PharmaCyte Biotech Files Annual 10-K

TL;DR

PharmaCyte Biotech filed its 10-K for FY24. All systems go.

AI Summary

PharmaCyte Biotech, Inc. filed its 10-K for the fiscal year ending April 30, 2024. The company, formerly known as NuVilex, Inc., is focused on biological products. Their business address is located at 23046 Avenida de la Carlota, Suite 600, Laguna Hills, CA 92653.

Why It Matters

This filing provides a comprehensive overview of PharmaCyte Biotech's financial health and operational status for the past fiscal year, which is crucial for investors and stakeholders to assess the company's performance and future prospects.

Risk Assessment

Risk Level: medium — As a biotech company, PharmaCyte Biotech is subject to inherent risks related to drug development, regulatory approvals, and market competition, which are typical for the industry.

Key Players & Entities

• PharmaCyte Biotech, Inc. (company) — Filer of the 10-K
• NuVilex, Inc. (company) — Former name of PharmaCyte Biotech
• 23046 Avenida de la Carlota, Suite 600, Laguna Hills, CA 92653 (location) — Business and mailing address
• 04302024 (date) — Fiscal year end date

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 Per Share PMCB The Nasdaq Stock Mark
• $500,000 — ty interest in SG Austria. We paid: (i) $500,000 to retire all outstanding debt of Bio B
• $1.0 million — tanding debt of Bio Blue Bird; and (ii) $1.0 million to SG Austria. We also paid SG Austria
• $1,572,193 — to SG Austria. We also paid SG Austria $1,572,193 in exchange for a 14.5% equity interest
• $900,000 — erm Sheet Amendments required us to pay $900,000 to Austrianova. The Binding Term Sheet

Filing Documents

• pharmacyte_i10k-043024.htm (10-K) — 1822KB
• pharmacyte_ex0402.htm (EX-4.2) — 19KB
• pharmacyte_ex1901.htm (EX-19.1) — 60KB
• pharmacyte_ex2101.htm (EX-21.1) — 2KB
• pharmacyte_ex2301.htm (EX-23.1) — 2KB
• pharmacyte_ex2302.htm (EX-23.2) — 2KB
• pharmacyte_ex3101.htm (EX-31.1) — 9KB
• pharmacyte_ex3102.htm (EX-31.2) — 9KB
• pharmacyte_ex3201.htm (EX-32.1) — 4KB
• pharmacyte_ex3202.htm (EX-32.2) — 5KB
• pharmacyte_ex9701.htm (EX-97.1) — 37KB
• image_001.gif (GRAPHIC) — 4KB
• 0001683168-24-005575.txt ( ) — 7147KB
• pmcb-20240430.xsd (EX-101.SCH) — 48KB
• pmcb-20240430_cal.xml (EX-101.CAL) — 58KB
• pmcb-20240430_def.xml (EX-101.DEF) — 240KB
• pmcb-20240430_lab.xml (EX-101.LAB) — 393KB
• pmcb-20240430_pre.xml (EX-101.PRE) — 366KB
• pharmacyte_i10k-043024_htm.xml (XML) — 809KB

BUSINESS

BUSINESS 1 ITEM 1A.

RISK FACTORS

RISK FACTORS 33 ITEM 1B. UNRESOLVED STAFF COMMENTS 79 ITEM 1C. CYBERSECURITY 79 ITEM 2.

PROPERTIES

PROPERTIES 80 ITEM 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 80 ITEM 4. MINE SAFETY DISCLOSURES 80 PART II ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES. 81 ITEM 6. [RESERVED] 82 ITEM 7.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 82 ITEM 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 90 ITEM 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 90 ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURES 90 ITEM 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 90 ITEM 9B. OTHER INFORMATION 91 ITEM 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 91 PART III ITEM 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 92 ITEM 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 98 ITEM 12.

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS

SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS 103 ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 105 ITEM 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 106 ITEM 15. EXHIBITS 107 ITEM 16. FORM 10-K SUMMARY 112 i Cautionary Note Regarding Forward-Looking Statements This Annual Report on Form 10-K ("Report") includes "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are inherently regarding the plans and objectives of management for future operations, any statements concerning proposed new products or services, any such as "may," "will," "should," "believes," "intends," "expects," "plans," "anticipates," "estimates," "goal," "aim," "potential" or "continue," or the negative thereof or other comparable terminology. Although we believe that the expectations reflected in the forward-looking statements contained in this Report are reasonable, there can be no assurance that such expectations or any of the forward-looking statements will prove to be correct, and actual results could differ materially from those projected or assumed in the forward-looking statements. Thus, investors should refer to and carefully review information in future documents we file with the U.S. Securities and Exchange Commission ("Commission"). Our future financial condition and results of operations, as well

BUSINESS

ITEM 1. BUSINESS. We are a biotechnology company focused on developing cellular therapies for cancer based upon a proprietary cellulose-based live cell encapsulation technology known as "Cell-in-a-Box." The Cell-in-a-Box technology is intended to be used as a platform upon which therapies for several types of cancer, including LAPC, will be developed. The current generation of our product candidate is referred to as "CypCaps." During the year ended April 30, 2024, we determined that research and development in the treatment of diabetes would no longer be pursued. On August 15, 2022, we entered into a Cooperation Agreement (the "Cooperation Agreement") with Iroquois Master Fund Ltd. and its affiliates, pursuant to which we elected a reconstituted board of directors (the "Board"). On November 17, 2023, the Board formed the Strategic Scientific Committee (the "Scientific Committee"), chaired by Dr. Michael Abecassis. The Scientific Committee and our independent consultants are reviewing many of the risks relative to our business. In addition, the Board is reviewing risks associated with our development programs and our relationship with SG Austria Pte. Ltd ("SG Austria"), including that all licensed patents have expired and that know-how relating to our Cell-in-a-Box technology solely resides with SG Austria. The Board has reduced spending on our programs, including pre-clinical and clinical activities, until the review by the Scientific Committee and the Board is complete and the Board has determined the actions and plans to be implemented. The Scientific Committee's recommendations will include potentially seeking a new framework for our relationship with SG Austria and its subsidiaries. We are reevaluating those programs which are dependent on SG Austria and the U.S. Food and Drug Administration's (the "FDA") acceptance of its technologies, including our development programs for locally advanced, inoperable, non-metastatic pancreatic cancer ("LAPC"). Our reevalu

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View this 10-K filing on SEC EDGAR