Inhibitor Therapeutics, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Inhibitor Therapeutics, Inc. has filed its quarterly report (10-Q) for the period ending March 31, 2024, detailing its financial status and business operations.</b>

AI Summary

Inhibitor Therapeutics, Inc. (INTI) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Inhibitor Therapeutics, Inc. filed its 10-Q report for the quarterly period ended March 31, 2024. The company's principal executive offices are located at 4830 W. Kennedy Blvd., Suite 600, Tampa, FL 33609. The company was formerly known as HedgePath Pharmaceuticals, Inc. and Commonwealth Biotechnologies Inc. The filing covers the period from January 1, 2024, to March 31, 2024. The SIC code for the company is 2834 (Pharmaceutical Preparations).

Why It Matters

For investors and stakeholders tracking Inhibitor Therapeutics, Inc., this filing contains several important signals. This 10-Q filing provides investors with an updated view of Inhibitor Therapeutics' financial performance and operational status for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

Risk Level: low — Inhibitor Therapeutics, Inc. shows low risk based on this filing. The filing is a standard 10-Q report, which typically contains routine financial and operational information without immediate, significant market-moving news.

Analyst Insight

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

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed period of report)
• 2024-05-13 — Filing Date (Filed as of date)
• 2024-01-01 — Quarter Start Date (Q1 period)
• 2023-03-31 — Prior Year Q1 End Date (Comparison period)

Key Players & Entities

• Inhibitor Therapeutics, Inc. (company) — Filer name
• 001-13467 (company) — Commission file number
• 2834 (company) — Standard Industrial Classification
• Tampa, FL (company) — Business address city and state
• HedgePath Pharmaceuticals, Inc. (company) — Former company name
• Commonwealth Biotechnologies Inc (company) — Former company name
• Mayne Pharma (company) — Royalty segment

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q 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 an update on the company's financial performance and operations for the quarter.)

SIC Code

Standard Industrial Classification code, used to classify industries. (Helps categorize the company's primary business activity, in this case, Pharmaceutical Preparations.)

Key Financial Figures

• $0.2 million — h and Development Expenses. We incurred $0.2 million of research and development expenses du
• $0.5 million — ive Expenses. We incurred approximately $0.5 million and $0.4 million in general and adminis
• $0.4 million — incurred approximately $0.5 million and $0.4 million in general and administrative expenses
• $0.3 m — osed primarily of compensation costs of $0.3 million, insurance costs of $0.1 million
• $0.1 million — sts of $0.3 million, insurance costs of $0.1 million and professional services fees of $0.1
• $7.7 million — Our current cash on hand, approximately $7.7 million as of March 31, 2024, is sufficient to

Filing Documents

• form10-q.htm (10-Q) — 304KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-018805.txt (&nbsp;) — 1593KB
• inti-20240331.xsd (EX-101.SCH) — 11KB
• inti-20240331_cal.xml (EX-101.CAL) — 19KB
• inti-20240331_def.xml (EX-101.DEF) — 47KB
• inti-20240331_lab.xml (EX-101.LAB) — 117KB
• inti-20240331_pre.xml (EX-101.PRE) — 90KB
• form10-q_htm.xml (XML) — 119KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Statements of Operations for the three months ended March 31, 2024 and 2023 2 Condensed Statements of Stockholders' Equity for the three months ended March 31, 2024 and 2023 3 Condensed Statements of Cash Flows for the three months ended March 31, 2024 and 2023 4 Notes to Condensed 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 9 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 10 Item 4.

Controls and Procedures

Controls and Procedures 10 Cautionary Note Regarding Forward Looking Statements 11 Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 12 Item 1A.

Risk Factors

Risk Factors 12 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 12 Item 3 Defaults upon Senior Securities 12 Item 4 Mine Safety Disclosures 12 Item 5 Other Information 12 Item 6. Exhibits 12

Signatures

Signatures 13 INHIBITOR THERAPEUTICS, INC. CONDENSED BALANCE SHEETS AS OF MARCH 31, 2024 AND DECEMBER 31, 2023 (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 7,681,821 $ 8,839,912 Prepaid expenses and other assets 112,399 109,243 Total current assets 7,794,220 8,949,155 Total assets $ 7,794,220 $ 8,949,155 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 111,916 $ 33,731 Accrued expenses and other liabilities 43,934 631,433 Total current liabilities 155,850 665,164 Deferred revenue 3,000,000 3,000,000 Total liabilities 3,155,850 3,665,164 Commitments and contingencies (Note 5) — — Stockholders' equity: Series A Preferred Stock, $ 0.0001 par value; 500,000 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Series B Convertible, Redeemable, Preferred Stock, $ 0.0001 par value; 7,246,377 shares authorized; no shares issued and outstanding at March 31, 2024 and December 31, 2023 — — Undesignated Preferred Stock, $ 0.0001 par value; 2,253,623 shares authorized; no shares issued or outstanding at March 31, 2024 and December 31, 2023 — — Preferred Stock, value — — Common stock, $ 0.0001 par value; 500,000,000 shares authorized; 172,323,545 and 172,023,545 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 17,232 17,202 Additional paid-in capital 54,085,905 54,046,845 Accumulated deficit ( 49,464,767 ) ( 48,780,056 ) Total stockholders' equity 4,638,370 5,283,991 Total liabilities and stockholders' equity $ 7,794,220 $ 8,949,155 See notes to condensed financial statements 1 INHIBITOR THERAPEUTICS, INC. CONDENSED FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2024 AND 2023 (Unaudited) 2024 2023 Three Months Ended March 31, 2024 2023 Revenues: $ — $ — Expenses: Research and deve

Legal Proceedings

Legal Proceedings The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business. The Company is not currently the subject of any pending legal proceedings. 8 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations. The following discussion and analysis should be read in conjunction with the Condensed Financial Statements and Notes thereto included elsewhere in this Quarterly Report. This discussion contains certain forward-looking statements that involve risks and uncertainties. The Company's actual results and the timing of certain events could differ materially from those discussed in these forward-looking statements as a result of certain factors, including, but not limited to, those set forth herein and elsewhere in this Quarterly Report and in the Company's other filings with the SEC. See "Cautionary Note Regarding Forward Looking Statements" below. As used in this Management's Discussion and Analysis of Financial Condition and Results of Operations, unless otherwise indicated, the terms "the Company", "we", "us", "our" and similar terminology refer to Inhibitor Therapeutics, Inc. Background of Our Company We are a pharmaceutical development company that is focused on developing and ultimately commercializing innovative therapeutics based on already approved active pharmaceuticals that have patent-protected methods of use and/or methods of delivery for patients with certain cancers and certain non-cancerous proliferation disorders. We also have explored and expect to continue to explore acquiring or licensing other innovative pre-clinical and clinical stage therapeutics addressing unmet needs for the treatment of cancer and other diseases based on repurposing active ingredients of already approved drugs. Our current primary focus is on the development of therapies initially for BCC, prostate and lung cancers in the United States utilizing itraconazol

View Full Filing

View this 10-Q filing on SEC EDGAR