Silo Pharma, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Silo Pharma, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and corporate information.</b>

AI Summary

Silo Pharma, Inc. (SILO) filed a Annual Report (10-K) with the SEC on March 25, 2024. Silo Pharma, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The company's common stock trades under the symbol SILO on The Nasdaq Stock Market LLC. Silo Pharma, Inc. is incorporated in Nevada and its principal executive offices are located in Sarasota, Florida. The company was formerly known as Uppercut Brands, Inc., Point Capital, Inc., and Gold Swap Inc. Silo Pharma, Inc. is classified as a smaller reporting company and a non-accelerated filer.

Why It Matters

For investors and stakeholders tracking Silo Pharma, Inc., this filing contains several important signals. This filing provides a comprehensive overview of Silo Pharma's operations and financial standing for the fiscal year 2023, which is crucial for investors to assess the company's performance and future prospects. As a publicly traded company, the 10-K filing is a mandatory disclosure that offers transparency into the company's business, risks, and financial health, impacting investor confidence and decision-making.

Risk Assessment

Risk Level: low — Silo Pharma, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate material news, indicating a routine disclosure process.

Analyst Insight

Investors should review the full 10-K filing for detailed financial statements, risk factors, and management's discussion and analysis to form an informed opinion on Silo Pharma's current position and outlook.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the report)
• 20240325 — Filing Date (Date the report was filed)
• 001-41512 — Commission File Number (SEC registration number)
• 27-3046338 — IRS Employer Identification No. (Tax identification number)

Key Players & Entities

• Silo Pharma, Inc. (company) — Filer name
• SILO (company) — Trading symbol
• The Nasdaq Stock Market LLC (company) — Exchange where common stock is registered
• Nevada (company) — State of incorporation
• Sarasota, FL (company) — Principal executive offices location
• Uppercut Brands, Inc. (company) — Former company name
• Point Capital, Inc. (company) — Former company name
• Gold Swap Inc (company) — Former company name

FAQ

Industry Context

Silo Pharma, Inc. operates within the apparel and finished products sector, as indicated by its SIC code, though its specific business activities are not detailed in this excerpt.

Regulatory Implications

The filing is made in accordance with Section 13 or 15(d) of the Securities Exchange Act of 1934, requiring annual reports from public companies.

What Investors Should Do

1. Review the complete Form 10-K for detailed financial statements and disclosures.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties facing Silo Pharma.
3. Examine the 'Management's Discussion and Analysis of Financial Condition and Results of Operations' for insights into business performance.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-25: Filing Date — The date Silo Pharma, Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This is the annual report for the fiscal year ended December 31, 2023, following previous filings required by the SEC.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share SILO The Nasdaq Sto
• $2.05 — ice of the registrant's common stock of $2.05 on the NASDAQ as of that date. Number

Filing Documents

• ea0201957-10k_silopharma.htm (10-K) — 1386KB
• ea020195701ex4-1_silophar.htm (EX-4.1) — 27KB
• ea020195701ex21-1_silophar.htm (EX-21.1) — 2KB
• ea020195701ex23-1_silophar.htm (EX-23.1) — 3KB
• ea020195701ex31-1_silophar.htm (EX-31.1) — 12KB
• ea020195701ex31-2_silophar.htm (EX-31.2) — 12KB
• ea020195701ex32-1_silophar.htm (EX-32.1) — 6KB
• ea020195701ex97-1_silophar.htm (EX-97.1) — 65KB
• image_001.jpg (GRAPHIC) — 65KB
• image_002.jpg (GRAPHIC) — 65KB
• 0001213900-24-025615.txt (&nbsp;) — 6966KB
• silo-20231231.xsd (EX-101.SCH) — 66KB
• silo-20231231_cal.xml (EX-101.CAL) — 35KB
• silo-20231231_def.xml (EX-101.DEF) — 309KB
• silo-20231231_lab.xml (EX-101.LAB) — 581KB
• silo-20231231_pre.xml (EX-101.PRE) — 307KB
• ea0201957-10k_silopharma_htm.xml (XML) — 523KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 28 Item 1C. Cybersecurity 28 Item 2.

