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The knowledge-driven company, which is applying artificial intelligence (“AI”) to personalized medicine and drug discovery, also provided an update on its business activities. Highlights from the quarter include:
- Net increase in cash and equivalents amounting to
$41 million in the nine months endedSeptember 30, 2021 , compared to$2.3 million for the same period in 2020. - No outstanding debt.
- Subsidiary
Helomics used data from 100,000Genomes Project to better predict ovarian cancer outcomes. - Introduced
Raymond F. Vennare , accomplished senior executive, board director and biotechnology entrepreneur as newest member of the Board of Directors.
“We are looking forward to the outcome of our Discovery 21 program, which we believe will realize our goal of providing pharmaceutical companies with a quicker, less costly means to drug discovery,” said
Q3 2021 Financial results
The Company recorded revenue of
G&A expenses decreased
The gross profit margin was approximately 65% and 63% in the three and nine months ended
Operations expense increased by
Net cash used in operating activities was
The Company’s quarterly sales and marketing expenses increased by
About
Forward-Looking Statements:
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, factors discussed under the heading “Risk Factors” in our filings with the
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
2021 |
2020 |
||||||
(unaudited) | (audited) | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 41,771,515 | $ | 678,332 | |||
Accounts Receivable | 275,193 | 256,878 | |||||
Inventories | 397,976 | 289,535 | |||||
Prepaid Expense and Other Assets | 595,224 | 289,490 | |||||
Total Current Assets | 43,039,908 | 1,514,235 | |||||
Fixed Assets, net | 3,810,640 | 3,822,700 | |||||
Intangibles, net | 3,199,047 | 3,398,101 | |||||
Lease Right-of-Use Assets | 961,419 | 1,395,351 | |||||
Other Long-Term Assets | 179,096 | 116,257 | |||||
- | 2,813,792 | ||||||
Total Assets | $ | 51,190,110 | $ | 13,060,436 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current Liabilities: | |||||||
Accounts Payable | $ | 1,029,545 | $ | 1,372,070 | |||
Notes Payable – Net of Discounts of |
- | 4,431,925 | |||||
Accrued Expenses and other liabilities | 940,892 | 2,588,047 | |||||
Derivative Liability | 225,498 | 294,382 | |||||
Deferred Revenue | 152,546 | 53,028 | |||||
Lease Liability | 637,352 | 597,469 | |||||
Total Current Liabilities | 2,985,833 | 9,336,921 | |||||
Lease Liability – Net of current portion | 388,473 | 845,129 | |||||
Other long-term liabilities | 30,898 | 235,705 | |||||
Total Liabilities | 3,405,204 | 10,417,755 | |||||
Stockholders’ Equity: | |||||||
Preferred Stock, 20,000,000 authorized inclusive of designated below | |||||||
Series B Convertible Preferred Stock, |
792 | 792 | |||||
Common Stock, |
654,575 | 198,048 | |||||
Additional paid-in capital | 167,413,309 | 110,826,949 | |||||
Accumulated Deficit | (120,283,770 | ) | (108,383,108 | ) | |||
Total Stockholders’ Equity | 47,784,906 | 2,642,681 | |||||
Total Liabilities and Stockholders’ Equity | $ | 51,190,110 | $ | 13,060,436 | |||
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
(Unaudited)
Three Months Ended |
Nine Months Ended |
||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||
Revenue | $ | 313,663 | $ | 480,757 | $ | 944,187 | $ | 958,484 | |||||||
Cost of goods sold | 110,165 | 175,206 | 350,800 | 353,124 | |||||||||||
Gross profit | 203,498 | 305,551 | 593,387 | 605,360 | |||||||||||
General and administrative expense | 2,061,458 | 2,226,634 | 7,410,208 | 8,266,927 | |||||||||||
Operations expense | 648,935 | 568,766 | 1,791,543 | 1,638,635 | |||||||||||
Sales and marketing expense | 172,869 | 121,514 | 447,298 | 518,938 | |||||||||||
Loss on goodwill impairment | 2,813,792 | 2,997,000 | 2,813,792 | 2,997,000 | |||||||||||
Total operating loss | (5,493,556 | ) | (5,608,363 | ) | (11,869,454 | ) | (12,816,140 | ) | |||||||
Other income | 58,830 | 44,926 | 144,122 | 97,894 | |||||||||||
Other expense | (7,413 | ) | (2,147,057 | ) | (244,214 | ) | (3,993,969 | ) | |||||||
Gain (loss) on derivative instruments | 4,122 | 1,402,768 | 68,884 | 1,007,794 | |||||||||||
Gain on notes receivables associated with asset purchase | - | - | - | 1,290,000 | |||||||||||
Net loss | $ | (5,438,017 | ) | $ | (6,307,726 | ) | $ | (11,900,662 | ) | $ | (14,414,421 | ) | |||
Deemed dividend | - | 554,287 | - | 554,287 | |||||||||||
Net loss attributable to common shareholders per common shares-basic and diluted | $ | (5,438,017 | ) | $ | (6,862,013 | ) | $ | (11,900,662 | ) | $ | (14,968,708 | ) | |||
Loss per common share basic and diluted | $ | (0.08 | ) | $ | (0.46 | ) | $ | (0.23 | ) | $ | (1.51 | ) | |||
Weighted average shared used in computation - basic | 65,406,312 | 15,026,789 | 51,272,960 | 9,935,738 | |||||||||||
Investor Relations Contact:
(404) 995-6671
kpinder@landoncapital.net
Source: Predictive Oncology Inc.