Category:

How Big is the News in the Telomere-to-Telomere Reports

Posted on by Admin 


Image Source: nih.gov


Human Genome Gaps in Understanding are Now Filled by Six New Reports

 

When it was announced in 2003 that the human genome had been mapped, the accomplishment was and continues to be life-changing for the species. But the mapping wasn’t fully complete. While it opened doors to understanding and continues to open doors to medical breakthroughs, it was only 92% complete. That is no longer the case. Yesterday (March 31), the official reports on the first end-to-end human genome map was published.

Now that scientists have a complete map with no significant gaps, the enhanced knowledge will no doubt lead to filling in evolutionary questions while providing insights into birth defects, auto-immune problems, cancer, and aging. The six separate papers just published include parts of the genome that were left uncharacterized because of available DNA sequencing technology two decades ago. After 20 years, these limits have been overcome. This is again momentous for the species as it will lead to discoveries and techniques that will only be realized over time.

While filling gaps in understanding and discovering 99 more new genes believed to code for proteins, the scientists also corrected thousands of errors in an earlier map of human DNA. This map from 2003 has been serving those in the field, including researchers, geneticists, and medical doctors. The original $3 billion Human Genome Project sought to unveil the purpose of every letter of a human’s DNA, but even with refinements made after the original conclusions, it is believed to have found only about 92% of them.

 

Exploiting the new map for medical care or evolution discovery provides another exciting start with new information to assess when figuring out diseases that are known to be inherited, but uncertainty exists as to where the faulty gene resides.

The new map cost a few million dollars to create, according to Adam Phillippy, a computational biologist at the National Human Genome Research Institute. This reflects how technology and understanding have brought down gene sequencing costs.

The twin strands of DNA in human cells contain about three billion letter pairs spread among 23 pairs of chromosomes. The genetic material helps determine eye and hair color, stature, and other physical characteristics, as well as risks for certain diseases. Scientists liken sequencing to solving a jigsaw puzzle, they look at a few segments and try to find what fits. Since there are two strands (one contributed by the mother, the other by the father) they used their computers to focus on only one puzzle, paternal DNA.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Ultra-Rapid DNA Sequencing Identifies Rare Diseases in Hours

Pros and Cons of FDA Funded in Part by Companies





Cells that Can be Produced from Stem Cells

Stem-Cell Based Therapy for Alzheimer’s Disease

 

Sources

https://www.science.org/doi/10.1126/science.abj6987

https://www.genome.gov/about-genomics/telomere-to-telomere

https://www.wsj.com/articles/first-gapless-human-genome-map-is-unveiled-years-after-earlier-effort-11648750303

https://theconversation.com/us/technology

https://www.genome.gov/

 

Stay up to date. Follow us:

 

How Big is the News in the Telomere-to-Telomere Reports?

Posted on by Admin 


Image Source: nih.gov


Human Genome Gaps in Understanding are Now Filled by Six New Reports

 

When it was announced in 2003 that the human genome had been mapped, the accomplishment was and continues to be life-changing for the species. But the mapping wasn’t fully complete. While it opened doors to understanding and continues to open doors to medical breakthroughs, it was only 92% complete. That is no longer the case. Yesterday (March 31), the official reports on the first end-to-end human genome map was published.

Now that scientists have a complete map with no significant gaps, the enhanced knowledge will no doubt lead to filling in evolutionary questions while providing insights into birth defects, auto-immune problems, cancer, and aging. The six separate papers just published include parts of the genome that were left uncharacterized because of available DNA sequencing technology two decades ago. After 20 years, these limits have been overcome. This is again momentous for the species as it will lead to discoveries and techniques that will only be realized over time.

While filling gaps in understanding and discovering 99 more new genes believed to code for proteins, the scientists also corrected thousands of errors in an earlier map of human DNA. This map from 2003 has been serving those in the field, including researchers, geneticists, and medical doctors. The original $3 billion Human Genome Project sought to unveil the purpose of every letter of a human’s DNA, but even with refinements made after the original conclusions, it is believed to have found only about 92% of them.

 

Exploiting the new map for medical care or evolution discovery provides another exciting start with new information to assess when figuring out diseases that are known to be inherited, but uncertainty exists as to where the faulty gene resides.

The new map cost a few million dollars to create, according to Adam Phillippy, a computational biologist at the National Human Genome Research Institute. This reflects how technology and understanding have brought down gene sequencing costs.

The twin strands of DNA in human cells contain about three billion letter pairs spread among 23 pairs of chromosomes. The genetic material helps determine eye and hair color, stature, and other physical characteristics, as well as risks for certain diseases. Scientists liken sequencing to solving a jigsaw puzzle, they look at a few segments and try to find what fits. Since there are two strands (one contributed by the mother, the other by the father) they used their computers to focus on only one puzzle, paternal DNA.

Paul Hoffman

Managing Editor, Channelchek

 

Suggested Reading



Ultra-Rapid DNA Sequencing Identifies Rare Diseases in Hours

Pros and Cons of FDA Funded in Part by Companies





Cells that Can be Produced from Stem Cells

Stem-Cell Based Therapy for Alzheimer’s Disease

 

Sources

https://www.science.org/doi/10.1126/science.abj6987

https://www.genome.gov/about-genomics/telomere-to-telomere

https://www.wsj.com/articles/first-gapless-human-genome-map-is-unveiled-years-after-earlier-effort-11648750303

https://theconversation.com/us/technology

https://www.genome.gov/

 

Stay up to date. Follow us:

 

Schwazze Announces Fourth Quarter & Full Year 2021 Results

Posted on by Admin



Schwazze Announces Fourth Quarter & Full Year 2021 Results

Research, News, and Market Data on Schwazze

 

Revenue Increases 352% to $108.4 Million Compared to $24.0 Million for the year-ended 2020
Net Income attributed to Common Shareholders of $7.2 Million Compared to
Net Loss of ($19.4) Million for year-ended 2020
Adjusted EBITDA of 29.7% Compared to (31.7%) for the year-ended 2020
MSO Status Achieved with New Mexico Entry – Continuing Aggressive Acquisition Plan
Completed Transformational $95 Million Raise

 

Guidance
 Q4 2022 Projected Revenue Annualized Run Rate of Approximately $220 Million – $260 Million
Q4 2022 Projected Adjusted EBITDA Annualized Run Rate of Approximately $70 Million – $82 Million
Conference Call & Webcast Scheduled for Today – 4:30 pm ET


DENVER, CO – March 31, 2022 – Schwazze, (OTCQX:SHWZ; NEO:SHWZ) (“Schwazze” or the “Company”), today announced financial results for the fourth quarter (“Q4-2021”) and for the year ended (“Y-E”) December 31, 2021 (“Y-E 2021”). 

