SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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Item 2.02. Results of Operations and Financial Condition.
On August 10, 2023, Predictive Oncology Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the three months ended June 30, 2023.
Item 9.01. Financial Statements and Exhibits.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
|99.1||Press Release dated August 10, 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: August 10, 2023||By:||/s/ Bob Myers|
|Chief Financial Officer|
Predictive Oncology Reports Second Quarter 2023 Financial Results and Provides Business Update
Company to host investor call and webcast today, August 10th, at 5:30pm EDT
PITTSBURGH, Aug. 10, 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 and six months ended June 30, 2023, and provided a corporate update. The company reported a net loss of $3.9 million on total net revenue of $0.5 million for the second quarter 2023.
Q2 2023 and Recent Highlights:
“We are very pleased with the steady progress that we have made since our last quarterly update, both advancing current PEDAL relationships with CRH, Cvergenx and others, while in parallel building our pipeline as more drug developers – both biopharmaceutical companies as well as research institutions – see the value that only Predictive Oncology can bring to the early drug discovery process,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “With our unique set of assets and capabilities that clearly set us apart from other AI-focused drug discovery companies, including our extensive biobank of more than 150,000 tumor samples, combined with our CLIA lab, we can validate our predictions in wet lab experiments in a setting that introduces patient heterogeneity into the earliest phases of drug discovery. We are the only company capable of doing this, and the results of these experiments can significantly increase the chances of later-stage clinical success by our customers.”
“The tangible impact of our presence at Bio International this year was measurable. The sustained exposure and global reach afforded by conferences like this will prove critical to our long-term success as we continue to raise awareness of Predictive Oncology as the ‘partner of choice’ for drug developers looking to streamline their drug discovery efforts with AI and machine learning capabilities. I am very pleased with our progress to date and look forward to meaningful developments with current and prospective customers in the back half of the year and into 2024,” Mr. Vennare concluded.
Q2 2023 Financial Summary:
Q2 2023 Financial results
Conference call and webcast details:
Predictive Oncology management will host an investor conference call and webcast today, August 10th, 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 13739784.
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.
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
|PREDICTIVE ONCOLOGY INC.|
CONDENSED CONSOLIDATED BALANCE SHEETS
|Cash and cash equivalents||$||14,763,745||$||22,071,523|
|Prepaid expense and other assets||381,233||526,801|
|Total current assets||15,969,525||23,360,013|
|Property and equipment, net||1,548,805||1,833,255|
|Lease right-of-use assets||3,008,397||211,893|
|Other long-term assets||174,096||75,618|
|LIABILITIES AND STOCKHOLDERS' EQUITY|
|Accrued expenses and other liabilities||1,650,300||2,229,075|
|Total current liabilities||3,763,336||3,882,670|
|Lease liability – net of current portion||2,498,613||86,082|
|Total stockholders' equity||14,705,057||21,765,892|
|Total liabilities and stockholders' equity||$||20,967,006||$||25,734,644|
|PREDICTIVE ONCOLOGY INC.|
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
|Three Months Ended|
|Six Months Ended|
|Cost of goods sold||159,761||134,075||279,900||243,518|
|General and administrative expense||2,704,527||2,351,696||5,040,511||4,775,347|
|Sales and marketing expense||429,103||271,022||799,340||575,489|
|Loss on impairment of goodwill||-||7,231,093||-||7,231,093|
|Loss on impairment of property and equipment||162,905||-||162,905|
|Total operating loss||(3,959,228||)||(10,525,408||)||(7,424,211||)||(13,939,472||)|
|Gain on derivative instruments||7,308||95,254||8,261||97,162|
|Net loss per common share - basic and diluted||$||(0.98||)||$||(2.89||)||$||(1.84||)||$||(4.00||)|
|Weighted average shares used in computation – basic and diluted||3,996,512||3,589,684||3,982,384||3,441,546|