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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Inhibitor Therapeutics Inc (QB) | USOTC:INTI | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0578 | 0.0512 | 0.0799 | 0.0578 | 0.0578 | 0.0578 | 500 | 22:00:01 |
☒ |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
☐ |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
Delaware
|
30-0793665
|
|
(State or other jurisdiction of
incorporation or organization)
|
(I.R.S. Employer
Identification No.)
|
449 South 12
th
Street, Unit 1705
Tampa, FL
|
33602
|
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer | ☐ | Accelerated filer | ☐ | |||
Non-accelerated filer | ☒ | Smaller reporting company | ☒ | |||
Emerging growth company | ☐ |
Page
|
||||||
Part I. Financial Information
|
|
|||||
Item 1.
|
Condensed Financial Statements (unaudited)
|
|||||
1 | ||||||
2 | ||||||
3 | ||||||
4 | ||||||
5 | ||||||
Item 2.
|
11 | |||||
Item 3.
|
12 | |||||
Item 4.
|
12 | |||||
13 | ||||||
Item 1
|
14 | |||||
Item 1A.
|
14 | |||||
Item 2
|
14 | |||||
Item 3
|
14 | |||||
Item 4
|
15 | |||||
Item 5
|
15 | |||||
Item 6.
|
15 | |||||
S-1
|
Three Months Ended September
30, |
Nine Months Ended September 30,
|
|||||||||||||||
2021
|
2020
|
2021
|
2020
|
|||||||||||||
Revenues:
|
$ | — | $ | — | $ | — | $ | — | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Expenses:
|
||||||||||||||||
Research and development
|
— | 32,468 | 4,830 | 182,584 | ||||||||||||
General and administrative
|
66,248 | 270,306 | 291,806 | 820,676 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total Expenses:
|
66,248 | 302,774 | 296,636 | 1,003,260 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Loss from operations
|
(66,248 | ) | (302,774 | ) | (296,636 | ) | (1,003,260 | ) | ||||||||
Interest income
|
— | 7 | — | 1,182 | ||||||||||||
Interest expense, related party
|
(4,803 | ) | — | (10,035 | ) | — | ||||||||||
Gain on loan forgiveness
|
— | — | 41,600 | — | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss
|
(71,051 | ) | (302,767 | ) | (265,071 | ) | (1,002,078 | ) | ||||||||
Preferred stock dividend
|
(50,412 | ) | (50,411 | ) | (149,590 | ) | (150,137 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net loss applicable to common stockholders
|
$ | (121,463 | ) | $ | (353,178 | ) | $ | (414,661 | ) | $ | (1,152,215 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Basic and diluted net loss applicable to common stockholders per share
|
$ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | $ | (0.00 | ) | ||||
|
|
|
|
|
|
|
|
|||||||||
Weighted average common stock shares outstanding – basic and diluted
|
376,708,894 | 373,150,486 | 376,042,025 | 371,354,198 | ||||||||||||
|
|
|
|
|
|
|
|
Preferred Stock – Series B
|
Common Stock
|
Additional
Paid-In
Capital |
Accumulated
Deficit |
Total
Stockholders’ Deficit |
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balances, January 1, 2021
|
5,797,102 | $ | 3,960,866 | 373,635,873 | $ | 37,364 | $ | 49,814,043 | $ | (57,172,476 | ) | $ | (3,360,203 | ) | ||||||||||||||
Common shares issued in payment of Preferred Stock dividend, related party
|
— | — | 2,240,488 | 224 | 100,598 | — | 100,822 | |||||||||||||||||||||
Stock based compensation
|
— | — | — | — | 37,990 | — | 37,990 | |||||||||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (49,315 | ) | (49,315 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (127,838 | ) | (127,838 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, March 31, 2021
|
5,797,102 | $ | 3,960,866 | 375,876,361 | $ | 37,588 | $ | 49,952,631 | $ | (57,349,629 | ) | $ | (3,398,544 | ) | ||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (49,863 | ) | (49,863 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (66,182 | ) | (66,182 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, June 30, 2021
|
5,797,102 | $ | 3,960,866 | 375,876,361 | $ | 37,588 | $ | 49,952,631 | $ | (57,465,674 | ) | $ | (3,514,589 | ) | ||||||||||||||
Common shares issued in payment of Preferred Stock dividend, related party
|
— | — | 981,962 | 98 | 99,080 | — | 99,178 | |||||||||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (50,412 | ) | (50,412 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (71,051 | ) | (71,051 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, September 30, 2021
|
5,797,102 | $ | 3,960,866 | 376,858,323 | $ | 37,686 | $ | 50,051,711 | $ | (57,587,137 | ) | $ | (3,536,874 | )) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred Stock – Series B
|
Common Stock