 Y-E 2021 Financial Summary:

  • Revenues of $108.4 million grew 352% compared to $24.0 million Y-E 2020
  • Gross Margin of $49.4 million was 629% better than YE 2020 and 1,730 bps over Y-E 2020
  • Net Income Attributed to Common Shareholders was $7.2 million or $0.17 Basic Earnings per share compared to a Net Loss of ($19.4) million in 2020 or ($0.47) Basic Loss per share
  • Adjusted EBITDA of $32.2 million was 29.7% of revenue, compared to a loss of ($7.6) million Y-E 2020
  • Cash Flow from operations for Y-E 2021 was $57.3 million(1) compared to ($9.8) million Y-E 2020
  • Retail Sales were $73.7 million and when compared to last year Retail Sales were up 1,811%
  • Two year stacked IDs for same store sales(2) were 47.3% and one year IDs were 13.3%
    • Average basket size(2) for 2021 was $59.70 up 9.5% compared to Y-E 2020
    • Recorded customer visits(2) for 2021 totaled 1,375,589 up 3.8%, compared to Y-E 2020

Q4 2021 Financial Summary:

  • Revenues of $26.5 million grew 234% compared to $7.9 million in Q4 2020
  • Gross Margin of $12.1 million was 1,856% better than Q4 2020 and 3,798 bps over Q4 2020
  • Net Income Attributed to Common Shareholders was $5.5 million compared to a Net Loss of ($8.5) million for the same period last year
  • Adjusted EBITDA of $7.5 million for the quarter was 28.3% of revenue, compared to a loss of ($3.4) million for the same period last year
  • Cash Flow from operations for the quarter was $52.5 million(1) compared to ($3.5) million for the same period last year
  • Retail sales for the quarter were $19.6 million and were up 887% when compared to the same period last year
  • Two year stacked IDs for Q4 2021 compared to Q4 2019 for same store sales(2) were 40.4% and one year IDs(2) were 4.9% comparing Q4 2021 to Q4 2020
    • Average basket size(2) for Q4 2021 was $59.70 up 12.1% compared to Q4 2020
    • Recorded customer visits(2) for Q4 2021 totaled 329,357 down 7.2%, compared to Q4 2020

Accomplishments for Y-E 2021 and Q1 2022

Since April 2020, Schwazze has acquired or announced the planned acquisition of 33 cannabis dispensaries as well as seven cultivation facilities and two manufacturing assets in Colorado and New Mexico. 

Q1 2022

  • Listed Common Shares of Schwazze onto the NEO Exchange
  • Signed Definitive Agreement to Acquire Assets of Urban Health & Wellness
  • Closed Acquisition of Brow 2 LLC Assets
  • Closed Acquisition of Emerald Fields
  • Added President of New Mexico Division
  • Closed New Mexico Acquisition, Becoming a Regionally Focused MSO
  • Added to Key Senior Leadership Team
  • Closed Acquisition of Drift Assets

2021

  • Closed Acquisition of Smoking Gun Assets
  • Announced Convertible Debt Raise
  • Announced Home Delivery Services
  • Closed Acquisition of Southern Colorado Growers Assets
  • Announced R&D Subsidiary, Schwazze BioSciences, LLC
  • Completed Acquisition of Final Seven Star Buds

“2021 was a transformational year for Schwazze as we became an MSO with a super-regional focus and a clear strategy to “go deep” in the states we are now operating in.  Our private capital raise of $95 million provided momentum for our M&A and organic growth strategy.  The Company’s stock was listed on the NEO Exchange, earlier this month, providing an additional platform for liquidity and awareness of our stock for retail and institutional investors,” stated Justin Dye, CEO of Schwazze. “To date, Schwazze has acquired or announced the acquisition of 33 dispensaries, of which 14 were closed in the first quarter of 2022.  Revenue for the year was $108.4 million, up 352%, and our retail numbers were $73.7 million, up 1,811%.  Our wholesale business continued to win customers and delivered 85% revenue growth.  We continued our upward trend with an increase in average basket size of 9.5% and customer visits by 3.8% year over year.  I am proud of our entire team, as Schwazze, once again outpaced the state of Colorado by 11.3%.”

Y-E 2021 Revenue

Total revenue was $108.4 million for the year ended March 31, 2021, compared to $24.0 million during the same period in 2020 and represents an increase of approximately 352%.  Retail sales were $73.7 million for 2021 from $3.9 million dollars the previous year representing a 1,811% increase driven primarily by acquisitions of dispensaries in Colorado.  Wholesale operations revenue increased to $34.4 million from $18.6 million compared to the previous year representing an 85% increase, primarily driven by acquisition of cultivation facilities and increase in sales of distillate products to the market. Other sales were $0.3 million from $1.5 million the previous year, primarily driven by the pivoting away consulting sales.  

Total cost of goods and services for the year totaled $59.1 million compared to $17.2 million during the same period in 2020, representing an increase of 243%, due to increased sales of products and growth through acquisition.

Gross profit increased to $49.4 million for the year compared to $6.8 million during the same period in 2020. Gross profit margin rose as a percentage of revenue from 28.2% to 45.5%, continued to be driven by the strength of the Star Buds acquisition, our consolidated purchasing approach, and the implementation of our retail playbook.

The Average basket size for 2021 was $59.70 up 9.5%, compared to 2020(2).  Recorded customer visits totaled 1,375,589 up 3.8%, compared to 2020(2). 

Total operating expenses were $38.9 million for the year compared to $29.7 million during the same period in 2020. The higher expenses are attributed to increased selling, general and administrative expenses, salaries, benefits, and related employment costs.

Net income attributed to common shareholders for the year was $7.2 million or $0.17 basic earnings per share, compared to a net loss of ($19.4) million or ($0.47) basic earnings per share for the same period last year.

Adjusted EBITDA for the year was $32.2 million representing 29.7% of revenue., compared to a loss of ($7.6) million for the same period last year. This is derived from Operating Income and adjusting one-time expenses, merger and acquisition and capital raising costs, non-cash related compensation costs, and depreciation and amortization. See the financial table for Adjusted EBITDA below adjustment for details. 

For the year ended 2021, the Company generated a positive operating cash flow of $57.3 million(1) compared to a loss of ($9.8) million for the same period with $106.4 million in cash and cash equivalents for the year ended 2021.  

Nancy Huber, CFO for Schwazze commented, “we’ve delivered an excellent year with the continued generation of operating cash flows from our acquired businesses.  With funds from operations as well as our recent raise, we will continue to deploy capital in new acquisitions and improve our stores, manufacturing, and cultivation operations.  We expect to deploy approximately $15 million for capital improvements in our businesses this year.”

2022 Guidance

The Company is providing guidance for a fourth-quarter 2022 (“Q4 2022”) annualized run rate, which excludes transactions that are announced but not closed.  Q4 2022 revenue annualized run rate is projected to be approximately $220 Million – $260 Million, and the projected Q4 2022 adjusted EBITDA annualized run rate is projected to be from $70 million to $82 million.  

NOTES:

  • $34.9 million of this year’s operating cash flow was derived from the derivative liability associated with the convertible debt issued in December.
  • Schwazze did not own all the assets and entities in part of 2021, 2020 and 2019 and is using unaudited numbers for this comparison.

Adjusted EBITDA represents income (loss) from operations, as reported, before tax, adjusted to exclude non-recurring items, other non-cash items, including stock-based compensation expense, depreciation, and amortization, and further adjusted to remove acquisition and capital raise related costs, and other one-time expenses, such as severance, retention, and employee relocation. The Company uses adjusted EBITDA as it believes it better explains the results of its core business. The Company has not reconciled guidance for adjusted EBITDA to the corresponding GAAP financial measure because it cannot provide guidance for the various reconciling items. The Company is unable to provide guidance for these reconciling items because it cannot determine their probable significance, as certain items are outside of its control and cannot be reasonably predicted. Accordingly, a reconciliation to the corresponding GAAP financial measure is not available without unreasonable effort.

Webcast – March 31, 2022 – 4:30 ET

Investors and stakeholders may participate in the conference call by dialing 416 764 8650 or by dialing North American toll free 888-664-6383 or by listening to the webcast from the Company’s website at https://ir.schwazze.com. The webcast will be available on the Company’s website and on replay until April 7, 2022 and accessed by dialing 888-390-0541 / 040354#.

