Financials

v3.22.2
Condensed Consolidated Balance Sheets - USD ($)
Jun. 30, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 52,266,000 $ 67,325,000
Prepaid expenses and other current assets 2,622,000 1,533,000
Total Current Assets 54,888,000 68,858,000
Non-Current Assets    
Property and equipment, net 285,000 101,000
Restricted cash 96,000  
Right of use asset 1,292,000 1,383,000
In-process research and development 20,562,000  
Goodwill 5,185,000  
Deposits and other assets 23,000 23,000
Total Assets 82,331,000 70,365,000
Current Liabilities:    
Accounts payable 1,003,000 524,000
Accrued expenses 1,987,000 1,928,000
Accrued employee benefits 788,000 978,000
Contingent consideration, current portion 9,302,000  
Loans Payable-current 56,000  
Operating lease liability 128,000 124,000
Total Current Liabilities 13,264,000 3,554,000
Non-current Liabilities    
Non-current contingent consideration 2,374,000  
Loan Payable - Long term 216,000  
Deferred tax liabilities, net 3,505,000  
Lease liability - Long term 1,298,000 1,403,000
Total Liabilities 20,657,000 4,957,000
Commitments and Contingencies
Stockholders' Equity (Deficit):    
Common stock, $0.001 par value; 20,000,000 shares authorized, 15,844,294 issued and 15,844,061 outstanding at June 30, 2022 and 13,204,487 issued and 13,204,254 outstanding at December 31, 2021 16,000 13,000
Additional paid-in capital 343,500,000 336,679,000
Accumulated other comprehensive loss (1,317,000)  
Accumulated deficit (280,525,000) (271,284,000)
Total Stockholders' Equity 61,674,000 65,408,000
Total Liabilities and Stockholders' Equity $ 82,331,000 $ 70,365,000

Source

v3.22.2
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Jun. 30, 2022
Jun. 30, 2021
Operating Costs and Expenses:        
General and administrative $ 1,500,000 $ 1,265,000 $ 3,155,000 $ 2,685,000
Research and development 3,485,000 1,932,000 6,082,000 3,049,000
Total Operating Costs and Expenses 4,985,000 3,197,000 9,237,000 5,734,000
Loss from Operations (4,985,000) (3,197,000) (9,237,000) (5,734,000)
Other Expense:        
Exchange loss (9,000) 0 (31,000)  
Interest income 26,000 2,000 27,000 2,000
Total Other Income(Expense) 17,000 2,000 (4,000) 2,000
Net Loss (4,968,000) (3,195,000) (9,241,000) (5,732,000)
Net Loss Attributable to Non-controlling Interest 0 0   (1,000)
Net Loss Attributable to Synthetic Biologics, Inc. and Subsidiaries (4,968,000) (3,195,000) (9,241,000) (5,731,000)
Effect of Series A Preferred Stock price adjustment     0 (7,402,000)
Net Loss Attributable to Common Stockholders $ (4,968,000) $ (3,195,000) $ (9,241,000) $ (14,654,000)
Net Loss Per Share - Basic $ (0.31) $ (0.24) $ (0.62) $ (1.31)
Net Loss Per Share - Dilutive $ (0.31) $ (0.24) $ (0.62) $ (1.31)
Weighted average number of shares outstanding during the period - basic 15,844,061 13,204,254 14,837,832 11,153,902
Weighted average number of shares outstanding during the period - dilutive 15,844,061 13,204,254 14,837,832 11,153,902
Series A Preferred Stock [Member]        
Other Expense:        
Preferred Stock Dividends, Income Statement Impact $ 0 $ 0   $ (24,000)
Effect of Series A Preferred Stock price adjustment 0 0   (7,402,000)
Series B Preferred Stock [Member]        
Other Expense:        
Net Loss Attributable to Non-controlling Interest       100,000
Preferred Stock Dividends, Income Statement Impact 0 0   $ (1,497,000)
Preferred Stock [Member] | Series B Preferred Stock [Member]        
Other Expense:        
Net Loss Attributable to Synthetic Biologics, Inc. and Subsidiaries $ 0 $ 0    

Source

v3.22.2
Condensed Consolidated Statements of Cash Flows - USD ($)
6 Months Ended
Jun. 30, 2022
Jun. 30, 2021
Cash Flows From Operating Activities:    
Net loss $ (9,241,000) $ (5,732,000)
Adjustments to reconcile net loss to net cash used in operating activities:    
Stock-based compensation 225,000 203,000
Change in fair value of contingent consideration (483,000) 0
Depreciation 36,000 56,000
Changes in operating assets and liabilities:    
Prepaid expenses and other current assets 518,000 366,000
Right of use asset 90,000 81,000
Accounts payable (295,000) (318,000)
Accrued expenses 265,000 (131,000)
Accrued employee benefits (272,000) (328,000)
Lease liability (101,000) (121,000)
Net Cash Used In Operating Activities (9,258,000) (5,924,000)
Cash Flows from Investing Activities    
Purchase of property and equipment (14,000) (14,000)
Cash paid for business combination, net of cash acquired (3,863,000) 0
Pre-acquisition loan to VCN (417,000) 0
Net Cash Used in Investing Activities (4,294,000) (14,000)
Cash Flows from Financing Activities    
Payment of VCN's CDTI loan (1,376,000)  
Proceeds from "at the market" stock issuance 0 65,960,000
Proceeds from issuance of common stock for warrant exercises 0 8,042,000
Net Cash Provided (used in) by Financing Activities (1,376,000) 74,002,000
Effects of FX on cash (35,000) 0
Net increase (decrease) in cash and cash equivalents and restricted cash (14,963,000) 68,064,000
Cash and cash equivalents and restricted at the beginning of this period 67,325,000 6,227,000
Cash and cash equivalents and restricted cash at the end of this period 52,362,000 74,291,000
Reconciliation of cash, cash equivalents, and restricted cash reported in the statement of financial position    
Cash and cash equivalents 52,266,000 74,291,000
Restricted cash included in other long-term assets 96,000 0
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 52,362,000 74,291,000
Supplemental non-cash investing and financing activities:    
Fair value of contingent consideration issued in a business combination 12,158,000 0
Fair value of equity issued as consideration in a business combination 6,599,000 0
Effective settlement of pre-closing VCN financing 417,000 0
Goodwill measurement period adjustment 277,000 0
Effect of Series A Preferred Stock price adjustment 0 7,402,000
Right of use asset from operating lease 0 1,270,000
Conversion of Series B Preferred Stock 0 2,477,000
Deemed dividends for accretion of Series B Preferred Stock discount 0 1,497,000
In-kind dividends paid in preferred stock $ 0 $ 23,000

Source