Financials

v3.22.1
Condensed Consolidated Balance Sheets - USD ($)
Mar. 31, 2022
Dec. 31, 2021
Current Assets    
Cash and cash equivalents $ 56,692,000 $ 67,325,000
Prepaid expenses and other current assets 2,863,000 1,533,000
Total Current Assets 59,555,000 68,858,000
Property and equipment, net 302,000 101,000
Restricted cash 103,000  
Right of use asset 1,338,000 1,383,000
In-process research and development 21,869,000  
Goodwill 5,809,000  
Deposits and other assets 23,000 23,000
Total Assets 88,999,000 70,365,000
Current Liabilities:    
Accounts payable 1,354,000 524,000
Accrued expenses 1,535,000 1,928,000
Accrued employee benefits 423,000 978,000
Contingent consideration, current portion 7,470,000  
Loans Payable-current 68,000  
Lease liability 126,000 124,000
Total Current Liabilities 10,976,000 3,554,000
Non-current Liabilities    
Non-current contingent consideration 4,688,000  
Loan Payable - Long term 229,000  
Deferred tax liabilities, net 3,728,000  
Lease liability - long term 1,351,000 1,403,000
Total Liabilities 20,972,000 4,957,000
Commitments and Contingencies
Stockholders' Equity (Deficit):    
Common stock, $0.001 par value; 200,000,000 shares authorized, 158,440,168 issued and 158,437,840 outstanding at March 31, 2022 and 132,044,866 issued and 132,042,538 outstanding at December 31, 2021 158,000 132,000
Additional paid-in capital 343,245,000 336,560,000
Accumulated other comprehensive loss 181,000  
Accumulated deficit (275,557,000) (271,284,000)
Total Stockholders' Equity 68,027,000 65,408,000
Total Liabilities and Stockholders' Equity $ 88,999,000 $ 70,365,000

Source

v3.22.1
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($)
3 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Operating Costs and Expenses:    
General and administrative $ 1,655,000 $ 1,419,000
Research and development 2,597,000 1,118,000
Total Operating Costs and Expenses 4,252,000 2,537,000
Loss from Operations (4,252,000) (2,537,000)
Other Expense:    
Exchange loss (23,000) 0
Interest income 2,000 0
Total Other Expense (21,000) 0
Net Loss (4,273,000) (2,537,000)
Net Loss Attributable to Non-controlling Interest 0 (1,000)
Net Loss Attributable to Synthetic Biologics, Inc. and Subsidiaries (4,273,000) (2,536,000)
Effect of Series A Preferred Stock Price adjustment 0 (7,402,000)
Net Loss Attributable to Common Stockholders $ (4,273,000) $ (11,459,000)
Net Loss Per Share - Basic $ (0.03) $ (0.13)
Net Loss Per Share - Dilutive $ (0.03) $ (0.13)
Weighted average number of shares outstanding during the period - basic 138,201,442 90,807,693
Weighted average number of shares outstanding during the period - dilutive 138,201,442 90,807,693
Series A Preferred Stock [Member]    
Other Expense:    
Preferred Stock Dividends, Income Statement Impact $ 0 $ (24,000)
Effect of Series A Preferred Stock Price adjustment 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 (1,497,000)
Net Loss Attributable to Common Stockholders   (11,500,000)
Preferred Stock [Member] | Series B Preferred Stock [Member]    
Other Expense:    
Net Loss Attributable to Non-controlling Interest   0
Net Loss Attributable to Synthetic Biologics, Inc. and Subsidiaries $ 0 $ 0

Source

v3.22.1
Condensed Consolidated Statements of Cash Flows - USD ($)
3 Months Ended 12 Months Ended
Mar. 31, 2022
Mar. 31, 2021
Dec. 31, 2021
Cash Flows from Operating Activities:      
Net loss $ (4,273,000) $ (2,537,000)  
Adjustments to reconcile net loss to net cash used in operating activities:      
Stock-based compensation 112,000 101,000  
Depreciation 18,000 33,000  
Changes in operating assets and liabilities:      
Prepaid expenses and other current assets 390,000 (42,000)  
Right of use asset 45,000 39,000  
Accounts payable 13,000 (265,000)  
Accrued expenses (513,000) (71,000)  
Accrued employee benefits (645,000) (518,000)  
Operating lease liability (49,000) (68,000)  
Net Cash Used in Operating Activities (4,902,000) (3,328,000)  
Cash Flows from Investing Activities      
Purchases of property and equipment 0 (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 (4,280,000) (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 by Financing Activities (1,376,000) 74,002,000  
Effects of FX on cash 28,000 0  
Net increase (decrease) in cash and cash equivalents and restricted cash (10,530,000) 70,660,000  
Cash and cash equivalents and restricted at the beginning of this period 67,325,000 6,227,000 $ 6,227,000
Cash and cash equivalents and restricted cash at the end of this period 56,795,000 76,887,000 67,325,000
Reconciliation of cash, cash equivalents, and restricted cash reported in the statement of financial position      
Cash and cash equivalents 56,692,000 76,887,000 67,325,000
Restricted cash included in other long-term assets 103,000 0  
Total cash, cash equivalents, and restricted cash shown in the statement of cash flows 56,795,000 76,887,000 67,325,000
Supplemental non-cash investing and financing activities:      
Fair value of contingent consideration 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  
Effect of Series A Preferred Stock price adjustment 0 7,402,000  
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  
Right of use assets from operating lease 1,300,000    
Effect of Warrant exercise price adjustment     $ 880,000
Series A Preferred Stock [Member]      
Supplemental non-cash investing and financing activities:      
Effect of Series A Preferred Stock price adjustment $ 0 $ 7,402,000  

Source