Following their prepared remarks, Chief Executive Officer, Justin Dye and Chief Financial Officer, Nancy Huber will answer investor questions. Investors may submit questions in advance or during the conference call through the weblink: https://produceredition.webcasts.com/starthere.jsp?ei=1531076&tp_key=128c98ab58  This weblink has been posted to the Company’s website and will be archived on the website. All Company SEC filings can also be accessed on the Company website at https://ir.schwazze.com/sec-filings

About Schwazze

Schwazze (OTCQX: SHWZ) is building a premier vertically integrated regional cannabis company with assets in Colorado and New Mexico and will continue to take its operating system to other states where it can develop a differentiated regional leadership position. Schwazze is the parent company of a portfolio of leading cannabis businesses and brands spanning seed to sale. The Company is committed to unlocking the full potential of the cannabis plant to improve the human condition. Schwazze is anchored by a high- performance culture that combines customer-centric thinking and data science to test, measure, and drive decisions and outcomes. The Company’s leadership team has deep expertise in retailing, wholesaling, and building consumer brands at Fortune 500 companies as well as in the cannabis sector. Schwazze is passionate about making a difference in our communities, promoting diversity and inclusion, and doing our part to incorporate climate-conscious best practices. Medicine Man Technologies, Inc. was Schwazze’s former operating trade name. The corporate entity continues to be named Medicine Man Technologies, Inc. Schwazze derives its name from the pruning technique of a cannabis plant to enhance plant structure and promote healthy growth. 

Forward-Looking Statements

This press release contains “forward-looking statements.” Such statements may be preceded by the words “plan,” “will,” “may,” “continue,” “predicts,” or similar words. Forward-looking statements include the guidance provided regarding the Company’s Q4 2022 performance and annual capital spending. Forward-looking statements are not guarantees of future events or performance, are based on certain assumptions, and are subject to various known and unknown risks and uncertainties, many of which are beyond the Company’s control and cannot be predicted or quantified. Consequently, actual events and results may differ materially from those expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, risks and uncertainties associated with (i) our inability to manufacture our products and product candidates on a commercial scale on our own or in collaboration with third parties; (ii) difficulties in obtaining financing on commercially reasonable terms; (iii) changes in the size and nature of our competition; (iv) loss of one or more key executives or scientists; (v) difficulties in securing regulatory approval to market our products and product candidates; (vi) our ability to successfully execute our growth strategy in Colorado and outside the state, (vii) our ability to identify and consummate future acquisitions that meet our criteria, (viii) our ability to successfully integrate acquired businesses and realize synergies therefrom, (ix) the ongoing COVID-19 pandemic, (x) the timing and extent of governmental stimulus programs, (xi) the uncertainty in the application of federal, state and local laws to our business, and any changes in such laws, and (xii) our ability to achieve the target metrics, including our annualized revenue and EBIDTA run rates set out in our Q4 2022 guidance. More detailed information about the Company and the risk factors that may affect the realization of forward-looking statements is set forth in the Company’s filings with the Securities and Exchange Commission (SEC), including the Company’s Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q. Investors and security holders are urged to read these documents free of charge on the SEC’s website at http://www.sec.gov. The Company assumes no obligation to publicly update or revise its forward-looking statements as a result of new information, future events or otherwise except as required by law.

Investors

Joanne Jobin

Investor Relations

Joanne.jobin@schwazze.com

647 964 0292

 


Daniel Pabon
General Counsel
dan@schwazze.com
303-371-0387 x1031

Media

Julie Suntrup, Schwazze

Vice President | Marketing & Merchandising

julie.suntrup@schwazze.com

303 371 0387

 

MEDICINE MAN TECHNOLOGIES, INC.

CONDENSED BALANCE SHEETS

For the Years Ended December 31, 2021 and 2020

Expressed in U.S. Dollars 

 

 

December 31

 

December 31,

 

 

2021

 

2020

ASSETS

 

 

(Audited)

 

 

 

(Audited)

 

Current assets

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

106,400,216

 

 

$

1,231,235

 

Accounts receivable, net of allowance for doubtful accounts

 

 

3,866,828

 

 

 

1,270,380

 

Accounts receivable – related party

 

 

–

 

 

 

80,494

 

Inventory

 

 

11,121,997

 

 

 

2,619,145

 

Note receivable – current, net

 

 

–

 

 

 

–

 

Note receivable – related party

 

 

–

 

 

 

181,911

 

Prepaid expenses and other current assets

 

 

2,523,214

 

 

 

614,200

 

Total current assets

 

 

123,912,255

 

 

 

5,997,365

 

Non-current assets

 

 

 

 

 

 

 

 

Fixed assets, net accumulated depreciation of $1,988,973 and $872,579, respectively

 

 

10,253,226

 

 

 

2,584,798

 

Goodwill

 

 

43,316,267

 

 

 

53,046,729

 

Intangible assets, net accumulated amortization of $7,652,750 and $200,456, respectively

 

 

97,582,330

 

 

 

3,082,044

 

Marketable securities, net of unrealized gain (loss) of $216,771 and $(129,992), respectively

 

 

493,553

 

 

 

276,782

 

Note receivable – noncurrent, net

 

 

143,333

 

 

 

–

 

Accounts receivable – litigation

 

 

303,086

 

 

 

3,063,968

 

Other noncurrent assets

 

 

514,962

 

 

 

51,879

 

Operating lease right of use assets

 

 

8,511,780

 

 

 

2,579,036

 

Total non-current assets

 

 

161,118,537

 

 

 

64,685,236

 

Total assets

 

$

285,030,792

 

 

$

70,682,601

 

 

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ DEFICIT

 

 

 

 

 

 

 

 

Current liabilities

 

 

 

 

 

 

 

 

Accounts payable

 

$

2,548,885

 

 

$

3,508,478

 

Accounts payable – related party

 

 

36,820

 

 

 

48,982

 

Accrued expenses

 

 

5,592,222

 

 

 

2,705,445

 

Derivative liabilities

 

 

34,923,013

 

 

 

1,047,481

 

Deferred revenue

 

 

–

 

 

 

50,000

 

Notes payable – related party

 

 

134,498

 

 

 

5,000,000

 

Income taxes payable

 

 

2,027,741

 

 

 

–

 

Total current liabilities

 

 

45,263,179

 

 

 

12,360,386

 

Long term debt

 

 

97,482,468

 

 

 

13,901,759

 

Lease liabilities

 

 

8,715,480

 

 

 

2,645,597

 

Total long-term liabilities

 

 

106,197,948

 

 

 

16,547,356

 

Total liabilities

 

 

151,461,127

 

 

 

28,907,742

 

 

 

 

 

 

 

 

 

 

Stockholders’ equity

 

 

 

 

 

 

 

 

Common stock, $0.001 par value. 250,000,000 shares authorized; 45,455,490 shares issued and 44,717,046 shares outstanding at December 31, 2021 and 42,601,773 shares issued and 42,169,041 shares outstanding as of December 31, 2020, respectively

 

 

45,485

 

 

 

42,602

 

Preferred stock, $0.001 par value. 10,000,000 shares authorized; 86,994 shares issued and outstanding at December 31, 2021 and 10,000,000 shares authorized; 19,716 shares issued and outstanding at December 31, 2020

 

 

87

 

 

 

20

 

Additional paid-in capital

 

 

162,815,097

 

 

 

85,357,835

 

Accumulated deficit

 

 

(27,773,968

)

 

 

(42,293,098

)

Common stock held in treasury, at cost, 517,044 shares held as of December 31, 2021 and 432,732 shares held as of December 31, 2020.