Properties

Properties 28 Item 3

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 29 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 29 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 40 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 40 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 41 Item 9C. Disclosure regarding foreign jurisdictions that prevent inspections 41 PART III Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 46 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 51 Item 13. Certain Relationships and Related Transactions, and Director Independence 53 Item 14. Principal Accountant Fees and Services 53 PART IV Item 15. Exhibits, Financial Statement Schedules 54 Item 16. Form 10-K Summary 56

Signatures

Signatures 57 i CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking report, including statements regarding our strategy, future operations, future financial position, future revenue, projected costs, prospects, plans and objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking "expect," "plan,", "anticipate," "believe," "estimate," "intend," "predict," "seek," "contemplate," "project," "continue," "potential," "ongoing" or the negative of these terms or other comparable terminology. Any forward-looking statements are qualified in their entirety by reference to the risk factors discussed throughout this Annual Report on Form 10-K. Some of the risks, uncertainties and assumptions that could cause actual results to differ materially from estimates or projections contained in the forward-looking statements include, but are not limited to: our ability to obtain additional funds for our operations; our financial performance; risks relating to the timing and costs of clinical trials and the timing and costs of other expenses; risks related to market acceptance of products; intellectual property risks; the impact of government regulation and developments relating to our competitors or our industry; our competitive position; our industry environment; our anticipated financial and operating results, including anticipated sources of revenues; assumptions regarding the size of the available market, benefits of our products, product pricing and timing of product launches; our estimates of our expenses, losses, future revenue and capital requirements, including our needs for additional financing; our ability to at

forward-looking statements, by these cautionary statements

forward-looking statements, by these cautionary statements. ii RISK FACTOR SUMMARY Our business is subject to significant risks and uncertainties that make an investment in us speculative and risky. Below we summarize what we believe are the principal risk factors but these risks are not the only ones we face, and you should carefully review and consider the full discussion of our risk factors in the section titled "Risk Factors," together with the other information in this Annual Report on Form 10-K. If any of the following risks actually occurs (or if any of those listed elsewhere in this Annual Report on Form 10-K occur), our business, reputation, financial condition, results of operations, revenue, and future prospects could be seriously harmed. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, may also become important factors that adversely affect our business. Risks Related to our Financial Position and Need for Capital We have only a limited history upon which an evaluation of our prospects and future performance can be made and have no history of profitable operations. We will require additional financing in the future to fund our operations; and Raising additional capital may cause dilution to holders of our stockholders, restrict our operations or require us to relinquish certain rights Risks Related to our Rare Disease Therapeutics

Business

Business Clinical drug development is a lengthy and expensive process with uncertain timelines and uncertain outcomes. If clinical trials of any future therapeutic candidates are prolonged or delayed, we or our current or future collaborators may be unable to obtain required regulatory approvals, and therefore we will be unable to commercialize our future therapeutic candidates on a timely basis or at all, which will adversely affect our business. Any therapeutic candidates we may develop in the future may be subject to controlled substance laws and regulations in the territories where the product will be marketed, and failure to comply with these laws and regulations, or the cost of compliance with these laws and regulations, may adversely affect the results of our business operations and our financial condition. Psilocybin and psilocin are listed as Schedule I controlled substances under the Controlled Substances Act in the U.S., and similar controlled substance legislation in other countries and any significant breaches in our compliance with these laws and regulations, or changes in the laws and regulations may result in interruptions to our development activity or business continuity. Our product candidates may contain controlled substances, the use of which may generate public controversy. Adverse publicity or public perception regarding psilocybin or our current or future investigational therapies using psilocybin may negatively influence the success of these therapies. Even if any of our future therapeutic candidates obtain regulatory approval, we will be subject to ongoing obligations and continued regulatory review, which may result in significant additional expense or penalties if we fail to comply with regulatory requirements. We will depend on enrollment of patients in our clinical trials for our future therapeutic candidates. If we are unable to enroll patients in our clinical trials, our research and development efforts and business, finan

BUSINESS

ITEM 1. BUSINESS Overview We are a developmental stage biopharmaceutical company developing novel therapeutics that address underserved conditions including PTSD, stress-induced anxiety disorders, fibromyalgia, and central nervous system (CNS) diseases. We are focused on developing novel therapies that include conventional drugs and psychedelic formulations. The Company's lead program, SPC-15, is an intranasal drug targeting PTSD and stress-induced anxiety disorders. SP-26 is a time-release ketamine-based loaded implant for fibromyalgia and chronic pain relief. Silo's two preclinical programs are SPC-14, an intranasal compound for the treatment of Alzheimer's disease, and SPU-16, a CNS-homing peptide targeting the central nervous system with initial research indication in multiple sclerosis (MS). Rare Disease Therapeutics We seek to acquire and/or develop intellectual property or technology rights from leading universities and researchers to treat rare diseases, including the use of psychedelic drugs, such as psilocybin, ketamine, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders. We are focused on developing traditional therapeutics and psychedelic medicine. The company concentrates on the development and commercialization of therapies for unmet needs from indications such as depression, post-traumatic stress disorder ("PTSD"), and other rare neurological disorders. Our mission is to identify assets to license and fund the research which we believe will be transformative to the well-being of patients and the health care industry. Psilocybin is considered a serotonergic hallucinogen and is an active ingredient in some species of mushrooms. Recent industry studies using psychedelics, such as psilocybin, have been promising, and we believe there is a large unmet need with many people suffering from depression, mental health issues and neurological disorders. While classified as a Sc

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View this 10-K filing on SEC EDGAR