Chromocell Therapeutics Files Q3 2024 10-Q

TL;DR

Chromocell Q3 10-Q filed. Financials updated.

AI Summary

Chromocell Therapeutics Corp filed its 10-Q for the period ending September 30, 2024. The company, located at 685 US Highway One, North Brunswick, NJ, is involved in biological products. Key financial data points and preferred stock details are included in the filing.

Why It Matters

This filing provides investors with an update on Chromocell Therapeutics' financial performance and position as of the end of the third quarter of 2024.

Risk Assessment

Risk Level: medium — As a biotechnology company, Chromocell Therapeutics faces inherent risks related to research, development, regulatory approvals, and market adoption of its products.

Key Numbers

• 2024-09-30 — Reporting Period End Date (This is the end date for the financial information presented in the 10-Q.)
• 2024-11-13 — Filing Date (This is the date the 10-Q was officially submitted to the SEC.)

Key Players & Entities

• Chromocell Therapeutics Corp (company) — Filer of the 10-Q
• 685 US Highway One, North Brunswick, NJ (location) — Company's business and mailing address
• 2024-09-30 (date) — End of the reporting period for the 10-Q
• 2024-11-13 (date) — Date the 10-Q was filed

FAQ

Key Financial Figures

• $0.0001 — ch registered Common Stock, par value $0.0001 per share CHRO The NYSE American LL

Filing Documents

• g084536_10q.htm (10-Q) — 1100KB
• g084536_ex10-1.htm (EX-10.1) — 5KB
• g084536_ex31-1.htm (EX-31.1) — 11KB
• g084536_ex32-1.htm (EX-32.1) — 6KB
• 0001753926-24-001883.txt ( ) — 5283KB
• chro-20240930.xsd (EX-101.SCH) — 49KB
• chro-20240930_cal.xml (EX-101.CAL) — 36KB
• chro-20240930_def.xml (EX-101.DEF) — 167KB
• chro-20240930_lab.xml (EX-101.LAB) — 388KB
• chro-20240930_pre.xml (EX-101.PRE) — 261KB
• g084536_10q_htm.xml (XML) — 729KB

: FINANCIAL INFORMATION

PART I: FINANCIAL INFORMATION

Financial Statements (unaudited)

Item 1. Financial Statements (unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Changes in Stockholders' Deficit 3 Condensed Consolidated Statements of Cash Flows 4 Notes to Condensed Consolidated Financial Statements 5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 24 Item 3. Quantitative and Qualitative Disclosures About Market Risk 35 Item 4. Controls and Procedures 35 PART II. OTHER INFORMATION Item 1. Legal Proceedings 36 Item 1A. Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 37 Item 6. Exhibits 38

SIGNATURES

SIGNATURES 39 PART I: FINANCIAL INFORMATION Item 1. Financial Statements CHROMOCELL THERAPEUTICS CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS September 30, 2024 (Unaudited) December 31, 2023 ASSETS CURRENT ASSETS Cash $ 1,254,903 $ 96,391 Prepaid expenses 94,585 — Due from Chromocell Corporation 40,400 — Deferred offering costs 750,000 — TOTAL CURRENT ASSETS 2,139,888 96,391 TOTAL ASSETS $ 2,139,888 $ 96,391 LIABILITIES AND STOCKHOLDERS' DEFICIT CURRENT LIABILITIES Accounts payable and accrued expenses $ 1,279,487 $ 4,620,925 Accrued compensation 308 645,947 Bridge loan, net of debt discount — 316,324 Loan payable, net of debt discount 2,155,719 202,279 Loan payable - related party, net of debt discount 131,868 750,082 Due to Chromocell Corporation — 5,386 TOTAL CURRENT LIABILITIES 3,567,382 6,540,943 TOTAL LIABILITIES 3,567,382 6,540,943 COMMITMENTS AND CONTINGENCIES STOCKHOLDERS' DEFICIT Preferred stock Series A, $ 0.0001 par value, 700,000 shares authorized, 0 and 600,000 shares issued and outstanding as of September 30, 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 September 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.0001 par value, 200,000,000 shares authorized, 5,818,111 and 3,906,300 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 583 391 Additional paid in capital 18,120,176 7,074,646 Accumulated deficit ( 19,548,253 ) ( 13,519,649 ) TOTAL STOCKHOLDERS' DEFICIT ( 1,427,494 ) ( 6,444,552 ) TOTAL LIABILITIES AND STOCKHOLDERS' DEFICIT $ 2,139,888 $ 96,391 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. Note: Share and per share amounts have been retroactively adjusted to reflect the impact of a 9-for-