Pure Bioscience Files Q3 2024 10-Q

TL;DR

PURE 10-Q filed: Q3 FY24 results out. Check financials.

AI Summary

Pure Bioscience, Inc. filed its 10-Q for the period ending April 30, 2024, reporting on its financial performance. The company's fiscal year ends on July 31. Specific financial figures and operational details for the third quarter and year-to-date periods are detailed within the filing.

Why It Matters

This filing provides investors and stakeholders with an update on Pure Bioscience's financial health and operational status for the third quarter of fiscal year 2024.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's risk profile.

Key Numbers

• 2024-04-30 — Reporting Period End Date (Indicates the end of the financial reporting period covered by the 10-Q.)
• 2024-06-14 — Filing Date (The date the 10-Q was officially submitted to the SEC.)
• 0731 — Fiscal Year End (Specifies the end date of the company's fiscal year.)

Key Players & Entities

• PURE BIOSCIENCE, INC. (company) — Filer
• 20240430 (date) — Period of Report
• 20240614 (date) — Filing Date
• 0731 (date) — Fiscal Year End

FAQ

Key Financial Figures

• $0.01 — ction 12(g) of the Act: Common Stock, $0.01 par value Indicate by check mark whet

Filing Documents

• form10-q.htm (10-Q) — 590KB
• ex31-1.htm (EX-31.1) — 19KB
• ex31-2.htm (EX-31.2) — 19KB
• ex32-1.htm (EX-32.1) — 10KB
• ex32-2.htm (EX-32.2) — 10KB
• 0001493152-24-023869.txt ( ) — 3240KB
• pure-20240430.xsd (EX-101.SCH) — 21KB
• pure-20240430_cal.xml (EX-101.CAL) — 31KB
• pure-20240430_def.xml (EX-101.DEF) — 112KB
• pure-20240430_lab.xml (EX-101.LAB) — 216KB
• pure-20240430_pre.xml (EX-101.PRE) — 168KB
• form10-q_htm.xml (XML) — 398KB

Financial Statements

Financial Statements 3 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 22 Item 4.

Controls and Procedures

Controls and Procedures 22 PART II OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 23 Item 1A.

Risk Factors

Risk Factors 23 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 24 Item 3. Defaults Upon Senior Securities 24 Item 4. Mine Safety Disclosures 24 Item 5. Other Information 24 Item 6. Exhibits 25

Signatures

Signatures 26 2 Part I - Financial Information Item 1. Financial Statements PURE Bioscience, Inc. Condensed Consolidated Balance Sheets April 30, 2024 July 31, 2023 (Unaudited) Assets Current assets Cash and cash equivalents $ 442,000 $ 1,095,000 Accounts receivable 234,000 285,000 Inventories, net 74,000 88,000 Restricted cash 75,000 75,000 Prepaid expenses 44,000 61,000 Total current assets 869,000 1,604,000 Property, plant and equipment, net 51,000 221,000 Total assets $ 920,000 $ 1,825,000 Liabilities and stockholders' equity (deficiency) Current liabilities Accounts payable $ 506,000 $ 422,000 Accrued liabilities 160,000 110,000 Total current liabilities 666,000 532,000 Long-term liabilities Note payable to related parties 2,400,000 1,021,000 Total long-term liabilities 2,400,000 1,021,000 Total liabilities 3,066,000 1,553,000 Commitments and contingencies - - Stockholders' equity (deficiency) Preferred stock, $ 0.01 par value: 5,000,000 shares authorized, no shares issued and outstanding — — Common stock, $ 0.01 par value: 150,000,000 shares authorized, 111,856,473 shares issued and outstanding at April 30, 2024, and July 31, 2023 1,119,000 1,119,000 Additional paid-in capital 132,574,000 132,398,000 Accumulated deficit ( 135,839,000 ) ( 133,245,000 ) Total stockholders' equity (deficiency) ( 2,146,000 ) 272,000 Total liabilities and stockholders' equity (deficiency) $ 920,000 $ 1,825,000 See accompanying notes. 3 PURE Bioscience, Inc. Condensed Consolidated Statements of Operations (Unaudited) 2024 2023 2024 2023 Nine Months Ended Three months Ended April 30, April 30, 2024 2023 2024 2023 Net product sales $ 1,483,000 $ 1,269,000 $ 440,000 $ 406,000 Royalty revenue 6,000 6,000 1,000 1,000 Total revenue 1,489,000 1,275,000 441,000 407,000 Cost of goods sold 612,000 625,000 183,000 211,000 Gross prof

financial statements

financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, or ASC 280, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment's profit or loss. The update also requires all annual disclosures about a reportable segment's profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, including the significant segment expense disclosures. This standard will be effective for the Company on January 1, 2024 and interim periods beginning in fiscal year 2025, with early adoption permitted. The updates required by this standard should be applied retrospectively to all periods presented in the financial statements. The Company does not expect this standard to have a material impact on its results of operations, financial position or cash flows. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company's present or future financial statements. 5. Debt Note Purchase Agreements with Related Parties March 2024 Note Purchase Agreement On March 22, 2024, the Company entered into a Note Purchase Agreement, or the 2024 Note Purchase Agreement, with certain accredited investors, or Lenders, pursuant to which the Company issued the Lenders convertible promissory notes, or the 2024 Notes, collectively with the 2024 Note Purchase Agreement, the 2024 Note Documents, with an aggregate principal balance of $ 500,000 , or the 2024 Private Placement. The 2024 No

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