PharmaCyte Biotech, Inc. Files 10-Q for Period Ending January 31, 2024

TL;DR

<b>PharmaCyte Biotech, Inc. has filed its quarterly report (10-Q) for the period ending January 31, 2024.</b>

AI Summary

PharmaCyte Biotech, Inc. (PMCB) filed a Quarterly Report (10-Q) with the SEC on March 18, 2024. PharmaCyte Biotech, Inc. filed a 10-Q report for the period ending January 31, 2024. The filing covers the third quarter of their fiscal year. The company's fiscal year ends on April 30th. PharmaCyte Biotech, Inc. was formerly known as NUVILEX, INC. and EFOODSAFETY COM INC. The company is in the BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) industry.

Why It Matters

For investors and stakeholders tracking PharmaCyte Biotech, Inc., this filing contains several important signals. This filing provides investors with an update on the company's financial performance and operational status for the third quarter of its fiscal year. Understanding the details within this 10-Q is crucial for assessing PharmaCyte's progress in its biological products business and its financial health.

Risk Assessment

Risk Level: low — PharmaCyte Biotech, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate significant positive or negative indicators.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand PharmaCyte's operational performance and future outlook.

Key Numbers

• 2024-01-31 — Period End Date (Quarterly report period)
• 2024-03-18 — Filing Date (Date the report was filed)
• 0430 — Fiscal Year End (Company's fiscal year end month/day)
• 2023-05-01 — Fiscal Year Start Date (Start of the current fiscal year)

Key Players & Entities

• PharmaCyte Biotech, Inc. (company) — Filer name
• 2024-01-31 (date) — Period of report
• 2024-03-18 (date) — Filed as of date
• 2836 (industry_code) — Standard Industrial Classification
• NV (state) — State of incorporation
• 0430 (date) — Fiscal year end
• NUVILEX, INC. (company) — Former company name
• EFOODSAFETY COM INC (company) — Former company name

FAQ

Industry Context

PharmaCyte Biotech operates within the biotechnology sector, specifically focusing on biological products.

Regulatory Implications

The company is subject to standard SEC regulations for public filings, including the requirement to submit 10-Q reports quarterly.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow.
2. Review the Management's Discussion and Analysis for insights into operational performance.
3. Check for any new disclosures regarding clinical trials, partnerships, or regulatory developments.

Year-Over-Year Comparison

This is the 10-Q filing for the period ending January 31, 2024, providing an update from previous filings.

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 Per Share PMCB The Nasdaq Stock Mar

Filing Documents

• pharmacyte_i10q-013124.htm (10-Q) — 1035KB
• 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) — 4KB
• 0001683168-24-001525.txt (&nbsp;) — 5604KB
• pmcb-20240131.xsd (EX-101.SCH) — 46KB
• pmcb-20240131_cal.xml (EX-101.CAL) — 52KB
• pmcb-20240131_def.xml (EX-101.DEF) — 219KB
• pmcb-20240131_lab.xml (EX-101.LAB) — 351KB
• pmcb-20240131_pre.xml (EX-101.PRE) — 329KB
• pharmacyte_i10q-013124_htm.xml (XML) — 808KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 26 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 36 Item 4.

Controls and Procedures

Controls and Procedures 36 PART II. OTHER INFORMATION 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 39

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Information

Item 1. Financial Information. PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) January 31, 2024 April 30, 2023 ASSETS Current assets: Cash and cash equivalents $ 61,210,328 $ 68,039,936 Prepaid expenses and other current assets 297,762 107,681 Total current assets 61,508,090 68,147,617 Other assets: Intangibles 3,549,427 3,549,427 Investment in SG Austria 1,572,193 1,572,193 Convertible note receivable 2,012,000 – Warrant asset 2,710,000 – Other assets 7,688 7,688 Total other assets 9,851,308 5,129,308 Total Assets $ 71,359,398 $ 73,276,925 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 484,198 $ 128,281 Accrued expenses 774,439 458,300 Accrued Series B convertible preferred stock redemptions and dividends 6,280,102 – Total current liabilities 7,538,739 586,581 Other liabilities: Warrant liability 11,494,000 – Derivative liability 3,433,000 – Total other liabilities 14,927,000 – Total Liabilities 22,465,739 586,581 Commitments and Contingencies (Notes 7 and 9) – – Convertible Preferred Stock: Series B convertible preferred stock: authorized 35,000 shares, $ 0.0001 par value and $ 1,000 face value, 23,397 and 0 shares issued and outstanding excluding 8,083 and 0 shares subject to redemption as of January 31, 2024 and April 30, 2023, respectively. Liquidation preference of $ 23,769,945 and 0 , as of January 31, 2024 and April 30, 2023, respectively 17,518,700 – Stockholders' equity: Preferred stock, authorized 10,000,000 shares – – Series A preferred stock: authorized 1 share, $ 0.0001 par value and 0 shares issued and outstanding as of January 31, 2024 and April 30, 2023 – – Common stock, authorized: 200,000,000 shares, $ 0.0001 par value; 21,672,078 shares issued and 8,521,159 shares outstanding as of January 31, 2024 and 21,602,078 shares issued and 16,793,980 shares

