Onconetix, Inc. Files Q3 2024 10-Q Report

Ticker: ONCO · Form: 10-Q · Filed: 2024-12-10T00:00:00.000Z

Sentiment: neutral

Topics: 10-Q, quarterly-report, pharmaceuticals

TL;DR

**Onconetix (ONCO) filed its Q3 2024 10-Q. All good.**

AI Summary

Onconetix, Inc. filed its quarterly report for the period ending September 30, 2024. The company, formerly known as Blue Water Biotech, Inc. and Blue Water Vaccines Inc., is incorporated in Delaware and operates in the pharmaceutical preparations sector. Its principal business address is in Cincinnati, Ohio.

Why It Matters

This filing provides investors with an update on Onconetix, Inc.'s financial performance and operational status for the third quarter of 2024.

Risk Assessment

Risk Level: low — This is a standard quarterly filing providing company information and financial reporting, not indicating immediate significant risk.

Key Players & Entities

FAQ

What is the primary business of Onconetix, Inc.?

Onconetix, Inc. operates in the Pharmaceutical Preparations sector, SIC code 2834.

When was the company formerly known as Blue Water Vaccines Inc.?

The company changed its name from Blue Water Vaccines Inc. on July 10, 2019.

What is the filing date of this 10-Q report?

This 10-Q report was filed on December 10, 2024.

In which state is Onconetix, Inc. incorporated?

Onconetix, Inc. is incorporated in Delaware.

What is the fiscal year end for Onconetix, Inc.?

The fiscal year end for Onconetix, Inc. is December 31.

Filing Stats: 4,658 words · 19 min read · ~16 pages · Grade level 20 · Accepted 2024-12-09 20:16:08

Key Financial Figures

Filing Documents

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

Management's Discussion and Analysis of Financial Condition and Results of Operations. 40 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk. 56 Item 4.

Controls and Procedures

Controls and Procedures. 56 PART II. OTHER INFORMATION 58 Item 1. Legal Proceedings. 58 Item 1A. Risk Factors. 58 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds. 61 Item 3. Defaults Upon Senior Securities. 61 Item 4. Mine Safety Disclosures. 61 Item 5. Other Information. 61 Item 6. Exhibits. 62

Signatures

Signatures 63 i CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (this "Report") contains forward-looking statements that reflect our current expectations and views of future events. The forward-looking statements are contained principally in the sections entitled "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." Readers are cautioned that known and unknown risks, uncertainties and other factors, including those over which we may have no control and others listed in the "Risk Factors" section of this Report, may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could," "would," "should," "expect," "intend," "plan," "objective," "anticipate," "believe," "estimate," "predict," "project," "potential," "continue" and "ongoing," or the negative of these terms, or other comparable terminology intended to identify statements about the future, although not all forward-looking statements contain these words. These statements relate to future events or our future financial performance or condition and involve known and unknown risks, uncertainties and other factors that could cause our actual results, levels of activity, performance, or achievement to differ materially from those expressed or implied by these forward-looking statements. These forward-looking statements include, but are not limited to, statements about: our financial position and estimated cash burn rate; our estimates regarding expenses, future revenues, and capital requirements; our ability to continue as a going concern; our need to raise substantial additional capital to fund our operations and repay indebtedness; our ability to commercialize or monetize Proclarix and integrate the assets and commercial

– FINANCIAL INFORMATION

PART I – FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements ONCONETIX, INC. Condensed Consolidated Balance Sheets (Unaudited) September 30, 2024 December 31, 2023 ASSETS Current assets Cash $ 341,495 $ 4,554,335 Accounts receivable, net 98,030 149,731 Inventories 121,834 364,052 Prepaid expenses and other current assets 486,580 770,153 Total current assets 1,047,939 5,838,271 Prepaid expenses, long-term - 17,423 Property and equipment, net 69,317 60,654 Deferred offering costs 366,113 366,113 Operating right of use asset 160,016 148,542 Intangible assets, net 21,414,795 25,410,887 Goodwill 38,861,238 55,676,142 Total assets $ 61,919,418 $ 87,518,032 LIABILITIES, REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) Current liabilities Accounts payable $ 4,112,392 $ 5,295,114 Accrued expenses 1,337,663 2,199,867 Notes payable, net of debt discounts of $ 10,048 and $ 381,627 at September 30, 2024 and December 31, 2023, respectively 9,839,677 9,618,373 Operating lease liability, current 127,738 74,252 Subscription agreement liability – related party 1,814,000 — Contingent warrant liability 124,631 2,641 Total current liabilities 17,356,101 17,190,247 Note payable, net of current portion 118,450 118,857 Subscription agreement liability – related party — 864,000 Pension benefit obligation 522,174 556,296 Operating lease liability, net of current portion 32,279 74,290 Deferred tax liability, net 2,867,794 3,073,781 Total liabilities 20,896,798 21,877,471 Commitments and Contingencies (see Note 10) Series B Convertible Redeemable Preferred stock, $ 0.00001 par value, 2,700,000 shares authorized at September 30, 2024 and December 31, 2023; 0 and 2,696,729 shares issued and outstanding at September 30, 2024 and December 31, 2023 — 64,236,085 Stockholders' equity (deficit) Series A Convertible Preferred stock, $ 0.00001 par value, 10,000 shares authorized at Septe

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