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OFFON

MYMD PHARMACEUTICALS, INC.

(MYMD)
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MYMD PHARMACEUTICALS : Management's Discussion and Analysis of Financial Conditions and Results of Operations. (form 10-Q)

08/16/2021 | 04:43pm EDT

This quarterly report on Form 10-Q and other reports filed by MyMD Pharmaceuticals, Inc. ("MyMD," "we" or the "Company") from time to time with the Securities and Exchange Commission (the "SEC" and such reports, collectively, the "Filings") contain or may contain forward-looking statements and information that are based upon beliefs of, and information currently available to, the Company's management as well as estimates and assumptions made by Company's management. Readers are cautioned not to place undue reliance on these forward-looking statements, which are only predictions and speak only as of the date hereof. When used in the Filings, the words "anticipate," "believe," "estimate," "expect," "future," "intend," "plan," or the negative of these terms and similar expressions as they relate to the Company or the Company's management identify forward-looking statements. Such statements reflect the current view of the Company with respect to future events and are subject to risks, uncertainties, assumptions, and other factors, including the risks relating to the Company's business, industry, and the Company's operations and results of operations. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may differ significantly from those anticipated, believed, estimated, expected, intended, or planned.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance, or achievements. Except as required by applicable law, including the securities laws of the United States, the Company does not intend to update any of the forward-looking statements to conform these statements to actual results.

Important factors that could cause actual results to differ materially from the results and events anticipated or implied by such forward-looking statements include, but are not limited to:



  ? fluctuation and volatility in market price of our common stock due to market
    and industry factors, as well as general economic, political and market
    conditions;
  ? the impact of dilution on our shareholders;
  ? our ability to realize the intended benefits of the Merger (as defined below)
    and the Contribution Transaction (as defined below);
  ? the impact of our ability to realize the anticipated tax impact of the Merger;
  ? the outcome of litigation or other proceedings we may become subject to in the
    future;
  ? delisting of our common stock from the Nasdaq;
  ? our availability and ability to continue to obtain sufficient funding to
    conduct planned research and development efforts and realize potential
    profits;
  ? our ability to develop and commercialize our product candidates, including
    MyMD-1, Supera-CBD and other future product candidates;
  ? the impact of the complexity of the regulatory landscape on our ability to
    seek and obtain regulatory approval for our product candidates, both within
    and outside of the U.S.;
  ? the required investment of substantial time, resources and effort for
    successful clinical development and marketization of our product candidates;
  ? challenges we may face with maintaining regulatory approval, if achieved;
  ? the potential impact of changes in the legal and regulatory landscape, both
    within and outside of the U.S.;
  ? the impact of the ongoing COVID-19 pandemic on the administration, funding and
    policies of regulatory authorities, both within and outside of the U.S.;
  ? our dependence on third parties to conduct pre-clinical and clinical trials
    and manufacture its product candidates;
  ? the impact of the ongoing COVID-19 pandemic on our results of operations,
    business plan and the global economy;
  ? challenges we may face with respect to our product candidates achieving market
    acceptance by providers, patients, patient advocacy groups, third party payors
    and the general medical community;
  ? the impact of pricing, insurance coverage and reimbursement status of our
    product candidates;
  ? emerging competition and rapidly advancing technology in our industry;
  ? our ability to obtain, maintain and protect our trade secrets or other
    proprietary rights, operate without infringing upon the proprietary rights of
    others and prevent others from infringing on its proprietary rights;
  ? our ability to maintain adequate cyber security and information systems;
  ? our ability to achieve the expected benefits and costs of the transactions
    related to the acquisition of Supera Pharmaceuticals, Inc. ("Supera");




26







  ? our ability to effectively execute and deliver our plans related to
    commercialization, marketing and manufacturing capabilities and strategy;
  ? emerging competition and rapidly advancing technology in our industry;
  ? our ability to obtain adequate financing in the future on reasonable terms, as
    and when we need it;
  ? challenges we may face in identifying, acquiring and operating new business
    opportunities;
  ? our ability to retain and attract senior management and other key employees;
  ? our ability to quickly and effectively respond to new technological
    developments;
  ? changes in political, economic or regulatory conditions generally and in the
    markets in which we operate; and
  ? our compliance with all laws, rules, and regulations applicable to our
    business.