 

 

(1,517,036

)

 

 

(1,332,500

)

Total stockholders’ equity

 

 

133,569,665

 

 

 

41,774,859

 

Total liabilities and stockholders’ equity

 

$

285,030,792

 

 

$

70,682,601

 

 

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

CONDENSED STATEMENT OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

For the Quarters & Years Ended December 31, 2021 and 2020

Expressed in U.S. Dollars

 

Quarter Ended

 

Quarter Ended

 

Year Ended

 

Year Ended

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

 

 

(Un-audited)

 

 

 

(Un-audited)

 

 

 

(Audited)

 

 

 

(Audited)

 

Operating revenues

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

$

19,639,774

 

 

$

1,990,334

 

 

$

73,723,654

 

 

$

3,858,613

 

Wholesale

 

6,816,482

 

 

 

5,738,755

 

 

 

34,471,447

 

 

 

18,647,780

 

Other

 

59,722

 

 

 

213,926

 

 

 

225,138

 

 

 

1,494,459

 

Total revenue

 

26,515,978

 

 

 

7,943,015

 

 

 

108,420,239

 

 

 

24,000,852

 

Cost of goods and services

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of goods and services

 

14,373,780

 

 

 

7,322,355

 

 

 

59,066,545

 

 

 

17,226,486

 

Total cost of goods and services

 

14,373,780

 

 

 

7,322,355

 

 

 

59,066,545

 

 

 

17,226,486

 

Gross profit

 

12,142,198

 

 

 

620,660

 

 

 

49,353,694

 

 

 

6,774,366

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative expenses

 

3,035,837

 

 

 

1,469,512

 

 

 

16,616,306

 

 

 

4,523,603

 

Professional services

 

880,238

 

 

 

3,155,114

 

 

 

5,346,934

 

 

 

8,545,300

 

Salaries

 

3,437,676

 

 

 

2,404,407

 

 

 

11,943,409

 

 

 

8,377,889

 

Stock based compensation

 

1,172,291

 

 

 

2,414,705

 

 

 

5,037,879

 

 

 

8,230,513

 

Total operating expenses

 

8,526,042

 

 

 

9,443,738

 

 

 

38,944,528

 

 

 

29,677,305

 

Income (loss) from operations

 

3,616,156

 

 

 

(8,823,078

)

 

 

10,409,166

 

 

 

(22,902,939

)

Other income (expense)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

(2,487,533

)

 

 

(88,186

)

 

 

(7,014,279

)

 

 

(41,460

)

Gain on forfeiture of contingent consideration

 

–

 

 

 

–

 

 

 

–

 

 

 

1,462,636

 

Unrealized gain (loss) on derivative liabilities

 

14,093,391

 

 

 

(264,586

)

 

 

15,061,142

 

 

 

1,263,264

 

Other income (expense)

 

–

 

 

 

–

 

 

 

–

 

 

 

32,621

 

Gain (loss) on sale of assets

 

–

 

 

 

–

 

 

 

242,494

 

 

 

–

 

Unrealized gain (loss) on investments

 

6,086

 

 

 

(250,792

)

 

 

216,771

 

 

 

(129,992

)

Total other income (expense)

 

11,611,944

 

 

 

(603,564

)

 

 

8,506,128

 

 

2,587,069

 

Provision for income taxes (benefit)

 

2,398,259

 

 

 

(899,109

)

 

 

4,396,164

 

 

 

(899,109

)

Net income (loss)

$

12,829,841

 

 

$

(8,527,533

)

 

$

14,519,130

 

 

$

(19,416,761

)

Less: Accumulated preferred stock dividends for the period

 

(7,346,153

)

 

 

–

 

 

 

(7,346,153)

 

 

 

–

 

Net income (loss) attributable to common stockholders

$

5,483,688

 

 

$

(8,527,533

)

 

$

7,172,977

 

 

$

(19,416,761

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Earnings (loss) per share attributable to common shareholders

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic earnings (loss) per share

$

0.13

 

 

$

(0.21)

 

 

$

0.17

 

 

$

(0.47

)

Diluted earnings (loss) per share

 

 

 

 

 

 

 

 

$

(0.06

) 

 

$

(0.47

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weighted average number of shares outstanding – basic

 

43,339,092

 

 

 

41,217,026

 

 

 

43,339,092

 

 

 

41,217,026

 

Weighted average number of shares outstanding – diluted

 

 

 

 

 

 

 

 

 

101,368,958

 

 

 

41,217,026

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Comprehensive income (loss)

$

12,829,841

 

 

$

(8,527,533

)

 

$

14,519,130

 

 

$

(19,416,761

)

See accompanying notes to the financial statements

MEDICINE MAN TECHNOLOGIES, INC.

STATEMENT OF CASH FLOWS (UNAUDITED)

For the Quarters & Years Ended December 31, 2021 and 2020

Expressed in U.S. Dollars

 

Quarter Ended

 

Quarter Ended

 

Year Ended

 

Year Ended

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Cash flows from operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) for the period

$

12,829,841

 

 

$

(8,527,533

)

 

$

14,519,130

 

 

$

(19,416,761

)

 

Adjustments to reconcile net income to cash used in operating activities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

797,037

 

 

 

154,300

 

 

 

8,576,865

 

 

 

476,592

 

 

Deferred taxes

 

–

 

 

 

268,423

 

 

 

–

 

 

 

268,423

 

 

(Gain) loss on change in derivative liabilities

 

34,843,283

 

 

 

264,585

 

 

 

33,875,532

 

 

 

(2,725,901

)

 

(Gain) loss on investment, net

 

(6,086

)

 

 

250,792

 

 

 

(216,771

)

 

 

129,992

 

 

(Gain) loss on sale of assets

 

49,985

 

 

 

–

 

 

 

(242,494

)

 

 

–

 

 

Stock based compensation

 

1,172,291

 

 

 

2,414,705

 

 

 

5,037,879

 

 

 

8,230,513

 

 

Changes in operating assets and liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accounts receivable

 

2,424,575

 

 

 

(417,893

)

 

 

244,929

 

 

 

874,616

 

 

Inventory

 

(1,668,940

)

 

 

510,207

 

 

 

(4,703,186

)

 

 

781,512

 

 

Prepaid expenses and other current assets

 

55,821

 

 

 

(359,598

)

 

 

(1,909,014

)

 

 

(84,784

)

 

Other assets

 

(60,900

)

 

 

76,121

 

 

 

(457,083

)

 

 

(51,878

)

 

Operating leases right of use assets and liabilities

 

23,010

 

 

 

32,673

 

 

 

137,139

 

 

 

59,701

 

 

Accrued interest on notes receivable

 

–

 

 

 

–

 

 

 

–

 

 

 

–

 

 

Accounts payable and other liabilities

 

1,062,106

 

 

 

1,787,521

 

 

 

493,719

 

 

 

1,610,226

 

 

Deferred revenue

 

–

 

 

 

50,000

 

 

 

(50,000

)

 

 

50,000

 

 

Income taxes payable

 

998,259

 

 

 

–

 

 

 

2,027,741

 

 

 

(1,940

)

 

Net cash provided by (used in) operating activities

 

52,520,282

 

 

 

(3,495,697

)

 

 

57,334,386

 

 

 

(9,799,689

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Collection (issuance) of notes receivable

 

–

 

 

 

349,210

 

 

 

181,911

 

 

 

827,495

 

 

