Inhibitor Therapeutics Files Q2 2024 10-Q

TL;DR

Inhibitor Therapeutics filed its Q2 2024 10-Q, showing financial details for preferred and common stock.

AI Summary

Inhibitor Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as HedgePath Pharmaceuticals, Inc. and COMMONWEALTH BIOTECHNOLOGIES INC, is based in Tampa, Florida. The filing covers the second quarter of 2024 and includes financial data for preferred stock series and common stock.

Why It Matters

This filing provides investors with the latest financial performance and disclosures for Inhibitor Therapeutics, Inc., crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Inhibitor Therapeutics faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 20240630 — Reporting Period End (Financial data for this date is presented.)
• 20231231 — Prior Year End (Comparative financial data from the previous year-end.)

Key Players & Entities

• Inhibitor Therapeutics, Inc. (company) — Filer
• HedgePath Pharmaceuticals, Inc. (company) — Former company name
• COMMONWEALTH BIOTECHNOLOGIES INC (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240806 (date) — Filing date

FAQ

Key Financial Figures

• $0.2 million — h and Development Expenses. We incurred $0.2 million of research and development expenses du
• $0.3 million — ive Expenses. We incurred approximately $0.3 million and $0.5 million in general and adminis
• $0.5 million — incurred approximately $0.3 million and $0.5 million in general and administrative expenses
• $0.1 million — of $0.2 million and insurance costs of $0.1 million. The decrease in general and administra
• $0.4 million — Expenses. We incurred $0.5 million and $0.4 million of research and development expenses du
• $0.9 million — ive Expenses. We incurred approximately $0.9 million in general and administrative expenses
• $0.5 m — osed primarily of compensation costs of $0.5 million, insurance costs of $0.2 million

Filing Documents

• form10-q.htm (10-Q) — 329KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 6KB
• ex32-2.htm (EX-32.2) — 6KB
• 0001493152-24-030381.txt ( ) — 1642KB
• inti-20240630.xsd (EX-101.SCH) — 11KB
• inti-20240630_cal.xml (EX-101.CAL) — 19KB
• inti-20240630_def.xml (EX-101.DEF) — 46KB
• inti-20240630_lab.xml (EX-101.LAB) — 117KB
• inti-20240630_pre.xml (EX-101.PRE) — 89KB
• form10-q_htm.xml (XML) — 130KB

Financial Statements (unaudited)

Financial Statements (unaudited) Condensed Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Statements of Operations for the three and six months ended June 30, 2024 and 2023 2 Condensed Statements of Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 3 Condensed Statements of Cash Flows for the six months ended June 30, 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 11 Cautionary Note Regarding Forward Looking Statements 12

Other Information

Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 13 Item 1A.

Risk Factors

Risk Factors 13 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 13 Item 3 Defaults upon Senior Securities 13 Item 4 Mine Safety Disclosures 13 Item 5 Other Information 13 Item 6. Exhibits 13

Signatures

Signatures 14 INHIBITOR THERAPEUTICS, INC. CONDENSED BALANCE SHEETS AS OF JUNE 30, 2024 AND DECEMBER 31, 2023 (Unaudited) June 30, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 7,098,742 $ 8,839,912 Prepaid expenses and other assets 74,625 109,243 Total current assets 7,173,367 8,949,155 Total assets $ 7,173,367 $ 8,949,155 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 18,803 $ 33,731 Accrued expenses and other liabilities 16,724 631,433 Total current liabilities 35,527 665,164 Deferred revenue 3,000,000 3,000,000 Total liabilities 3,035,527 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 June 30, 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 June 30, 2024 and December 31, 2023 — — Undesignated Preferred Stock, $ 0.0001 par value; 2,253,623 shares authorized; no shares issued or outstanding at June 30, 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 June 30, 2024 and December 31, 2023, respectively 17,232 17,202 Additional paid-in capital 54,087,065 54,046,845 Accumulated deficit ( 49,966,457 ) ( 48,780,056 ) Total stockholders' equity 4,137,840 5,283,991 Total liabilities and stockholders' equity $ 7,173,367 $ 8,949,155 See notes to condensed financial statements 1 INHIBITOR THERAPEUTICS, INC. CONDENSED FOR THE THREE-MONTH AND SIX-MONTH PERIODS ENDED JUNE 30, 2024 AND 2023 (Unaudited) 2024 2023 2024 2023 Three Months Ended June 30, Six Months Ended June 30, 2024 2023

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