Jupiter Neurosciences Files Q3 10-Q

Ticker: JUNS · Form: 10-Q · Filed: Dec 23, 2024 · CIK: 1679628

Sentiment: neutral

Topics: 10-Q, quarterly-report, pharmaceuticals

TL;DR

JUPITER NEUROSCIENCES Q3 10-Q FILED. FINANCIALS UPDATED.

AI Summary

Jupiter Neurosciences, Inc. filed its Q3 10-Q report on December 23, 2024, for the period ending September 30, 2024. The company, formerly Jupiter Orphan Therapeutics, Inc., is incorporated in Delaware and operates in the pharmaceutical preparations sector. Key financial data and changes in equity accounts are detailed within the filing.

Why It Matters

This filing provides investors with an update on Jupiter Neurosciences' financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate, significant negative news.

Key Players & Entities

FAQ

What is the reporting period for this 10-Q filing?

The reporting period for this 10-Q filing is September 30, 2024.

When was this 10-Q filed with the SEC?

This 10-Q was filed on December 23, 2024.

What was Jupiter Neurosciences, Inc. formerly known as?

Jupiter Neurosciences, Inc. was formerly known as Jupiter Orphan Therapeutics, Inc.

In which state is Jupiter Neurosciences, Inc. incorporated?

Jupiter Neurosciences, Inc. is incorporated in Delaware (DE).

What is the Standard Industrial Classification code for Jupiter Neurosciences, Inc.?

The Standard Industrial Classification code for Jupiter Neurosciences, Inc. is 2834, which corresponds to Pharmaceutical Preparations.

Filing Stats: 4,531 words · 18 min read · ~15 pages · Grade level 18.2 · Accepted 2024-12-23 16:46:40

Key Financial Figures

Filing Documents

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION F-1 Item 1.

Financial Statements

Financial Statements F-1 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 5 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 15 Item 4.

Controls and Procedures

Controls and Procedures 15

—OTHER INFORMATION

PART II—OTHER INFORMATION 16 Item 1.

Legal Proceedings

Legal Proceedings 16 Item 1A.

Risk Factors

Risk Factors 16 Item 2. Unregistered Sales of Securities and Use of Proceeds 16 Item 3. Defaults Upon Senior Securities 16 Item 4. Mine Safety Disclosure 16 Item 5. Other Information 16 Item 6. Exhibits 16

SIGNATURES

SIGNATURES 17 EXHIBIT 31.1 EXHIBIT 31.2 EXHIBIT 32.1 2 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This report contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this report, including statements regarding our future results of operations and financial position, business strategy, development plans, planned preclinical studies and clinical trials, future results of clinical trials, expected research and development costs, regulatory strategy, timing and likelihood of success, as well as plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "would," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this report include, but are not limited to, statements about: the ability of our preclinical studies and planned clinical trials to demonstrate safety and efficacy of our product candidate JOTROL, and other positive results; the timing, progress and results of preclinical studies and clinical trials for JOTROL and other product candidates we may develop, including which the results of the studies or trials will become available, and our research and development programs; the timing, scope and likelihood of regulatory filings and approvals, including timing of INDs and final FDA approval of JOTROL and any other future product candidates; the timing, scope or likelihood of foreign regulatory filings and approvals; our ability to develop and advance our current product candidate JOTROL a

Notes to Financial Statements

Notes to Financial Statements September 30, 2024 Note 1 – Organization and Description of

Business

Business Jupiter Neurosciences, Inc. (the "Company") is a clinical stage research and development pharmaceutical company located in Jupiter, Florida. The Company incorporated in Delaware in January 2016. The Company has developed a unique resveratrol platform product primarily targeting treatment of neuro-inflammation. The product candidate, called JOTROL, has many potential indications of use for rare diseases, which of we primarily are targeting Mucopolysaccharidoses Type 1, Friedreich's Ataxia, and MELAS. In the larger disease areas, we are primarily targeting Parkinson's Disease and Mild Cognitive Impairment/early Alzheimer's disease On August 30, 2021, the Company filed a Certificate of Amendment to the Certificate of Incorporation with the State of Delaware to change its name from Jupiter Orphan Therapeutics, Inc. to Jupiter Neurosciences, Inc. JOTROL has the potential to deliver a therapeutically effective dose of resveratrol in the blood stream, using a unique patented micellar formulation, without causing gastrointestinal side effects. We expect JOTROL, based on the results of our Phase I study, will resolve the major obstacle of resveratrol's poor bioavailability, which has been documented in various scientific articles describing previously conducted human trials with resveratrol as well as preclinical trial results in mice and rats The Company's activities and operations include a project funded by the U.S. National Institute on Aging, an institute of the U.S. National Institutes of Health ("NIH"): Safety and Pharmacokinetics of JOTROL for Alzheimer's Disease, Federal Award Identification Number R44AG067907-01A1 (the "Award"). The project encompassed a Phase 1 dose finding pharmacokinetics ("PK") study which was completed before December 31, 2021. The award end date was May 31, 2022. This Phase 1 PK study will be homogeneous for all indications where JOTROL will be used in Phase II and Phase III clinical trials. On January 9, 2020, the Company effe

Notes to Financial Statements

Notes to Financial Statements September 30, 2024 Note 2 – Significant Accounting Policies Basis of presentation The accompanying unaudited interim condensed financial statements reflect all adjustments (which are normal and recurring) that are necessary for a fair presentation of the financial position of the Company and its results of operations and cash flows for the periods presented. The unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2023, included in the Company's registration Statement filed with the SEC on September 13, 2024. The results disclosed in the statements of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full fiscal year 2024. The financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). For the nine months ended September 30, 2024 and 2023, the Company had no revenues from product sales and incurred a net loss of $ 911,998 and $ 4,354,044 , respectively. Net cash used in operations for nine months ended September 30, 2024 and 2023 was $ 215,225 and $ 319,816 , respectively. As of September 30, 2024, the Company had a working capital deficit and accumulated deficit of $ 5,680,342 and $ 24,494,502 , respectively. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from such estimates. Federal Contract Revenue The Company recognizes federal contract revenue from the NIH Award in the perio

Notes to Financial Statements

Notes to Financial Statements September 30, 2024 Note 2 – Significant Accounting Policies, continued Research and Development Research and development costs are expensed as incurred. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, monitoring visits, clinical site activations, or information provided to us by our vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be. Total research and development costs for the three months ended September 30, 2024, and 2023 were $ 91,911 and $ 239,458 , respectively. Total research and development costs for the nine months ended September 30, 2024, and 2023 were $ 291,655 and $ 710,063 , respectively. Income Taxes The Company recognizes deferred tax assets and liabilities for temporary differences between the financial reporting basis and the tax basis of our assets and liabilities and the expected benefits of net operating loss carryforwards. The impact of changes in tax rates and laws on deferred taxes, if any, applied during the years in which temporary differences are expected to be settled, is reflected in the financial statements in the period of enactment. The measurement of deferred tax assets is reduced, if necessary, if, based on weight of the evidence, it is more likely than not that some, or all, of the deferred tax assets will not be realized. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the period that such tax rate changes are enacted. As of September 30, 2024 and December 31, 2023, the Company concluded that a full valuation allowance is necessary for the net deferr

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