ANEW Medical Files Q2 2024 10-Q Report

TL;DR

**ANEW Medical (CEO) files Q2 10-Q. Formerly Redwoods Acquisition Corp.**

AI Summary

ANEW Medical, Inc. filed its quarterly report on Form 10-Q for the period ended June 30, 2024. The company, formerly known as Redwoods Acquisition Corp. until January 27, 2022, is involved in biological products. Its principal executive offices are located at 13576 Walnut Street, Suite A, Omaha, NE 68144.

Why It Matters

This filing provides investors with an update on ANEW Medical's financial performance and operational status for the second quarter of 2024.

Risk Assessment

Risk Level: low — This filing is a standard quarterly report and does not contain immediate high-risk disclosures.

Key Players & Entities

• ANEW Medical, Inc. (company) — Registrant
• Redwoods Acquisition Corp. (company) — Former company name
• June 30, 2024 (date) — Quarterly period end date
• January 27, 2022 (date) — Date of name change
• 13576 Walnut Street, Suite A, Omaha, NE 68144 (address) — Principal executive offices

FAQ

Key Financial Figures

• $0.0001 — hares of the registrant's common stock, $0.0001 par value, issued and outstanding. ANE
• $12.50 — g a closing price equal to or exceeding $12.50 for 10 trading days within a 20-day tra
• $15.00 — g a closing price equal to or exceeding $15.00 for 10 trading days within a 20-day tra
• $20.00 — g a closing price equal to or exceeding $20.00 for 10 trading days within a 20-day tra

Filing Documents

• ea0211704-10q_anewmedi.htm (10-Q) — 503KB
• ea021170401ex31-1_anewmedi.htm (EX-31.1) — 11KB
• ea021170401ex31-2_anewmedi.htm (EX-31.2) — 14KB
• ea021170401ex32-1_anewmedi.htm (EX-32.1) — 4KB
• ea021170401ex32-2_anewmedi.htm (EX-32.2) — 4KB
• 0001213900-24-070786.txt ( ) — 3606KB
• wena-20240630.xsd (EX-101.SCH) — 35KB
• wena-20240630_cal.xml (EX-101.CAL) — 23KB
• wena-20240630_def.xml (EX-101.DEF) — 165KB
• wena-20240630_lab.xml (EX-101.LAB) — 298KB
• wena-20240630_pre.xml (EX-101.PRE) — 164KB
• ea0211704-10q_anewmedi_htm.xml (XML) — 408KB

FINANCIAL

PART I. FINANCIAL INFORMATION 1 ITEM 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets at June 30, 2024 (unaudited) and December 31, 2023 1 Consolidated Statements of Operations (unaudited) for the Six Months Ended June 30, 2024 and 2023 2 Consolidated 3 Consolidated Statements of Cash Flows (unaudited) for the Six Months Ended June 30, 2024 and 2023 4 Notes to Unaudited Condensed Consolidated Financial Statements 5 ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 18 ITEM 3. Quantitative and Qualitative Disclosures about Market Risk 21 ITEM 4.

Controls and Procedures

Controls and Procedures 21

OTHER

PART II. OTHER INFORMATION 22 ITEM 1.

Legal Proceedings

Legal Proceedings 22 ITEM 1A.

Risk Factors

Risk Factors 22 ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds , and Issuer Purchases of Equity Securities 22 ITEM 3. Defaults Upon Senior Securities 22 ITEM 4. Mine Safety Disclosures 22 ITEM 5. Other Information 22 ITEM 6. Exhibits 22

SIGNATURES

SIGNATURES 23 i PART I. FINANCIAL INFORMATION Item 1. Financial Statements ANEW MEDICAL, INC. CONSOLIDATED BALANCE SHEETS June 30, 2024 December 31, 2023 (Unaudited) ASSETS Current assets: Cash $ 845,336 $ 2,808 Prepaid expenses 154,500 3,840 Total current assets 999,836 6,648 Other assets: Licenses 2,261,134 2,137,638 Patents 48,420 48,420 Total other assets 2,309,554 2,186,058 Total assets $ 3,309,390 $ 2,192,706 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 33,988 $ 151,259 Accrued expenses 250,400 2,460 Related party payable 31,000 159,000 Notes payable - 1,308,270 Assumed Income tax payable from Merger 568,111 - Other liabilities 15,064 - Total current liabilities 898,563 1,620,989 Convertible promissory notes 3,900,000 - Warrant liability 62,222 - Total liabilities 4,860,785 1,620,989 Commitments and contingencies (Note 7) STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.0001 , 100,000,000 shares authorized; 0 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively - - Common stock, par value $ 0.0001 , 1,000,000,000 shares authorized; 15,678,898 and 15,130,393 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 1,568 1,513 Additional paid-in capital 3,678,685 4,493,881 Common stock to be issued 304,462 0 Accumulated deficit ( 5,536,110 ) ( 3,923,677 ) Total stockholders' equity (deficit) ( 1,551,395 ) 571,717 Total liabilities and stockholders' equity $ 3,309,390 $ 2,192,706 See accompanying notes to the unaudited consolidated financial statements. 1 ANEW MEDICAL, INC. CONSOLIDATED (Unaudited) For the Three Months Ended For the Three Months Ended For the Six Months Ended For the Six Months Ended June 30, 2024 June 30, 2023 June 30, 2024 June 30, 2023 Operating expenses: Professional fees $ 393,26

Business

Business Combinations As of May 30, 2023, Redwoods Acquisition Corp., a Delaware corporation and a special purpose acquisition company ("Redwoods"), Anew Medical Sub, Inc., a Wyoming corporation ("Merger Sub") and ANEW Medical, Inc., a Wyoming corporation ("ANEW") entered into a Business Combination Agreement, which was amended as of November 4, 2023 (the "Business Combination Agreement"). On June 21, 2024 (the "Closing Date"), Merger Sub merged with and into ANEW, with ANEW continuing as the surviving corporation and as a wholly owned subsidiary of Redwoods (the "Business Combination"). In connection with the Business Combination, on June 21, 2024, Public ANEW ("the Company") filed the Amended Charter with the Delaware Secretary of State, and adopted the amended and restated bylaws (the "Amended and Restated Bylaws"), which replaced Redwoods' Charter and Bylaws in effect as of such time. In connection with the closing of the Business Combination (the "Closing"), Redwoods changed its name to "ANEW Medical, Inc." ("Public ANEW"). For accounting purposes, the transactions contemplated by the Business Combination are treated as a reverse acquisition and, as such, the historical financial statements of the accounting acquirer ANEW will become the historical financial statements of Public ANEW. Under this method of accounting, Redwoods was treated as the acquired company for financial reporting purposes. Accordingly, for accounting purposes, the Merger was treated as the equivalent of the Company issuing shares for the net assets of Redwoods, accompanied by a recapitalization. The net assets of Redwoods were stated at historical cost with no goodwill or other intangible assets recorded. Recapitalization In connection with the merger, Redwoods issued six million shares in exchange for all of the outstanding shares of the Company. At $ 10 per Redwood's share, the valuation of the Company was $ 60 million. Immediately after giving effect to the Business Combination

View Full Filing

View this 10-Q filing on SEC EDGAR