Cash consideration for acquisition of business

 

(3,750,929

)

 

 

(30,668,962

)

 

 

(75,678,000

)

 

 

(33,278,462

)

 

Purchase of fixed assets – net

 

(1,768,427

)

 

 

208,512

 

 

 

(5,638,085

)

 

 

(768,173

)

 

Purchase of intangible assets

 

–

 

 

 

–

 

 

 

(29,580

)

 

 

–

 

 

Net cash provided by (used in) investing activities

 

(5,519,356

)

 

 

(30,111,240

)

 

 

(81,163,754

)

 

 

(33,219,140

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Proceeds from issuance of debt, net

 

38,236,131

 

 

 

13,901,759

 

 

 

83,580,709

 

 

 

13,901,759

 

 

Repayment of notes payable

 

–

 

 

 

5,000,000

 

 

 

(4,865,502

)

 

 

5,000,000

 

 

Proceeds from issuance of common stock, net of issuance costs

 

345

 

 

 

12,583,312

 

 

 

50,283,142

 

 

 

12,625,312

 

 

Proceeds from exercise of common stock purchase warrants, net of

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    issuance costs

 

–

 

 

 

374,810

 

 

 

 

 

 

 

374,810

 

 

Net cash provided by financing activities

 

38,236,476

 

 

 

31,859,881

 

 

 

128,998,349

 

 

 

31,901,881

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net increase (decrease) in cash and cash equivalents

 

85,237,402

 

 

 

(1,747,056

)

 

 

105,168,981

 

 

 

(11,116,948

)

 

Cash and cash equivalents at beginning of period

 

21,162,814

 

 

 

2,978,291

 

 

 

1,231,235

 

 

 

12,348,183

 

 

Cash and cash equivalents at end of period

$

106,400,216

 

 

$

1,231,235

 

 

$

106,400,216

 

 

 

1,231,235

 

 

See accompanying notes to the financial statements

 

MEDICINE MAN TECHNOLOGIES, INC.

Adjusted EBITDA Reconciliation

Non-GAAP measurement

 (UNAUDITED)

 

Quarter Ended

 

Quarter Ended

 

Year Ended

 

Year Ended

 

December 31,

 

December 31,

 

December 31,

 

December 31,

 

2021

 

2020

 

2021

 

2020

Net income (loss)

 

$12,829,841

 

 

 

$(8,527,533)

 

 

 

$14,519,130

 

 

 

$(19,416,761)

 

Interest income (expense), net

 

2,487,533

 

 

 

88,186

 

 

 

7,014,279

 

 

 

41,460

 

Provision for income taxes (benefit)

 

2,398,259

 

 

 

(899,109)

 

 

 

4,396,164

 

 

 

(899,109)

 

Other (income) expense

 

(14,099,477)

 

 

 

515,378

 

 

 

(15,520,407)

 

 

 

(2,628,529)

 

Depreciation and amortization

 

797,037

 

 

 

154,300

 

 

 

8,576,865

 

 

 

476,592

 

Earnings before interest, taxes, depreciation and amortization (EBITDA) (non-GAAP measure)

 

$4,413,193

 

 

 

$(8,668,778)

 

 

 

$18,986,031

 

 

 

$(22,426,347)

 

Non-cash stock compensation

 

1,172,291

 

 

 

2,414,705

 

 

 

5,037,879

 

 

 

8,230,513

 

Deal related expenses

 

712,049

 

 

 

831,007

 

 

 

2,779,151

 

 

 

3,684,553

 

Capital raise related expenses

 

256,321

 

 

 

797,358

 

 

 

1,512,565

 

 

 

1,337,708

 

Severance

 

5,054

 

 

 

702,874

 

 

 

166,557

 

 

 

989,864

 

Retention program expenses

 

1,188

 

 

 

–

 

 

 

90,250

 

 

 

–

 

Employee relocation expenses

 

2,428

 

 

 

(6,333)

 

 

 

40,819

 

 

 

27,491

 

Other non-recurring items

 

939,718

 

 

 

547,523

 

 

 

3,552,836

 

 

 

547,523

 

Adjusted EBITDA (non-GAAP measure)

 

$7,502,242

 

 

 

$(3,381,644)

 

 

 

$32,166,088

 

 

 

$(7,608,695)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Garibaldi Resources (GGIFF)(GGI:CA) – Geophysical Survey Results Underscore Nickel Mountain’s Growing Resource Potential

Posted on by Admin

Friday, April 01, 2022

Garibaldi Resources (GGIFF)(GGI:CA)
Geophysical Survey Results Underscore Nickel Mountain’s Growing Resource Potential

Garibaldi Resources Corp is a Canadian-based junior exploration company. It is engaged in the acquisition, exploration, and evaluation of mineral properties located in Canada and Mexico. The company’s projects in Mexico include the La Patilla, the Rodadero, the Tonichi and the Iris project. Its projects in Canada include the PSP and King projects, The Cariboo Copper and Gold project, the Red Lion project, the Grizzly project, the Tora Tora project and the Black Gold project.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Significant geophysical survey results. Garibaldi released results from a 2021 Z-Axis Tipper Electromagnetic (ZTEM) survey completed over the company’s 180-square kilometer Nickel Mountain – Palm Springs Project claim groups. Recall that E&L Nickel Mountain represents the first magmatic nickel-copper-cobalt-PGE-rich massive sulphide system identified in the Eskay Camp. The survey identified a large anomalous zone directly below and along trend with mineralized E&L Nickel Mountain gabbro previously confirmed by drilling. The anomaly exceeds 3 kilometers in width and plunges 2 kilometers directly below the nickel-copper-cobalt PGE bearing intrusion which hosts high grade massive sulphides. The finding potentially extends the mineralized zone which could have positive implications for resource size and project economics.

    Growing property-wide exploration potential.  The presence of ZTEM-identified geophysical anomalies coincident with surface mineralization and conductive targets from Versatile Time Domain Electromagnetic (VTEM) surveys provide property-wide targets for magmatic and hydrothermal base and precious metal mineralization with high discovery potential …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Avivagen Inc. (VIVXF)(VIV:CA) – Reports First Quarter 2022 Results

Posted on by Admin

Thursday, March 31, 2022

Avivagen Inc. (VIVXF)(VIV:CA)
Reports First Quarter 2022 Results

Avivagen Inc is a Canadian based company operating in the healthcare sector. It develops science-based, natural health products for animals. It develops and commercializes products for livestock feeds to replace antibiotics for growth promotion and to help prevent disease by supporting the animal’s own health defenses. Its product range includes OxC-beta, Vivamune health chews, Oximunol chewable tablets, and Carotenoid Oxidation products.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    1Q22 Results. Avivagen reported revenue of $271,157 (all figures in Canadian $) in the quarter, up from $261,987 last year, and compared to our $300,000 estimate. Net loss for the quarter was $1.6 million, or $0.03 per share versus a net loss of $1.3 million, or $0.03 per share, in the first quarter of 2021. We had forecasted a net loss of $1.4 million, or $0.03 per share. Increased operating expenses due to impairment expenses were the main driver in the increased loss.

