Scorpius Holdings Files Q2 10-Q, Details Warrant Valuations

TL;DR

Scorpius Holdings 10-Q filed. Warrant valuations detailed. Check financials.

AI Summary

Scorpius Holdings, Inc. (formerly NightHawk Biosciences, Inc. and HEAT BIOLOGICS, INC.) filed its 10-Q for the period ending June 30, 2024. The company, operating in pharmaceutical preparations, reported financial data for its fiscal year ending December 31. Key financial instruments like prefunded warrants and common warrants were valued using inputs such as share price and risk-free interest rates as of May 16, 2024.

Why It Matters

This filing provides insight into Scorpius Holdings' financial health and the valuation methods used for its financial instruments, which can impact investor perception and future capital raising efforts.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Scorpius Holdings is subject to inherent risks in drug development, regulatory approvals, and market competition.

Key Numbers

• 2834 — SIC Code (Industry classification for Pharmaceutical Preparations)

Key Players & Entities

• Scorpius Holdings, Inc. (company) — Filer
• NightHawk Biosciences, Inc. (company) — Former company name
• HEAT BIOLOGICS, INC. (company) — Former company name
• 20240630 (date) — Reporting period end date
• 20240819 (date) — Filing date
• 2024-05-16 (date) — Valuation input date

FAQ

Key Financial Figures

• $0.0002 — were 3,116,268 shares of Common Stock, $0.0002 par value per share, outstanding. Tabl

Filing Documents

• scpx-20240630x10q.htm (10-Q) — 1853KB
• scpx-20240630xex31d1.htm (EX-31.1) — 26KB
• scpx-20240630xex31d2.htm (EX-31.2) — 27KB
• scpx-20240630xex32d1.htm (EX-32.1) — 12KB
• scpx-20240630xex32d2.htm (EX-32.2) — 13KB
• 0001558370-24-012376.txt ( ) — 9531KB
• scpx-20240630.xsd (EX-101.SCH) — 72KB
• scpx-20240630_cal.xml (EX-101.CAL) — 92KB
• scpx-20240630_def.xml (EX-101.DEF) — 281KB
• scpx-20240630_lab.xml (EX-101.LAB) — 655KB
• scpx-20240630_pre.xml (EX-101.PRE) — 503KB
• scpx-20240630x10q_htm.xml (XML) — 1655KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 2 Consolidated Balance Sheets as of June 30, 2024 (unaudited) and December 31, 2023 2 Consolidated Statements of Operations and Comprehensive Loss (unaudited) for the three and six months ended June 30, 2024 and June 30, 2023 3 Consolidated Statements of Stockholders' Equity (unaudited) for the three and six months ended June 30, 2024 and June 30, 2023 4 Consolidated Statements of Cash Flows (unaudited) for the six months ended June 30, 2024 and June 30, 2023 6 Notes to the 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 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34

—OTHER INFORMATION

PART II—OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 39 Item 6. Exhibits 40

SIGNATURES

SIGNATURES 42 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 manufacturing operations and other operations, our ability to develop products of commercial value and to identify 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 Commission (the "SEC"). Readers are cautioned that these forward-looking statements are only prediction

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SCORPIUS HOLDINGS, INC. Consolidated Balance Sheets June 30, December 31, 2024 2023 (unaudited) Current Assets Cash and cash equivalents $ 1,472,112 $ 184,925 Short-term investments 34,424 2,206,555 Accounts receivable 1,319,618 375,192 Contingent consideration receivable, related party — 268,000 Prepaid expenses and other current assets 557,855 817,029 Inventory 70,827 909,158 Total Current Assets 3,454,836 4,760,859 Property and Equipment, net 15,239,066 17,587,337 Operating lease right-of-use asset 5,475,951 6,041,439 Finance lease right-of-use asset 19,317,122 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 $ 46,687,847 $ 51,037,627 Liabilities and Stockholders' Equity Current Liabilities Accounts payable $ 3,796,793 $ 4,109,947 Deferred revenue, current portion 2,197,239 2,359,441 Operating lease liability, current portion 451,513 524,208 Finance lease liability, current portion 900,321 904,681 Accrued expenses and other liabilities 2,735,403 2,201,861 Non-convertible promissory note payable, related party 740,000 — Total Current Liabilities 10,821,269 10,100,138 Long Term Liabilities Convertible promissory note payable, related party 1,940,000 — Deferred revenue, net of current portion 226,500 30,000 Operating lease liability, net of current portion 3,288,323 3,597,014 Financing lease liability, net of current portion 8,551,199 9,016,140 Total Liabilities 24,827,291 22,743,292 Commitments and Contingencies (Note 14 and 15) Stockholders' Equity Common stock, $ 0.0002 par value; 250,000,000 shares authorized, 493,268 and 131,097 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 99 26 Additional paid-in capital 293,187,709 285,718,456

View Full Filing

View this 10-Q filing on SEC EDGAR