Financial Statements

Financial Statements. 3 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Revenue $ – $ – $ – $ – Operating expenses: Research and development costs 126,732 45,393 313,248 382,662 Compensation expense 620,777 251,556 1,089,934 979,694 Director fees 638,762 795,969 995,715 951,031 Legal and professional 230,772 103,180 1,075,073 2,454,227 General and administrative 251,903 356,885 1,879,822 784,597 Total operating expenses 1,868,946 1,552,983 5,353,792 5,552,211 Loss from operations ( 1,868,946 ) ( 1,552,983 ) ( 5,353,792 ) ( 5,552,211 ) Other income (expenses): Interest income 881,662 635,889 2,651,721 1,214,562 Change in fair value of warrant liability 10,000 – 2,633,000 – Change in fair value of derivative liability 636,000 – ( 663,000 ) – Change in fair value of convertible note receivable 138,000 – 138,000 – Change in fair value of warrant asset ( 416,000 ) – ( 416,000 ) – Other income (expense), net ( 253 ) 152,958 ( 2,867 ) 147,994 Total other income, net 1,249,409 788,847 4,340,854 1,362,556 Net loss ( 619,537 ) ( 764,136 ) ( 1,012,938 ) ( 4,189,655 ) Preferred stock dividends ( 781,507 ) – ( 1,688,242 ) – Preferred stock accretion ( 4,219,069 ) – ( 11,995,681 ) – Net loss attributable to common stockholders $ ( 5,620,113 ) $ ( 764,136 ) $ ( 14,696,861 ) $ ( 4,189,655 ) Basic and diluted loss per share attributable to common stockholders $ ( 0.65 ) $ ( 0.04 ) $ ( 1.47 ) $ ( 0.21 ) Weighted average shares outstanding basic and diluted 8,606,957 18,995,442 9,991,326 20,051,617 See accompanying Notes to Condensed Consolidated

Financial Statements

Financial Statements. 4 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) Three Months Ended January 31, Nine Months Ended January 31, 2024 2023 2024 2023 Net loss $ ( 619,537 ) $ ( 764,136 ) $ ( 1,012,938 ) $ ( 4,189,655 ) Other comprehensive loss: Foreign currency translation 1,070 ( 2,554 ) ( 70 ) ( 1,970 ) Other comprehensive income (loss) 1,070 ( 2,554 ) ( 70 ) ( 1,970 ) Comprehensive loss $ ( 618,467 ) $ ( 766,690 ) $ ( 1,013,008 ) $ ( 4,191,625 ) See accompanying Notes to Condensed Consolidated

Financial Statements

Financial Statements. 5 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY NINE MONTHS ENDED JANUARY 31, 2024 AND 2023 (UNAUDITED) Preferred Stock Common Stock Additional Paid-in Treasury Stock Accumulated Accumulated Other Comprehensive Total Stockholders' Shares Amount Shares Amount Capital Shares Amount Deficit Loss Equity Balance, April 30, 2023 – $ – 21,602,078 $ 2,160 $ 202,230,583 ( 4,808,098 ) $ ( 13,560,623 ) $ ( 115,958,773 ) $ ( 23,003 ) $ 72,690,344 Stock issued for warrant exercise – – 70,000 7 63 – – – – 70 Accrued preferred stock dividends – – – – ( 319,849 ) – – – ( 319,849 ) Preferred stock accretion – 3,272,033 – – ( 3,272,033 ) – – – – ( 3,272,033 ) Foreign currency translation adjustment – – – – – – – – 451 451 Net loss – – – – – – – ( 3,183,297 ) – ( 3,183,297 ) Repurchase of common stock – – – – – ( 8,085,879 ) ( 26,721,897 ) – – ( 26,721,897 ) Issuance of Series B Preferred Stock, net of discounts and issuance costs of $ 18,246,925 35,000 16,753,075 – – – – – – – – Balance, July 31, 2023 35,000 20,025,108 21,672,078 2,167 198,638,764 ( 12,893,977 ) ( 40,282,520 ) ( 119,142,070 ) ( 22,552 ) 39,193,789 Series B preferred stock subject to redemption ( 3,520 ) ( 3,188,536 ) – – – – – – – – Series B preferred stock dividends – – – – ( 586,886 ) – – – – ( 586,886 ) Preferred stock accretion – 4,461,097 – – ( 4,461,097 ) – – – – ( 4,461,097 ) Repurchase of common stock – – – – – ( 78,109 ) ( 166,603 ) – – ( 166,603 ) Foreign currency translation adjustment – – – – – – – – ( 1,591 ) ( 1,591 ) Net income – – – – – – – 2,789,896 – 2,789,896 Balance, October 31, 2023 31,480 21,297,669 21,672,078 2,167 193,590,781 ( 12,972,086 ) ( 40,449,123 ) ( 116,352,174 ) ( 24,143 ) 36,767

