Scorpius Holdings Files Q1 2024 10-Q

TL;DR

Scorpius Holdings (SCPX) Q1 2024 10-Q is in. Check financials.

AI Summary

Scorpius Holdings, Inc. filed its 10-Q for the period ending March 31, 2024. The company, formerly known as NightHawk Biosciences, Inc. and HEAT BIOLOGICS, INC., reported financial results for the first quarter of 2024. Key financial data points such as common stock, retained earnings, and additional paid-in capital as of March 31, 2024, and comparative periods are detailed in the filing.

Why It Matters

This filing provides investors with the latest financial performance and position of Scorpius Holdings, Inc. for the first quarter of 2024, crucial for understanding the company's ongoing operations and financial health.

Risk Assessment

Risk Level: medium — As a pharmaceutical preparations company, Scorpius Holdings operates in a highly regulated and competitive industry, which inherently carries significant risks.

Key Numbers

• 26,219,964 — Common Stock (As of March 31, 2024)
• 36,031,964 — Additional Paid-In Capital (As of March 31, 2024)

Key Players & Entities

• Scorpius Holdings, Inc. (company) — Filer of the 10-Q
• NightHawk Biosciences, Inc. (company) — Former name of Scorpius Holdings, Inc.
• HEAT BIOLOGICS, INC. (company) — Former name of Scorpius Holdings, Inc.
• 20240331 (date) — End of the reporting period
• 20240528 (date) — Filing date

FAQ

Key Financial Figures

• $0.0002 — were 96,664,869 shares of Common Stock, $0.0002 par value per share, outstanding. Tabl

Filing Documents

• scpx-20240331x10q.htm (10-Q) — 1452KB
• scpx-20240331xex31d1.htm (EX-31.1) — 26KB
• scpx-20240331xex31d2.htm (EX-31.2) — 27KB
• scpx-20240331xex32d1.htm (EX-32.1) — 11KB
• scpx-20240331xex32d2.htm (EX-32.2) — 13KB
• 0001558370-24-008693.txt ( ) — 8265KB
• scpx-20240331.xsd (EX-101.SCH) — 68KB
• scpx-20240331_cal.xml (EX-101.CAL) — 87KB
• scpx-20240331_def.xml (EX-101.DEF) — 264KB
• scpx-20240331_lab.xml (EX-101.LAB) — 612KB
• scpx-20240331_pre.xml (EX-101.PRE) — 467KB
• scpx-20240331x10q_htm.xml (XML) — 1360KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of March 31, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the three months ended March 31, 2024 and March 31, 2023 3 Consolidated Statements of Stockholders' Equity (unaudited) for the three months ended March 31, 2024 and March 31, 2023 4 Consolidated Statements of Cash Flows (unaudited) for the three months ended March 31, 2024 and March 31, 2023 5 Notes to the Consolidated Financial Statements (unaudited) 6 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 24 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 4.

Controls and Procedures

Controls and Procedures 29

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 33 Item 3. Defaults Upon Senior Securities 33 Item 4. Mine Safety Disclosures 33 Item 5. Other Information 33 Item 6. Exhibits 34

SIGNATURES

SIGNATURES 36 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements, other than statements of historical facts, contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future operations, future financial position, future revenues, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "estimate," "expect," "intend," "may," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue" and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are not guarantees of future performance and our actual results could differ materially from the results discussed in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, our ability to raise additional capital to support our biodefense program, our manufacturing operations and other operations, our ability to develop products of commercial value and to identify, discover and obtain rights to additional potential product candidates, the outcome of research and development activities, our reliance on third-parties, the timing of completion of construction of the planned manufacturing facility in Kansas, our ability to successfully operate a manufacturing facility, competitive developments, the effect of current and future legislation and regulation and regulatory actions, as well as other risks described more fully in this Quarterly Report on Form 10-Q and our other filings with the Securities and Exchange Commiss

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SCORPIUS HOLDINGS, INC. Consolidated Balance Sheets March 31, December 31, 2024 2023 (unaudited) Current Assets Cash and cash equivalents $ 1,554,844 $ 184,925 Short-term investments 129,238 2,206,555 Accounts receivable 535,028 375,192 Contingent consideration receivable, related party - 268,000 Prepaid expenses and other current assets 1,167,571 817,029 Inventory 1,446,019 909,158 Total Current Assets 4,832,700 4,760,859 Property and Equipment, net 16,852,172 17,587,337 Operating lease right-of-use asset 5,720,932 6,041,439 Finance lease right-of-use asset 19,895,432 20,473,742 Other assets 203,135 203,135 Deposits 277,737 251,115 Contingent earn-out receivable, related party 2,720,000 1,720,000 Total Assets $ 50,502,108 $ 51,037,627 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 4,987,070 $ 4,109,947 Deferred revenue, current portion 364,759 2,359,441 Operating lease liability, current portion 489,361 524,208 Finance lease liability, current portion 902,287 904,681 Accrued expenses and other liabilities 3,999,372 2,201,861 Convertible note payable, related party 2,081,750 — Total Current Liabilities 12,824,599 10,100,138 Long Term Liabilities Deferred revenue, net of current portion 226,500 30,000 Operating lease liability, net of current portion 3,406,122 3,597,014 Financing lease liability, net of current portion 8,787,408 9,016,140 Total Liabilities 25,244,629 22,743,292 Commitments and Contingencies (Note 11 and 15) Stockholders' Equity Common stock, $ 0.0002 par value; 250,000,000 shares authorized, 36,031,964 and 26,219,964 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 7,207 5,244 Additional paid-in capital 287,251,109 285,713,238 Accumulated deficit ( 258,788,376 ) ( 254,370,827 ) Accumulated

View Full Filing

View this 10-Q filing on SEC EDGAR