Lipella Pharmaceuticals Reports Q2 Grant Revenue

TL;DR

Lipella Pharma finally got some grant money! Q2 revenue is $103k vs $0 last year.

AI Summary

Lipella Pharmaceuticals Inc. filed its 10-Q for the period ending June 30, 2024. The company reported grant revenues of $103,256 for the second quarter of 2024, a significant increase from $0 in the same period of 2023. For the first six months of 2024, grant revenues were $103,256, compared to $0 for the first six months of 2023. The company's fiscal year ends on December 31.

Why It Matters

This filing indicates a potential shift in Lipella Pharmaceuticals' revenue streams, moving from zero grant revenue to a positive figure, which could signal progress in their research or funding efforts.

Risk Assessment

Risk Level: medium — The company's reliance on grant revenue and lack of other reported revenue streams suggests a high degree of financial risk.

Key Numbers

• $103,256 — Grant Revenues (Q2 2024) (Represents the first reported grant revenue for the quarter.)
• $103,256 — Grant Revenues (YTD 2024) (Represents the first reported grant revenue for the year-to-date period.)
• $0 — Grant Revenues (Q2 2023) (Indicates no grant revenue was recognized in the prior year's comparable quarter.)

Key Players & Entities

• Lipella Pharmaceuticals Inc. (company) — Filer of the 10-Q
• 20240630 (date) — End of reporting period
• $103,256 (dollar_amount) — Grant revenues for Q2 2024
• $0 (dollar_amount) — Grant revenues for Q2 2023

FAQ

Key Financial Figures

• $0.0001 — registered Common Stock, par value $0.0001 per share LIPO The Nasdaq Stock Mar
• $0 — tockholders' equity: Preferred stock, $0 .0001 par value; 20,000,000 shares au
• $0.5232 — the Series A Preferred Stock issuance, $0.5232 per share, is $ 0.0768 per share less
• $1.00 — ment to maintain a minimum bid price of $1.00 per share of its Common Stock, as set f

Filing Documents

• g084352_10q.htm (10-Q) — 842KB
• g084352_ex31-1.htm (EX-31.1) — 13KB
• g084352_ex31-2.htm (EX-31.2) — 13KB
• g084352_ex32-1.htm (EX-32.1) — 8KB
• g084352_ex32-2.htm (EX-32.2) — 8KB
• 0001753926-24-001419.txt ( ) — 4272KB
• lipo-20240630.xsd (EX-101.SCH) — 35KB
• lipo-20240630_cal.xml (EX-101.CAL) — 40KB
• lipo-20240630_def.xml (EX-101.DEF) — 92KB
• lipo-20240630_lab.xml (EX-101.LAB) — 258KB
• lipo-20240630_pre.xml (EX-101.PRE) — 195KB
• g084352_10q_htm.xml (XML) — 688KB

Financial Statements

Financial Statements. 1 Condensed Balance Sheets as of June 30, 2024 (Unaudited) and December 31, 2023 1 Condensed Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Statements of Changes in Stockholders' Equity (Deficit) (Unaudited) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2024 and 2023 4 Notes to Condensed Financial Statements (Unaudited) 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. 14 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 Part II. OTHER INFORMATION 25 Item 1. Legal Proceedings. 25 Item 1A. Risk Factors. 25 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 25 Item 3. Defaults upon Senior Securities. 25 Item 4. Mine Safety Disclosures. 25 Item 5. Other Information. 26 Item 6. Exhibits. 26

Signatures

Signatures 27 References in this Quarterly Report on Form 10-Q to the "Company," "Lipella," "we," "us," or "our" mean Lipella Pharmaceuticals Inc. unless otherwise expressly stated or the context indicates otherwise. i PART I. FINANCIAL INFORMATION Item 1. Financial Statements. Lipella Pharmaceuticals Inc. CONDENSED BALANCE SHEETS June 30, 2024 (unaudited) December 31, 2023 Assets Current Assets Cash and cash equivalents $ 1,186,506 $ 3,293,738 Grants receivable 35,332 32,286 Prepaid expenses 858,989 103,256 Total Current Assets 2,080,827 3,429,280 Property and Equipment Furniture, fixtures and equipment 140,294 140,294 Furniture, fixtures and equipment (accumulated depreciation) ( 128,987 ) ( 127,544 ) Furniture and fixtures, net 11,307 12,750 Other Assets Operating lease right of use asset 91,978 135,144 Total Assets 2,184,112 3,577,174 Liabilities and Stockholders' Equity Current liabilities Accounts payable 178,361 138,016 Accrued expenses 126,999 77,280 Operating lease liability 93,679 89,223 Payroll liability 81,274 80,836 Total Current Liabilities 480,313 385,355 Operating lease liability, net of current portion — 47,371 Total Liabilities 480,313 432,726 Stockholders' equity: Preferred stock, $0 .0001 par value; 20,000,000 shares authorized; - 0 - shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively $ — $ — Common stock, $ .0001 par value; 200,000,000 shares authorized, 7,605,636 shares issued and outstanding at June 30, 2024 and 6,053,956 shares issued and outstanding at December 31, 2023 761 605 Subscription receivable — — Additional paid-in capital 14,156,836 13,467,686 Accumulated deficit ( 12,453,799 ) ( 10,323,843 ) Total stockholders' equity 1,703,798 3,144,448 Total liabilities and stockholders' equity $ 2,184,111 $ 3,577,174 The accompanying notes are an integral part of these condensed financi

View Full Filing

View this 10-Q filing on SEC EDGAR