Eterna Therapeutics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Eterna Therapeutics Inc. filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing financial data and past corporate changes.</b>

AI Summary

Eterna Therapeutics Inc. (ERNAW) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Eterna Therapeutics Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Brooklyn ImmunoTherapeutics, Inc., NTN BUZZTIME INC, and NTN COMMUNICATIONS INC. The filing includes financial data related to Series A Preferred Stock, Common Stock, Additional Paid-In Capital, and Retained Earnings for various periods. The company has engaged with Lincoln Park Capital Fund, LLC, with a maximum commitment noted. Key dates include February 21, 2023, and December 15, 2023, related to convertible notes and other events.

Why It Matters

For investors and stakeholders tracking Eterna Therapeutics Inc., this filing contains several important signals. The 10-Q filing provides a snapshot of Eterna Therapeutics' financial position and performance for the first quarter of 2024, which is crucial for investors to assess the company's health and operational status. Information on past company names and significant dates related to financing (like convertible notes and Lincoln Park Capital Fund) offers context on the company's evolution and funding strategies.

Risk Assessment

Risk Level: medium — Eterna Therapeutics Inc. shows moderate risk based on this filing. The company has a history of name changes and engagements with financing entities like Lincoln Park Capital Fund, LLC, suggesting potential financial restructuring or ongoing funding needs that could impact its stability.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Eterna Therapeutics' current financial health and future prospects.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-14 — Filing Date (10-Q filing)
• 2021-03-25 — Date of Name Change (From Brooklyn ImmunoTherapeutics, Inc.)
• 2023-02-21 — Key Date (Related to financing or corporate events)
• 2023-12-15 — Key Date (Related to convertible notes)

Key Players & Entities

• Eterna Therapeutics Inc. (company) — Filer name
• Brooklyn ImmunoTherapeutics, Inc. (company) — Former company name
• NTN BUZZTIME INC (company) — Former company name
• NTN COMMUNICATIONS INC (company) — Former company name
• Lincoln Park Capital Fund, LLC (company) — Financing entity

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-14: Filing Date — Date the 10-Q was submitted to the SEC
• 2023-02-21: Significant Date — Appears in relation to corporate events or financing
• 2023-12-15: Convertible Notes Event — Date related to December 2023 Convertible Notes

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides a comprehensive overview of a company's financial performance and condition during a specific quarter.)

Series A Preferred Stock

A class of preferred stock with specific rights and privileges. (Indicates a specific type of equity financing that can impact shareholder structure and company obligations.)

Convertible Debt

Debt that can be converted into equity under certain conditions. (Represents potential future dilution of common stock and a change in the company's capital structure.)

Key Financial Figures

• $0.005 — ange on which registered Common stock, $0.005 par value per share ERNA The Nasdaq

Filing Documents

• ef20026296_10q.htm (10-Q) — 1110KB
• ef20026296_ex31-1.htm (EX-31.1) — 6KB
• ef20026296_ex31-2.htm (EX-31.2) — 6KB
• ef20026296_ex32-1.htm (EX-32.1) — 4KB
• ef20026296_ex32-2.htm (EX-32.2) — 4KB
• image00007.jpg (GRAPHIC) — 3KB
• 0001140361-24-026010.txt (&nbsp;) — 6191KB
• erna-20240331.xsd (EX-101.SCH) — 57KB
• erna-20240331_cal.xml (EX-101.CAL) — 49KB
• erna-20240331_def.xml (EX-101.DEF) — 275KB
• erna-20240331_lab.xml (EX-101.LAB) — 667KB
• erna-20240331_pre.xml (EX-101.PRE) — 414KB
• ef20026296_10q_htm.xml (XML) — 804KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Changes in Stockholders' (Deficit) Equity for the three months ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Condensed Consolidated Financial Statements 5 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 27

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 30 Item 3. Defaults Upon Senior Securities 30 Item 4. Mine Safety Disclosures 30 Item 5. Other Information 30 Item 6. Exhibits 31

Signatures

Signatures 32 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains "forward-looking statements" as that term is defined under the Private Securities Litigation Reform Act of 1995 ("PSLRA"), Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Forward-looking statements include statements related to future events, results, performance, prospects and opportunities, including statements related to our strategic plans, capital needs, and our financial position. Forward-looking statements are based on information currently available to us, on our current expectations, estimates, forecasts, and projections about the industries in which we operate and on the beliefs and assumptions of management. Forward looking statements often contain words such as "expects," "anticipates," "could," "targets," "projects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "would," and similar expressions. In addition, any statements that refer to projections of our future financial performance, our anticipated growth and trends in our business, and other characterizations of future events or circumstances, are forward-looking with the Securities and Exchange Commission (the "SEC") on March 14, 2024, in Part II, Item 1A "Risk Factors" of this Quarterly Report on Form 10-Q, and in other documents we

Financial Statements

Financial Statements ETERNA THERAPEUTICS INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In thousands, except par value amounts) (unaudited) March 31, December 31, 2024 2023 ASSETS Current assets: Cash $ 5,116 $ 7,575 Other receivables 351 425 Prepaid expenses and other current assets 697 1,599 Total current assets 6,164 9,599 Restricted cash 4,095 4,095 Property and equipment, net 710 493 Right-of-use assets - operating leases 36,524 32,781 Goodwill 2,044 2,044 Other assets 120 120 Total assets $ 49,657 $ 49,132 LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY Current liabilities: Accounts payable $ 2,063 $ 1,067 Accrued expenses 1,868 1,893 Income taxes payable 6 2 Operating lease liabilities, current 2,874 2,216 Due to related party , current 768 1,205 Deferred revenue, current 189 190 Total current liabilities 7,768 6,573 Convertible notes, net 8,014 6,773 Warrant liabilities 186 116 Operating lease liabilities, non-current 36,565 32,854 Deferred revenue, non-current 345 392 Contingent consideration liability 107 107 Other liabilities 84 84 Total liabilities 53,069 46,899 Stockholders' (deficit) equity: Preferred stock, $ 0.005 par value, 1,000 shares authorized, 156 designated and outstanding of Series A convertible preferred stock at March 31 , 2024 and December 31 , 2023 , $ 156 liquidation preference 1 1 Common stock, $ 0.005 par value, 100,000 shares authorized at March 31, 2024 and December 31, 2023; 5,410 issued and outstanding at March 31 , 2024 and December 31 , 2023 27 27 Additional paid-in capital 190,188 189,186 Accumulated deficit ( 193,628 ) ( 186,981 ) Total stockholders' (deficit) equity ( 3,412 ) 2,233 Total liabilities and stockholders' (deficit) equity $ 49,657 $ 49,132 The accompanying notes are an integral part of these condensed consolidated financial statements. 1

View Full Filing

View this 10-Q filing on SEC EDGAR