ANAVEX LIFE SCIENCES CORP. Files 10-Q for Period Ending December 31, 2023

TL;DR

<b>ANAVEX LIFE SCIENCES CORP. has filed its quarterly report (10-Q) for the period ending December 31, 2023</b>.

AI Summary

ANAVEX LIFE SCIENCES CORP. (AVXL) filed a Quarterly Report (10-Q) with the SEC on February 7, 2024. ANAVEX LIFE SCIENCES CORP. filed a 10-Q report for the period ending December 31, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 30th. The filing was made on February 7, 2024. The company's SIC code is 2836 for Biological Products (No Diagnostic Substances).

Why It Matters

For investors and stakeholders tracking ANAVEX LIFE SCIENCES CORP., this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of fiscal year 2024. Investors and stakeholders can use this report to assess the company's financial health, strategic direction, and any material changes since the last filing.

Risk Assessment

Risk Level: medium — ANAVEX LIFE SCIENCES CORP. shows moderate risk based on this filing. The company operates in the highly regulated and competitive biotechnology sector, facing risks related to clinical trial success, regulatory approvals, and market adoption of its products.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Anavex Life Sciences Corp.'s current financial position and future outlook.

Key Numbers

• 20231231 — Period End Date (Conformed period of report)
• 20240207 — Filing Date (Filed as of date)
• 0930 — Fiscal Year End (Fiscal year end)
• 2836 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• ANAVEX LIFE SCIENCES CORP. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240207 (date) — Filed as of date
• 0001314052 (company) — Central Index Key
• 2836 (industry) — Standard Industrial Classification
• 630 5TH AVENUE (address) — Business address street 1
• NEW YORK (location) — Business address city
• 001-37606 (filing_id) — SEC file number

Forward-Looking Statements

• ANAVEX will continue to incur significant R&D expenses in the near term. (ANAVEX LIFE SCIENCES CORP.) — high confidence, target: 2024-09-30
• The company may need to utilize its existing equity offering agreements or seek new financing to fund operations. (ANAVEX LIFE SCIENCES CORP.) — medium confidence, target: 2024-12-31

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company's operations are subject to extensive government regulation, including the FDA, which can impact product development, approval, and marketing.
• Market Competition [high — market]: The biotechnology market is highly competitive, with numerous companies developing similar therapies, posing a risk to market share and pricing.
• Funding and Liquidity [medium — financial]: The company may require additional funding to support its ongoing research and development activities, and there is no assurance it will be able to secure such funding.
• Clinical Trial Risks [high — operational]: The success of Anavex's drug candidates depends on the outcome of clinical trials, which are inherently uncertain and may fail to demonstrate efficacy or safety.

Key Dates

• 2023-12-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-02-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Key Financial Figures

• $0.001 — ich Registered Common Stock Par Value $0.001 AVXL NASDAQ Stock Market LLC Indi
• $150.0 million — ary 3, 2023, the Company entered into a $150.0 million purchase agreement (the "2023 Purchase
• $150.0 — ln Park is obligated to purchase, up to $150.0 150,000,000 million in value of its sh

Filing Documents

• e5398_10-q.htm (10-Q) — 583KB
• e5398_ex31-1.htm (EX-31.1) — 8KB
• e5398_ex31-2.htm (EX-31.2) — 8KB
• e5398_ex32-1.htm (EX-32.1) — 6KB
• image_001.jpg (GRAPHIC) — 31KB
• image_002.jpg (GRAPHIC) — 28KB
• 0001731122-24-000206.txt (&nbsp;) — 2942KB
• avxl-20231231.xsd (EX-101.SCH) — 25KB
• avxl-20231231_cal.xml (EX-101.CAL) — 26KB
• avxl-20231231_def.xml (EX-101.DEF) — 78KB
• avxl-20231231_lab.xml (EX-101.LAB) — 190KB
• avxl-20231231_pre.xml (EX-101.PRE) — 149KB
• e5398_10-q_htm.xml (XML) — 352KB

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS 3 ITEM 2.

MANAGEMENT'S DISCUSSION AND ANALYSIS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS. 18 ITEM 3.

QUANTITATIVE AND QUALITATIVE DISCLOSURES

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS. 39 ITEM 4.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 39 PART II – OTHER INFORMATION 40 ITEM 1.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 40 ITEM 1A.

RISK FACTORS

RISK FACTORS 40 ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS 40 ITEM 3. DEFAULTS UPON SENIOR SECURITIES 40 ITEM 4. MINE SAFETY DISCLOSURES 40 ITEM 5. OTHER INFORMATION 40 ITEM 6. EXHIBITS 41

SIGNATURES

SIGNATURES 42 2 PART I – FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS Anavex Life Sciences Corp. Condensed Consolidated Interim Financial Statements December 31, 2023 (Unaudited) 3 Anavex Life Sciences Corp. Condensed Consolidated Interim Balance Sheets (in thousands, except share and per share amounts) December 31, September 30, 2023 2023 (Unaudited) Assets Current Cash and cash equivalents $ 143,765 $ 151,024 Incentive and tax receivables 3,549 2,709 Prepaid expenses and other current assets 756 653 Total Assets $ 148,070 $ 154,386 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 4,292 $ 4,322 Accrued liabilities - Note 4 7,286 7,295 Deferred grant income - Note 3 917 917 Total Liabilities 12,495 12,534 Commitments and Contingencies - Note 6 — — Capital stock Authorized: 10,000,000 preferred stock, par value $ 0.001 per share — — 200,000,000 common stock, par value $ 0.001 per share Issued and outstanding: 82,086,511 common shares (September 30, 2023 - 82,066,511 ) 82 82 Additional paid-in capital 437,184 434,839 Accumulated deficit ( 301,691 ) ( 293,069 ) Total Stockholders' Equity 135,575 141,852 Total Liabilities and Stockholders' Equity $ 148,070 $ 154,386 See Accompanying Notes to Condensed Consolidated Interim Financial Statements 4 Anavex Life Sciences Corp. Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (in thousands, except share and per share amounts) (Unaudited) Three months ended December 31, 2023 2022 Operating expenses General and administrative $ 2,609 $ 3,317 Research and development 8,684 12,067 Total operating expenses 11,293 15,384 Operating loss ( 11,293 ) ( 15,384 ) Other income Grant income — 25 Research and development incentive income 592 733 Interest income, net 2,008 1,268 Foreign exchange gain 156 366 Total other

Business

Business Anavex Life Sciences Corp. ("Anavex" or the "Company") is a clinical stage biopharmaceutical company engaged in the development of differentiated therapeutics by applying precision medicine to central nervous system ("CNS") diseases with high unmet need. Anavex analyzes genomic data from clinical trials to identify biomarkers, which are used in the analysis of its clinical trials for the treatment of neurodegenerative and neurodevelopmental diseases. The Company's lead compound ANAVEX 2-73 is being developed to treat Alzheimer's disease, Parkinson's disease and potentially other central nervous system diseases, including rare diseases, such as Rett syndrome, a rare severe neurological monogenic disorder caused by mutations in the X-linked gene, methyl-CpG-binding protein 2 ("MECP2"). Note 2 Basis of Presentation Basis of Presentation These accompanying unaudited condensed consolidated interim financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC") and accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim reporting. Accordingly, certain information and note disclosures normally included in the annual financial statements in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. In the opinion of management, the disclosures are adequate to make the information presented not misleading. These accompanying unaudited condensed consolidated interim financial statements reflect all adjustments, consisting of normal recurring adjustments, which in the opinion of management are necessary for fair presentation of the information contained herein. The consolidated balance sheet as of September 30, 2023 was derived from the audited annual financial

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