MyMD Pharmaceuticals, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>MyMD Pharmaceuticals, Inc. has filed its Q1 2024 10-Q report, detailing financial performance and corporate information.</b>

AI Summary

MyMD Pharmaceuticals, Inc. (QCLS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. MyMD Pharmaceuticals, Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Akers Biosciences, Inc. The filing covers the first quarter of 2024. The company's fiscal year ends on December 31st. The business address is located in Baltimore, MD.

Why It Matters

For investors and stakeholders tracking MyMD Pharmaceuticals, Inc., this filing contains several important signals. This 10-Q filing provides investors with a quarterly update on MyMD Pharmaceuticals' financial health and operational status. Understanding the details within this report is crucial for assessing the company's progress in its fiscal year and its strategic direction.

Risk Assessment

Risk Level: low — MyMD Pharmaceuticals, Inc. shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant financial distress or major positive developments.

Analyst Insight

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

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-15 — Filing Date (Date the 10-Q was filed)
• 2835 — SIC Code (Standard Industrial Classification for In Vitro & In Vivo Diagnostic Substances)

Key Players & Entities

• MyMD Pharmaceuticals, Inc. (company) — Filer name
• Akers Biosciences, Inc. (company) — Former company name
• 2024-03-31 (date) — Period of report
• 2024-05-15 (date) — Filing date
• Baltimore, MD (location) — Business address

FAQ

Industry Context

MyMD Pharmaceuticals operates within the In Vitro & In Vivo Diagnostic Substances industry.

Regulatory Implications

The company is subject to standard SEC reporting requirements for public companies, including the filing of quarterly 10-Q reports.

What Investors Should Do

1. Analyze the financial statements for revenue, expenses, and cash flow.
2. Review any management discussion and analysis (MD&A) for insights into operations and strategy.
3. Check for any new disclosures regarding risks, legal matters, or significant corporate events.

Key Dates

• 2024-03-31: Quarter End — End of the reporting period for the 10-Q
• 2024-05-15: Filing Date — Date the 10-Q was officially submitted to the SEC

Year-Over-Year Comparison

This is the 10-Q filing for the first quarter of 2024, following the previous 10-K annual report and potentially other 10-Q filings from prior quarters.

Key Financial Figures

• $0.001 — red: Shares of Common Stock par value $0.001 per share MYMD The Nasdaq Stock Mar
• $6.60 — ayment is due or (B) a "Floor Price" of $6.60 (subject to adjustment for stock splits

Filing Documents

• form10-q.htm (10-Q) — 1213KB
• ex4-1.htm (EX-4.1) — 31KB
• ex31-1.htm (EX-31.1) — 18KB
• ex31-2.htm (EX-31.2) — 18KB
• ex32-1.htm (EX-32.1) — 7KB
• ex32-2.htm (EX-32.2) — 7KB
• 0001493152-24-019976.txt (&nbsp;) — 6956KB
• mymd-20240331.xsd (EX-101.SCH) — 55KB
• mymd-20240331_cal.xml (EX-101.CAL) — 50KB
• mymd-20240331_def.xml (EX-101.DEF) — 262KB
• mymd-20240331_lab.xml (EX-101.LAB) — 461KB
• mymd-20240331_pre.xml (EX-101.PRE) — 357KB
• form10-q_htm.xml (XML) — 1110KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

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 35 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 46 Item 4.

Controls and Procedures

Controls and Procedures 46

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 47 Item 1A.

Risk Factors

Risk Factors 47 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 47 Item 3. Defaults Upon Senior Securities 47 Item 4. Mine Safety Disclosures 47 Item 5. Other Information 48 Item 6. Exhibits 48

Signatures

Signatures 50 2 PART I - Financial Information I tem 1. Financial Statements. MYMD PHARMACEUTICALS, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets March 31, 2024 and December 31, 2023 (unaudited) March 31, 2024 December 31, 2023 As of March 31, 2024 December 31, 2023 (unaudited) (audited) ASSETS Current Assets Cash $ 225,655 $ 2,681,010 Marketable Securities 1,509,358 2,242,106 Prepaid expenses 725,159 893,226 Total Current Assets 2,460,172 5,816,342 Non-Current Assets Lease Right-of-Use 34,904 47,389 Goodwill 10,498,539 10,498,539 Investment in Oravax Medical 1,500,000 1,500,000 Total Non-Current Assets 12,033,443 12,045,928 Total Assets $ 14,493,615 $ 17,862,270 LIABILITIES Current Liabilities Trade and Other Payables $ 3,861,232 $ 3,716,218 Due to MyMD FL Shareholders 29,982 29,982 Lease Liability 35,981 48,870 Dividends Payable 45,828 265,019 Derivative Liability - 61,000 Warrant Liability - 867,000 Total Current Liabilities 3,973,023 4,988,089 Non-Current Liabilities Deferred Compensation Payable, net of current 279,615 100,538 Total Non-Current Liabilities 279,615 100,538 Total Liabilities 4,252,638 5,088,627 Commitments and Contingencies - - Mezzanine Equity Series F Convertible Preferred Stock, 15,000 shares designated, par value $ 0,001 and a stated value of $ 1,000 per share, 4,988 and 6,633 shares issued and outstanding as of March 31, 2024 and December 31, 2023. Liquidation preference of $ 4,988,000 plus dividends at 10 % per annum of $ 45,828 as of March 31, 2024 4,880,528 6,500,278 Series F Convertible Preferred Stock - Discount ( 3,530,365 ) ( 4,702,023 ) Series F Convertible Preferred Stock - Derivative ( 1,046,778 ) ( 1,394,184 ) Total Mezzanine Equity 303,385 404,071 SHAREHOLDERS' EQUITY Preferred Stock, par value $ 0.001 , 50,000,000 total preferred shares authorized Series D Convertible Preferr

View Full Filing

View this 10-Q filing on SEC EDGAR