Bio Green Med Solution, Inc 10-Q for FY2022 Q3

Bio Green Med Solution, Inc. (BGMS)

10-Q 2022-11-10 For: 2022-09-30

Added on April 06, 2026

About this 10-Q

Bio Green Med Solution, Inc filed this 10-Q on November 10, 2022, covering the quarter ended September 30, 2022 (FY2022 Q3).

Headline figures

Quarter ended September 30, 2022, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $0; compared with $0 a year earlier
Net loss: $5.1M; compared with a net loss of $4.99M a year earlier
Diluted EPS: -$0.42; compared with -$0.54 a year earlier

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Delaware		91-1707622
(State or Other Jurisdiction of Incorporation or Organization)		(I.R.S. Employer Identification No.)

200 Connell Drive, Suite 1500 Berkeley Heights, New Jersey		07922
(Address of principal executive offices)		(Zip Code)


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.001 per share	CYCC	The Nasdaq Stock Market LLC
Preferred Stock, $0.001 par value	CYCCP	The Nasdaq Stock Market LLC



Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting filer ☒
		Emerging growth company ☐

		Page
Part I. Financial Information
Item 1.	Financial Statements (Unaudited)	3
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	20
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	28
Item 4.	Controls and Procedures	28
Part II. Other Information
Item 1.	Legal Proceedings	29
Item 1A.	Risk Factors	29
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	29
Item 3.	Defaults Upon Senior Securities	30
Item 4.	Mine Safety Disclosures	30
Item 5.	Other Information	30
Item 6.	Exhibits	30

SIGNATURE PAGE		31


	September 30,		December 31,
	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	23,706	$	36,559
Prepaid expenses and other current assets		4,209		4,383
Total current assets		27,915		40,942
Property and equipment, net		37		64
Right-of-use lease asset		153		30
Non-current deposits		2,916		1,551
Total assets	$	31,021	$	42,587
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	983	$	2,117
Accrued and other current liabilities		3,370		3,177
Total current liabilities		4,353		5,294
Lease liability		107		30
Total liabilities		4,460		5,324

Redeemable common stock, $0.001 par value;
0 and 3,117,100 shares issued and outstanding at December 31, 2021 and September 30, 2022 (Note 10)		4,494		—

Stockholders’ equity:

Preferred stock, $0.001 par value; 5,000,000 shares authorized at December 31, 2021 and September 30, 2022;
6% Convertible Exchangeable preferred stock; 335,273 shares issued and outstanding at December 31, 2021 and September 30, 2022. Aggregate preference in liquidation of $4,006,512 as of December 31, 2021 and September 30, 2022.		—		—
Series A convertible preferred stock, $0.001 par value; 264 shares issued and outstanding at December 31, 2021 and September 30, 2022.		—		—
Series B convertible preferred stock, $0.001 par value; 237,745 shares issued and outstanding at December 31, 2021 and September 30, 2022.		—		—
Common stock, $0.001 par value; 100,000,000 shares authorized at December 31, 2021 and September 30, 2022; 9,993,135 and 12,539,189 shares issued and outstanding at December 31, 2021 and September 30, 2022 respectively.		9		10
Additional paid-in capital		422,542		422,960
Accumulated other comprehensive loss		(1,746)		(748)
Accumulated deficit		(398,738)		(384,959)
Total stockholders’ equity		22,067		37,263
Total liabilities and stockholders’ equity	$	31,021	$	42,587


	☒	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

		For the transition period from __________________ to __________________


	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2022		2021		2022		2021

Revenues	$	—	$	—		—		—

Operating expenses:
Research and development		4,413		4,217		13,572		10,884
General and administrative		2,054		1,781		5,239		5,520
Total operating expenses		6,467		5,998		18,811		16,404
Operating loss		(6,467)		(5,998)		(18,811)		(16,404)
Other income (expense):
Foreign exchange gains (losses)		276		9		514		5
Interest income		67		4		88		12
Other income, net		14		—		1,294		144
Total other income, net		357		13		1,896		161
Loss before taxes		(6,110)		(5,985)		(16,915)		(16,243)
Income tax benefit		1,014		998		3,136		2,650
Net loss		(5,096)		(4,987)		(13,779)		(13,593)
Dividend on convertible exchangeable preferred shares		(50)		(50)		(151)		(151)
Net loss applicable to common shareholders	$	(5,146)	$	(5,037)	$	(13,930)	$	(13,744)
Basic and diluted earnings per common share:
Net loss per share – basic and diluted	$	(0.42)	$	(0.54)	$	(1.29)	$	(1.60)
Weighted average common shares outstanding		12,314,679		9,368,056		10,823,138		8,575,379


									Accumulated
							Additional		Other				Total
	Preferred Stock			Common Stock			Paid-in		Comprehensive		Accumulated		Stockholders’
	Shares	Amount		Shares	Amount		Capital		Loss		Deficit		Equity
Balances at December 31, 2020	573,282	$	—	6,246,896	$	6	$	400,071	$	(746)	$	(366,072)	$	33,259
Issue of common stock and associated warrants on underwritten offering, net of expenses	—		—	2,078,214		2		13,499		—		—		13,501
Warrant Exercises	—		—	909,000		1		4,544		—		—		4,545
Stock-based compensation	—		—	—		—		255		—		—		255
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		1,599		—		1,599
Translation adjustment	—		—	—		—		—		(1,583)		—		(1,583)
Loss for the period	—		—	—		—		—		—		(3,478)		(3,478)
Balances at March 31, 2021	573,282	$	—	9,234,110	$	9	$	418,319	$	(730)	$	(369,550)	$	48,048

