Predictive Oncology Reports Third Quarter Financial Results
Raymond F. Vennare, has been appointed as Chief Executive Officer and Chairman of the Board. An accomplished executive with more than three decades of experience, Mr. Vennarehas a long history of building, launching and leading biotech companies. Predictive Oncologycontinues to gain traction with potential partners with its breakthrough solution at a pivotal time in drug discovery that enables pharmaceutical and biotech companies to expedite drug development and speed time to market.
- The company is leveraging its novel platform technology that has the power to impact a billion-dollar biopharmaceutical landscape in a way that has never been done before. Pairing the largest privately held biobank of more than 150,000 tumor samples with artificial intelligence,
Predictive Oncologyis able to help drug developers make higher confidence predictions of which molecules will (and won’t ) be successful and ultimately leads to greater chances of commercial success.
- Other developments include the announcement that the company’s GMP lab is available for business which opens the opportunity to help clients move from pre-clinical drug development to the investigational new drug (IND) qualification, including phase 1 clinical trials.
- The appointment of key team members including strategic advisor Dr.
Kamal Egodagewho brings over 25 years of experience and has supported over 75 pharmaceutical products to market, as well as the board appointment of Mr. David Smith, a life sciences and intellectual property attorney and leading authority on the legal issues surrounding the therapeutic use of human tissue and cells.
Q3 2022 Financial results
The consolidated reportable segments of Predictive Oncology’s recognized revenue is
The gross profit margin has grown during the quarter ended
Research and development costs reduced to
General and administrative expenses increased to
Operations expenses have increased to
Net cash used in operating activities was
The quarterly sales and marketing expenses have increased to
The company incurred a net loss of
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, changes in management, 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
|Cash and Cash Equivalents||$||25,393,738||$||28,202,615|
|Prepaid Expense and Other Assets||645,153||513,778|
|Total Current Assets||26,857,321||29,458,273|
|Fixed Assets, net||2,202,102||2,511,571|
|Lease Right-of-Use Assets||329,565||814,454|
|Other Long-Term Assets||75,618||167,065|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Accrued Expenses and other liabilities||1,813,580||1,262,641|
|Total Current Liabilities||3,468,078||3,240,508|
|Lease Liability – Net of current portion||5,483||239,664|
|Other long-term liabilities||99,770||25,415|
|Preferred Stock, 20,000,000 authorized inclusive of designated below|
|Series B Convertible Preferred Stock,
|Additional paid-in capital||174,669,817||167,649,028|
|Total Stockholders’ Equity||29,592,878||40,265,684|
|Total Liabilities and Stockholders’ Equity||$||33,166,209||$||43,771,271|
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
|Three Months Ended
||Nine Months Ended
|Cost of goods sold||108,151||110,165||351,669||350,800|
|General and administrative expense||3,287,918||2,061,458||8,063,265||7,410,208|
|Sales and marketing expense||333,377||172,869||908,867||447,298|
|Loss on goodwill impairment||-||2,813,792||7,231,093||2,813,792|
|Total operating loss||(4,130,749||)||(5,493,556||)||(18,070,222||)||(11,869,454||)|
|Gain (loss) on derivative instruments||10,219||4,122||107,381||68,884|
|Net loss attributable to common shareholders per common shares-basic and diluted||$||(4,059,484||)||$||(5,438,017||)||$||(17,821,524||)||$||(11,900,662||)|
|Loss per common share basic and diluted||$||(0.05||)||$||(0.08||)||$||(0.25||)||$||(0.23||)|
|Weighted average shared used in computation – basic and diluted||78,383,878||65,406,312||71,084,454||51,272,960|
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Source: Predictive Oncology Inc.