Burzynski Research Institute Inc. Files 10-Q for Period Ending November 30, 2023

AI Summary

BURZYNSKI RESEARCH INSTITUTE INC (BZYR) filed a Quarterly Report (10-Q) with the SEC on January 16, 2024. The filing is a 10-Q for Burzynski Research Institute Inc. for the period ending November 30, 2023. The company's fiscal year ends on February 29. The filing includes data related to common stock, retained earnings, and additional paid-in capital as of various dates in 2022 and 2023. Information on employee stock options and warrants is also present for periods in 2022 and 2023. The company's principal business address is 12000 Richmond Ave, Houston, TX 77082.

Why It Matters

For investors and stakeholders tracking BURZYNSKI RESEARCH INSTITUTE INC, this filing contains several important signals. This 10-Q filing provides an update on the company's financial position and equity structure for the third quarter of fiscal year 2024. Investors can review changes in retained earnings, additional paid-in capital, and stock option activity to assess the company's financial health and potential dilution.

Risk Assessment

Risk Level: low — BURZYNSKI RESEARCH INSTITUTE INC shows low risk based on this filing. The filing is a routine quarterly report (10-Q) and does not contain significant new financial performance data or strategic announcements that would indicate a change in risk profile.

Analyst Insight

Monitor future filings for specific revenue, net income, and EPS figures to assess operational performance.

Key Numbers

• 20231130 — Period End Date (Conformed Period of Report)
• 20240116 — Filing Date (Filed as of Date)
• 0229 — Fiscal Year End (Fiscal Year End)
• 131448444 — Total Shares Outstanding (approx) (Implied from filing data)

Key Players & Entities

• BURZYNSKI RESEARCH INSTITUTE INC (company) — Filer
• 10-Q (document) — Form Type
• 20231130 (date) — Conformed Period of Report
• 20240116 (date) — Filed as of Date
• 0000724445 (company) — Central Index Key
• 2835 (industry) — Standard Industrial Classification
• 12000 RICHMOND AVE (address) — Business Address Street 1
• HOUSTON (location) — Business Address City

Forward-Looking Statements

• BURZYNSKI RESEARCH INSTITUTE INC will continue to show minimal financial activity in its next quarterly report. (BURZYNSKI RESEARCH INSTITUTE INC) — medium confidence, target: May 31, 2024

FAQ

Industry Context

The company operates in the In Vitro & In Vivo Diagnostic Substances industry.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring regular reporting of financial information.

What Investors Should Do

1. Analyze the full 10-Q document for detailed financial statements.
2. Track future filings for revenue and profitability trends.
3. Research the company's specific diagnostic substances and market position.

Key Dates

• 2023-11-30: Period End — End of the reporting period for the 10-Q filing.
• 2024-01-16: Filing Date — Date the 10-Q was officially filed with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing analyzed for this period. Previous filings would need to be compared for year-over-year changes.

Filing Documents

• bzyr-20231130x10q.htm (10-Q) — 677KB
• bzyr-20231130xex31d1.htm (EX-31.1) — 11KB
• bzyr-20231130xex31d2.htm (EX-31.2) — 12KB
• bzyr-20231130xex32d1.htm (EX-32.1) — 7KB
• bzyr-20231130xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-000294.txt ( ) — 2201KB
• bzyr-20231130.xsd (EX-101.SCH) — 17KB
• bzyr-20231130_cal.xml (EX-101.CAL) — 17KB
• bzyr-20231130_def.xml (EX-101.DEF) — 43KB
• bzyr-20231130_lab.xml (EX-101.LAB) — 134KB
• bzyr-20231130_pre.xml (EX-101.PRE) — 89KB
• bzyr-20231130x10q_htm.xml (XML) — 205KB

— FINANCIAL INFORMATION

PART I — FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 3 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 4.

Controls and Procedures

Controls and Procedures 15

— OTHER INFORMATION

PART II — OTHER INFORMATION 15 Item 1.

Legal Proceedings

Legal Proceedings 15 Item 5. Other Information 15 Item 6. Exhibits 16 2 Table of Contents