Our financial statements are prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). These accounting principles require us to make certain estimates, judgments and assumptions. We believe that the estimates, judgments and assumptions upon which we rely are reasonable based upon information available to us at the time that these estimates, judgments and assumptions are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities as of the date of the financial statements as well as the reported amounts of revenues and expenses during the periods presented. Our financial statements would be affected to the extent there are material differences between these estimates and actual results. In many cases, the accounting treatment of a particular transaction is specifically dictated by GAAP and does not require management's judgment in its application. There are also areas in which management's judgment in selecting any available alternative would not produce a materially different result. The following discussion should be read in conjunction with our financial statements and notes thereto appearing elsewhere in this report.



Overview


Following closing of the Merger and the Contribution Transaction described below that occurred on April 16, 2021, we have been focused on developing and commercializing two therapeutic platforms based on well-defined therapeutic targets, MyMD-1 and Supera-CBD:



  ? MyMD-1 is a clinical stage small molecule that regulates the immunometabolic
    system to treat autoimmune disease, including (but not limited to) multiple
    sclerosis, diabetes, rheumatoid arthritis, and inflammatory bowel disease.
    MyMD-1 is being developed to treat age-related illnesses such as frailty and
    sarcopenia. MyMD-1 works by regulating the release of numerous
    pro-inflammatory cytokines, such as TNF-?, interleukin 6 ("IL-6") and
    interleukin 17 ("IL-17"). MyMD-1 will be evaluated in patients with depression
    due to COVID-19 related to the release of cytokines. The company has
    significant intellectual property coverage to protect these autoimmune
    indications, as well as therapy as an anti-aging product;

  ? Supera-CBD is a synthetic derivative of cannabidiol ("CBD") being developed to
    treat various conditions, including, but not limited to, epilepsy, pain, and
    anxiety/depression, through its effects on the CB2 receptor, and a monoamine
    oxidase enzyme ("MAO") type B. Supera-CBD has shown tremendous promise in
    treating neuroinflammatory and neurodegenerative diseases, and will be a major
    focus as the Company moves forward.



The rights to Supera-CBD were previously owned by Supera and were acquired by MyMD Florida (as defined below) immediately prior to the closing of the Merger.



27






Closing of the Merger and Reverse Stock Split

On April 16, 2021, pursuant to the previously announced Agreement and Plan of Merger and Reorganization, dated November 11, 2020 (the "Original Merger Agreement"), as amended by Amendment No. 1 thereto, dated March 16, 2021 (the Original Merger Agreement, as amended by Amendment No. 1, the "Merger Agreement"), by and among MyMD, a New Jersey corporation previously known as Akers Biosciences, Inc., XYZ Merger Sub, Inc. ("Merger Sub"), and MyMD Pharmaceuticals (Florida), Inc., a Florida corporation previously known as MyMD Pharmaceuticals, Inc. ("MyMD Florida"), Merger Sub was merged with and into MyMD Florida, with MyMD Florida continuing after the merger as the surviving entity and a wholly owned subsidiary of the Company (the "Merger"). At the effective time of the Merger, without any action on the part of any stockholder, each issued and outstanding share of pre-Merger MyMD Florida's common stock, par value $0.001 per share (the "MyMD Florida Common Stock"), including shares underlying pre-Merger MyMD Florida's outstanding equity awards, was converted into the right to receive (x) 0.7718 shares (the "Exchange Ratio") of the Company's common stock, no par value per share (the "Company Common Stock"), (y) an amount in cash, on a pro rata basis, equal to the aggregate cash proceeds received by the Company from the exercise of any options to purchase shares of MyMD Florida Common Stock outstanding at the effective time of the Merger assumed by the Company upon closing of the Merger prior to the second-year anniversary of the closing of the Merger (the "Option Exercise Period"), such payment (the "Additional Consideration"), and (z) potential milestone payment in shares of Company Common Stock up to the aggregate number of shares issued by the Company to pre-Merger MyMD Florida stockholders at the closing of the Merger (the "Milestone Payments") payable upon the achievement of certain market capitalization milestone events during the 36-month period immediately following the closing of the Merger (the "Milestone Period"). Immediately following the effective time of the Merger, the Company effected a 1-for-2 reverse stock split of the issued and outstanding Company Common Stock (the "Reverse Stock Split"). Upon completion of the Merger and the transactions contemplated in the Merger Agreement, (i) the former MyMD Florida equity holders owned approximately 77.05% of the outstanding equity of the Company on a fully diluted basis, assuming the exercise in full of the pre-funded warrants to purchase 986,486 shares of Company Common stock and including 4,188,315 shares of Company Common Stock underlying options to purchase shares of MyMD Florida Common Stock assumed by the company at closing and after adjustments based on the Company's net cash at closing; and (ii) former Akers Biosciences, Inc. stockholders own approximately 22.95% of the outstanding equity of the Company.

