CNBX Pharmaceuticals Inc. Files 10-Q for Period Ending November 30, 2023

TL;DR

<b>CNBX Pharmaceuticals Inc. has filed its quarterly report (10-Q) for the period ending November 30, 2023.</b>

AI Summary

CNBX Pharmaceuticals Inc. (CNBX) filed a Quarterly Report (10-Q) with the SEC on January 12, 2024. CNBX Pharmaceuticals Inc. filed a 10-Q report for the period ending November 30, 2023. The filing covers the first quarter of fiscal year 2024. The company was formerly known as Cannabics Pharmaceuticals Inc. CNBX Pharmaceuticals Inc. is incorporated in Nevada (NV). The company's Standard Industrial Classification is Pharmaceutical Preparations [2834].

Why It Matters

For investors and stakeholders tracking CNBX Pharmaceuticals Inc., this filing contains several important signals. This 10-Q filing provides investors with an update on the company's financial performance and operational status for the most recent quarter. Understanding the details within this report is crucial for assessing CNBX Pharmaceuticals Inc.'s current financial health and future prospects in the pharmaceutical sector.

Risk Assessment

Risk Level: low — CNBX Pharmaceuticals Inc. shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material changes that would elevate the risk level.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand the company's performance and outlook.

Key Numbers

• 2023-11-30 — Period of Report (Conformed period of report)
• 2024-01-12 — Filed As Of Date (Filed as of date)
• 2024-01-12 — Date As Of Change (Date as of change)
• 2023-09-01 — Quarter Start Date (First quarter start date)
• 2022-09-01 — Prior Year Quarter Start Date (Prior year first quarter start date)
• 2022-11-30 — Prior Year Quarter End Date (Prior year first quarter end date)

Key Players & Entities

• CNBX Pharmaceuticals Inc. (company) — Filer
• Cannabics Pharmaceuticals Inc. (company) — Former company name
• American Mining Corp (company) — Former company name
• Thrust Energy Corp. (company) — Former company name
• NV (location) — State of incorporation
• 2834 (industry) — Standard Industrial Classification
• BETHESDA (location) — Business address city
• MD (location) — Business address state

FAQ

Key Dates

• 2023-11-30: Quarter End Date — End of the reporting period for the 10-Q filing.
• 2024-01-12: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

Key Financial Figures

• $0.0001 — 31,111,352 shares of its Common Stock, $0.0001 par value, outstanding. When used in t
• $198,000 — outstanding restricted common stock for $198,000, representing 51%. On May 21, 2014, th
• $2,750,000 — le notes totaling up to an aggregate of $2,750,000 to be issued in three tranches subject
• $42 — version price equal to the lower of (i) $42 per share or (ii) eighty percent (80%)
• $60 — the warrant, with an exercise price of $60 per share. The warrant may be exercised

Filing Documents

• cnbx_i10q-113023.htm (10-Q) — 387KB
• cnbx_ex3101.htm (EX-31.1) — 10KB
• cnbx_ex3102.htm (EX-31.2) — 10KB
• cnbx_ex3201.htm (EX-32.1) — 5KB
• cnbx_ex3202.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 9KB
• image_002.jpg (GRAPHIC) — 13KB
• image_003.jpg (GRAPHIC) — 10KB
• image_004.jpg (GRAPHIC) — 6KB
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• image_010.jpg (GRAPHIC) — 4KB
• image_011.jpg (GRAPHIC) — 1KB
• image_012.jpg (GRAPHIC) — 13KB
• 0001683168-24-000255.txt (&nbsp;) — 2118KB
• cnbx-20231130.xsd (EX-101.SCH) — 15KB
• cnbx-20231130_cal.xml (EX-101.CAL) — 23KB
• cnbx-20231130_def.xml (EX-101.DEF) — 38KB
• cnbx-20231130_lab.xml (EX-101.LAB) — 125KB
• cnbx-20231130_pre.xml (EX-101.PRE) — 97KB
• cnbx_i10q-113023_htm.xml (XML) — 121KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION 4 Item 1. Consolidated Financial Statements 4 Consolidated Balance Sheets as of November 30, 2023 (unaudited) and August 31, 2023 4 Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended November 30, 2023 and 2023(unaudited) 5 Consolidated Statements of Stockholders Equity (Deficit) for the Three Months Ended November 30, 2023 and 2023 (unaudited) 6 Consolidated Statements of Cash Flows for the Three Months Ended November 30, 2023 and 2023 (unaudited) 7

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 8 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 13 Item 3

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31

-- OTHER INFORMATION

PART II -- OTHER INFORMATION 32 Item 1.

