Silo Pharma, Inc. Files Quarterly Report on Form 10-Q

TL;DR

<b>Silo Pharma, Inc. has filed its quarterly report for Q1 2024, confirming its status as a smaller reporting company.</b>

AI Summary

Silo Pharma, Inc. (SILO) filed a Quarterly Report (10-Q) with the SEC on May 13, 2024. Silo Pharma, Inc. filed its quarterly report on Form 10-Q for the period ended March 31, 2024. The company is registered in Delaware and its principal executive offices are located in Englewood Cliffs, New Jersey. Silo Pharma's common stock trades on The Nasdaq Stock Market LLC under the symbol SILO. The company has elected to be treated as a smaller reporting company and a non-accelerated filer. The filing indicates that Silo Pharma has submitted all required reports for the preceding 12 months and has been subject to filing requirements for the past 90 days.

Why It Matters

For investors and stakeholders tracking Silo Pharma, Inc., this filing contains several important signals. This 10-Q filing provides investors with the latest financial and operational updates for Silo Pharma, Inc. for the first quarter of 2024. As a smaller reporting company, Silo Pharma may have different disclosure requirements compared to larger filers, which is important for investors to note.

Risk Assessment

Risk Level: low — Silo Pharma, Inc. shows low risk based on this filing. The filing is a standard quarterly report and does not contain significant new financial data or operational changes that would indicate a high-risk profile at this stage.

Analyst Insight

Investors should review the full 10-Q filing for detailed financial statements and management's discussion and analysis to assess the company's performance and outlook.

Key Numbers

• 20240331 — Quarterly Period End Date (Form 10-Q)
• 001-41512 — Commission File Number (SEC Filing)
• SILO — Trading Symbol (Common Stock)

Key Players & Entities

• Silo Pharma, Inc. (company) — Filer name
• 001-41512 (regulator) — Commission File Number
• 20240331 (date) — Quarterly period ended
• The Nasdaq Stock Market LLC (company) — Exchange where common stock is registered
• SILO (company) — Trading Symbol
• Delaware (jurisdiction) — State of incorporation
• Englewood Cliffs, New Jersey (location) — Address of principal executive offices
• 20240513 (date) — Filing date

FAQ

Industry Context

Silo Pharma, Inc. operates within the pharmaceutical sector, focusing on the development of novel therapeutics. This filing is a routine disclosure for publicly traded companies in this industry.

Regulatory Implications

As a publicly traded company, Silo Pharma is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the filing of quarterly reports (10-Q).

What Investors Should Do

1. Review the detailed financial statements within the 10-Q for Q1 2024.
2. Analyze the Management's Discussion and Analysis section for insights into operational performance and future outlook.
3. Monitor future SEC filings for updates on the company's strategic initiatives and financial health.

Key Dates

• 2024-03-31: Quarterly period ended — End of the reporting period for the 10-Q
• 2024-05-13: Filing Date — Date the 10-Q was officially filed with the SEC

Year-Over-Year Comparison

This is the Form 10-Q filing for the quarter ended March 31, 2024. Previous filings would include the 10-Q for the quarter ended December 31, 2023, and the 10-K annual report.

Key Financial Figures

• $0.0001 — ich registered Common Stock, par value $0.0001 per share SILO The Nasdaq Stock Market

Filing Documents

• ea0205261-10q_silopharma.htm (10-Q) — 643KB
• ea020526101ex31-1_silo.htm (EX-31.1) — 12KB
• ea020526101ex31-2_silo.htm (EX-31.2) — 12KB
• ea020526101ex32-1_silo.htm (EX-32.1) — 5KB
• ea020526101ex32-2_silo.htm (EX-32.2) — 5KB
• image_001.jpg (GRAPHIC) — 15KB
• 0001213900-24-042299.txt (&nbsp;) — 4884KB
• silo-20240331.xsd (EX-101.SCH) — 57KB
• silo-20240331_cal.xml (EX-101.CAL) — 28KB
• silo-20240331_def.xml (EX-101.DEF) — 243KB
• silo-20240331_lab.xml (EX-101.LAB) — 490KB
• silo-20240331_pre.xml (EX-101.PRE) — 243KB
• ea0205261-10q_silopharma_htm.xml (XML) — 402KB

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 1 Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 1 Consolidated Statements of Operations and Comprehensive Loss for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 2 Consolidated Statements of Changes in Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 3 Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 (Unaudited) 4

Notes to Consolidated Financial Statements (Unaudited)

Notes to Consolidated Financial Statements (Unaudited) 5 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 20 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 30

– OTHER INFORMATION

PART II – OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 31 Item 1A.

Risk Factors

Risk Factors 31 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 32 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32

SIGNATURES

SIGNATURES 33 -i- CAUTIONARY NOTE ON FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q 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 Quarterly Report on Form 10-Q. 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 abilit

