International Stem Cell Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>International Stem Cell Corp (ISCO) filed its Q1 2024 10-Q, detailing financial data and corporate history.</b>

AI Summary

International Stem Cell CORP (ISCO) filed a Quarterly Report (10-Q) with the SEC on May 14, 2024. Filing is a 10-Q for International Stem Cell Corp (ISCO) for the period ending March 31, 2024. The company was formerly known as BTHC III INC. and changed its name on March 10, 2006. ISCO operates in the Pharmaceutical Preparations industry (SIC code 2834). The filing includes data related to various stock types, including Preferred Stock, Common Stock, and Redeemable Convertible Preferred Stock as of March 31, 2024. Key dates mentioned include March 14, 2023, and September 15, 2023, related to unsecured non-convertible promissory notes.

Why It Matters

For investors and stakeholders tracking International Stem Cell CORP, this filing contains several important signals. This filing provides investors with the latest quarterly financial performance and operational updates for ISCO. Understanding the details of stock types and promissory notes is crucial for assessing the company's capital structure and potential liabilities.

Risk Assessment

Risk Level: medium — International Stem Cell CORP shows moderate risk based on this filing. The filing contains numerous references to different stock classes and promissory notes, indicating a potentially complex capital structure that requires careful analysis to understand the company's financial health and shareholder rights.

Analyst Insight

Investors should review the detailed breakdown of equity and debt instruments to fully understand ISCO's financial position.

Key Numbers

• 2024-03-31 — Reporting Period End Date (Conformed Period of Report)
• 2024-05-14 — Filing Date (Filed as of date)
• 000-51891 — SEC File Number (SEC File Number)
• 20060310 — Date of Name Change (Former company name change date)

Key Players & Entities

• International Stem Cell Corp (company) — Filer name
• ISCO (company) — Ticker symbol
• BTHC III INC. (company) — Former company name
• 2834 (dollar_amount) — Standard Industrial Classification
• 2024-03-31 (date) — Conformed period of report
• 2024-05-14 (date) — Filed as of date
• 760-940-6383 (phone) — Business phone
• 2023-03-14 (date) — Unsecured Non-Convertible Promissory Note date

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-14: Filing Date — Date the 10-Q was officially filed with the SEC.
• 2006-03-10: Name Change — Date the company changed its name from BTHC III INC. to International Stem Cell Corp.
• 2023-03-14: Promissory Note Issuance — Date related to an unsecured non-convertible promissory note.

Glossary

10-Q

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

Unsecured Non-Convertible Promissory Note

A debt instrument that is not backed by collateral and cannot be converted into equity. (Indicates a form of debt financing that carries specific repayment terms and obligations for the company.)

Filing Documents

• isco-20240331.htm (10-Q) — 1236KB
• isco-ex31_1.htm (EX-31.1) — 12KB
• isco-ex31_2.htm (EX-31.2) — 12KB
• isco-ex32_1.htm (EX-32.1) — 7KB
• isco-ex32_2.htm (EX-32.2) — 8KB
• 0000950170-24-059478.txt (&nbsp;) — 6838KB
• isco-20240331.xsd (EX-101.SCH) — 1028KB
• isco-20240331_htm.xml (XML) — 1305KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1. Condensed Consolidated Financial Statements (Unaudited) 3 Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023 (Unaudited) 4 Condensed Consolidated Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Deficit for the three months ended March 31, 2024 and 2023 (Unaudited) 5 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 23 Item 4.

Controls and Procedures

Controls and Procedures 23

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 24 Item 1A.

Risk Factors

Risk Factors 24 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Condensed Consolidated Financi al Statements

Item 1. Condensed Consolidated Financi al Statements International Stem Cell Corporation and Subsidiaries Condensed Consolida ted Balance Sheets (In thousands, except share and par value data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash $ 1,386 $ 1,588 Accounts receivable, net 632 574 Inventories 1,273 1,263 Prepaid expenses and other current assets 302 96 Total current assets 3,593 3,521 Non-current inventories 260 266 Property and equipment, net 196 215 Intangible assets, net 779 800 Right-of-use assets 510 557 Deposits and other assets 31 31 Total assets $ 5,369 $ 5,390 Liabilities, Redeemable Convertible Preferred Stock and Stockholders' Deficit Current liabilities: Accounts payable $ 360 $ 364 Accrued liabilities 578 485 Operating lease liabilities, current 288 276 Advances 250 250 Related party note payable 3,490 3,457 Total current liabilities 4,966 4,832 Operating lease liabilities, net of current portion 367 445 Total liabilities 5,333 5,277 Commitments and contingencies (Note 8) Series D redeemable convertible preferred stock, $ 0.001 par value; 50 shares authorized; 43 shares issued and outstanding; liquidation preference of $ 4,300 at March 31, 2024 and December 31, 2023 4,300 4,300 Stockholders' Deficit: Non-redeemable convertible preferred stock, $ 0.001 par value; 10,004,310 and 10,004,310 shares authorized; 5,254,310 and 5,254,310 shares issued and outstanding; liquidation preference of $ 9,800 and $ 9,796 at March 31, 2024 and December 31, 2023, respectively 5 5 Common stock, $ 0.001 par value; 120,000,000 shares authorized; 8,004,389 shares issued and outstanding at March 31, 2024 and December 31, 2023 8 8 Additional paid-in capital 106,413 106,276 Accumulated deficit ( 110,690 ) ( 110,476 ) Total stockholders' deficit ( 4,264

View Full Filing

View this 10-Q filing on SEC EDGAR