Predictive Oncology Reports First Quarter Financial Results
The artificial intelligence (AI) and data-driven discovery services entity also reported an update on its business operations. Highlights from the quarter included:
- Discovery 21 and PeDAL® platform validated as
Predictive Oncologymoves ahead with commercialization.
- Cash and equivalents were
$25 millionas of March 31, 2022.
- The company has not reported any long-term debt obligations in its capital structure.
- Predictive Oncology’s reported loss per common share was reduced to
$0.05, as compared to $0.11for the comparable period in 2021.
“We are extremely excited that our technology provides a significant competitive advantage to our business offerings. Our CRO services business applies PeDAL to address a range of needs from discovery through clinical and translational research, to clinical trials and diagnostic development and validation. We believe this market segment has significant growth potential for
Q1 2022 Financial results
The new zPREDICTA segment has an encouraging sales pipeline, including additional revenue from current transactions that are expected to be recognized in the next several quarters.
General and administrative expenses decreased from
The gross profit margin remained steady at approximately 65% for
Operations expense increased by
Net cash used in operating activities was
The quarterly sales and marketing expenses of the company have increased by
TumorGenesis is the company’s arm for research and development for zPREDICTA, Soluble Biotech and
This press release comprises of forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are based on management’s current expectations, estimates and projections about our industry, our management's beliefs and certain assumptions made by our management. Words such as "expects," "plans," "intends," "anticipates," "believes," "estimates," "seeks," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to risks and uncertainties, including the risks described in public filings with the
CONDENSED CONSOLIDATED BALANCE SHEETS
|Cash and Cash Equivalents||$||25,115,561||$||28,202,615|
|Prepaid Expense and Other Assets||408,102||513,778|
|Total Current Assets||26,244,309||29,458,273|
|Fixed Assets, net||2,335,692||2,511,571|
|Lease Right-of-Use Assets||651,921||814,454|
|Other Long-Term Assets||75,618||167,065|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued Expenses and other liabilities||695,416||1,262,641|
|Total Current Liabilities||2,681,250||3,240,508|
|Lease Liability – Net of current portion||133,926||239,664|
|Other long-term liabilities||63,098||25,415|
|Preferred Stock, 20,000,000 authorized inclusive of designated below|
|Series B Convertible Preferred Stock,
|Additional paid-in capital||167,931,634||167,649,028|
|Total Stockholders’ Equity||37,180,494||40,265,684|
|Total Liabilities and Stockholders’ Equity||$||40,058,768||$||43,771,271|
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
|Three Months Ended
|Cost of goods sold||109,443||97,758|
|General and administrative expense||2,423,651||3,270,777|
|Sales and marketing expense||304,467||114,641|
|Total operating loss||(3,414,064||)||(3,777,671||)|
|Gain on derivative instruments||1,908||95,671|
|Loss per common share - basic and diluted||$||(0.05||)||$||(0.11||)|
|Weighted average shares used in computation - basic and diluted||65,835,080||36,513,300|
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Source: Predictive Oncology Inc.