Effective as of 4:05 pm Eastern Time on April 16, 2021, the Company filed an amendment to its Amended and Restated Certificate of Incorporation to effect the Reverse Stock Split. As a result of the Reverse Stock Split, immediately following the effective time of the Merger, every two shares of the Company Common Stock held by a stockholder immediately prior to the Reverse Stock Split were combined and reclassified into one share of the Company's Common Stock. No fractional shares were issued in connection with the Reverse Stock Split. Each stockholder who did not have a number of shares evenly divisible pursuant to the Reverse Stock Split ratio and who would otherwise be entitled to receive a fractional share of Company Common Stock was entitled to receive an additional share of Company Common Stock.

In connection with the closing of the Merger, the Company changed its name to MyMD Pharmaceuticals, Inc. and its NASDAQ trading symbol to MYMD. For additional information concerning the Merger, please see Note 3 to the Company's Unaudited Condensed Consolidated Financial Statements.

Closing of Contribution and Assignment Agreement

The Company acquired 100% of the membership interests of Cystron Biotech, LLC ("Cystron") pursuant to a Membership Interest Purchase Agreement, dated March 23, 2020 (as amended by Amendment No. 1 on May 14, 2020, the "MIPA") from certain selling parties (the "Cystron Sellers"). Cystron is a party to a License and Development Agreement (as amended and restated on March 19, 2020, in connection with our entry into the MIPA, the "License Agreement") with Premas Biotech PVT Ltd. ("Premas") whereby Premas granted Cystron, amongst other things, an exclusive license with respect to Premas' genetically engineered yeast (S. cerevisiae)-based vaccine platform, D-Crypt™, for the development of a vaccine against COVID-19 and other coronavirus infections. We had partnered with Premas on this initiative as we sought to advance this COVID-19 vaccine candidate through the regulatory process, both with the U.S. Food and Drug Administration ("FDA") and the office of the drug controller in India. Premas was primarily responsible for the development of the COVID-19 vaccine candidate through proof of concept and was entitled to receive milestone payments upon achievement of certain development milestones through proof of concept.

As of May 14, 2020, Premas had successfully completed its vaccine prototype and obtained transmission electron microscopic (TEM) images of the recombinant virus like particle (VLP) assembled in yeast. In July 2020, animal studies for the COVID-19 vaccine candidate were initiated in India. In addition, we announced that Premas had successfully completed the manufacturing process for the VLP vaccine candidate. On August 27, 2020, we announced with Premas positive proof of concept results from the animal studies conducted during a four-week test of the COVID-19 vaccine candidate in mice. On March 18, 2021, the Company and the Cystron Sellers, which are also shareholders of Oravax Medical, Inc. ("Oravax"), entered into a Termination and Release Agreement terminating the MIPA effective upon consummation of the Contribution Agreement (as defined below). In addition, the Cystron Sellers agreed to waive any change of control payment triggered under the MIPA as a result of the Merger.