    Market Still Challenging.  While sales in the Philippines continue apace, Mexico remains frozen. In fact, quarterly revenues were reduced by $89,658 due to returned product from Mexico. Average price per kg of OxC-Beta remained flat at $106.33. While Avivagen has made strides in receiving approvals in other nations, the Company needs to translate approvals into steady, and increasing, sales in more …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Axcella Therapeutics (AXLA) – Axcella Reports FY2021 With Clinical Data Expected In 2H22

Posted on by Admin

Thursday, March 31, 2022

Axcella Therapeutics (AXLA)
Axcella Reports FY2021 With Clinical Data Expected In 2H22

Axcella Health Inc. is a clinical-stage biotechnology company focused on treating complex diseases and improvinge health using endogenous metabolic modulator, or EMM, compositions. Its product candidates are comprised of multiple EMMs that are engineered in distinct combinations and ratios to simultaneously impact multiple biological pathways. The company’s pipeline includes two lead therapeutic candidates:, AXA1665 for the reduction in risk of recurrent overt hepatic encephalopathy (OHE) , and AXA1125 for the treatment of non-alcoholic steatohepatitis (NASH).

Robert LeBoyer, Vice President, Research Analyst, Life Sciences, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Financial Results Reported for 4Q and FY2021.  Axcella Reported a 4Q21 loss of $17.9 million or $(0.46) per share, bringing the full year loss to $64.6 million or $(1.70) per share. Clinical trial enrollment is progressing as expected, with data announcements expected in 2H22. The company reported cash of $55.0 million on December 31, excluding the registered direct offering of $25.0 million completed in March 2022.

    Long COVID Phase 2a Trial Has Begun Axcella has begun enrolling patients in a Phase 2a trial designed to test AXA1125 on Long COVID symptoms of fatigue and muscle weakness.  This double-blind placebo-controlled trial treats patients with either AXA1125 or placebo for 28 days. It has a target enrollment of 40 patients, with endpoints including measures of muscle recovery time after exertion …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Comstock Mining (LODE) – Advancing from a Vision to Commercialization

Posted on by Admin

Thursday, March 31, 2022

Comstock Mining (LODE)
Advancing from a Vision to Commercialization

Comstock Mining Inc. is an emerging innovator and leader in the sustainable extraction, valorization, and production of scarce natural resources, with a focus on high value strategic materials that are essential to meeting the rapidly increasing global demand for clean energy, carbon-neutrality, and natural products.

Mark Reichman, Senior Research Analyst of Natural Resources, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Core businesses. The company’s renewable fuels division, Comstock Fuels, is advancing technologies to commercialize the conversion of woody biomass into advanced cellulosic fuels. Comstock’s 90%-owned lithium-ion battery recycling business, LiNiCo, intends to commercialize a process to crush and separate lithium-ion batteries, extract lithium, nickel, cobalt, and graphite, and use the recovered metals to produce 99% pure cathode active precursor products. The company appears to be on track to meet milestones that we have discussed in previous notes.

    Investor webcast.  Comstock Mining hosted a webcast this week to discuss accomplishments during 2021 and the outlook. The company is still in investment mode as it lays the foundation for future earnings. Management reiterated its goal to generate annual revenues of at least $16 billion by 2030. Comstock is building commercial pilot scale cellulosic fuels and lithium-ion battery (LIB) facilities and …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

What is the PCE Price Index (In 500 Words or Less)

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The Lesser-Known Inflation Indicator is Preferred By Fed Officials

 

Most people quote inflation based on the Bureau of Labor Statistics Consumer Price Index or CPI.  But the metric the Federal Reserve is said to find more valuable is the Personal Consumption Expenditures Price Index, or PCE Price Index.

What is it that makes this measure considered more relevant to gauge inflation, and economic impact?

First, the number is composed of a very broad range of expenditures far broader than CPI. The PCE Price Index is also weighted by data reported through business surveys. Businesses account for and document transactions far better than households. CPI is consumer or household-based.

While CPI is based on a basket of goods and services that is revised infrequently, The PCE Price Index uses a formula that allows for changes in consumer behavior and changes that occur in the short term. For example, if gas prices rise and consumers drive less or switch to a lower octane fuel, this information is more useful than just noting that gas prices are up. These adjustments in consumer behavior are not made in the CPI calculation. This makes the PSE Price Index a more comprehensive metric for measuring price changes that impact the economy.

 

Advantages / Disadvantages of PCE Price Data

Personal consumption expenditures provide a glimpse of how the economy is going. When people are spending without any hesitation, it usually means that the economy is doing well. But when they cut back, it points to problems in the overall economic picture. Monitoring whether consumers are increasing spending, decreasing, or finding replacements that are less expensive is meaningful to recognizing and forecasting trends. This helps the Fed assess economic needs that may be assisted through monetary policy.

Source: Bureau of Economic Analysis

 

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Flotek Industries (FTK) – Results slightly below expectations but story has shifted to new partnership

Posted on by Admin

Thursday, March 31, 2022

Flotek Industries (FTK)
Results slightly below expectations but story has shifted to new partnership

Flotek Industries, Inc. creates solutions to reduce the environmental impact of energy on air, water, land and people. Flotek Industries, Inc. is a technology-driven, specialty chemistry and data company that helps customers across industrial, commercial and consumer markets improve their Environmental, Social and Governance performance. Flotek’s Chemistry Technologies segment develops, manufactures, packages, distributes, delivers, and markets high-quality cleaning, disinfecting and sanitizing products for commercial, governmental and personal consumer use. Additionally, Flotek empowers the energy industry to maximize the value of their hydrocarbon streams and improve return on invested capital through its real-time data platforms and green chemistry technologies. Flotek serves downstream, midstream and upstream customers, both domestic and international. Flotek is a publicly traded company headquartered in Houston, Texas, and its common shares are traded on the New York Stock Exchange under the ticker symbol “FTK.” For additional information, please visit Flotek’s web site at www.flotekind.com.

Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Results below expectations. Flotek reported 4Q and 2021 revenues near expectations but higher COGS and SGA costs meant EBITDA and earnings were below our forecasts. Adjusted EBITDA for the fourth quarter and year were $(5.7) million and $(25.1) million respectively versus our estimates of $(4.1) and $(18.4) million. Net income was $(16.2) million and $(30.5) million versus our $(4.4) million and $(18.6) million due mainly to a $8.1 million goodwill impairment charge.

    Energy Chemistry results were good but Data Analytics took a step back.  Energy Chemistry revenues in the December quarter grew 32% quarter over quarter, well above our 15% estimate. Unfortunately, Data Analytics revenues in the most recent quarter declined 27% quarter over quarter and 53% year over year versus our estimate for flat results. We still believe the Data Analytics division is a hidden …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Voyager Digital (VYGVF)(VOYG:CA) – A Speed Bump in the Road

Posted on by Admin

Thursday, March 31, 2022

Voyager Digital (VYGVF)(VOYG:CA)
A Speed Bump in the Road

Voyager Digital Ltd through its subsidiary, operates as a crypto asset broker that provides retail and institutional investors with a turnkey solution to trade crypto assets. The company offers investors execution, data, wallet and custody services through its institutional-grade open architecture platform.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    In the Cross Hairs. Yesterday, Voyager reported that is aware of or had received cease and desist orders from a number of states in respect to Voyager accounts that permit customers to earn rewards on their crypto balances. The actions by the states appears to be similar to what happened to Blockfi in February this year.

    Voyager Response.  The Company stated, “Voyager is firmly convinced that its Earn Program and the Voyager Earn Accounts are not securities and intends to demonstrate its position and defend it as necessary and appropriate.” Voyager is seeking clarification of the terms of each of these regulatory orders, including effective dates and how proposed civil penalties in respect of alleged violations are …

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision. 

