Chromocell Therapeutics Corp Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Chromocell Therapeutics Corp has filed its quarterly report (10-Q) for the period ending March 31, 2024.</b>

AI Summary

Chromocell Therapeutics Corp (PTHS) filed a Quarterly Report (10-Q) with the SEC on May 15, 2024. Chromocell Therapeutics Corp filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of fiscal year 2024. The company's principal business is Biological Products (No Diagnostic Substances). The filing was made on May 15, 2024. The company's principal executive offices are located at 685 US Highway One, North Brunswick, NJ 08902.

Why It Matters

For investors and stakeholders tracking Chromocell Therapeutics Corp, this filing contains several important signals. This 10-Q filing provides an update on the company's financial performance and operational status for the first quarter of 2024. Investors and stakeholders can use this report to assess the company's progress, identify potential risks, and make informed investment decisions.

Risk Assessment

Risk Level: low — Chromocell Therapeutics Corp shows low risk based on this filing. The filing is a standard 10-Q, which is a routine quarterly report and does not contain significant new risks or material adverse events.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-Q to understand Chromocell Therapeutics Corp's Q1 2024 performance and outlook.

Key Numbers

• 2024-03-31 — Period End Date (The 10-Q covers the period ending on this date.)
• 2024-05-15 — Filing Date (The date the 10-Q was filed with the SEC.)
• 2024-01-01 — Quarter Start Date (Beginning of the reporting period.)
• 2023-03-31 — Prior Year Period End (Comparison point for the current period.)

Key Players & Entities

• Chromocell Therapeutics Corp (company) — Filer of the 10-Q report
• 2024-03-31 (date) — Period of report for the 10-Q
• 2024-05-15 (date) — Filing date of the 10-Q
• 685 US Highway One, North Brunswick, NJ 08902 (address) — Business and mailing address of the company
• 2836 (sic_code) — Standard Industrial Classification for Biological Products

FAQ

Industry Context

Chromocell Therapeutics Corp operates in the biotechnology sector, specifically focusing on biological products.

Regulatory Implications

The company is subject to SEC regulations for public filings, including the requirement to submit Form 10-Q quarterly.

What Investors Should Do

1. Analyze the financial statements within the 10-Q for revenue, expenses, and cash flow.
2. Review the Management's Discussion and Analysis (MD&A) section for insights into operational performance and future outlook.
3. Identify any new risk factors or updates to existing risks disclosed in the filing.

Key Dates

• 2024-05-15: 10-Q Filing — Report for the quarter ended March 31, 2024.
• 2024-03-31: Quarter End Date — End of the reporting period for the 10-Q.
• 2024-01-01: Quarter Start Date — Beginning of the reporting period for the 10-Q.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides an update on the company's financial performance and operational status for the quarter.)

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending March 31, 2024, providing a baseline for future comparisons.

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share CHRO The NYSE American LL
• $6.00 — hares of its Common Stock at a price of $6.00 per share. The aggregate net proceeds f
• $5.7 million — roceeds from the IPO were approximately $5.7 million after deducting underwriting discounts
• $5.7 m — ed its initial public offering, raising $5.7 million, after deducting the underwriting
• $479,169 — seeks monetary damages in the amount of $479,169. Of the $479,169 asserted by Mr. Kopfli
• $363,091 — March 31, 2024, the Company has accrued $363,091 in compensation expenses associated wit

Filing Documents

• g084223_10q.htm (10-Q) — 739KB
• g084223_ex10-1.htm (EX-10.1) — 23KB
• g084223_ex10-2.htm (EX-10.2) — 35KB
• g084223_ex10-3.htm (EX-10.3) — 87KB
• g084223_ex31-1.htm (EX-31.1) — 12KB
• g084223_ex32-1.htm (EX-32.1) — 7KB
• 0001753926-24-000976.txt (&nbsp;) — 3888KB
• chro-20240331.xsd (EX-101.SCH) — 34KB
• chro-20240331_cal.xml (EX-101.CAL) — 29KB
• chro-20240331_def.xml (EX-101.DEF) — 109KB
• chro-20240331_lab.xml (EX-101.LAB) — 276KB
• chro-20240331_pre.xml (EX-101.PRE) — 195KB
• g084223_10q_htm.xml (XML) — 435KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) Condensed Balance Sheets 3 Condensed Statements of Operations 4 Condensed Statements of Changes in Stockholders' Equity (Deficit) 5 Condensed Statements of Cash Flows 6 Notes to Condensed Financial Statements 7

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

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 21

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 31

Controls and Procedures

Item 4. Controls and Procedures 31

OTHER INFORMATION

PART II. OTHER INFORMATION

Legal Proceedings

Item 1. Legal Proceedings 32

Risk Factors

Item 1A. Risk Factors 32

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 32

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 32

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 32

Other Information

Item 5. Other Information 32

Exhibits

Item 6. Exhibits 33

SIGNATURES

SIGNATURES 34 2 PART I: FINANCIAL INFORMATION Item 1. Financial Statements CHROMOCELL THERAPEUTICS CORPORATION CONDENSED BALANCE SHEETS March 31, 2024 (Unaudited) December 31, 2023 ASSETS CURRENT ASSETS Cash $ 3,770,229 $ 96,391 Prepaid expenses 220,930 — Due from Chromocell Corporation 40,400 — TOTAL CURRENT ASSETS 4,031,559 96,391 TOTAL ASSETS $ 4,031,559 $ 96,391 LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT) CURRENT LIABILITIES Accounts payable and accrued expenses $ 2,407,515 $ 4,620,925 Accrued compensation 493,924 645,947 Bridge loan, net of debt discount — 316,324 Loan payable, net of debt discount — 202,279 Loan payable - related party, net of debt discount — 750,082 Due to Chromocell Corporation — 5,386 TOTAL CURRENT LIABILITIES 2,901,439 6,540,943 TOTAL LIABILITIES 2,901,439 6,540,943 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' EQUITY (DEFICIT) Preferred stock Series A, $ 0.0001 par value, 700,000 shares authorized, 0 and 600,000 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — 60 Preferred stock Series C, $ 0.0001 par value, 5,000 shares authorized, 2,600 and 0 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively — — Common stock, $ 0.0001 par value, 200,000,000 shares authorized, 5,766,704 and 3,914,338 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 578 391 Additional paid in capital 17,211,521 7,074,646 Accumulated deficit ( 16,081,979 ) ( 13,519,649 ) TOTAL STOCKHOLDERS' EQUITY (DEFICIT) 1,130,120 ( 6,444,552 ) TOTAL LIABILITIES, AND STOCKHOLDERS' EQUITY (DEFICIT) $ 4,031,559 $ 96,391 The accompanying notes are an integral part of these unaudited condensed financial statements. Note: Share and per share amounts have been retroactively adjusted to reflect the impact of a 9-for