Klotho Neurosciences Files Q3 2024 10-Q
Ticker: GRMLW · Form: 10-Q · Filed: Nov 19, 2024 · CIK: 1907223
Sentiment: neutral
Topics: 10-Q, quarterly-report, company-name-change
TL;DR
Klotho Neurosciences (fka ANEW Medical) filed its 10-Q for Q3 2024. Check financials.
AI Summary
Klotho Neurosciences, Inc. filed its quarterly report on Form 10-Q for the period ended September 30, 2024. The company, formerly known as ANEW Medical, Inc. and Redwoods Acquisition Corp., is involved in biological products. The filing details its financial status and business operations for the quarter.
Why It Matters
This filing provides investors and the public with an update on Klotho Neurosciences' financial health and operational progress during the third quarter of 2024.
Risk Assessment
Risk Level: medium — As a company in the biological products sector, Klotho Neurosciences likely faces inherent risks related to research, development, regulatory approvals, and market adoption.
Key Players & Entities
- Klotho Neurosciences, Inc. (company) — Registrant
- September 30, 2024 (date) — Quarterly period end date
- ANEW Medical, Inc. (company) — Former company name
- Redwoods Acquisition Corp. (company) — Former company name
- 001-41340 (other) — Commission file number
FAQ
What was Klotho Neurosciences, Inc.'s former name?
Klotho Neurosciences, Inc. was formerly known as ANEW Medical, Inc. and prior to that, Redwoods Acquisition Corp.
What is the fiscal year end for Klotho Neurosciences, Inc.?
The fiscal year end for Klotho Neurosciences, Inc. is December 31.
What is the SIC code for Klotho Neurosciences, Inc.?
The Standard Industrial Classification (SIC) code for Klotho Neurosciences, Inc. is 2836, which corresponds to Biological Products (No Diagnostic Substances).
When did the company change its name from ANEW Medical, Inc.?
The company changed its name from ANEW Medical, Inc. on June 24, 2024.
What is the filing date of this 10-Q report?
This 10-Q report was filed on November 19, 2024.
Filing Stats: 4,565 words · 18 min read · ~15 pages · Grade level 16.8 · Accepted 2024-11-19 17:03:54
Key Financial Figures
- $0.0001 — hares of the registrant's common stock, $0.0001 par value, issued and outstanding. KLO
- $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
- ea0221563-10q_klotho.htm (10-Q) — 622KB
- ea022156301ex19-1_klotho.htm (EX-19.1) — 54KB
- ea022156301ex31-1_klotho.htm (EX-31.1) — 11KB
- ea022156301ex31-2_klotho.htm (EX-31.2) — 11KB
- ea022156301ex32-1_klotho.htm (EX-32.1) — 4KB
- ea022156301ex32-2_klotho.htm (EX-32.2) — 4KB
- 0001213900-24-100218.txt ( ) — 4405KB
- klto-20240930.xsd (EX-101.SCH) — 42KB
- klto-20240930_cal.xml (EX-101.CAL) — 23KB
- klto-20240930_def.xml (EX-101.DEF) — 235KB
- klto-20240930_lab.xml (EX-101.LAB) — 364KB
- klto-20240930_pre.xml (EX-101.PRE) — 230KB
- ea0221563-10q_klotho_htm.xml (XML) — 437KB
FINANCIAL INFORMATION
PART I. FINANCIAL INFORMATION 1 ITEM 1.
Financial Statements
Financial Statements 1 Unaudited Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 1 Unaudited Consolidated Statements of Operations for the Nine Months Ended September 30, 2024 and 2023 2 Unaudited Consolidated Statements of Changes in Stockholders' Equity (Deficit) for the Nine Months Ended September 30, 2024 and 2023 3 Unaudited Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2024 and 2023 4 Notes to Unaudited 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 17 ITEM 3.
Quantitative and Qualitative Disclosures about Market Risk
Quantitative and Qualitative Disclosures about Market Risk 20 ITEM 4.
Controls and Procedures
Controls and Procedures 20
OTHER INFORMATION
PART II. OTHER INFORMATION 21 ITEM 1.
Legal Proceedings
Legal Proceedings 21 ITEM 1A.
Risk Factors
Risk Factors 21 ITEM 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 21 ITEM 3. Defaults Upon Senior Securities 21 ITEM 4. Mine Safety Disclosures 21 ITEM 5. Other Information 21 ITEM 6. Exhibits 21
SIGNATURES
SIGNATURES 22 i PART I. FINANCIAL INFORMATION Item 1. Financial Statements KLOTHO NEUROSCIENCES, INC. UNAUDITED CONSOLIDATED BALANCE SHEETS September 30, 2024 December 31, 2023 ASSETS Current assets: Cash $ 50,895 $ 2,808 Prepaid expenses 103,750 3,840 Total current assets 154,645 6,648 Intangible assets: Licenses 2,261,134 2,137,638 Patents 48,420 48,420 Total assets $ 2,464,199 $ 2,192,706 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 271,129 $ 151,259 Accrued expenses 560,299 2,460 Notes payable to related parties 151,000 159,000 Notes payable - 1,308,270 Total current liabilities 982,428 1,620,989 Warrant liability 21,200 - Total liabilities 1,003,628 1,620,989 Commitments and contingencies (Note 10) STOCKHOLDERS' EQUITY Preferred stock, par value $ 0.0001 , 100,000,000 shares authorized; 0 issued and outstanding. - - Common stock, par value $ 0.0001 , 1,000,000,000 shares authorized; 19,863,515 and 15,130,393 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively. 1,986 1,513 Additional paid-in capital 9,649,659 4,493,881 Common stock to be issued 304,462 - Accumulated deficit ( 8,495,536 ) ( 3,923,677 ) Total stockholders' equity 1,460,571 571,717 Total liabilities and stockholders' equity $ 2,464,199 $ 2,192,706 See accompanying notes to the unaudited consolidated financial statements. 1 KLOTHO NEUROSCIENCES, INC. UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS For the Three Months Ended September 30, For the Nine Months Ended September 30, 2024 2023 2024 2023 Operating expenses: Professional fees $ 865,928 $ 117,770 $ 1,634,790 $ 494,075 General and administrative 2,005,004 5,967 2,053,794 26,514 Total operating expenses 2,870,932 123,737 3,688,584 520,589 Net operating loss ( 2,870,932 ) ( 123,737 ) ( 3,688,584 ) ( 520,589 ) Other income (
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, Redwoods filed its Second Amended Certificate of Incorporation 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." 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 (Wyoming) will become the historical financial statements of the Company. 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, the Company issued six million shares in exchange for all of the outstanding shares of ANEW. At $ 10 per Redwood's share, the valuation of ANEW was $ 60 million. 5 Immediately after giving effect to the Business Combination, 15,130