28






On April 16, 2021, pursuant to the Contribution and Assignment Agreement, dated March 18, 2021 (the "Contribution Agreement") by and among the Company, Cystron, Oravax and, for the limited purpose set forth therein, Premas, the parties consummated the transactions contemplated therein. Pursuant to the Contribution Agreement, effective upon the closing of the Merger, the Company agreed (i) to contribute an amount in cash equal to $1,500,000 to Oravax and (ii) cause Cystron to contribute substantially all of the assets associated with its business or developing and manufacturing Cystron's COVID-19 vaccine candidate to Oravax (the "Contribution Transaction"). In consideration for the Company's commitment to consummate the Contribution Transaction, Oravax issued to the Company 390,000 shares of its capital stock (equivalent to 13% of Oravax's outstanding capital stock on a fully diluted basis) and assumed all of the obligations or liabilities in respect of the assets of Cystron (excluding certain amounts due to Premas), including the obligations under the license agreement with Premas. In addition, Oravax agreed to pay future royalties to the Company equal to 2.5% of all net sales of products (or combination products) manufactured, tested, distributed and/or marketed by Oravax or its subsidiaries. For additional information concerning the Contribution Transaction, please see Note 3 to the Company's Unaudited Condensed Consolidated Financial Statements.

Impact of the COVID-19 Pandemic on Our Business

The ultimate impact of the ongoing global COVID-19 pandemic or a similar health epidemic is highly uncertain and subject to future developments. These include but are not limited to the duration of the COVID-19 pandemic, new information which may emerge concerning the severity of the COVID-19 pandemic, and any additional preventative and protective actions that regulators, or our board of directors or management of the Company, may determine are needed. We do not yet know the full extent of potential delays or impacts on our business, healthcare systems or the global economy. We will continue to monitor the COVID-19 situation closely.

In response to public health directives and orders, we have implemented work-from-home policies for many of our employees and temporarily modified our operations to comply with applicable social distancing recommendations. The effects of the orders and our related adjustments in our business have in the past and may continue to negatively impact productivity, disrupt our business and delay our timelines, the magnitude of which will depend, in part, on the length and severity of the restrictions and other limitations on our ability to conduct our business in the ordinary course. Similar health directives and orders are affecting third parties with whom we do business. Further, restrictions on our ability to travel, stay-at-home orders and other similar restrictions on our business have limited our ability to support our operations.

Severe and/or long-term disruptions in our operations will negatively impact our business, operating results and financial condition in other ways, as well. Specifically, we anticipate that the stress of COVID-19 on healthcare systems generally around the globe will negatively impact regulatory authorities and the third parties that we may engage in connection with the development and testing of our therapeutic targets.

To date, the Company has encountered delays in receiving critical clinical supplies from our manufacturer in India, which has impacted our ability to execute our development plan and the studies needed to advance product development have been delayed by the Company's difficulty recruiting patients for the required clinical trials.

In addition, while the potential economic impact brought by, and the duration of, COVID-19 may be difficult to assess or predict, it has significantly disrupted global financial markets, and may limit our ability to access capital, which could in the future negatively affect our liquidity. A recession or market correction resulting from the continuation of the COVID-19 pandemic could materially affect our business and the value of our common stock.



29







RESULTS OF OPERATIONS


Summary of Statements of Operations for the Three Months Ended June 30, 2021 and 2020

The Company is focused on developing and commercializing two therapeutic platforms based on well-defined therapeutic targets, MyMD-1 and Supera-CBD.



Revenue


We had no revenue from operations during the three months ended June 30, 2021 and 2020.

Research and Development Expenses

Research and development expenses for the three months ended June 30, 2021 totaled $1,489,889 as compared to $365,519 for the three months ended June 30, 2020.




