Protagenic Therapeutics Files Q2 2024 10-Q

TL;DR

Protagenic Therapeutics (PTIX) filed its Q2 10-Q. Check financials.

AI Summary

Protagenic Therapeutics, Inc. filed its 10-Q for the period ending June 30, 2024. The company, formerly known as Atrinsic, Inc., is based in New York and operates in the pharmaceutical preparations sector. The filing covers the second quarter of their fiscal year, which ends on December 31st.

Why It Matters

This filing provides investors with a quarterly update on Protagenic Therapeutics' financial health and operational status, crucial for understanding the company's performance and future prospects.

Risk Assessment

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

Key Numbers

• 10-Q — Form Type (Quarterly Report)
• 20240630 — Period End Date (Financial reporting period)
• 20240814 — Filing Date (Date the report was submitted to the SEC)

Key Players & Entities

• Protagenic Therapeutics, Inc. (company) — Filer
• Atrinsic, Inc. (company) — Former company name
• NEW YORK (location) — Business Address City
• 20240630 (date) — Period of Report
• 20240814 (date) — Filing Date

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 PTIX Nasdaq Capital Market Commo

Filing Documents

• form10-q.htm (10-Q) — 662KB
• ex31-1.htm (EX-31.1) — 11KB
• ex31-2.htm (EX-31.2) — 11KB
• ex32-1.htm (EX-32.1) — 6KB
• 0001493152-24-032349.txt ( ) — 3629KB
• ptix-20240630.xsd (EX-101.SCH) — 27KB
• ptix-20240630_cal.xml (EX-101.CAL) — 35KB
• ptix-20240630_def.xml (EX-101.DEF) — 146KB
• ptix-20240630_lab.xml (EX-101.LAB) — 261KB
• ptix-20240630_pre.xml (EX-101.PRE) — 199KB
• form10-q_htm.xml (XML) — 498KB

Financial Statements

Financial Statements: Consolidated Balance Sheets at June 30, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the three and six months ended June 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the six months ended June 30, 2024 and 2023 (unaudited) 6

Notes to Consolidated Financial Statements (unaudited)

Notes to Consolidated Financial Statements (unaudited) 7 Item 2

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 15 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 17 Item 4

Controls and Procedures

Controls and Procedures 17 Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 18 Item 1A

Risk Factors

Risk Factors 18 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 3 Defaults upon Senior Securities 18 Item 4 Mine Safety Disclosures 19 Item 5 Other Information 19 Item 6 Exhibits 19

Signatures

Signatures 20 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements PROTAGENIC THERAPEUTICS, INC., AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (unaudited) June 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash $ 924,596 $ 1,287,893 Marketable securities - 2,768,119 Prepaid expenses 444,292 144,025 TOTAL CURRENT ASSETS 1,368,888 4,200,037 Equipment - net 98,189 123,332 TOTAL ASSETS $ 1,467,077 $ 4,323,369 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 576,500 $ 439,757 Accounts payable and accrued expenses - related party 98,059 215,495 Accounts payable and accrued expenses 98,059 215,495 TOTAL CURRENT LIABILITIES 674,559 655,252 TOTAL LIABILITIES 674,559 655,252 STOCKHOLDERS' EQUITY Preferred stock, $ 0.000001 par value; 20,000,000 shares authorized; none shares issued and outstanding in the following classes: Preferred stock; par value $ 0.000001 ; 2,000,000 shares authorized; none issued and outstanding - - Series B convertible preferred stock, $ 0.000001 par value; 18,000,000 shares authorized; 0 and 0 shares issued and outstanding at June 30, 2024, and December 31, 2023 - - Preferred stock, value - - Common stock, $ 0.0001 par value, 100,000,000 shares authorized, 4,467,266 and 4,435,132 shares issued and outstanding at June 30, 2024, and December 31, 2023 447 444 Additional paid-in-capital 35,030,919 34,559,091 Accumulated deficit ( 34,108,688 ) ( 30,777,872 ) Accumulated other comprehensive loss ( 130,160 ) ( 113,546 ) TOTAL STOCKHOLDERS' EQUITY 792,518 3,668,117 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,467,077 $ 4,323,369 See accompanying notes to the unaudited consolidated financial statements 3 PROTAGENIC THERAPEUTICS, INC., AND SUBSIDIARY CONSOLIDATED (unaudited) 2024 2023 2024 2023 For the three months ended June 30,

View Full Filing

View this 10-Q filing on SEC EDGAR