Financial Statements

Financial Statements. 7 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Nine Months Ended January 31, 2024 2023 Cash flows from operating activities: Net loss $ ( 1,012,938 ) $ ( 4,189,655 ) Adjustments to reconcile net loss to net cash used in operating activities: Other non-cash expense – 165,868 Stock issued for services – 2,278 Stock issued for compensation – 7,334 Stock-based compensation 674,693 638,072 Change in fair value of warrant liability ( 2,633,000 ) – Change in fair value of derivative liability 663,000 – Change in fair value of convertible note receivable ( 138,000 ) – Change in fair value of warrant asset 416,000 – Change in assets and liabilities: Increase in prepaid expenses and other current assets ( 190,081 ) ( 86,836 ) Increase in accounts payable 355,918 74,706 Increase (decrease) in accrued expenses 45,909 ( 117,110 ) Net cash used in operating activities ( 1,818,499 ) ( 3,505,343 ) Cash flows from investing activities: Investment - note receivable and warrants ( 5,000,000 ) – Net cash used in investing activities ( 5,000,000 ) – Cash flows from financing activities: Repurchase of common stock ( 27,022,987 ) ( 9,254,005 ) Proceeds from issuance of preferred stock, net of transaction costs 33,650,075 – Redemption of preferred stock ( 6,638,197 ) – Proceeds from warrant exercise 70 880 Net cash used in financing activities ( 11,039 ) ( 9,253,125 ) Effect of currency rate exchange on cash and cash equivalents ( 70 ) ( 1,970 ) Net decrease in cash and cash equivalents ( 6,829,608 ) ( 12,760,438 ) Cash and cash equivalents at beginning of the periods 68,039,936 85,400,656 Cash and cash equivalents at end of the periods $ 61,210,328 $ 72,640,218 Supplemental disclosure of cash flows information: Cash paid during the periods for income taxes $ 1,600 $ – Supplemental schedule of non-cash in

Financial Statements

Financial Statements. 8 PHARMACYTE BIOTECH, INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 – NATURE OF BUSINESS PharmaCyte Biotech, Inc. ("Company") is a biotechnology company focused on developing cellular therapies for cancer, diabetes and malignant ascites 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 locally advanced, inoperable pancreatic cancer ("LAPC") will be developed. The current generation of the Company's product candidate is referred to as "CypCaps." The Company is a Nevada corporation incorporated in 1996. In 2013, the Company restructured its operations to focus on biotechnology. The Company acquired licenses from SG Austria Pte. Ltd., a Singapore corporation ("SG Austria") to treat cancer and Austrianova Singapore Pte. Ltd., a Singapore corporation ("Austrianova Singapore") to treat diabetes using the Cell-in-the-Box technology. The restructuring resulted in the Company focusing all its efforts upon the development of a novel, effective and safe way to treat cancer and diabetes. In January 2015, the Company changed its name from Nuvilex, Inc. to PharmaCyte Biotech, Inc. to reflect the nature of its current business. In October 2021, the Company moved its headquarters from Laguna Hills, California to Las Vegas, Nevada. On September 1, 2020, the Company submitted an Investigational New Drug Application ("IND") to the United States Food and Drug Administration ("FDA") for a planned clinical trial in LAPC. On October 1, 2020, the Company received notice from the FDA that it had placed the IND on clinical hold. On October 30, 2020, the FDA sent a letter to the Company setting forth the reasons for the clinical hold and specific guidance on what the Company must do to have the clinical hold lifted. To lift the clinical hold, the FDA

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View this 10-Q filing on SEC EDGAR