PharmaCyte Biotech Files 10-Q for October 2024

TL;DR

PharmaCyte Biotech filed its Q3 2024 10-Q. Check financials.

AI Summary

PharmaCyte Biotech, Inc. filed its 10-Q for the period ending October 31, 2024. The company reported financial results and provided updates on its business operations. Specific financial figures and operational details are available within the full filing.

Why It Matters

This filing provides investors with a quarterly update on PharmaCyte Biotech's financial health and operational progress, crucial for understanding the company's trajectory in the biotechnology sector.

Risk Assessment

Risk Level: medium — Biotech companies often carry higher risk due to the nature of drug development and regulatory hurdles.

Key Numbers

• 2024-10-31 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-12-13 — Filing Date (The date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• PharmaCyte Biotech, Inc. (company) — Filer of the 10-Q
• 2024-10-31 (date) — End of the reporting period
• 2024-12-13 (date) — Filing date
• LAGUNA HILLS, CA (location) — Company's business and mailing address

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, Par Value $0.0001 Per Share PMCB The Nasdaq Stock Mar
• $16 million — h and cash equivalents of approximately $16 million as of the filing of this Quarterly Repo

Filing Documents

• pharmacyte_i10q-103124.htm (10-Q) — 857KB
• pharmacyte_ex3101.htm (EX-31.1) — 9KB
• pharmacyte_ex3102.htm (EX-31.2) — 9KB
• pharmacyte_ex3201.htm (EX-32.1) — 5KB
• pharmacyte_ex3202.htm (EX-32.2) — 5KB
• 0001683168-24-008709.txt ( ) — 4857KB
• pmcb-20241031.xsd (EX-101.SCH) — 45KB
• pmcb-20241031_cal.xml (EX-101.CAL) — 50KB
• pmcb-20241031_def.xml (EX-101.DEF) — 194KB
• pmcb-20241031_lab.xml (EX-101.LAB) — 342KB
• pmcb-20241031_pre.xml (EX-101.PRE) — 303KB
• pharmacyte_i10q-103124_htm.xml (XML) — 582KB

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 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 38 Item 4. Mine Safety Disclosures 38 Item 5. Other Information 38 Item 6. Exhibits 39

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Information

Item 1. Financial Information. PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) October 31, 2024 April 30, 2024 ASSETS Current assets: Cash and cash equivalents $ 20,840,056 $ 50,179,968 Prepaid expenses and other current assets 493,213 259,800 Total current assets 21,333,269 50,439,768 Other assets: Intangible asset 1,549,427 1,549,427 Investment in preferred stock – TNF 24,855,000 – Convertible note receivable – Femasys 3,435,000 2,755,000 Warrant asset – Femasys 3,918,000 5,152,000 Other asset 7,688 7,688 Total other assets 33,765,115 9,464,115 Total Assets $ 55,098,384 $ 59,903,883 LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 348,595 $ 389,369 Accrued expenses 707,185 735,199 Accrued Series B convertible preferred stock redemption and dividends 3,720,458 6,296,696 Total current liabilities 4,776,238 7,421,264 Other liabilities: Warrant liability 6,871,000 10,784,000 Derivative liability – 2,184,000 Total other liabilities 6,871,000 12,968,000 Total Liabilities 11,647,238 20,389,264 Commitments and Contingencies (Notes 6 and 8) – Convertible Preferred Stock: Series B convertible preferred stock: authorized 35,000 shares, $ 0.0001 par value and $ 1,000 face value, 0 and 14,646 shares issued and outstanding excluding 2,979 and 5,833 shares subject to redemption as of October 31, 2024 and April 30, 2024, respectively. Liquidation preference of $ 0 and $ 15,060,421 , as of October 31, 2024 and April 30, 2024, respectively – 11,867,016 Stockholders' equity: Preferred stock, authorized 10,000,000 – – Series A preferred stock: authorized 1 share, $ 0.0001 par value and 0 shares issued and outstanding as of October 31, 2024 and April 30, 2024 – – Common stock: authorized 200,000,000 shares, $ 0.0001 par value; shares issued 21,672,095 , shares outstanding 7,034,259 as of