The table below summarizes our research and development expenses for the three
months ended June 30, 2021 and 2020 as well as the percentage of change
year-over-year:



                                            For the Three Months Ended
                                                     June 30,                  Percent
Description                                    2021               2020         Change
Salaries and Wages                        $         3,733       $   3,733             - %
Development Programs                            1,339,627         265,754           404 %
Professional Services                              13,730           5,832           135 %
Regulatory Expenses                               150,325          90,200            67 %
Other Research and Development Expenses           (17,526 )             -             - %
Total Research and Development Expenses   $     1,489,889       $ 365,519           308 %




Research and Development Expenses totaled $1,489,889 (2020: $365,519), an increase of 308%. Generally, the overall increases are due to our ability to implement our long-term development program as a result of the financial resources available upon consummation of the Merger.

The increased costs in our clinical development programs include costs for active pharmaceutical ingredients, optimization and pre-clinical toxicology studies.

Professional services are primarily related to legal and patent related fees associated with protecting our intellectual property.

Regulatory expenses include clinical research organizations (CRO) and regulatory consulting fees associated with Phase 2 clinical study designs, protocol preparations and the maintenance of the investigator brochures.



Administrative Expenses


Administrative expenses for the three months ended June 30, 2021 totaled $1,711,771 as compared to $484,921 for the three months ended June 30, 2020.



30






The table below summarizes our administrative expenses for the three months ended June 30, 2021 and 2020 as well as the percentage of change year-over-year:



                                            For the Three Months Ended
                                                     June 30,                  Percent
Description                                    2021               2020         Change
Personnel Costs                           $       417,563       $ 151,971           175 %
Professional Service Costs                        458,488          99,075           363 %
Stock Market & Investor Relations Costs           294,076               -             - %
Other Administrative Costs                        541,644         233,875           132 %
Total Administrative Expense              $     1,711,771       $ 484,921           253 %



Administration expenses totaled $1,711,771 for the three months ended June 30, 2021 and $484,921 for the three months ended June 30, 2020. The increased costs include additional personnel added at the time of the Merger, legal and accounting fees associated with the Merger, investor relations firm fees, NASDAQ listing fees, printing and other Merger-related costs.

Interest Expense and Debt Discount

Interest Expense and Debt Discount for the three months ended June 30, 2021 and June 30, 2020 totaled $40,526 and $139,343 which includes interest expense and the amortization of the debt discount.

Amortization of Intangible Assets

Amortization of Intangible Assets includes the amortization of the website for the three months ended June 30, 2020. No amortization was recorded for the three months ended June 30, 2021 as the intangible assets were fully amortized as of December 31, 2020.

Stock Option Modification Expenses

During the three months ended June 30, 2021, we recorded $15,036,051 in stock option modification expenses related to the 4,188,315 pre-Merger MyMD Florida options that were assumed by MyMD upon the consummation of the merger. During the three months ended June 30, 2020, we recorded $15,000 in stock-based compensation for services.



Other Income


Other income, net of expenses, for the three months ended June 30, 2021 and 2020 totalled $185,898 and $0, respectively.




The table below summarizes our other income and expenses for the three months
ended June 30, 2021 and 2020, as well as the percentage of change
year-over-year:



                                        For the Three Months Ended
                                                 June 30,                  Percent
Description                                  2021               2020       Change

Realized Gains on Investments         $           (41,447 )     $   -             - %
Equity Investments Losses                          41,447           -             - %
Interest and Dividend Income                       (5,641 )         -             - %
Gain on Debt Forgiveness                         (180,257 )         -             - %
Total Other Income, Net of Expenses   $          (185,898 )     $   -             - %




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Other Income, net of expenses, totaled $185,898 for the three months ended June 30, 2021, and $0 for the three months ended June 30, 2020. The gain on debt forgiveness is associated with the negotiated settlement of an outstanding debt on a lease totaling $109,657 and the forgiveness of our Payroll Protection Program loans totaling $70,600.

Summary of Statements of Operations for the Six Months Ended June 30, 2021 and 2020




Revenue



We had no revenue from operations during the six months ended June 30, 2021 and June 30, 2020.

