Predictive Oncology Reports Financial Results for Quarter Ended June 30, 2021, and Provides Business Update
Q2 2021 Highlights:
- Net proceeds of
$19.4 millionfrom registered direct equity offering, contributing to a cash balance of $44.9 millionon June 30, 2021, compared to $3.4 millionfor the same period in 2020.
- Total Stockholders’ Equity increased
$50.4 millionto $53.1 millionas of June 30, 2021, compared to $2.6 millionon December 31, 2020.
- Predictive subsidiary TumorGenesis partners with Swedish firm
Cellevate AB, a collaboration designed to help give researchers next-generation tools to build treatments for difficult diseases.
- Subsidiaries TumorGenesis and Soluble Biotech announce construction of GMP facilities expected to be completed by year end, allowing an expansion of their unique services to better meet the needs of their growing customer bases.
- Introduced Dr.
Christina Jenkins, MD, strategic advisor and venture investor with expertise in clinical medicine, health systems, and health plans as its newest board member.
“We are pleased with the progress our business segments are making as we conclude the first full year of operations for Soluble Biotech,” commented
“Predictive Oncology believes the results from this quarter show growth opportunities in our business segments, consistent with our goals and business objectives, and with even greater potential in the future. As we look towards the latter half of the year, we are confident that we will retain this trajectory as we invest in our people and our product offerings, supporting pharmaceutical companies to deliver more targeted approaches to therapy, increasing our footprint in this space and bringing value to our shareholders.”
Q2 2021 Financial results
The Company recorded revenue of
During the three months ended
The gross profit margin was approximately 59% in the three ended
Operations expense increased by
The Company’s sales and marketing expenses increased by
Net cash used in operating activities was
Net cash provided by financing activities was
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
CONDENSED CONSOLIDATED BALANCE SHEETS
|Cash and cash equivalents||$||44,881,034||$||678,332|
|Prepaid Expense and Other Assets||241,799||289,490|
|Total Current Assets||45,637,179||1,514,235|
|Fixed Assets, net||3,950,613||3,822,700|
|Lease Right-of-Use Assets||1,131,795||1,395,351|
|Other Long-Term Assets||124,096||116,257|
|LIABILITIES AND STOCKHOLDERS’ EQUITY|
|Notes Payable – Net of Discounts of
|Accrued Expenses and other liabilities||1,256,087||2,588,047|
|Total Current Liabilities||3,222,365||9,336,921|
|Lease Liability – Net of current portion||554,716||845,129|
|Other long-term liabilities||47,146||235,705|
|Preferred Stock, 20,000,000 authorized inclusive of designated below|
|Series B Convertible Preferred Stock,
|Additional paid-in capital||167,279,695||110,826,949|
|Total Stockholders’ Equity||53,088,086||2,642,681|
|Total Liabilities and Stockholders’ Equity||$||56,912,313||$||13,060,436|
CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS
|Cost of goods sold||142,877||85,261||240,635||177,918|
|General and administrative expense||2,077,973||3,211,817||5,348,750||6,040,293|
|Sales and marketing expense||159,788||133,015||274,429||397,424|
|Total operating loss||(2,598,227||)||(3,768,425||)||(6,375,898||)||(7,207,777||)|
|Gain (loss) on derivative instruments||(30,909||)||(422,081||)||64,762||(394,974||)|
|Gain on notes receivables associated with asset purchase||-||1,290,000||-||1,290,000|
|Net loss attributable to common shareholders per common shares-basic and diluted||$||(2,573,932||)||$||(3,577,378||)||$||(6,462,645||)||$||(8,106,695||)|
|Loss per common share basic||$||(0.05||)||$||(0.36||)||$||(0.15||)||$||(1.10||)|
|Loss per common share diluted||(0.05||)||(0.36||)||(0.15||)||(1.10||)|
|Weighted average shared used in computation - basic||51,581,762||9,838,152||44,089,157||7,362,240|
|Weighted average shared used in computation - diluted||51,581,762||9,838,152||44,089,157||7,362,240|
Investor Relations Contact:
Source: Predictive Oncology Inc.