Onconetix, Inc. Files Q1 2024 10-Q Report

Ticker: ONCO · Form: 10-Q · Filed: May 20, 2024 · CIK: 1782107

Sentiment: neutral

Topics: 10-Q, quarterly-report, company-information

TL;DR

**Onconetix (ONCO) filed its Q1 10-Q. Formerly Blue Water Biotech.**

AI Summary

Onconetix, Inc. filed its 10-Q for the quarterly period ended March 31, 2024. The company, formerly known as Blue Water Biotech, Inc. and Blue Water Vaccines Inc., is incorporated in Delaware and operates in the Pharmaceutical Preparations sector. Its business address is in Cincinnati, Ohio.

Why It Matters

This filing provides investors with an update on Onconetix, Inc.'s financial performance and operational status for the first quarter of 2024.

Risk Assessment

Risk Level: low — This is a routine quarterly filing providing basic company information and reporting period details.

Key Players & Entities

FAQ

What is the SEC file number for Onconetix, Inc.'s 10-Q filing?

The SEC file number is 001-41294.

When was Onconetix, Inc. formerly known as Blue Water Biotech, Inc.?

The company changed its name from Blue Water Biotech, Inc. on April 24, 2023.

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

The SIC code is 2834, which corresponds to Pharmaceutical Preparations.

In which state is Onconetix, Inc. incorporated?

Onconetix, Inc. is incorporated in Delaware.

What is the business phone number listed for Onconetix, Inc.?

The business phone number is 513-620-4101.

Filing Stats: 4,442 words · 18 min read · ~15 pages · Grade level 18.5 · Accepted 2024-05-20 16:05:48

Key Financial Figures

Filing Documents

Management's Discussion and Analysis of Financial Condition and

Management's Discussion and Analysis of Financial Condition and Results of Operations. 32 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 42 Item 4.

Controls and Procedures

Controls and Procedures. 42 PART II. OTHER INFORMATION 45 Item 1. Legal Proceedings. 45 Item 1A. Risk Factors. 45 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 48 Item 3. Defaults Upon Senior Securities. 48 Item 4. Mine Safety Disclosures. 48 Item 5. Other Information. 48 Item 6. Exhibits. 49

Signatures

Signatures 50 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Readers are cautioned that known and unknown risks, uncertainties and other factors, including those over which we may have no control and others listed in the "Risk Factors" section of this Report, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future, although not all forward-looking known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance or achievement to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements include, but are not limited to, statements about: our financial position and estimated cash burn rate; our estimates regarding expenses, future revenues and capital requirements; our ability to continue as a going concern; our need to raise substantial additional capital to fund our operations and repay indebtedness; our ability to commercialize or monetize ENTADFI and Proclarix and integrate the assets and c

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ONCONETIX, INC. Condensed Consolidated Balance Sheets March 31, 2024 December 31, 2023 (Unaudited) ASSETS Current assets Cash $ 4,463,870 $ 4,554,335 Accounts receivable, net 252,792 149,731 Inventories 396,312 364,052 Prepaid expenses and other current assets 1,181,723 770,153 Total current assets 6,294,697 5,838,271 Prepaid expenses, long-term 7,792 17,423 Property and equipment, net 56,763 60,654 Deferred offering costs 366,113 366,113 Operating right of use asset 109,360 148,542 Intangible assets, net 21,453,555 25,410,887 Goodwill 46,743,319 55,676,142 Total assets $ 75,031,599 $ 87,518,032 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 4,251,394 $ 5,295,114 Accrued expenses 1,936,014 2,199,867 Notes payable, net of debt discounts of $ 198,699 and $ 381,627 at March 31, 2024 and December 31, 2023, respectively 10,406,394 9,618,373 Note payable – related party, net of debt discount of $ 225,226 and $ 0 at March 31, 2024 and December 31, 2023, respectively 4,774,774 — Operating lease liability, current 62,480 74,252 Contingent warrant liability 2,641 2,641 Total current liabilities 21,433,697 17,190,247 Note payable 110,871 118,857 Subscription agreement liability – related party 637,600 864,000 Pension benefit obligation 321,132 556,296 Operating lease liability, net of current portion 46,880 74,290 Deferred tax liability, net 2,743,246 3,073,781 Total liabilities 25,293,426 21,877,471 Commitments and Contingencies (see Note 10) Series B Convertible Redeemable Preferred stock, $ 0.00001 par value, 2,700,000 shares authorized at March 31, 2024 and December 31, 2023; 2,696,729 shares issued and outstanding at March 31, 2024 and December 31, 2023 64,236,085 64,236,085 Stockholders' equity (deficit) Series A Convertible Preferred stock

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