Research and Development Expenses

Research and development expenses for the six months ended June 30, 2021 totaled $2,669,484 as compared to $527,577 for the six months ended June 30, 2020.




The table below summarizes our research and development expenses for the six
months ended June 30, 2021 and 2020 as well as the percentage of change
year-over-year:



                                            For the Six Months Ended
                                                    June 30,                 Percent
Description                                    2021             2020         Change
Salaries and Wages                        $        7,503      $   7,491             - %
Development Programs                           2,271,497        207,774           993 %
Professional Services                             24,265         20,245            20 %
Regulatory Expenses                              343,315        238,942            44 %
Other Research and Development Expenses           22,904         53,125           (57 )%
Total Research and Development Expenses   $    2,669,484      $ 527,577           406 %




Research and Development expenses totaled $2,669,484 (2020: $527,577), an increase of 406% during the six months ended June 30, 2021. Generally, the overall increases are due to our ability to implement our long-term development program as a result of the financial resources available upon consummation of the Merger.

The increased costs in our clinical development program include costs for active pharmaceutical ingredients, optimization, pre-clinical toxicology studies and a Phase 1 Multiple Ascending Dose / Single Ascending Dose study.

Professional services are primarily related to legal and patent related fees associated with the protection of our intellectual property.

The increased costs in regulatory expenses include clinical research organizations (CRO) and regulatory consulting fees associated with Phase 2 clinical study design, protocol preparation and updating of the investigator brochure.




Administrative Expenses



Administrative expenses for the six months ended June 30, 2021 totaled $2,961,313 as compared to $1,160,893 for the six months ended June 30, 2020.



32






The table below summarizes our administrative expenses for the six months ended June 30, 2021 and 2020 as well as the percentage of change year-over-year:



                                            For the Six Months Ended
                                                    June 30,                 Percent
Description                                   2021             2020          Change
Personnel Costs                           $     751,757     $   296,541           154 %
Professional Service Costs                      922,002         314,058           194 %
Stock Market & Investor Relations Costs         339,971               -             - %
Other Administrative Costs                      947,583         550,294            72 %
Total Administrative Expense              $   2,961,313     $ 1,160,893           155 %



Administration expenses totaled $2,961,313 for the six months ended June 30, 2021 and $1,160,893 for the six months ended June 30, 2020. The increased costs include additional personnel added at the time of the Merger, legal and accounting fees associated with the Merger, investor relations firm fees, NASDAQ listing fees, printing and other Merger-related costs.

Interest Expense and Debt Discount

Interest Expense and Debt Discount for the six months ended June 30, 2021 and June 30, 2020 totaled $701,090 and $364,218 which includes interest expense and the amortization of the debt discount.

Amortization of Intangible Assets

Amortization of Intangible Assets includes the amortization of the website for the six months ended June 30, 2020. No amortization was recorded for the six months ended June 30, 2021 as the intangible assets were fully amortized as of December 31, 2020.

Stock Option Modification Expenses

During the six months ended June 30, 2021, we recorded $15,036,051 in stock option modification expenses related to the 4,188,315 pre-Merger MyMD Florida options that were assumed by MyMD upon the consummation of the merger. During the six months ended June 30, 2020, we recorded $15,000 in stock-based compensation for services.



Other Income and Expense


Other income, net of expenses, for the six months ended June 30, 2021 totaled $185,898. Other income, net of expense, for the six months ended June 30, 2020 totaled $6.




The table below summarizes our other income and expenses for the six months
ended June 30, 2021 and 2020, as well as the percentage of change
year-over-year:



                                         For the Six Months Ended
                                                 June 30,                Percent
Description                                 2021             2020        Change

Realized Gains on Investments $ (41,447 ) - $ - % Equity Investments Losses

                       41,447           -               - %
Interest and Dividend Income                    (5,641 )        (6 )        93,917 %
Gain on Debt Forgiveness                      (180,257 )         -               - %

Total Other Income, net of expenses $ (185,898 ) $ (6 ) 3,098,200 %

Other Income, net of expenses, totaled $185,898 for the six months ended June 30, 2021, and $6 for the six months ended June 30, 2020. The gain on debt forgiveness is associated with the negotiated settlement of an outstanding debt on a lease totaling $109,657 and the forgiveness of our Payroll Protection Program loans totaling $70,600.