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SILO PHARMA, INC. AND SUBSIDIARY CONSOLIDATED BALANCE SHEETS March 31, December 31, 2024 2023 (Unaudited) ASSETS CURRENT ASSETS: Cash and cash equivalents $ 2,668,273 $ 3,524,308 Short-term investments 4,075,849 4,140,880 Prepaid expenses and other current assets 133,764 15,970 Total Current Assets 6,877,886 7,681,158 Prepaid expenses and other assets - non-current 63,523 64,983 Total Assets $ 6,941,409 $ 7,746,141 LIABILITIES AND STOCKHOLDERS' EQUITY CURRENT LIABILITIES: Accounts payable and accrued expenses $ 801,570 $ 703,488 Deferred revenue - current portion 72,102 72,102 Total Current Liabilities 873,672 775,590 LONG TERM LIABILITIES: Deferred revenue - long-term portion 775,654 793,680 Total Long Term Liabilities 775,654 793,680 Total Liabilities 1,649,326 1,569,270 Commitment and Contingencies (see Note 7) STOCKHOLDERS' EQUITY: Preferred stock, $ 0.0001 par value, 5,000,000 shares authorized: none designated as of March 31, 2024 and December 31, 2023 Common stock, $ 0.0001 par value, 100,000,000 shares authorized; 3,159,096 and 3,159,096 shares issued and 2,833,451 and 2,906,241 shares outstanding at March 31, 2024 and December 31, 2023, respectively 316 316 Additional paid-in capital 17,525,714 17,525,714 Treasury stock, at cost ( 325,645 and 252,855 shares on March 31, 2024 and December 31, 2023, respectively) ( 586,573 ) ( 471,121 ) Accumulated other comprehensive income (loss) 26,104 ( 6,227 ) Accumulated deficit ( 11,673,478 ) ( 10,871,811 ) Total Stockholders' Equity 5,292,083 6,176,871 Total Liabilities and Stockholders' Equity $ 6,941,409 $ 7,746,141 See accompanying notes to unaudited consolidated financial statements. -1- SILO PHARMA, INC. AND SUBSIDIARY CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) For the Three Months Ended March 31, 2024 2023 LICENSE FEE REVENUE $ 18,026

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS March 31, 2024 (UNAUDITED) NOTE 1 – ORGANIZATION AND BUSINESS Silo Pharma, Inc. (the "Company") was incorporated in the State of New York on July 13, 2010, under the name Gold Swap, Inc. On January 24, 2013, the Company changed its of Delaware to the State of Nevada. The Company is a developmental stage biopharmaceutical company focused on merging traditional therapeutics with psychedelic research. The Company seeks 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, and the potential benefits they may have in certain cases involving depression, mental health issues and neurological disorders. The Company is focused on merging traditional therapeutics with psychedelic research for people suffering from indications such as depression, post-traumatic stress disorder ("PTSD"), Alzheimer's, Parkinson's, and other rare neurological disorders. The Company's mission is to identify assets to license and fund the research which the Company believes will be transformative to the well-being of patients and the health care industry. The Company was previously engaged in the development of a streetwear apparel brand, NFID (see below). On May 21, 2019, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Point Capital, Inc. to Uppercut Brands, Inc. Thereafter, on September 24, 2020, the Company filed an amendment to its Certificate of Incorporation with the State of Delaware to change its name from Uppercut Brands, Inc. to Silo Pharma, Inc. On April 8, 2020, the Company incorporated a new wholly-owned subsidiary, Silo Pharma Inc., in the State of Florida. The Company has also secured the domain name www.silopharm

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS March 31, 2024 (UNAUDITED) Liquidity As reflected in the accompanying unaudited consolidated financial statements, the Company generated a net loss of $ 801,667 and used cash in operations of $ 838,179 during the three months ended March 31, 2024. Additionally, the Company has an accumulated deficit of $ 11,673,478 on March 31, 2024. As of March 31, 2024, the Company had working capital of $ 6,004,214 . The positive working capital serves to mitigate the conditions that historically raised substantial doubt about the Company's ability to continue as a going concern. The Company believes that the Company has sufficient cash and liquid short-term investments to meet its obligations for a minimum of twelve months from the date of this filing. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Making estimates requires management to exercise significant judgment. It is at least reasonably possible that the estimate of the effect of a condition, situation or set of circumstances that existed at the date of the financial statements, which management considered in formulating its estimate could change in the near term due to one or more future events. Accordingly, the actual results could differ significantly from estimates. Significant estimates during the three months ended March 31, 2024 and 2023 include the collectability of notes receivable, the percentage of completion of research and development projects, valuation of equity investments, valuation allowances for deferred tax assets, and the fair value of shares and stock options issued for services. Cash and Cash Equivalents The Company considers all high

FINANCIAL STATEMENTS

FINANCIAL STATEMENTS March 31, 2024 (UNAUDITED) Equity Investments, at Fair Value Realized gain or loss is recognized when an investment is disposed of and is computed as the difference between the Company's carrying value and the net proceeds received from such disposition. Realized gains and losses on investment transactions are determined by specific identification. Net unrealized gains or losses are computed as the difference between the fair value of the investment and the cost basis of such investment. Net unrealized gains or losses for equity investments are recognized in operations as the difference between the carrying value at the beginning of the period and the fair value at the end of the period. Note Receivable The Company recognizes an allowance for losses on notes receivable in an amount equal to the estimated probable losses net of recoveries. The allowance is based on an analysis of historical bad debt experience, current note receivable aging, and expected future write-offs, as well as an assessment of specific identifiable accounts considered at risk or uncollectible. The expense associated with the allowance for doubtful accounts is recorded as part of general and administrative expenses. As of December 31, 2023, the Company recognized an allowance for loss on the note receivable and accrued interest receivable in an amount equal to the estimated probable losses, and accordingly, the Company recorded bad debt expense of $ 69,600 , which represents the note receivable principal balance of $ 60,000 and accrued interest receivable of $ 9,600 . As of March 31, 2024, there were no subsequent collections of previously written-off notes receivable. Prepaid Expenses Prepaid expenses and other current assets of $ 133,764 and $ 15,970 on March 31, 2024 and December 31, 2023, respectively, consist primarily of costs paid for future services which will occur within a year. On March 31, 2024 and December 31, 2023, prepaid expenses and other ass

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View this 10-Q filing on SEC EDGAR