Legal Proceedings

Legal Proceedings 32 Item 1A.

Risk Factors

Risk Factors 32 Item 2. Recent Sale of Unregistered Securities 32 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 2 CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS Certain information set forth in this Quarterly Report on Form 10-Q, including in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations" and elsewhere herein may address or relate to future events and expectations and as such constitutes "forward-looking our current expectations and projections about our future results, performance, liquidity, financial condition, prospects and opportunities and are based upon information currently available to us and our management and their interpretation of what is believed to be significant factors affecting our business, including many assumptions regarding future events. Such forward-looking statements include statements regarding, among other things: the size and growth of the potential markets for our products and the ability to serve those markets; our expectations regarding our expenses and revenue, the sufficiency of our cash resources and needs for additional financing; the rate and degree of market acceptance of any of our products; our expectations regarding competition; our anticipated growth strategies; our ability to attract or retain key personnel; our ability to establish and maintain development partnerships; regulatory developments in the U.S. and foreign countries, especially those related to change in, and enforcement of, cannabis laws; our ability to obtain and maintain intellectual property protection for our products; and the anticipated trends and challenges in our business and the market in which we operate.

Forward-looking statements,

Forward-looking statements, which involve assumptions and describe our future plans, strategies, and expectations, are generally identifiable by use of the words "may," "should," "would," "could," "scheduled," "expect," "anticipate," "estimate," "believe," "intend," "seek," or "project" or the negative of these words or other variations on these words or comparable terminology. Actual results, performance, liquidity, financial condition and results of operations, prospects and opportunities could differ materially and perhaps substantially from those expressed in, or implied by, these forward-looking statements as a result of various risks, uncertainties and other factors. These statements may be found under the section of our Annual Report on Form 10-K for the year ended August 31, 2023 (filed on November 29, 2023) entitled "Risk Factors" as well as in our other public filings. In light of these risks and uncertainties, and especially given the start-up nature of our business, there can be no assurance that the forward-looking statements contained herein will in fact occur. Readers should not place undue reliance on any forward-looking statements. Except as expressly required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason. 3

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CNBX PHARMACEUTICALS INC. Consolidated Balance Sheets November 30, August 31, 2023 2023 Unaudited Audited ASSETS Current assets: Cash and cash equivalents $ 81,647 $ 129,696 Prepaid expenses and other receivables 69,289 94,612 Total current assets 150,936 224,308 Equipment, net 236,466 274,731 Total assets $ 387,402 $ 499,039 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 245,712 $ 335,915 Convertible loan 1,314,120 1,343,584 Due to a related party 922,499 836,829 Total current liabilities 2,482,331 2,516,328 Stockholders' equity (deficit): Preferred stock, $ .0001 par value, 5,000,000 shares authorized, no shares issued and outstanding – – Common stock, $ .0001 par value, 900,000,000 shares authorized, 28,311,352 and 22,611,352 shares issued and outstanding at November 30, 2023 and outstanding at August 31, 2023 respectively 2,831 2,261 Additional paid-in capital 22,339,965 22,239,652 Accumulated deficit ( 24,437,725 ) ( 24,259,202 ) Total stockholders' equity (deficit) ( 2,094,929 ) ( 2,017,289 ) Total liabilities and stockholders' equity $ 387,402 $ 499,039 See accompanying notes to consolidated financial 4 CNBX PHARMACEUTICALS INC. Consolidated Statements of Operations and Comprehensive Loss (Unaudited) For the Three Months Ended November 30, November 30, 2023 2022 Unaudited Revenues $ 89,437 $ – Operating expenses: Research and development expense $ 112,418 $ 62,888 General and administrative expenses 148,919 283,902 Total operating expenses 261,337 346,790 Loss from operations ( 171,900 ) ( 346,790 ) Other (Loss) Income Financial (Loss) ( 6,623 ) ( 10,879 ) Net loss ( 178,523 ) ( 357,669 ) Loss from available for sale assets – ( 59,870 ) Total comprehensive loss $ ( 178,523 ) $ ( 417,539 ) Net loss per share - basic and dilut