 

Wesana Health (WSNAF) Scheduled to Present at NobleCon18 Investor Conference

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Wesana Health CEO Daniel Carcillo provides a preview of their upcoming presentation at NobleCon18

NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events

Free Registration Available – More Info


News and Advanced Market Data on WSNAF


NobleCon18 Presenting Companies

About Wesana

Wesana Health?helps people transcend barriers in mental health and performance. We innovate in care development through our therapies and patent-pending protocols, and in care delivery through activating a new multidisciplinary, technology-supported clinical model. Learn more at?www.wesanahealth.com.

Chakana Copper (CHKKF) Scheduled to Present at NobleCon18 Investor Conference

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Chakana Copper President & CEO David Kelley provides a preview of their upcoming presentation at NobleCon18

NobleCon18 – Noble Capital Markets 18th Annual Small and Microcap Investor Conference – April 19-21, 2022 – Hard Rock, Hollywood, FL 100+ Public Company Presentations | Scheduled Breakouts | Panel Presentations | High-Profile Keynotes | Educational Sessions | Receptions & Networking Events

Free Registration Available – More Info


Research News and Advanced Market Data on CHKKF


NobleCon18 Presenting Companies

About Chakana Copper

Chakana Copper Corp. is a Canadian based minerals exploration company and through its wholly owned Peruvian subsidiary, Chakana Resources S.A.C., is currently advancing the Soledad project near Aija, in the Ancash region of the highly prolific Miocene mineral belt of Peru.

Release – PDS Biotech Provides Business Update and Reports Fourth-Quarter and Full-Year 2021 Financial Results

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PDS Biotech Provides Business Update and Reports Fourth-Quarter and Full-Year 2021 Financial Results

Research, News, and Market Data on PDS Biotech

 

Company to host conference call and webcast today, March 31, 2022, at 8:00 AM EDT

FLORHAM PARK, N.J., March 31, 2022 (GLOBE NEWSWIRE) — PDS Biotechnology Corporation (Nasdaq: PDSB), a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer immunotherapies and infectious disease vaccines based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technologies, today provided a business update and announced its financial results for the year ended December 31, 2021.

“I’m very pleased to report that we have undergone a 12-month period of incredible productivity here at PDS Biotech,” commented Dr. Frank Bedu-Addo, President and Chief Executive Officer of the Company. “We’ve made significant clinical progress on our lead oncology candidate, PDS0101, and presented at leading oncology conferences on the promising efficacy and safety results of PDS0101 from two of our ongoing Phase 2 clinical trials. Another phase 2 clinical study of PDS0101 to be led by Mayo Clinic was initiated this month, to evaluate PDS0101 as a potential first-line neo-adjuvant treatment for patients with oropharyngeal cancer prior to transoral robotic surgery. We also recently announced encouraging pre-clinical data from our NIAID-funded universal flu vaccine program. We continue to leverage our unique T-cell activating platforms to advance additional pre-clinical oncology and infectious disease candidates.”

Dr. Bedu-Addo continued: “Over the past year, we completed two licensing transactions and secured additional intellectual property for our expanding pipeline. We also received approval of a US composition of matter and use patent for PDS0101. We strengthened our scientific advisory and leadership teams by adding distinguished immuno-oncology experts to our scientific advisory board and welcomed Matthew Hill as our Chief Financial Officer. We also added more than $52 million to our balance sheet in 2021, significantly extending our cash runway and ability to continue to advance our clinical and pre-clinical programs. We look forward to an equally productive 2022, during which we expect to announce additional data from our ongoing Phase 2 oncology trials for PDS0101, as well as plan to progress at least one of our preclinical programs, PDS0103 into the clinic.”

Fourth Quarter 2021 and Recent Business Highlights:

  • Achieved several milestones in the VERSATILE-002 Phase 2 combination trial of PDS0101-KEYTRUDA® (pembrolizumab) for recurrent and/or metastatic human papillomavirus (HPV)16-associated head and neck cancer. These milestones include:
    • Presented preliminary safety data on a total of 18 checkpoint inhibitor naïve patients at the 2022 Multidisciplinary Head and Neck Cancers Symposium. Highlights from the presentation include the absence of dose-limiting toxicities, drug discontinuation related to toxicity, or any significant immune-related adverse events. Subjects received a median of 4 doses of PDS0101 (range 1-5) and a median of 6 doses of KEYTRUDA® (range 1-13).
    • Achieved preliminary objective response benchmarks that enabled us to advance towards full enrollment of 54 patients in the checkpoint inhibitor naïve patient cohort.
    • Initiated enrollment in the checkpoint inhibitor-refractory cohort.
  • Announced initiation of an investigator-initiated trial with Mayo Clinic for patients with HPV-associated oropharyngeal cancer at high risk of recurrence. The trial will evaluate PDS0101 as monotherapy and in combination with KEYTRUDA®.
  • Announced encouraging preclinical data for the universal flu vaccine that demonstrated a potent neutralization response against multiple strains of the influenza virus and provided protection against infection after challenge with a live H1N1 pandemic strain of influenza in preclinical animal subjects.
  • Granted U.S. Patent Application by the United States Patent and Trademark Office for composition of matter and use of PDS0101, extending its U.S. patent protection into 2037.
  • Achieved enrollment objective of 30 patients in the checkpoint inhibitor refractory arm of the NCI-led triple combination trial in March 2022.
  • Achieved median overall survival at December 31, 2021 of 12 months for 30 HPV16-positive patients who had received at least one evaluation in the NCI-led triple combination trial. Approximately 73% of the patients had failed 3 prior treatment regimens including checkpoint inhibitor therapy.

Full-Year 2021 Financial Results

For the year ended December 31, 2021, the net loss was approximately $16.9 million, or $0.66 per basic share and diluted share, compared to a net loss of approximately $14.8 million, or $0.89 per basic share and diluted share for the year ended December 31, 2020.

For the year ended December 31, 2021, research and development expenses increased to approximately $11.3 million compared to approximately $7.9 million for the year ended December 31, 2020. The increase of $3.4 million was primarily attributable to an increase in regulatory and clinical costs of $2.6 million, non-cash stock-based compensation of $1.1 million and personnel costs of $0.4 million, partially offset by an overall decrease in manufacturing and facility costs of $0.7 million.

For the year ended December 31, 2021, general and administrative expenses increased to approximately $10.2 million compared to approximately $7.0 million for the year ended December 31, 2020. The $3.2 million increase was primarily attributable to an increase in personnel costs of $1.0 million, non-cash stock-based compensation of $2.5 million, and facilities costs of $0.1 million, partially offset by a decrease in professional fees of $0.4 million.

Total operating expenses for the year ended December 31, 2021 were approximately $21.4 million, an increase of approximately 44% compared to total operating expenses of approximately $14.9 million for the year ended December 31, 2020.

The Company’s cash balance as of December 31, 2021 was $65.2 million. Based on the Company’s available cash resources and cash flow projections, the Company believes this balance is sufficient to fund Company operations and research and development programs through the end of 2023.

Conference Call and Webcast
The conference call is scheduled to begin at 8:00 AM EDT on Thursday, March 31, 2022. Participants should dial 877-407-3088 (United States) or 201-389-0927 (International) and mention PDS Biotechnology. A live webcast of the conference call will also be available on the investor relations page of the Company’s corporate website at https://pdsbiotech.com/investors/news-center/events. After the live webcast, the event will be archived on PDS Biotech’s website for six months. 