|
Additional
Paid-In
Capital |
Accumulated
Deficit |
Total
Stockholders’ Deficit |
||||||||||||||||||||||||
Shares
|
Amount
|
Shares
|
Amount
|
|||||||||||||||||||||||||
Balances, January 1, 2020
|
5,797,102 | $ | 3,960,866 | 370,446,185 | $ | 37,045 | $ | 49,384,953 | $ | (55,913,999 | ) | $ | (2,531,135 | ) | ||||||||||||||
Stock based compensation
|
— | — | — | — | 16,819 | — | 16,819 | |||||||||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (49,863 | ) | (49,863 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (384,417 | ) | (384,417 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balance March 31, 2020
|
5,797,102 | $ | 3,960,866 | 370,446,185 | $ | 37,045 | $ | 49,401,772 | $ | (56,348,279 | ) | $ | (2,948,596 | ) | ||||||||||||||
Stock based compensation
|
— | — | — | — | 42,753 | — | 42,753 | |||||||||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (49,863 | ) | (49,863 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (314,894 | ) | (314,894 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, June 30, 2020
|
5,797,102 | $ | 3,960,866 | 370,446,185 | $ | 37,045 | $ | 49,444,525 | $ | (56,713,036 | ) | $ | (3,270,600 | ) | ||||||||||||||
Common shares issued in payment of Preferred Stock dividend, related party
|
— | — | 3,189,688 | 319 | 200,229 | — | 200,548 | |||||||||||||||||||||
Stock based compensation
|
— | — | — | — | 49,953 | — | 49,953 | |||||||||||||||||||||
Preferred stock dividends, related party
|
— | — | — | — | — | (50,411 | ) | (50,411 | ) | |||||||||||||||||||
Net loss
|
— | — | — | — | — | (302,767 | ) | (302,767 | ) | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
Balances, September 30,2021
|
5,797,102 | $ | 3,960,866 | 373,635,873 | $ | 37,364 | $ | 49,694,707 |
$
|
(57,066,214 | ) |
$
|
(3,373,277 | ) | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended
September 30, |
||||||||
2021
|
2020
|
|||||||
Operating activities:
|
||||||||
Net loss
|
$ | (265,071 | ) | $ | (1,002,078 | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Stock based compensation
|
37,990 | 109,525 | ||||||
Gain on loan forgiveness
|
(41,600 | ) | — | |||||
Changes in assets and liabilities:
|
||||||||
Prepaid expense and other assets
|
17,469 | 29,127 | ||||||
Accounts payable and other current liabilities
|
53,440 | 54,717 | ||||||
|
|
|
|
|||||
Net cash used in operating activities
|
(197,772 | ) | (808,709 | ) | ||||
|
|
|
|
|||||
Financing activities:
|
||||||||
Proceeds from note payable (Note 4)
|
— | 41,600 | ||||||
Proceeds from term debt facility, related party
|
176,000 | — | ||||||
|
|
|
|
|||||
Net cash provided by financing activities
|
176,000 | 41,600 | ||||||
|
|
|
|
|||||
Net change in cash and cash equivalents
|
(21,772 | ) | (767,109 | ) | ||||
Cash and cash equivalents at beginning of period
|
75,059 | 803,816 | ||||||
|
|
|
|
|||||
Cash and cash equivalents at end of period
|
$ | 53,287 | $ | 36,707 | ||||
|
|
|
|
|||||
Non-cash
financing activities:
|
||||||||
Issuance of common stock for payment of Preferred Stock dividend
|
$ | 200,000 | $ | 200,348 | ||||
Accrued, but unpaid dividends
|
$ | 50,412 | $ | 50,411 |
1.
|
Corporate overview:
|
2.
|
Liquidity and management’s plans:
|
• |
proceeds from public and private financings (including most recently, funds from the Company’s majority shareholder, Mayne Pharma) and, potentially, from other strategic transactions;
|
• |
royalty revenue from Mayne Pharma from sales of SUBA-Itraconazole BCCNS upon and assuming approval by FDA (after earned royalties have been applied to any royalties advanced under Third Amended SLA), although it is uncertain if and when such FDA approval will be obtained;
|
• |
proceeds from the exercise of outstanding warrants previously issued in private financings (including, potentially, warrants held by the Company’s majority shareholder, Mayne Pharma);
|
• |
potential partnerships with other pharmaceutical companies to assist in the supply, manufacturing and distribution of products for which the Company would expect to receive upfront milestone and royalty payments;
|
• |
potential licensing and joint venture arrangements with third parties, including other pharmaceutical companies where we would receive funding based on
out-licensing
our product; and
|
• |
government or private foundation grants or loans which would be awarded to the Company to further develop the Company’s current and future therapies, or government payroll protection or similar programs available as a result of the novel coronavirus outbreak.
