LadRx Corp Files 2023 Annual Report on Form 10-K

TL;DR

<b>LadRx Corp has filed its 2023 annual report (10-K), detailing its financial status and corporate history, including past name changes and various stock issuances.</b>

AI Summary

LadRx Corp (LADX) filed a Annual Report (10-K) with the SEC on March 27, 2024. LadRx Corp filed its 2023 Form 10-K on March 27, 2024, reporting on the fiscal year ending December 31, 2023. The company is classified under SIC code 2836 for Biological Products (No Diagnostic Substances). LadRx Corp was formerly known as Cytrx Corp, with a name change date of July 3, 1992. The filing includes details on various stock and preferred stock issuances, including Series B and Series C convertible preferred stock. Key dates mentioned include significant events in 2020, 2021, and 2023 related to securities purchase agreements and stock options.

Why It Matters

For investors and stakeholders tracking LadRx Corp, this filing contains several important signals. This 10-K filing provides a comprehensive overview of LadRx Corp's financial performance and operational details for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed information on different classes of stock and preferred stock, along with historical data, is essential for understanding the company's capital structure and potential dilution factors.

Risk Assessment

Risk Level: low — LadRx Corp shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate, significant negative financial news or operational red flags, indicating a low level of immediate risk based solely on this document.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to form a comprehensive investment thesis on LadRx Corp.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-27 — Filing Date (Filed as of date)
• 2836 — SIC Code (Biological Products (No Diagnostic Substances))
• 000-15327 — SEC File Number (SEC file number for 1934 Act filing)

Key Players & Entities

• LadRx Corp (company) — Filer name
• Cytrx Corp (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-27 (date) — Filing date
• 2836 (other) — Standard Industrial Classification
• DE (other) — State of incorporation
• 1934 Act (other) — SEC Act
• LADX (ticker) — Ticker symbol

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — Reporting period for the 10-K
• 2024-03-27: Filing Date — Date the 10-K was filed with the SEC
• 1992-07-03: Name Change — Date LadRx Corp changed its name from Cytrx Corp

Glossary

10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (This filing provides the core financial and operational data for LadRx Corp for the fiscal year 2023.)

SIC Code

Standard Industrial Classification code used to classify businesses based on their primary activity. (Indicates LadRx Corp's industry focus on Biological Products.)

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value per share LADX OTC Market
• $13 million — unityBio made a strategic investment of $13 million in LadRx's common stock at $660.00 per
• $660.00 — $13 million in LadRx's common stock at $660.00 per share (adjusted to reflect our reve
• $5 m — nd to aldoxorubicin and arimoclomol was $5 million, less certain transaction fees an
• $6 million — nt also provide for up to an additional $6 million based on regulatory and commercial mile
• $1 million — l post-closing payments is comprised of $1 million upon acceptance by the FDA of the arimo
• $4 million — rst commercial sale of arimoclomol, and $4 million upon FDA approval of aldoxorubicin. All
• $120 million — d the right to receive up to a total of $120 million in milestone payments upon the achievem
• $100 million — Arimoclomol Agreement to approximately $100 million. Orphazyme also tested arimoclomol in N
• $12.8 million — ss activities for cash consideration of $12.8 million and assumption of liabilities estimated
• $5.2 million — lities estimated to equal approximately $5.2 million to KemPharm (the "KemPharm Transaction"

