOTAL ASSETS
Total Short-Term Assets $27.01M $30.45M
Total Long-Term Assets $27.00K $18.00K
Total Assets $27.04M $30.47M
YoY Change -38.24% -36.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.148M $5.071M
YoY Change 63.51% 68.86%
Accrued Expenses $3.300M $3.369M
YoY Change -1.49% 4.27%
Deferred Revenue $226.0K $226.0K
YoY Change 0.0% 0.0%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.674M $8.666M
YoY Change 31.87% 34.15%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.847M $2.904M
YoY Change -7.35% -7.22%
Total Long-Term Liabilities $2.847M $2.904M
YoY Change -7.35% -7.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.674M $8.666M
Total Long-Term Liabilities $2.847M $2.904M
Total Liabilities $12.52M $11.57M
YoY Change 20.29% 20.65%
SHAREHOLDERS EQUITY
Retained Earnings -$478.4M -$473.7M
YoY Change 4.4% 4.6%
Common Stock $493.0M $492.6M
YoY Change 0.26% 0.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $14.52M $18.90M
YoY Change
Total Liabilities & Shareholders Equity $27.04M $30.47M
YoY Change -38.24% -36.62%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$4.739M -$4.250M
YoY Change -12.21% 5.62%
Depreciation, Depletion And Amortization $2.000K $4.000K
YoY Change -33.33% 0.0%
Cash From Operating Activities -$4.472M -$4.490M
YoY Change 14.67% 6.55%
INVESTING ACTIVITIES
Capital Expenditures $14.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$14.00K
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
YoY Change
NET CHANGE
Cash From Operating Activities -4.472M -4.490M
Cash From Investing Activities -14.00K
Cash From Financing Activities
Net Change In Cash -4.486M -4.490M
YoY Change 15.03% 6.55%
FREE CASH FLOW
Cash From Operating Activities -$4.472M -$4.490M
Capital Expenditures $14.00K
Free Cash Flow -$4.486M
YoY Change

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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 anti-cancer 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-kinase inhibitor in solid tumors and hematological malignancies as a single agent or in combination with other anti-cancer therapies; and 2. oral rigosertib administered alone or in combination for the treatment of various cancers. The Company is currently evaluating potential compounds for in-licensing opportunities. 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;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 six months ended June 30, 2023, the Company incurred a net loss of $10,025,000 and as of June 30, 2023 the Company had generated an accumulated deficit of $473,708,000. 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 June 30, 2023, the Company had cash and cash equivalents of $29,729,000. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations into the second quarter of 2024; therefore, based on current projections, the Company does not have sufficient cash and cash equivalents to support its operations for at least the 12 months following the date that these financial statements are issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern through the one year period after the date that the financial statements are issued. Due to the inherent uncertainty involved in making estimates and the risks associated with the research, development, and commercialization of biotechnology products, the Company may have based this estimate on assumptions that may prove to be wrong, and the Company's operating plan may change as a result of many factors currently unknown to the Company.</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;">The Company will require substantial additional financing to fund its ongoing clinical trials and operations, and to continue to execute its strategy. To alleviate the conditions that raise substantial doubt about the Company’s ability to continue as a going concern, management plans to explore 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 failure to obtain sufficient capital on acceptable terms when needed would have a material adverse effect on the Company’s business, results of operations, and financial condition. Accordingly, management has concluded that substantial doubt exists with respect to the Company's ability to continue as a going concern within one year after the date that these financial statements are issued.</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;">The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business, and do not include any adjustments relating to recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;">​</span></p>
CY2023Q2 ontx Number Of Clinical Programs In Programs
NumberOfClinicalProgramsInPrograms
2
us-gaap Profit Loss
ProfitLoss
-10025000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-473708000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
29729000
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q2 us-gaap Fair Value Disclosure Offbalance Sheet Risks Amount Asset
FairValueDisclosureOffbalanceSheetRisksAmountAsset
0
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
353512
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
353512
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
2056787
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1342139
CY2023Q2 ontx Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
280000
CY2022Q4 ontx Prepaid Research And Development Current
PrepaidResearchAndDevelopmentCurrent
233000
CY2023Q2 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
98000
CY2022Q4 us-gaap Other Prepaid Expense Current
OtherPrepaidExpenseCurrent
97000
CY2023Q2 us-gaap Prepaid Insurance
PrepaidInsurance
62000
CY2022Q4 us-gaap Prepaid Insurance
PrepaidInsurance
191000
CY2023Q2 us-gaap Other Assets Current
OtherAssetsCurrent
264000
CY2022Q4 us-gaap Other Assets Current
OtherAssetsCurrent
40000
CY2023Q2 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
704000
CY2022Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
561000
CY2023Q2 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
70000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
70000
CY2023Q2 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
53000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
46000
CY2023Q2 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
17000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
24000
CY2023Q2 ontx Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2467000
CY2022Q4 ontx Accrued Research And Development Current
AccruedResearchAndDevelopmentCurrent
2593000
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
742000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
1187000
CY2023Q2 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
160000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
180000
CY2023Q2 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3369000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
3960000
us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense
0
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
273000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
241000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
609000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
537000
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0363
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.0201
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2100
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2149
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M6D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P5Y10M6D
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
0.64
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.51
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000

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