Form 8-K
0001446159 False 0001446159 2024-05-15 2024-05-15 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, 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 May 15, 2024, Predictive Oncology Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the quarter ended March 31, 2024.

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, 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: May 15, 2024By: /s/ Josh Blacher        
  Josh Blacher
  Interim Chief Financial Officer




Predictive Oncology Reports First Quarter 2024 Financial Results and Provides Business Update

Company to host investor call and webcast today, May 15th, at 8:30am EDT

PITTSBURGH, May 15, 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 quarter ended March 31, 2024, and provided a corporate update. The company reported a net loss of approximately $4.2 million on total revenue of approximately $0.4 million for the quarter.

Q1 2024 and Recent Highlights:

“Our first quarter 2024 and subsequent results reflect the breadth and versatility of our technology, from the development of AI-driven machine learning models that can accelerate and de-risk early drug discovery, to our suite of biologics formulations and manufacturing capabilities that support leading biopharmaceutical drug developers and improve their chances of clinical success,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “Our recent announcements of projects with Fujifilm and FluGen, in particular, suggest that demand for our biologics solutions is strong while we continue to advance discussions with UPMC Magee-Womens Hospital and others on next steps following recent successful PEDAL engagements.”

“Just a few weeks ago, we announced that an abstract detailing results from a retrospective study that we completed with UPMC Magee has been accepted for presentation at the prestigious ASCO 2024 Annual Meeting. This study, in which we successfully developed active machine learning models capable of accurately predicting survival outcomes among ovarian cancer patients, has broad implications. In addition to the potential use of these models as decision support tools to be used in daily clinical practice to tailor therapies to individual patients, we see an opportunity to identify novel biomarkers which may allow us, or a licensing partner, to develop new cancer therapies on our own.”

“Since we implemented our new strategic vision for the company at the beginning of 2023, we have continued to refine our business development efforts, and we are making steady progress conveying to current and prospective partners the unique blend of assets and capabilities that we possess. Our message is resonating, as we are in late-stage discussions on a number of engagements, across both of our businesses, that we believe will continue to elevate awareness of our company among leading cancer drug developers worldwide. I look forward to accelerating contracting momentum as we progress through 2024,” concluded Mr. Vennare.

Q1 2024 Financial Summary:

Q1 2024 Financial Results:

Conference Call and Webcast Details:

Predictive Oncology management will host an investor conference call and webcast today, May 15th, 8:30 am 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 13746389.

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

  March 31,
 December 31,
Current assets:        
Cash $5,197,235  $8,728,660 
Accounts receivable  509,445   333,697 
Inventories  441,718   494,374 
Prepaid expense and other assets  412,925   521,700 
Total current assets  6,561,323   10,078,431 
Property and equipment, net  1,087,718   1,233,910 
Intangibles, net  245,594   252,457 
Lease right-of-use assets  2,582,456   2,728,355 
Other long-term assets  124,096   124,096 
Total assets $10,601,187  $14,417,249 
Current liabilities:        
Accounts payable $1,729,126  $1,342,027 
Note payable  38,036   150,408 
Accrued expenses and other liabilities  1,904,612   1,631,702 
Derivative liability  367   1,376 
Contract liabilities  304,320   308,091 
Lease liability  540,200   517,427 
Total current liabilities  4,516,661   3,951,031 
Other long-term liabilities  3,507   5,459 
Lease liability – net of current portion  2,027,348   2,188,979 
Total liabilities  6,547,516   6,145,469 
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 March 31, 2024, and December 31, 2023  792   792 
Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 shares outstanding as of March 31, 2024, and December 31, 2023  40,629   40,629 
Additional paid-in capital  175,992,976   175,992,242 
Accumulated deficit  (171,980,726)  (167,761,883)
Total stockholders’ equity  4,053,671   8,271,780 
Total liabilities and stockholders’ equity $10,601,187  $14,417,249 

  Three Months Ended
March 31, 
   2024   2023 
Revenue $419,646  $239,895 
Cost of sales  187,415   120,139 
Gross profit  232,231   119,756 
Operating expenses:        
General and administrative expense  2,627,076   2,335,984 
Operations expense  1,102,193   878,518 
Sales and marketing expense  739,734   370,237 
Total operating expenses  4,469,003   3,584,739 
Total operating (loss)  (4,236,772)  (3,464,983)
Other income  18,657   42,228 
Other expense  (1,737)  - 
Gain on derivative instruments  1,009   953 
Net (loss) $(4,218,843) $(3,421,802)
Net (loss) per common share – basic and diluted $(1.04) $(0.86)
Weighted average shares used in computation – basic and diluted  4,062,853   3,968,099