Filing Documents

• form10-k.htm (10-K) — 1513KB
• ex10-15.htm (EX-10.15) — 8KB
• ex10-16.htm (EX-10.16) — 8KB
• ex21-1.htm (EX-21.1) — 4KB
• ex23-1.htm (EX-23.1) — 4KB
• ex31-1.htm (EX-31.1) — 12KB
• ex31-2.htm (EX-31.2) — 12KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• ex10-15_001.jpg (GRAPHIC) — 361KB
• ex10-15_002.jpg (GRAPHIC) — 359KB
• ex10-15_003.jpg (GRAPHIC) — 422KB
• ex10-15_004.jpg (GRAPHIC) — 479KB
• ex10-15_005.jpg (GRAPHIC) — 482KB
• ex10-15_006.jpg (GRAPHIC) — 418KB
• ex10-15_007.jpg (GRAPHIC) — 324KB
• ex10-15_008.jpg (GRAPHIC) — 322KB
• ex10-15_009.jpg (GRAPHIC) — 48KB
• ex10-15_010.jpg (GRAPHIC) — 460KB
• ex10-15_011.jpg (GRAPHIC) — 468KB
• ex10-15_012.jpg (GRAPHIC) — 313KB
• ex10-16_001.jpg (GRAPHIC) — 514KB
• ex10-16_002.jpg (GRAPHIC) — 496KB
• ex10-16_003.jpg (GRAPHIC) — 517KB
• ex10-16_004.jpg (GRAPHIC) — 587KB
• ex10-16_005.jpg (GRAPHIC) — 583KB
• ex10-16_006.jpg (GRAPHIC) — 540KB
• ex10-16_007.jpg (GRAPHIC) — 447KB
• ex10-16_008.jpg (GRAPHIC) — 458KB
• ex10-16_009.jpg (GRAPHIC) — 244KB
• ex10-16_010.jpg (GRAPHIC) — 555KB
• ex10-16_011.jpg (GRAPHIC) — 564KB
• ex10-16_012.jpg (GRAPHIC) — 445KB
• 0001493152-24-011377.txt (&nbsp;) — 19999KB
• ladx-20231231.xsd (EX-101.SCH) — 39KB
• ladx-20231231_cal.xml (EX-101.CAL) — 56KB
• ladx-20231231_def.xml (EX-101.DEF) — 186KB
• ladx-20231231_lab.xml (EX-101.LAB) — 349KB
• ladx-20231231_pre.xml (EX-101.PRE) — 267KB
• form10-k_htm.xml (XML) — 676KB

SIGNATURES

SIGNATURES 70 2 NOTE ON FORWARD-LOOKING STATEMENTS References throughout this Annual Report on Form 10-K (the "Annual Report"), the "Company," "LadRx," "we," "us," and "our," except where the context requires otherwise, refer to LadRx Corporation. Some of the information contained in this Annual Report may include forward-looking statements that reflect our current views with respect to our research and development activities, business strategy, business plan, financial performance and other future events. These statements include forward-looking statements both with respect to us, specifically, and the biotechnology sector, in general. We make these statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Statements that include the words "expect," "intend," "plan," "believe," "project," "estimate," "may," "should," "anticipate," "will" and similar statements of a future or forward-looking nature identify forward-looking statements for purposes of the federal securities laws or otherwise. All forward-looking statements involve inherent risks and uncertainties, and there are or will be important factors that could cause actual results to differ materially from those indicated in these statements. We believe that these factors include, but are not limited to, those factors set forth in the sections entitled "Business," "Risk Factors," "Legal Proceedings," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Quantitative and Qualitative Disclosures About Market Risk" and "Controls and Procedures" in this Annual Report, all of which you should review carefully. Please consider our forward-looking statements in light of those risks as you read this Annual Report. We undertake no obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise, except as required by law. If one or more of these

Business

Business Strategy for LADR Platform With the non-dilutive financing concluded with XOMA (as defined below) in June 2023, the Company is now focused on completing the work necessary to file an IND application with the FDA for LADR7. For example, the Company recently completed the production of approximately 100 grams of LADR7 under GMP, which is sufficient to carry out final toxicology studies, and to initiate Phase IA studies in human subjects. The Company has also initiated the Good Laboratory Practices ("GLP") toxicology program that is expected to form the foundation of the IND application for LADR 7 to the FDA. Management expects the toxicology studies to be completed and the IND application for LADR 7 to be filed with the FDA by the end of the third quarter of 2024 or the beginning of the fourth quarter of 2024. Absent a clinical hold from the FDA, this timeline should allow the Company to be ready for first-patient dosing with LADR 7 by the end of 2024 (the period for the FDA review of an IND application is 30 days). If the Company encounters difficulties with the toxicology program or fails to meet the FDA's requirements for the IND, the first-patient dosing could be substantially delayed. Management will continue to explore in parallel both partnered and non-partnered funding and development strategies for LADR with a goal of obtaining the least costly capital possible to enable value inflection milestones. 6 Partnering of Aldoxorubicin On July 27, 2017, the Company entered into an exclusive worldwide license with ImmunityBio, Inc. (the "2017 License Agreement") (formerly known as NantCell, Inc., and which merged with NantKwest Inc. in March 2021 ("ImmunityBio")), granting to ImmunityBio the exclusive rights to develop, manufacture and commercialize aldoxorubicin in all indications. As a result, we are no longer directly working on the development of aldoxorubicin. As part of the 2017 License Agreement, ImmunityBio made a strategic investment of

View Full Filing

View this 10-K filing on SEC EDGAR