Palisade Bio, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Palisade Bio, Inc. filed its Q1 2024 10-Q, detailing financial performance and corporate actions including warrant agreements and stock offerings.</b>

AI Summary

PALISADE BIO, INC. (PALI) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Palisade Bio, Inc. filed a 10-Q for the period ending March 31, 2024. The filing details financial activities and business operations for Q1 2024. Key events include warrant agreements and stock offerings in late 2023 and early 2024. The company is involved in the biological products sector, SIC code 2836. Palisade Bio, Inc. was formerly known as Seneca Biopharma, Inc. and Neuralstem, Inc.

Why It Matters

For investors and stakeholders tracking PALISADE BIO, INC., this filing contains several important signals. This 10-Q provides investors with an updated view of Palisade Bio's financial health and operational status as of March 31, 2024. Understanding the details of warrant agreements and stock offerings is crucial for assessing potential dilution and capital structure changes.

Risk Assessment

Risk Level: — PALISADE BIO, INC. shows moderate risk based on this filing. The company operates in the biopharmaceutical sector, which is inherently high-risk due to long development cycles, regulatory hurdles, and clinical trial failures, as evidenced by the nature of its business (biological products).

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to assess the company's current financial position and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report)
• 2024-05-13 — Filing Date (10-Q submission)
• 2836 — SIC Code (Biological Products (No Diagnostic Substances))

Key Players & Entities

• PALISADE BIO, INC. (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-13 (date) — Filing date
• 0000950170-24-058644 (filing_id) — Accession number
• Seneca Biopharma, Inc. (company) — Former company name
• Neuralstem, Inc. (company) — Former company name
• Carlsbad, CA (location) — Business address

FAQ

Risk Factors

• Dependence on Key Personnel [medium — operational]: The company's success is heavily reliant on the continued service of its key management and scientific personnel.
• Need for Additional Financing [high — financial]: The company anticipates needing additional capital to fund its operations and development activities.
• Regulatory Approval Process [high — regulatory]: The development and commercialization of the company's products are subject to stringent regulatory review and approval processes.

Key Dates

• 2024-03-31: Quarter End — End of reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially submitted to the SEC

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operations for the quarter.)

Warrants

Financial instruments that give the holder the right, but not the obligation, to purchase a company's stock at a specific price. (Indicates potential future dilution of existing shares and a source of capital for the company.)

Key Financial Figures

• $0.01 — nge on which registered Common Stock, $0.01 par value PALI Nasdaq Capital Marke
• $0 — re were 937,562 shares of common stock, $0 .01 par value, outstanding. Palisade

Filing Documents

• pali-20240331.htm (10-Q) — 1419KB
• pali-ex31_1.htm (EX-31.1) — 15KB
• pali-ex31_2.htm (EX-31.2) — 15KB
• pali-ex32_1.htm (EX-32.1) — 11KB
• 0000950170-24-058644.txt (&nbsp;) — 5781KB
• pali-20240331.xsd (EX-101.SCH) — 985KB
• pali-20240331_htm.xml (XML) — 789KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29 PART II - OTHER INFORMATION 31 Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 50 Item 3. Defaults Upon Senior Securities 50 Item 4. Mine Safety Disclosure 50 Item 5. Other Information 50 Item 6. Exhibits 51

SIGNATURES

SIGNATURES 57 i PA RT I FINANCIAL I NFORMATION

UNAUDITED CO NDENSED CONSOLIDATED FINANCIAL STATEMENTS

ITEM 1. UNAUDITED CO NDENSED CONSOLIDATED FINANCIAL STATEMENTS Palisade Bio, Inc. Condensed Consolidate d Bal ance Sheets (Unaudited) (in thousands, except share and per share amounts) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 11,276 $ 12,432 Prepaid expenses and other current assets 737 896 Total current assets 12,013 13,328 Restricted cash 26 26 Property and equipment, net 5 10 Operating lease right-of-use asset 170 198 Other noncurrent assets 438 490 Total assets $ 12,652 $ 14,052 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 459 $ 698 Accrued liabilities 1,670 831 Accrued compensation and benefits 213 778 Current portion of operating lease liability 125 121 Insurance financing debt — 158 Total current liabilities 2,467 2,586 Warrant liability 2 2 Contingent consideration obligation 61 61 Operating lease liability, net of current portion 58 90 Total liabilities 2,588 2,739 Commitments and contingencies (Note 8) Stockholders' equity: Series A Convertible Preferred Stock, $ 0.01 par value, 7,000,000 shares authorized; 200,000 issued and outstanding at March 31, 2024 and December 31, 2023 2 2 Common stock, $ 0.01 par value; 280,000,000 shares authorized; 851,302 and 618,056 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 8 6 Additional paid-in capital 135,087 132,811 Accumulated deficit ( 125,033 ) ( 121,506 ) Total stockholders' equity 10,064 11,313 Total liabilities and stockholders' equity $ 12,652 $ 14,052 The accompanying notes are an integral part of these condensed consolidated financial statements. Palisade Bio, Inc. Condensed Consolidated Sta tements of Operations (Unaudited) (in thousands, except share and per share amounts) Three Months Ended March

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View this 10-Q filing on SEC EDGAR