EAGAN, Minn., May 15, 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 months ended March 31, 2023, and provided a corporate update. The company reported a net loss of $3.4 million on total net revenue of $0.2 million for the first quarter 2023.
Q1 2023 and Recent Highlights:
“We are very pleased to have delivered a strong first quarter, announcing three meaningful contracts with Cvergenx, Cancer Research Horizons and Integra Therapeutics, that all seek to leverage our unique portfolio of assets and capabilities to expedite early drug discovery and enable drug development,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “We also took significant steps to strengthen not only our senior leadership team, with the appointment of Dr. Pamela Bush as our new Chief Business Officer, but we made critical additions to our Board of Directors and Scientific Advisory Board as well.
“As a highly differentiated leader in the field of AI-assisted drug discovery, we are in the very early stages of addressing a billion-dollar industry that is estimated to be growing 30% annually. I believe the steps that we have taken to this point position us very well to play a meaningful role in the development of new oncology drugs, which will not only benefit cancer patients but also create long-term value for our shareholders. I am excited for what we can achieve this year.”
Q1 2023 Financial Summary:
Conference call and webcast details:
Predictive Oncology management will host an investor conference call and webcast today, May 15th, 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 13738479.
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, 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
This email address is being protected from spambots. You need JavaScript enabled to view it.
PREDICTIVE ONCOLOGY INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | |||||||
March 31, 2023 | December 31, 2022 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and Cash Equivalents | $ | 18,597,119 | $ | 22,071,523 | |||
Accounts Receivable | 282,763 | 331,196 | |||||
Inventories | 380,292 | 430,493 | |||||
Prepaid Expense and Other Assets | 520,005 | 526,801 | |||||
Total Current Assets | 19,780,179 | 23,360,013 | |||||
Property and Equipment, net | 1,771,737 | 1,833,255 | |||||
Intangibles, net | 272,969 | 253,865 | |||||
Lease Right-of-Use Assets | 3,062,598 | 211,893 | |||||
Other Long-Term Assets | 174,096 | 75,618 | |||||
Total Assets | $ | 25,061,579 | $ | 25,734,644 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Current Liabilities: | |||||||
Accounts Payable | $ | 1,424,484 | $ | 943,452 | |||
Accrued Expenses and Other Liabilities | 1,406,069 | 2,229,075 | |||||
Derivative Liability | 12,880 | 13,833 | |||||
Contract Liabilities | 639,238 | 602,073 | |||||
Lease Liability | 427,678 | 94,237 | |||||
Total Current Liabilities | 3,910,349 | 3,882,670 | |||||
Lease Liability – Net of current portion | 2,596,845 | 86,082 | |||||
Total Liabilities | 6,507,194 | 3,968,752 | |||||
Stockholders’ Equity: | |||||||
Total Stockholders' Equity | 18,554,385 | 21,765,892 | |||||
Total Liabilities and Stockholders' Equity | $ | 25,061,579 | $ | 25,734,644 |
PREDICTIVE ONCOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (Unaudited) | ||||||||
Three months ended March 31, | ||||||||
2023 | 2022 | |||||||
Revenue | $ | 239,895 | $ | 314,568 | ||||
Cost of goods sold | 120,139 | 109,443 | ||||||
Gross profit | 119,756 | 205,125 | ||||||
General and administrative expense | 2,335,984 | 2,423,651 | ||||||
Operations expense | 878,518 | 891,071 | ||||||
Sales and marketing expense | 370,237 | 304,467 | ||||||
Total operating loss | (3,464,983 | ) | (3,414,064 | ) | ||||
Other income | 42,228 | 42,430 | ||||||
Other expense | - | (989 | ) | |||||
Gain on derivative instruments | 953 | 1,908 | ||||||
Net loss | $ | (3,421,802 | ) | $ | (3,370,715 | ) | ||
Loss per common share - basic and diluted | $ | (0.86 | ) | $ | (1.02 | ) | ||
Weighted average shares used in computation - basic and diluted | 3,968,099 | 3,291,762 |
Last Trade: | US$1.45 |
Daily Change: | -0.08 -5.23 |
Daily Volume: | 187,185 |
Market Cap: | US$9.670M |
January 16, 2025 November 13, 2024 September 05, 2024 August 14, 2024 |
C4 Therapeutics is pioneering a new class of small-molecule drugs that selectively destroy disease-causing proteins via degradation using the innate machinery of the cell. This targeted protein degradation approach offers advantages over traditional drugs, including the potential to treat a wider range of diseases...
CLICK TO LEARN MORECompass Therapeutics is a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company's scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth...
CLICK TO LEARN MOREEnd of content
No more pages to load