Financial Statements

Financial Statements. 3 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Revenue $ – $ – $ – $ – Operating expenses: Research and development costs 97,470 82,033 193,486 186,516 Compensation expense 283,333 229,159 672,817 469,157 Director fees 138,000 306,738 276,000 356,953 Legal and professional 469,685 519,073 980,241 844,301 General and administrative 117,572 272,517 252,403 1,627,919 Total operating expenses 1,106,060 1,409,520 2,374,947 3,484,846 Loss from operations ( 1,106,060 ) ( 1,409,520 ) ( 2,374,947 ) ( 3,484,846 ) Other income (expenses): Interest income 382,562 894,181 929,994 1,770,059 Change in fair value of warrant liability 1,829,000 4,075,000 3,913,000 2,623,000 Change in fair value of derivative liability 980,000 ( 769,000 ) 2,184,000 ( 1,299,000 ) Change in fair value of convertible note receivable 435,000 – 680,000 – Change in fair value of warrant asset - Femasys 276,000 – ( 1,234,000 ) – Change in fair value of investment - TNF ( 4,265,000 ) – ( 3,540,734 ) – Gain on related party investment - TNF – – 21,395,734 – Other expense ( 1,062 ) ( 765 ) ( 1,252 ) ( 2,614 ) Total other income, net ( 363,500 4,199,416 24,326,742 3,091,445 Net income (loss) ( 1,469,560 ) 2,789,896 21,951,795 ( 393,401 ) Preferred stock dividends ( 443,958 ) ( 586,886 ) ( 1,129,759 ) ( 906,735 ) Preferred stock accretion ( 1,045,357 ) ( 4,461,097 ) ( 3,193,404 ) ( 7,733,130 ) Net income (loss) attributable to common stockholders $ ( 2,958,875 ) $ ( 2,258,087 ) $ 17,628,632 $ ( 9,033,266 ) Basic and diluted income (loss) per share attributable to common stockholders $ ( 0.39 ) $ ( 0.26 ) $ 1.83 $ ( 0.85 ) Weighted average shares outstanding basic and diluted 7,637,034 8,765,134 7,751,708 10,683,514

Financial Statements

Financial Statements. 4 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (UNAUDITED) Three Months Ended October 31, Six Months Ended October 31, 2024 2023 2024 2023 Net income (loss) $ ( 1,469,560 ) $ 2,789,896 $ 21,951,795 $ ( 393,401 ) Other comprehensive income (loss): Foreign currency translation 61 ( 1,591 ) 244 ( 1,140 ) Other comprehensive income (loss) 61 ( 1,591 ) 244 ( 1,140 ) Comprehensive income (loss) $ ( 1,469,499 ) $ 2,788,305 $ 21,952,039 $ ( 394,541 ) See accompanying Notes to Condensed Consolidated

Financial Statements

Financial Statements. 5 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY THREE AND SIX MONTHS ENDED OCTOBER 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 ) $

Financial Statements

Financial Statements. 7 PHARMACYTE BIOTECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended October 31, 2024 2023 Cash flows from operating activities: Net income (loss) $ 21,951,795 $ ( 393,401 ) Adjustments to reconcile net loss to net cash used in operating activities: Gain on related party investment – TNF ( 21,395,734 ) – Stock-based compensation 341,832 – Change in fair value of warrant liability ( 3,913,000 ) ( 2,623,000 ) Change in fair value of derivative liability ( 2,184,000 ) 1,299,000 Change in fair value of convertible note receivable ( 680,000 ) – Change in fair value of warrant asset – Femasys 1,234,000 – Change in fair value of investment – TNF 3,540,734 – Change in assets and liabilities: Decrease in prepaid expenses and other current assets ( 233,413 ) ( 215,508 ) Increase (decrease) in accounts payable ( 40,775 ) ( 2,118 ) Increase (decrease) in accrued expenses ( 49,471 ) 293,632 Net cash provided by (used in) operating activities ( 1,428,032 ) ( 1,641,395 ) Cash flows from investing activities: Investment in preferred stock and warrants ( 7,000,000 ) – Net cash used in investing activities ( 7,000,000 ) – Cash flows from financing activities: Repurchase of common stock ( 2,145,708 ) ( 26,622,277 ) Proceeds from issuance of preferred stock – 33,650,075 Redemption of preferred stock ( 18,766,416 ) – Proceeds from warrant exercise – 70 Net cash provided by (used in) financing activities ( 20,912,124 ) 7,027,868 Effect of currency rate exchange on cash and cash equivalents 244 ( 1,140 ) Net increase (decrease) in cash and cash equivalents ( 29,339,912 ) 5,385,333 Cash and cash equivalents at beginning of the period 50,179,968 68,039,936 Cash and cash equivalents at end of the period $ 20,840,056 $ 73,425,269 Supplemental disclosure of cash flows information: Cash paid during the periods for income t

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 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") 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. 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 U.S. 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 informed the Company that it needs to conduct several additional preclin

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View this 10-Q filing on SEC EDGAR