|
3.
|
Summary of Significant Accounting Policies:
|
3.
|
Summary of Significant Accounting Policies (continued):
|
4.
|
Note Payable (PPP Loan)
|
5.
|
Mayne
Pharma
Term Debt Facility
|
6.
|
Stockholders’ Equity:
|
7.
|
Legal Proceedings:
|
7.
|
Legal Proceedings (continued):
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
• |
proceeds from public and private financings (including most recently, financials from our majority shareholder, Mayne Pharma) and, potentially, from other strategic transactions;
|
• |
royalty revenue from Mayne Pharma from sales of SUBA-Itraconazole BCCNS upon and assuming approval by FDA (after earned royalties have been applied to any royalties advanced under Third Amended SLA), although it is uncertain if and when such FDA approval will be obtained;
|
• |
proceeds from the exercise of outstanding warrants previously issued in private financings (including, potentially, warrants held by our majority shareholder, Mayne Pharma);
|
• |
potential partnerships with other pharmaceutical companies to assist in the supply, manufacturing and distribution of our products for which we would expect to receive upfront milestone and royalty payments;
|
• |
potential licensing and joint venture arrangements with third parties, including other pharmaceutical companies where we would receive funding based on
out-licensing
our product; and
|
• |
government or private foundation grants or loans which would be awarded to us to further develop our current and future therapies, or government payroll protection or similar programs available as a result of the novel coronavirus outbreak.
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
Item 4.
|
Controls and Procedures
|
• |
acceptance of our business model (namely the repurposing of a specialty formulation of the drug itraconazole for the treatment of cancer or other diseases, and the potential acquisition or license of other pharmaceutical technologies) by investors and potential commercial collaborators;
|
• |
the uncertainties regarding the impact of the COVID-19 pandemic and related governmental actions on our business model and our ability to implement our business (including, should adequate funding be obtained, the conduct of clinical trials);
|
• |
our future capital requirements and our ability to satisfy our capital needs;
|
• |
our ability to commence and complete required clinical trials of our product candidate and obtain approval from the FDA or other regulatory agencies in different jurisdictions;
|
• |
the timing for resolution of the ongoing shareholder litigation involving our company, and the nature of any such resolution, if achieved;
|
• |
matters associated with the fact that Mayne Pharma is our majority stockholder and key licensor;
|
• |
our ability to secure and maintain key development and commercialization partners for our product candidate;
|
• |
our ability to obtain, maintain or protect the validity of our owned or licensed patents and other intellectual property;
|
• |
our ability to internally develop, acquire or license new inventions and intellectual property;
|
• |
our ability to retain key executive members;
|
• |
interpretations of current laws and the passages of future laws, rules and regulations applicable to our business; and
|
• |
those risk factors listed under Item 1A of our 2020 Annual Report and other factors detailed from time to time in our other filings with the SEC.
|
Item 1.
|
Legal Proceedings
|
Item 1A.
|
Risk Factors.
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds.
|
Item 3.
|
Defaults upon Senior Securities.
|
Item 4.
|
Mine Safety Disclosures.
|
Item 5.
|
Other Information.
|
Item 6.
|
Exhibits.
|
Number
|
Description
|
|
31.1 | Certification of Chief Executive Officer Pursuant To Sarbanes-Oxley Section 302 | |
31.2 | Certification of Chief Financial Officer Pursuant To Sarbanes-Oxley Section 302 | |
32.1 | Certification Pursuant To 18 U.S.C. Section 1350 (*) | |
32.2 | Certification Pursuant To 18 U.S.C. Section 1350 (*) | |
101.ins | XBRL Instance Document | |
101.sch | XBRL Taxonomy Extension Schema Document | |
101.cal | XBRL Taxonomy Calculation Linkbase Document | |
101.def | XBRL Taxonomy Definition Linkbase Document | |
101.lab | XBRL Taxonomy Label Linkbase Document | |
101.pre | XBRL Taxonomy Presentation Linkbase Document | |
Exhibit 104 | Cover Page Interactive Data File (formatted as Inline XBRL with applicable taxonomy extension information contained in Exhibits 101.) |
* |
A signed original of this written statement required by Section 906 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
|
INHIBITOR THERAPEUTICS, INC. | ||||||
Date: November 12, 2021 | By: |
/s/ Nicholas J. Virca
|
||||
Nicholas J. Virca
President and Chief Executive Officer
(Principal Executive Officer)
|
||||||
Date: November 12, 2021 | By: |
/s/ Garrison J. Hasara
|
||||
Garrison J. Hasara, CPA
Chief Financial Officer and Treasurer
(Principal Financial Officer)
|
1 Year Inhibitor Therapeutics (QB) Chart |
1 Month Inhibitor Therapeutics (QB) Chart |
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