$TRAW
Traws Pharma, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023019049 Filed on November 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $56.00K $57.00K
YoY Change 0.0% 0.0%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.084M $2.686M
YoY Change 3.32% 27.6%
% of Gross Profit
Research & Development $2.434M $2.460M
YoY Change -35.49% -31.53%
% of Gross Profit
Depreciation & Amortization $4.000K $2.000K
YoY Change 0.0% -33.33%
% of Gross Profit
Operating Expenses $4.518M $5.146M
YoY Change -21.97% -9.69%
Operating Profit -$5.089M
YoY Change -9.79%
Interest Expense
YoY Change
% of Operating Profit
Other Income/Expense, Net $278.0K $350.0K
YoY Change -11.46% 44.03%
Pretax Income -$4.184M -$4.739M
YoY Change -22.8% -12.21%
Income Tax
% Of Pretax Income
Net Earnings -$4.184M -$4.739M
YoY Change -22.8% -12.21%
Net Earnings / Revenue -7471.43% -8314.04%
Basic Earnings Per Share -$0.23
Diluted Earnings Per Share -$0.20 -$0.23
COMMON SHARES
Basic Shares Outstanding 21.00M 20.98M
Diluted Shares Outstanding 21.00M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $20.82M $25.24M
YoY Change -46.28% -40.76%
Cash & Equivalents $20.82M $25.24M
Short-Term Investments
Other Short-Term Assets $1.821M $303.0K
YoY Change 4452.5% 0.0%
Inventory
Prepaid Expenses
Receivables $18.00K $18.00K
Other Receivables $0.00 $0.00
Total Short-Term Assets $22.66M $27.01M
YoY Change -42.41% -38.26%
LONG-TERM ASSETS
Property, Plant & Equipment $22.00K $26.00K
YoY Change -8.33% -7.14%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.000K $1.000K
YoY Change 0.0% 0.0%
Total Long-Term Assets $23.00K $27.00K
YoY Change -8.0% -6.9%
TOTAL ASSETS
Total Short-Term Assets $22.66M $27.01M
Total Long-Term Assets $23.00K $27.00K
Total Assets $22.68M $27.04M
YoY Change -42.39% -38.24%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.619M $6.148M
YoY Change 45.57% 63.51%
Accrued Expenses $3.198M $3.300M
YoY Change -19.24% -1.49%
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 $9.220M $9.674M
YoY Change 14.59% 31.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $2.791M $2.847M
YoY Change -7.49% -7.35%
Total Long-Term Liabilities $2.791M $2.847M
YoY Change -7.49% -7.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.220M $9.674M
Total Long-Term Liabilities $2.791M $2.847M
Total Liabilities $12.01M $12.52M
YoY Change 8.57% 20.29%
SHAREHOLDERS EQUITY
Retained Earnings -$482.6M -$478.4M
YoY Change 4.09% 4.4%
Common Stock $493.3M $493.0M
YoY Change 0.26% 0.26%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.67M $14.52M
YoY Change
Total Liabilities & Shareholders Equity $22.68M $27.04M
YoY Change -42.39% -38.24%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$4.184M -$4.739M
YoY Change -22.8% -12.21%
Depreciation, Depletion And Amortization $4.000K $2.000K
YoY Change 0.0% -33.33%
Cash From Operating Activities -$4.430M -$4.472M
YoY Change 14.06% 14.67%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $14.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$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 -4.430M -4.472M
Cash From Investing Activities 0.000 -14.00K
Cash From Financing Activities
Net Change In Cash -4.430M -4.486M
YoY Change 14.06% 15.03%
FREE CASH FLOW
Cash From Operating Activities -$4.430M -$4.472M
Capital Expenditures $0.00 $14.00K
Free Cash Flow -$4.430M -$4.486M
YoY Change

Facts In Submission

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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 investigation in various cancers. The Company is currently evaluating potential compounds for in-licensing opportunities. In 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 nine months ended September 30, 2023, the Company incurred a net loss of $14,764,000 and as of September 30, 2023 the Company had generated an accumulated deficit of $478,447,000. The Company anticipates that operating losses will 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, 2023, the Company had cash and cash equivalents of $25,244,000. The Company believes that its cash and cash equivalents will be sufficient to fund its ongoing trials and business operations into the third 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="color:#843c0c;visibility:hidden;">​</span></p>
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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233000
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
1.2307
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
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us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.32
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000

Files In Submission

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tmb-20230930_cal.xml Edgar Link unprocessable
tmb-20230930_def.xml Edgar Link unprocessable
tmb-20230930_pre.xml Edgar Link unprocessable
0001558370-23-019049-index-headers.html Edgar Link pending
0001558370-23-019049-index.html Edgar Link pending
0001558370-23-019049.txt Edgar Link pending
0001558370-23-019049-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
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tmb-20230930.xsd Edgar Link pending
tmb-20230930x10q.htm Edgar Link pending
tmb-20230930xex10d1.htm Edgar Link pending
tmb-20230930xex31d1.htm Edgar Link pending
tmb-20230930xex31d2.htm Edgar Link pending
tmb-20230930xex32d1.htm Edgar Link pending
tmb-20230930xex32d2.htm Edgar Link pending
tmb-20230930_lab.xml Edgar Link unprocessable
tmb-20230930x10q_htm.xml Edgar Link completed