Financial Statements

Item 1. Financial Statements BURZYNSKI RESEARCH INSTITUTE, INC. BALANCE SHEETS (UNAUDITED) November 30, February 28, 2023 2023 ASSETS Current assets Cash and cash equivalents $ 913 $ 934 Prepaids 100 1,000 Total current assets 1,013 1,934 Total assets $ 1,013 $ 1,934 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 20,000 $ 12,570 Accrued liabilities 15,847 3,091 CURRENT AND TOTAL LIABILITIES 35,847 15,661 Commitments and contingencies Stockholders' equity (deficit) Common stock, $ .001 par value; 200,000,000 shares authorized; 131,448,444 shares issued and outstanding as of November 30, 2023 and February 28, 2023 131,449 131,449 Additional paid-in capital 127,561,016 126,609,599 Retained deficit ( 127,727,299 ) ( 126,754,775 ) Total stockholders' equity (deficit) ( 34,834 ) ( 13,727 ) Total liabilities and stockholders' equity (deficit) $ 1,013 $ 1,934 See accompanying notes to financial statements. 3 Table of Contents BURZYNSKI RESEARCH INSTITUTE, INC. (UNAUDITED) Three Months Ended November 30, 2023 2022 Operating expenses Research and development $ 218,069 $ 207,651 General and administrative 214,946 44,988 Total operating expenses 433,015 252,639 Operating loss ( 433,015 ) ( 252,639 ) Loss before provision for income tax ( 433,015 ) ( 252,639 ) Provision for income tax — — Net loss $ ( 433,015 ) $ ( 252,639 ) Earnings per share information: Basic and diluted loss per common share $ ( 0.00 ) $ ( 0.00 ) Weighted average number of common shares outstanding 131,448,444 131,448,444 Nine Months Ended November 30, 2023 2022 Operating expenses Research and development $ 614,240 $ 545,960 General and administrative 358,284 154,334 Total operating expenses 972,524 700,294 Operating loss ( 972,524 ) ( 700,294 ) Prov

NOTES TO FINANCIAL STATEMENTS

NOTES TO FINANCIAL STATEMENTS NOTE A. BASIS OF PRESENTATION The financial statements of Burzynski Research Institute, Inc. (the "Company"), a Delaware corporation, include expenses incurred related to clinical trials, which were sanctioned by the U.S. Food and Drug Administration (FDA) in 1993, for Antineoplaston drugs used in the treatment of cancer. These expenses are incurred directly by S.R. Burzynski, M.D., Ph.D. (Dr. Burzynski or "SRB") on behalf of the Company and have been reported as research and development costs and as additional paid-in capital. Other funds received from Dr. Burzynski have also been reported as additional paid-in capital. Expenses related to Dr. Burzynski's medical practice (unrelated to the clinical trials) have not been included in these financial statements. Dr. Burzynski is the President, Chairman of the Board and owner of approximately 81.0 % of the outstanding common stock of the Company, and also is the inventor and original patent holder of certain drug products known as "Antineoplastons." The Company and Dr. Burzynski have entered into various agreements, as further described in Note B. The Original License Agreement between the Company and Dr. Burzynski provided the Company the exclusive right in the United States, Canada, and Mexico to use, manufacture, develop, sell, distribute, sublicense and otherwise exploit all the rights, titles and interest in Antineoplaston drugs used in the treatment of cancer, once the drug is approved for sale by the FDA. On July 2, 2019, the Original License Agreement between the Company and Dr. Burzynski terminated upon the expiration of the last patent licensed to the Company under such agreement. On May 22, 2023, the Company entered into the New License Agreement with Dr. Burzynski, pursuant to which Dr. Burzynski licensed to the Company the exclusive rights in the territory (composed of the United States and Canada) to make, have made, use, sell, offer for sale, and distribute or otherw

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations The following is a discussion of the financial condition of the Company as of November 30, 2023, and the results of operations comparing the three and nine months ended November 30, 2023 and 2022. It should be read in conjunction with the financial statements and the notes thereto included elsewhere in this report and in conjunction with the Annual Report on Form 10-K for the year ended February 28, 2023.

Forward-Looking Statements

Forward-Looking Statements Certain matters discussed in this quarterly report, except for historical information contained herein, may constitute "forward-looking statements" that are subject to certain risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Forward-looking statements provide current expectations of future events based on certain assumptions. These statements encompass information that does not directly relate to any historical or current fact and often may be identified with words such as "anticipates," "believes," "expects," "estimates," "intends," "plans," "projects" and other similar expressions. Management's expectations and assumptions regarding Company operations and other future results are subject to risks, uncertainties and other factors that could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements. Introduction The Company is primarily engaged as a research and development facility of drugs currently being tested for the use in the treatment of cancer, and provides consulting services. The Company's clinical trial initiated in April 2016 for children and adults with Diffuse Intrinsic Pontine Glioma (DIPG) (protocol "BT-55") is currently under full clinical hold. On September 3, 2004, the FDA granted the Company's request for "orphan drug designation" ("ODD") for the Company's Antineoplastons (A10 & AS2-1 Antineoplaston) for treatment of patients with brain stem glioma and, on October 30, 2008, the FDA granted the Company's request for ODD for Antineoplastons (A10 and AS2-1 Antineoplaston) for the treatment of gliomas. On January 13, 2009, the Company announced that the Company had reached an agreement with the FDA for the Company to move forward with a pivotal Phase III clinical trial of combination Antineoplaston therapy plus radiation therapy in patients with newly diag

View Full Filing

View this 10-Q filing on SEC EDGAR