Protagenic Therapeutics Files Q3 2024 10-Q

TL;DR

Protagenic Therapeutics (PTIX) filed its Q3 10-Q. Check financials.

AI Summary

Protagenic Therapeutics, Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Atrinsic, Inc. and NEW MOTION, INC., is incorporated in Delaware and operates in the Pharmaceutical Preparations sector. Their business address is in New York, NY.

Why It Matters

This filing provides investors with the latest financial and operational updates for Protagenic Therapeutics, Inc. as of September 30, 2024.

Risk Assessment

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

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-11-14 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Protagenic Therapeutics, Inc. (company) — Filer of the 10-Q
• Atrinsic, Inc. (company) — Former company name
• NEW MOTION, INC. (company) — Former company name
• 2024-09-30 (date) — End of reporting period
• 2024-11-14 (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) — 944KB
• ex31-1.htm (EX-31.1) — 20KB
• ex31-2.htm (EX-31.2) — 20KB
• ex32-1.htm (EX-32.1) — 11KB
• 0001493152-24-045913.txt ( ) — 4294KB
• ptix-20240930.xsd (EX-101.SCH) — 28KB
• ptix-20240930_cal.xml (EX-101.CAL) — 37KB
• ptix-20240930_def.xml (EX-101.DEF) — 159KB
• ptix-20240930_lab.xml (EX-101.LAB) — 277KB
• ptix-20240930_pre.xml (EX-101.PRE) — 212KB
• form10-q_htm.xml (XML) — 626KB

Financial Statements

Financial Statements: Consolidated Balance Sheets at September 30, 2024 and December 31, 2023 (unaudited) 3 Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (unaudited) 4 Consolidated Statements of Changes in Stockholders' Equity for the three and nine months ended September 30, 2024 and 2023 (unaudited) 5 Consolidated Statements of Cash Flows for the nine months ended September 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 16 Item 3

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 18 Item 4

Controls and Procedures

Controls and Procedures 19 Part II. Other Information Item 1

Legal Proceedings

Legal Proceedings 20 Item 1A

Risk Factors

Risk Factors 20 Item 2 Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 3 Defaults upon Senior Securities 20 Item 4 Mine Safety Disclosures 20 Item 5 Other Information 20 Item 6 Exhibits 20

Signatures

Signatures 21 2 PART I - FINANCIAL INFORMATION Item 1. Financial Statements PROTAGENIC THERAPEUTICS, INC., AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS (unaudited) September 30, 2024 December 31, 2023 ASSETS CURRENT ASSETS Cash $ 1,055,805 $ 1,287,893 Marketable securities - 2,768,119 Prepaid expenses 366,904 144,025 TOTAL CURRENT ASSETS 1,422,709 4,200,037 Equipment - net 85,618 123,332 TOTAL ASSETS $ 1,508,327 $ 4,323,369 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES Accounts payable and accrued expenses $ 669,079 $ 424,547 Accounts payable and accrued expenses - related party 120,241 230,705 Accounts payable and accrued expenses 120,241 230,705 TOTAL CURRENT LIABILITIES 789,320 655,252 TOTAL LIABILITIES 789,320 655,252 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 September 30, 2024, and December 31, 2023 - - Preferred stock, value - - Common stock, $ 0.0001 par value, 100,000,000 shares authorized, 4,804,947 and 4,435,132 shares issued and outstanding at September 30, 2024, and December 31, 2023 481 444 Additional paid-in-capital 35,598,247 34,559,091 Accumulated deficit ( 34,749,473 ) ( 30,777,872 ) Accumulated other comprehensive loss ( 130,248 ) ( 113,546 ) TOTAL STOCKHOLDERS' EQUITY 719,007 3,668,117 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 1,508,327 $ 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 mont

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View this 10-Q filing on SEC EDGAR