About PDS Biotechnology
PDS Biotech is a clinical-stage immunotherapy company developing a growing pipeline of molecularly targeted cancer and infectious disease immunotherapies based on the Company’s proprietary Versamune® and Infectimune™ T-cell activating technology platforms. Our Versamune®-based products have demonstrated the potential to overcome the limitations of current immunotherapy by inducing in vivo, large quantities of high-quality, highly potent polyfunctional tumor specific CD4+ helper and CD8+ killer T-cells. PDS Biotech has developed multiple therapies, based on combinations of Versamune® and disease-specific antigens, designed to train the immune system to better recognize diseased cells and effectively attack and destroy them.  The Company’s pipeline products address various cancers including HPV16-associated cancers (anal, cervical, head and neck, penile, vaginal, vulvar) and breast, colon, lung, prostate and ovarian cancers.  

Our Infectimune™ -based vaccines have demonstrated the potential to induce not only robust and durable neutralizing antibody responses, but also powerful T-cell responses including long-lasting memory T-cell responses. To learn more, please visit www.pdsbiotech.com or follow us on Twitter at @PDSBiotech.

Forward Looking Statements
This communication contains forward-looking statements (including within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and Section 27A of the United States Securities Act of 1933, as amended) concerning PDS Biotechnology Corporation (the “Company”) and other matters. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of the Company’s management, as well as assumptions made by, and information currently available to, management. Forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “may,” “will,” “should,” “would,” “expect,” “anticipate,” “plan,” “likely,” “believe,” “estimate,” “project,” “intend,” “forecast,” “guidance”, “outlook” and other similar expressions among others. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties and are not guarantees of future performance. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: the Company’s ability to protect its intellectual property rights; the Company’s anticipated capital requirements, including the Company’s anticipated cash runway and the Company’s current expectations regarding its plans for future equity financings; the Company’s dependence on additional financing to fund its operations and complete the development and commercialization of its product candidates, and the risks that raising such additional capital may restrict the Company’s operations or require the Company to relinquish rights to the Company’s technologies or product candidates; the Company’s limited operating history in the Company’s current line of business, which makes it difficult to evaluate the Company’s prospects, the Company’s business plan or the likelihood of the Company’s successful implementation of such business plan; the timing for the Company or its partners to initiate the planned clinical trials for PDS0101, PDS0203 and other Versamune and Infectimune-based product candidates; the future success of such trials; the successful implementation of the Company’s research and development programs and collaborations, including any collaboration studies concerning PDS0101, PDS0203 and other Versamune and Infectimune-based product candidates and the Company’s interpretation of the results and findings of such programs and collaborations and whether such results are sufficient to support the future success of the Company’s product candidates; the success, timing and cost of the Company’s ongoing clinical trials and anticipated clinical trials for the Company’s current product candidates, including statements regarding the timing of initiation, pace of enrollment and completion of the trials (including the Company’s ability to fully fund its disclosed clinical trials, which assumes no material changes to our currently projected expenses), futility analyses, presentations at conferences and data reported in an abstract, and receipt of interim results (including, without limitation, any preclinical results or data), which are not necessarily indicative of the final results of the Company’s ongoing clinical trials; any Company statements about its understanding of product candidates mechanisms of action and interpretation of preclinical and early clinical results from its clinical development programs and any collaboration studies; and other factors, including legislative, regulatory, political and economic developments not within the Company’s control, including unforeseen circumstances or other disruptions to normal business operations arising from or related to COVID-19. The foregoing review of important factors that could cause actual events to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the risk factors included in the Company’s annual and periodic reports filed with the SEC. The forward-looking statements are made only as of the date of this press release and, except as required by applicable law, the Company undertakes no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Versamune® is a registered trademark and Infectimune is a trademark of PDS Biotechnology. KEYTRUDA® is a registered trademark of Merck Sharp & Dohme Corp., a subsidiary of Merck & Co., Inc., Kenilworth, NJ, USA.

Investor Contact:
Rich Cockrell
CG Capital
Phone: +1 (404) 736-3838
Email: rich@cg.capital


PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY
Consolidated Balance Sheets

  December 31,
2021		   December 31,
2020
ASSETS      
Current assets:      
Cash and cash equivalents $ 65,242,622     $ 28,839,565  
Prepaid expenses and other   1,597,569       1,497,665  
Total current assets   66,840,191       30,337,230  
           
Property and equipment, net   86       5,443  
Operating lease right-to-use asset   357,611       547,706  
           
Total assets $ 67,197,888     $ 30,890,379  
           
LIABILITIES AND STOCKHOLDERS’ EQUITY          
Current liabilities:          
Accounts payable $ 1,309,403     $ 1,415,224  
Accrued expenses   2,187,704       1,735,322  
Operating lease obligation – short term   258,924       119,904  
Total current liabilities   3,756,031       3,270,450  
           
Noncurrent liability:          
Operating lease obligation – long term   231,430       490,353  
Total liabilities   3,987,461       3,760,803  
           
STOCKHOLDERS’ EQUITY          
Common stock, $0.00033 par value, 75,000,000 shares authorized at December 31, 2021 and
December 31, 2020, 28,448,612 shares and 22,261,619 shares issued and outstanding at
December 31, 2021 and December 31, 2020, respectively		   9,387       7,346  
Additional paid-in capital   123,904,602       70,907,315  
Accumulated deficit   (60,703,562 )     (43,785,085 )
Total stockholders’ equity   63,210,427       27,129,576  
           
Total liabilities and stockholders’ equity $ 67,197,888     $ 30,890,379  


PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY
Consolidated Statements of Operations and Comprehensive Loss

  Year Ended December 31,
  2021     2020  
Operating expenses:      
Research and development expenses $ 11,254,538     $ 7,924,450  
General and administrative expenses   10,184,773       6,977,936  
Total operating expenses   21,439,311       14,902,386  
           
Loss from operations   (21,439,311 )     (14,902,386 )
           
Other income          
Interest income   4,346       55,006  
           
Loss before income taxes   (21,434,965 )     (14,847,380 )
Benefit from income taxes   4,516,488       –  
Net loss and comprehensive loss $ (16,918,477 )   $ (14,847,380 )
           
Per share information:          
Net loss per share, basic and diluted $ (0.66 )   $ (0.89 )
           
Weighted average common shares outstanding basic and diluted   25,597,125       16,745,044  


PDS BIOTECHNOLOGY CORPORATION AND SUBSIDIARY
Consolidated Statements of Cash Flows


  Year Ended December 31,
  2021     2020  
Cash flows from operating activities:      
Net loss $ (16,918,477 )   $ (14,847,380 )
Adjustments to reconcile net loss to net cash used in operating activities:            
Stock-based compensation expense   4,074,458       432,321  
Stock-based 401K company common match   35,747       19,967  
Depreciation expense   5,357       15,608  
Operating lease expense   241,031       160,684  
Changes in operating assets and liabilities:              
Prepaid expenses and other assets   (99,904 )     810,797  
Accounts payable   (105,821 )     217,504  
Accrued expenses   452,382       637,682  
Restructuring reserve   –       (498,185 )
Operating lease liabilities   (170,839 )     (98,133 )
Net cash used in operating activities   (12,486,066 )     (13,149,135 )
           
           
Cash flows from financing activities:          
Proceeds from exercise of warrants   –       70,459  
Proceeds from exercise of stock options   344,125       –  
Proceeds from issuances of common stock, net of issuance costs   48,544,998       29,756,502  
Net cash provided by financing activities   48,889,123       29,826,961  
               
Net increase in cash and cash equivalents   36,403,057       16,677,826  
Cash and cash equivalents at beginning of period   28,839,565       12,161,739  
               
Cash and cash equivalents at end of period $ 65,242,622     $ 28,839,565