Form 8-K
0001446159 False 0001446159 2024-03-28 2024-03-28 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):  March 28, 2024


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.)

91 43rd Street, Suite 110

Pittsburgh, Pennsylvania 15201

(Address of Principal Executive Offices) (Zip Code)

(412) 432-1500

(Registrant's telephone number, including area code)


(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 March 28, 2024, Predictive Oncology Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the year ended December 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 March 28, 2024
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: March 28, 2024By: /s/ Josh Blacher        
  Josh Blacher
  Interim Chief Financial Officer




Predictive Oncology Reports Year End 2023 Financial Results and Provides Business Update

Company to host investor call and webcast on Monday, April 1st, at 8:30am EDT

PITTSBURGH, March 28, 2024 (GLOBE NEWSWIRE) -- Predictive Oncology (Nasdaq: POAI), a science driven company leveraging its proprietary artificial intelligence and machine learning capabilities, extensive biorepository of tumor samples, CLIA laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, today reported financial and operating results for the year ended December 31, 2023, and provided a corporate update. The company reported a net loss of approximately $14 million on total revenue of approximately $1.8 million for the year ended December 31, 2023.

Q4 2023 and Recent Highlights:

“While it has been just a little over twelve months since we implemented our new strategic vision for the company, I am extremely pleased with the progress we have made to date introducing our unique blend of assets and capabilities to leading oncologic drug developers globally, while in parallel continuing to incorporate learnings from this first year to further refine our business development efforts,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “By leveraging our PEDAL AI and machine learning capabilities, vast biobank of tumor samples, repository of decades of drug response data and CLIA wet lab, we are able to introduce patient and tumor heterogeneity into the earliest phases of pre-clinical development, enabling drug developers to gain insight into the future, increasing the likelihood of commercial success.

“Perhaps most notably, we announced last quarter that we successfully delivered the results of our first campaign with Cancer Research Horizons. We were able to determine, in just a matter of weeks, which cancer types and patient populations would be most likely to respond to CRH’s glutaminase inhibitor candidates. With the actionable output from this campaign, CRH can now better prioritize the development of these compounds. We continue to engage with CRH not only on next steps related to this campaign, but on future projects that offer us the opportunity to earn potential development and commercialization milestones. Our work with CRH provided critical validation of our technology, and, as the leading private funder of cancer research in the world, is an important reference account for us.

“We were also very pleased to announce last quarter the completion of a molecular characterization study in collaboration with UPMC Magee-Womens Hospital in Pittsburgh to AI models to identify the key molecular features that drive overall survival in ovarian cancer in stratified patient subpopulations. We are working with Magee on next steps, which could potentially include implementation of these models into daily clinical practice as a decision support tool to guide treatment decisions and improve patient outcomes.

“We remain in the very early stages of the biopharma industry embracing AI to increase the speed and accuracy of drug discovery, and I believe we are ideally positioned to be a leader in this rapidly evolving sector.” Mr. Vennare concluded.

FY 2023 Financial Summary:

FY 2023 Financial results

Conference call and webcast details:

Predictive Oncology management will host an investor conference call and webcast on Monday, April 1st, at 8:30am 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 13744464.

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, the risks related to the success of our collaboration arrangements, commercialization activities and product sales levels by our collaboration partners, and other 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

 December 31,
 December 31,
Current assets:       
Cash$8,728,660  $22,071,523 
Accounts receivable 333,697   331,196 
Inventories 494,374   430,493 
Prepaid expense and other assets 521,700   526,801 
Total current assets 10,078,431   23,360,013 
Property and equipment, net 1,233,910   1,833,255 
Intangibles, net 252,457   253,865 
Lease right-of-use assets 2,728,355   211,893 
Other long-term assets 124,096   75,618 
Total assets$14,417,249  $        25,734,644 
Current liabilities:       
Accounts payable$1,342,027  $943,452 
Note payable 150,408   - 
Accrued expenses and other liabilities 1,631,702   2,229,075 
Derivative liability 1,376   13,833 
Contract liabilities 308,091   602,073 
Lease liability 517,427   94,237 
Total current liabilities 3,951,031   3,882,670 
Other long-term liabilities 5,459   - 
Lease liability – net of current portion 2,188,979   86,082 
Total liabilities 6,145,469   3,968,752 
Commitments and contingencies       
Stockholders’ equity:       
Preferred stock, 20,000,000 shares authorized inclusive of designated below       
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 shares outstanding as of December 31, 2023, and December 31, 2022 792   792 
Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 and 3,938,160 shares outstanding as of December 31, 2023, and December 31, 2022, respectively 40,629   39,382 
Additional paid-in capital 175,992,242   175,503,634 
Accumulated deficit (167,761,883)  (153,777,916)
Total stockholders’ equity 8,271,780   21,765,892 
Total liabilities and stockholders’ equity$14,417,249  $25,734,644 

 Year Ended December 31,
  2023   2022 
Revenue$1,780,093  $1,505,459 
Cost of sales 634,796   505,107 
Gross profit 1,145,297   1,000,352 
Operating expenses:       
General and administrative expense 9,428,496   11,110,735 
Operations expense 4,127,268   3,798,425 
Sales and marketing expense 1,510,861   1,358,907 
Loss on impairment of goodwill -   7,231,093 
Loss on impairment of finite-lived intangible assets -   3,349,375 
Loss on impairment of property and equipment 162,905   185,469 
Total operating expenses 15,229,530   27,034,004 
Total operating loss (14,084,233)  (26,033,652)
Other income 152,776   185,646 
Other expense (64,967)  (5,275)
Gain on derivative instruments 12,457   115,647 
Net loss$(13,983,967) $(25,737,634)
Net loss per common share – basic and diluted$(3.48) $(6.98)
Weighted average shares used in computation – basic and diluted 4,014,848   3,685,954