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements (unaudited) Note 1 – Nature of Business, Presentation and Going Concern Organization CNBX Pharmaceuticals Inc. (the "Company"), was incorporated in the State of Nevada, on September 15, 2004, under the name of Thrust Energy Corp. On September 30, 2010, we increased our authorized capital to 900 million shares of common stock (par value $0.0001) and 100 million shares of preferred stock (par value $0.0001) and effected a 20-for-1 reverse split of our issued and outstanding common stock. As a result of the reverse split, our issued and outstanding common stock was reduced from 13,604,000 shares to 680,200 shares and 5,000,000 preferred shares. On April 25, 2014, the Company experienced a change in control. Cannabics, Inc. ("Cannabics") acquired a majority of the issued and outstanding common stock of the Company in accordance with stock purchase agreements. On the closing date, April 25, 2014, pursuant to the terms of the Stock Purchase Agreement, Cannabics purchased 41,000,000 shares of the Company's outstanding restricted common stock for $198,000, representing 51%. On May 21, 2014, the Company changed its name, via merger in the state of Nevada, to CNBX Pharmaceuticals Inc. The Company's principal offices are in Bethesda, Maryland. The Company changed its course of business to laboratory research and development. On June 19, 2014, FINRA granted final approval of Change of Name & Ticker Symbol of the Corporation from American Mining Corporation to CNBX PHARMACEUTICALS INC., with the new Ticker Symbol of "CNBX". Said approval was predicated upon CNBX Pharmaceuticals Inc.'s filing of Articles of Merger with American Mining Corporation with the Nevada Secretary of State on May 21, 2014. Under the laws of the State of Nevada, CNBX Pharmaceuticals Inc. was merged with and into the Registrant, with the Registrant being the surviving entity. The Merger was completed under Section 92A.180 of the Nevada Revised Statutes,

Management's Discussion and Analysis

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. Our Business: We are a pre-clinical-stage, platform technology biopharmaceutical company which has developed proprietary innovative medicines in areas of significant unmet medical needs in oncology, with a current focus on colorectal cancer (CRC). Our drug candidate under development for colon cancer is RCC-33, a first-in-class therapy being developed primarily in two settings: one to reduce tumor cell activity in colon cancer patients as a standalone in neoadjuvant treatment or window of opportunity at the time after colonoscopy, prior to cancer staging; and another for patients with refractory to therapy and adjuvant to surgery also at the time after colonoscopy. The Company hopes to start first in human Phase I/II clinical trials in 2025. Neoadjuvant treatment is the administration of a therapy before the surgical treatment to improve patient outcome, and our business strategy is to advance our programs through clinical studies including with partners, and to opportunistically add programs in areas of high unmet medical needs through acquisition, collaboration, or internal development. CNBX Pharmaceuticals Inc. is a clinical stage pharmaceutical company primarily focused on the development of novel cannabinoid-based products and innovative technologies for the treatment of cancer. The company has prepared to launch Phase I/II (a) clinical study in 2023 which has been delayed due to lack of funds,, for the evaluation of its lead drug candidates Cannabics SR for the treatment of patients with advanced cancer and cancer anorexia cachexia syndrome (CACS) and RCC-33 for the treatment of colorectal cancer. We continue our efforts to find the funds in order to continue our developments. Our company's core activities consist of: Drug Discovery: development of novel molecular formulations and drug candidates; Intellectual Property: filing of corresponding IP to protect

View Full Filing

View this 10-Q filing on SEC EDGAR