Form 8-K
0001446159 False 0001446159 2023-05-15 2023-05-15 iso4217:USD xbrli:shares iso4217:USD xbrli:shares



Washington, D.C. 20549





Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  May 15, 2023


Predictive Oncology Inc.

(Exact name of registrant as specified in its charter)


(State or Other Jurisdiction of Incorporation)(Commission File Number)(I.R.S. Employer Identification No.)

2915 Commers Drive, Suite 900

Eagan, Minnesota 55121

(Address of Principal Executive Offices) (Zip Code)

(651) 389-4800

(Registrant's telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stock, $0.01 par valuePOAINasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition.

On May 15, 2023, Predictive Oncology Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the three months ended March 31, 2023.

Item 9.01. Financial Statements and Exhibits.

    (a) Not applicable.

    (b) Not applicable.

    (c) Not applicable.

    (d) Exhibits 

Exhibit No. Description
99.1 Press Release dated May 15, 2023
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)


Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 Predictive Oncology Inc.
Date: May 15, 2023By: /s/ Bob Myers        
  Bob Myers
  Chief Financial Officer




Predictive Oncology Reports First Quarter 2023 Financial Results and Provides Business Update

Company to host investor call and webcast today, May 15th, at 5:30pm EDT

EAGAN, Minn., May 15, 2023 (GLOBE NEWSWIRE) -- Predictive Oncology (Nasdaq: POAI), a science driven company leveraging its proprietary artificial intelligence and machine learning capabilities, extensive biorepository of tumor samples, CLI laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, today reported financial and operating results for the three months ended March 31, 2023, and provided a corporate update. The company reported a net loss of $3.4 million on total net revenue of $0.2 million for the first quarter 2023.

Q1 2023 and Recent Highlights:

“We are very pleased to have delivered a strong first quarter, announcing three meaningful contracts with Cvergenx, Cancer Research Horizons and Integra Therapeutics, that all seek to leverage our unique portfolio of assets and capabilities to expedite early drug discovery and enable drug development,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “We also took significant steps to strengthen not only our senior leadership team, with the appointment of Dr. Pamela Bush as our new Chief Business Officer, but we made critical additions to our Board of Directors and Scientific Advisory Board as well.

“As a highly differentiated leader in the field of AI-assisted drug discovery, we are in the very early stages of addressing a billion-dollar industry that is estimated to be growing 30% annually. I believe the steps that we have taken to this point position us very well to play a meaningful role in the development of new oncology drugs, which will not only benefit cancer patients but also create long-term value for our shareholders. I am excited for what we can achieve this year.”

Q1 2023 Financial Summary:

Conference call and webcast details:

Predictive Oncology management will host an investor conference call and webcast today, May 15th, at 5:30pm EDT.

To participate in the call, investors and analysts should dial 1-877-407-3982 (domestic) or 1-201-493-6780 (international) and reference conference ID 13738479.

To access the Call Me™ feature, which eliminates the need to wait for a call operator, please click here.

The live webcast of the call can be accessed here.

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 SEC. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements.

Investor Relations Contact:
Tim McCarthy, CFA
LifeSci Advisors, LLC

 March 31,
 December 31,
Current Assets:       
Cash and Cash Equivalents$18,597,119  $22,071,523 
Accounts Receivable 282,763   331,196 
Inventories 380,292   430,493 
Prepaid Expense and Other Assets 520,005   526,801 
Total Current Assets 19,780,179   23,360,013 
Property and Equipment, net 1,771,737   1,833,255 
Intangibles, net 272,969   253,865 
Lease Right-of-Use Assets 3,062,598   211,893 
Other Long-Term Assets 174,096   75,618 
Total Assets$25,061,579  $25,734,644 
Current Liabilities:       
Accounts Payable$1,424,484  $943,452 
Accrued Expenses and Other Liabilities 1,406,069   2,229,075 
Derivative Liability 12,880   13,833 
Contract Liabilities 639,238   602,073 
Lease Liability 427,678   94,237 
Total Current Liabilities 3,910,349   3,882,670 
Lease Liability – Net of current portion 2,596,845   86,082 
Total Liabilities 6,507,194   3,968,752 
Stockholders’ Equity:       
Total Stockholders' Equity 18,554,385   21,765,892 
Total Liabilities and Stockholders' Equity$25,061,579  $25,734,644 

 Three months ended March 31, 
 2023  2022 
Revenue$239,895  $314,568 
Cost of goods sold 120,139   109,443 
Gross profit 119,756   205,125 
General and administrative expense 2,335,984   2,423,651 
Operations expense 878,518   891,071 
Sales and marketing expense 370,237   304,467 
Total operating loss (3,464,983)  (3,414,064)
Other income 42,228   42,430 
Other expense -   (989)
Gain on derivative instruments 953   1,908 
Net loss$(3,421,802) $(3,370,715)
Loss per common share - basic and diluted$(0.86) $(1.02)
Weighted average shares used in computation - basic and diluted 3,968,099   3,291,762