Stock-based compensation	—		—	—		—		279		—		—		279
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		941		—		941
Translation adjustment	—		—	—		—		—		(869)		—		(869)
Loss for the period	—		—	—		—		—		—		(5,127)		(5,127)
Balances at June 30, 2021	573,282	$	—	9,234,110	$	9	$	418,548	$	(658)	$	(374,677)	$	43,222

Issue of common stock on At Market Issuance sales agreement, net of expenses	—		—	563,625		1		2,954.00		—		—		2,955
Stock-based compensation	—		—	—		—		319		—		—		319
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		(5,443)		—		(5,443)
Translation adjustment	—		—	—		—		—		5,348		—		5,348
Loss for the period	—		—	—		—		—		—		(4,987)		(4,987)
Balances at September 30, 2021	573,282	$	—	9,797,735	$	10	$	421,771	$	(753)	$	(379,664)	$	41,364


Balances at December 31, 2021	573,282	$	—	9,993,135	$	10	$	422,960	$	(748)	$	(384,959)	$	37,263
Stock-based compensation	—		—	—		—		380		—		—		380
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		(5,878)		—		(5,878)
Translation adjustment	—		—	—		—		—		5,803		—		5,803
Loss for the period	—		—	—		—		—		—		(4,108)		(4,108)
Balances at March 31, 2022	573,282	$	—	9,993,135	$	10	$	423,290	$	(823)	$	(389,067)	$	33,410

Issue of common stock on At Market issuance sales agreement, net of expenses	—		—	1,339,742		1		1,524		—		—		1,525
Stock-based compensation	—		—	—		—		350		—		—		350
Stock-based awards	—		—	17,412		—		—		—		—		—
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		(16,168)		—		(16,168)
Translation adjustment	—		—	—		—		—		15,715		—		15,715
Loss for the period	—		—	—		—		—		—		(4,575)		(4,575)
Balances at June 30, 2022	573,282	$	—	11,350,289	$	11	$	425,114	$	(1,276)	$	(393,642)	$	30,207

Issue of common stock on At Market issuance sales agreement, net of expenses	—		—	1,188,900		1		1,581		—		—		1,582
Reclassification of redeemable common stock	—		—	(3,117,100)		(3)		(4,491)		—		—		(4,494)
Stock-based compensation	—		—	—		—		388		—		—		388
Preferred stock dividends	—		—	—		—		(50)		—		—		(50)
Unrealized foreign exchange on intercompany loans	—		—	—		—		—		(18,344)		—		(18,344)
Translation adjustment	—		—	—		—		—		17,874		—		17,874
Loss for the period	—		—	—		—		—		—		(5,096)		(5,096)
Balances at September 30, 2022	573,282	$	—	9,422,089	$	9	$	422,542	$	(1,746)	$	(398,738)	$	22,067



	Nine months ended	Nine months ended
	September 30, 2022	September 30, 2021
Expected term (years)	5 – 6	5 – 6
Risk free interest rate	1.370% – 3.605%	0.420% – 1.000%
Volatility	86% – 93%	96% – 102%
Expected dividend yield over expected term	0.00%	0.00%


				Weighted
		Weighted		Average
	Number of	Average		Remaining	Aggregate
	Options	Exercise		Contractual	Intrinsic
	Outstanding	Price Per Share		Term (Years)	Value ($000)
Options outstanding at December 31, 2021	1,099,357	$	7.53	8.99	$	189
Granted	522,337	$	2.41	—		—
Cancelled/forfeited	(3,604)	$	28.15
Options outstanding at September 30, 2022	1,618,090	$	5.83	8.60	$	85

Unvested at September 30, 2022	990,399	$	3.16	9.14	$	85
Vested and exercisable at September 30, 2022	627,691	$	10.04	7.75	$	—


		Weighted
		Average
	Restricted	Grant Date
	Stock Units	Value Per Share
Restricted Stock Units outstanding at December 31, 2021	18,992	$	6.69
Granted	118,665		1.11
Restricted Stock Units outstanding at September 30, 2022	137,657	$	—

Unvested at September 30, 2022	120,248	$	1.18
Vested and exercisable at September 30, 2022	17,409	$	6.69


	Nine Months Ended September 30,
	2022		2021
Net cash used in operating activities	$	(15,658)	$	(13,991)
Net cash used in investing activities		(7)		(25)
Net cash provided by financing activities		2,956		20,850

Exhibit Number		Description
31.1*		Certification of Principal Executive Officer Pursuant to Securities Exchange Act Rule 13a-14(a) As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*		Certification of Principal Financial Officer Pursuant to Securities Exchange Act Rule 13a-14(a) As Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*		Certification of Principal Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*		Certification of Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101		The following materials from Cyclacel Pharmaceuticals, Inc.’s Quarterly Report on Form 10-Q for the period ended September 30, 2022, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Consolidated Statements of Income, (ii) the Consolidated Balance Sheets, (iii) the Consolidated Statements of Cash Flows, and (iv) Notes to Consolidated Financial Statements.
104		The cover page from the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022, formatted in Inline eXtensible Business Reporting Language (included with Exhibit 101).
	*	Filed herewith.


	CYCLACEL PHARMACEUTICALS, INC.

Date: November 10, 2022	By:	/s/ Paul McBarron
		Paul McBarron
		Chief Operating Officer, Chief Financial Officer and Executive Vice President, Finance


2022	$	16
2023		63
2024		65
2025		38
2026		—
Thereafter		—
	$	182


Date: November 10, 2022

/s/ Spiro Rombotis
Spiro Rombotis
President & Chief Executive Officer
(Principal Executive Officer)