Burzynski Research Institute Inc. Files 10-Q

TL;DR

BZYR 10-Q filed. Financials for May 31, 2024 quarter out. Stock options history noted.

AI Summary

Burzynski Research Institute Inc. filed its 10-Q for the period ending May 31, 2024. The company's fiscal year ends on February 29th. Key financial statement dates include May 31, 2024, February 29, 2024, May 31, 2023, and February 28, 2023, for retained earnings and additional paid-in capital. The filing also references employee stock options dating back to 1996, 1997, and 1998.

Why It Matters

This filing provides a snapshot of the company's financial health and operational status for the specified quarter, which is crucial for investors to assess performance and make informed decisions.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not contain immediate, significant risk-inducing information.

Key Numbers

• 131448444 — Total Assets (As of the reporting period end.)

Key Players & Entities

• BURZYNSKI RESEARCH INSTITUTE INC (company) — Filer
• 20240531 (date) — Period of Report
• 20240715 (date) — Filing Date
• 0000724445 (company) — Central Index Key
• 12000 RICHMOND AVE (address) — Business Street 1
• HOUSTON (location) — Business City
• 77082 (zip_code) — Business Zip
• 9432 KATY FREEWAY (address) — Mail Street 1
• 77055 (zip_code) — Mail Zip

FAQ

Key Financial Figures

• $226,000 — nd development costs were approximately $226,000 and $182,000 for the three months ended
• $182,000 — t costs were approximately $226,000 and $182,000 for the three months ended May 31, 2024
• $44,000 — and 2023, respectively. The increase of $44,000 or 24% was due to an increase in facili
• $22,000 — ease in facility and equipment costs of $22,000, consulting and other research and deve
• $1,000 — other research and development costs of $1,000, and personnel costs of $21,000, as a r
• $21,000 — costs of $1,000, and personnel costs of $21,000, as a result of additional requests imp
• $145,000 — inistrative expenses were approximately $145,000 and $105,000 for the three months ended
• $105,000 — xpenses were approximately $145,000 and $105,000 for the three months ended May 31, 2024
• $40,000 — and 2023, respectively. The increase of $40,000 or 38% was due to an increase in legal
• $17,000 — n legal and other professional costs of $17,000, primarily relating to various discussi

Filing Documents

• bzyr-20240531x10q.htm (10-Q) — 458KB
• bzyr-20240531xex31d1.htm (EX-31.1) — 11KB
• bzyr-20240531xex31d2.htm (EX-31.2) — 12KB
• bzyr-20240531xex32d1.htm (EX-32.1) — 7KB
• bzyr-20240531xex32d2.htm (EX-32.2) — 7KB
• 0001558370-24-009817.txt ( ) — 1855KB
• bzyr-20240531.xsd (EX-101.SCH) — 17KB
• bzyr-20240531_cal.xml (EX-101.CAL) — 17KB
• bzyr-20240531_def.xml (EX-101.DEF) — 43KB
• bzyr-20240531_lab.xml (EX-101.LAB) — 134KB
• bzyr-20240531_pre.xml (EX-101.PRE) — 89KB
• bzyr-20240531x10q_htm.xml (XML) — 130KB

— 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) May 31, February 29, 2024 2024 ASSETS Current assets Cash and cash equivalents $ 297 $ 1,310 Prepaids 700 1,000 Total current assets 997 2,310 Total assets $ 997 $ 2,310 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 70,605 $ 9,010 Accrued liabilities 58,260 18,423 CURRENT AND TOTAL LIABILITIES 128,865 27,433 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 May 31, 2024 and February 29, 2024 131,449 131,449 Additional paid-in capital 128,202,221 127,933,634 Retained deficit ( 128,461,538 ) ( 128,090,206 ) Total stockholders' equity (deficit) ( 127,868 ) ( 25,123 ) Total liabilities and stockholders' equity (deficit) $ 997 $ 2,310 See accompanying notes to financial statements. 3 Table of Contents BURZYNSKI RESEARCH INSTITUTE, INC. (UNAUDITED) Three Months Ended May 31, 2024 2023 Operating expenses Research and development $ 226,088 $ 182,114 General and administrative 145,244 105,291 Total operating expenses 371,332 287,405 Operating loss ( 371,332 ) ( 287,405 ) Other income — — Loss before provision for income tax ( 371,332 ) ( 287,405 ) Provision for income tax — — Net loss $ ( 371,332 ) $ ( 287,405 ) 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 See accompanying notes to financial statements. 4 Table of Contents BURZYNSKI RESEARCH INSTITUTE, INC. For the Three Months Ended May 31, 2024 (UNAUDITED) Additional Total Common Stock Paid-in R

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 May 31, 2024, and the results of operations comparing the three months ended May 31, 2024 and 2023. 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 29, 2024.

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