Oncotelic Therapeutics Files Q3 2024 10-Q

TL;DR

Oncotelic Therapeutics filed its Q3 2024 10-Q. Financials and operations details inside.

AI Summary

Oncotelic Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Mateon Therapeutics Inc. and Oxigene Inc., is based in Agoura Hills, CA. The filing covers financial information and business operations for the third quarter and the year-to-date period.

Why It Matters

This filing provides investors with the latest financial performance and operational updates for Oncotelic Therapeutics, crucial for understanding the company's current standing and future prospects in the pharmaceutical sector.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Oncotelic Therapeutics is subject to inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 2024-09-30 — Period End Date (Covers financial data up to this date.)
• 2024-11-19 — Filing Date (Date the 10-Q was submitted to the SEC.)

Key Players & Entities

• Oncotelic Therapeutics, Inc. (company) — Filer
• Mateon Therapeutics Inc. (company) — Former company name
• Oxigene Inc. (company) — Former company name
• 20240930 (date) — Period of report
• 20241119 (date) — Filing date

FAQ

Filing Documents

• form10-q.htm (10-Q) — 1753KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-046867.txt ( ) — 8692KB
• otlc-20240930.xsd (EX-101.SCH) — 62KB
• otlc-20240930_cal.xml (EX-101.CAL) — 47KB
• otlc-20240930_def.xml (EX-101.DEF) — 311KB
• otlc-20240930_lab.xml (EX-101.LAB) — 433KB
• otlc-20240930_pre.xml (EX-101.PRE) — 377KB
• form10-q_htm.xml (XML) — 1555KB

SIGNATURES

SIGNATURES 55 2 PART I – FINANCIAL INFORMATION Item 1. Financial Statements ONCOTELIC THERAPEUTICS, INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Unaudited) September 30, December 31, 2024 2023 ASSETS Current assets: Cash $ 149,018 $ 170,405 Restricted cash 20,000 $ 20,000 Accounts receivable 18,976 18,976 Prepaid & other current assets 51,036 62,356 Total current assets 239,030 271,737 In process R&D 1,101,760 1,101,760 Goodwill, net of impairment 2,788,230 5,988,230 Investment in GMP Bio at fair value 22,653,225 22,653,225 Total assets $ 26,782,245 $ 30,014,952 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 2,462,123 $ 2,437,321 Accounts payable - related party 345,543 344,099 Contingent consideration 2,625,000 2,625,000 Derivative liability on notes 282,386 423,214 Convertible and short-term debt, net of costs 7,743,936 8,066,957 Convertible debt and short-term debt - related party, net of costs 2,898,392 2,608,356 Convertible debt and short-term debt, net of costs 2,898,392 2,608,356 Total current liabilities 16,357,380 16,504,947 Convertible long-term debt, net of costs 2,167,893 1,898,468 Convertible long-term debt, related party 125,000 - Convertible long-term debt, net of costs 125,000 - Total noncurrent liabilities 2,292,893 1,898,468 Total liabilities 18,650,273 18,403,415 Commitments and contingencies (Note 14) - - Stockholders' equity: Common stock, $ .01 par value; 750,000,000 shares authorized; 407,289,618 and 399,184,128 issued and outstanding, respectively 4,072,899 3,991,839 Additional paid-in capital 42,219,400 41,655,026 Accumulated deficit ( 37,439,735 ) ( 33,516,736 ) Total Oncotelic Therapeutics, Inc. stockholders' equity 8,852,564 12,130,129 Non-controlling interests ( 720,592 ) ( 518,592 ) Total stockholders' equity 8,131,972 11,611,537 Tot

Financial Statements

Financial Statements. Equity Purchase Agreement In May 2021, the Company entered into an Equity Purchase Agreement (the " EPL ") and Registration Rights Agreement (the " Registration Rights Agreement ") with Peak One Opportunity Fund, L.P. (" Peak One "), pursuant to which the Company shall have the right, but not the obligation, to direct Peak One to purchase up to $ 10.0 million (the " Maximum Commitment Amount ") in shares of the common stock, par value $ 0.01 per share (" Common Stock ") in multiple tranches. The Company filed a post-effective amendment for the EPL on April 12, 2024 with the SEC and the SEC has made the post-effective amendment effective on April 22, 2024. The Company filed a prospectus under rule 424b3 with the SEC on April 26, 2024. For more information on the EPL, refer to Note 10 of the Notes to the Unaudited Consolidated Financial Statements. 9 August 2021 Notes In August 2021, the Company issued Note Purchase Agreements with Autotelic Inc., the Company's Chief Financial Officer (" CFO "), and certain other accredited investors. Under the terms of the Note Purchase Agreements, the Company issued an aggregate of $ 698,500 (the " Principal Amount ") in debt in the form of unsecured convertible promissory notes (collectively, the "Notes" ). The Notes are unsecured, and provide for interest at the rate of 5 % per annum. For more information on the debt financing of the Company, refer to Note 5 of the Notes to the Consolidated Financial Statements. November-December 2021 and March 2022 Notes In November / December 2021, the Company entered into various Securities Purchase Agreements with Talos Victory Fund, LLC (the ("Talos"), Mast Hill Fund, LP ("Mast"), FirstFire Global Opportunities Fund, LLC ("FirstFire"), Blue Lake Partners, LLC ("Blue Lake") and Fourth Man, LLC ("Fourth Man"), pursuant to which the Company issued convertible promissory notes in the aggregate principal amount of $ 0.25 million each, aggregating gross $ 1.25 m

View Full Filing

View this 10-Q filing on SEC EDGAR