Liquidity and Capital Resources

As of June 30, 2021, our cash on hand totaled $2,127,372 and marketable securities totaling $19,503,001. We incurred a net loss from operations of $21,182,040 for the six months ended June 30, 2021. As of June 30, 2021, we had working capital of $19,026,775, stockholders' equity of $31,074,335 including an accumulated deficit of $69,854,565. During the six months ended June 30, 2021, cash flows used in operating activities were $8,258,496, consisting primarily of a net loss of $21,182,040 and a decrease in trade and other payables of $1,988,204. Since the Company's inception, we have met our liquidity requirements principally through the sale of our common stock in public offerings and private placements.

Concurrently with the Merger Agreement, on November 11, 2020, the Company entered into the Securities Purchase Agreement, by and between the Company and certain institutional and accredited investors (the "SPA Purchasers"), pursuant to which the Company agreed to issue and sell to the SPA Purchasers in a private placement (i) an aggregate of 4,882,980 shares of Company Common Stock, at an offering price of $3.70 per share or, at the election of each investor, Prefunded Warrants (as defined therein), and (ii) for each share of Company Common Stock (or for each Prefunded Warrant, as applicable) purchased in the private placement, a common warrant to purchase one share of Company Common Stock, for gross proceeds of approximately $18.1 million before the deduction of placement agent fees and expenses and estimated offering expenses.

We believe that that our current financial resources as of the date of the issuance of these condensed consolidated financial statements are sufficient to fund our current twelve-month operating budget, and satisfying our estimated liquidity needs for twelve months from the issuance of these condensed consolidated financial statements.



Operating Activities


Our net cash used by operating activities totaled $8,258,496 during the six months ended June 30, 2021. Net cash used consisted principally of the net losses from operations of $21,182,040 and a decrease in trade and other payables of $1,988,204 partially offset by non-cash option modification expenses of $15,036,051.

Our net cash used by operating activities totaled $2,059,487 during the six months ended June 30, 2020. Net cash used consisted principally of the net loss from continuing operations of $2,076,858.



33







Investing Activities


Our net cash provided by investing activities totaled 11,353,891 for the six months ended June 31, 2021 as compared to cash provided by investing activities total $0 during the six months ended June 31, 2020. During the six months ended June 30, 2021 we purchased securities totaling $10,137 (2020: $0) and sold securities totaling $9,983,176 (2020: $0) and received $1,380,852 from the merger.




Financing Activities



Net cash consumed by financing activities during the six months ended June 30, 2021 was $1,116,307 which consisted of the payoff of the Company's lines of credit totaling $3,062,444 offset by proceeds of $120,000 from the line of credit and $1,826,137 from the Promissory Note. Net cash provided by financing activities totaled $2,053,349 during the six months ended June 30, 2020 which consisted of proceeds from the line of credit of $1,332,749, $650,000 from the issuance of common stock and $70,600 from the Payroll Protection Program.



Critical Accounting Policies


See accounting policies in Note 2 of the Condensed Consolidated Financial Statements included in Part I, Item 1 of this report.

Off-Balance Sheet Arrangements

We have no significant known off-balance sheet arrangements.

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Financials (USD)
Sales 2020 - - -
Net income 2020 -8,93 M - -
Net Debt 2020 2,89 M - -
P/E ratio 2020 -
Yield 2020 -
Capitalization 321 M 321 M -
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees 6
Free-Float 86,7%
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Managers and Directors
Christopher C. Chapman President, Director & Chief Medical Officer
Ian Rhodes Chief Financial Officer
Joshua Nathaniel Silverman Chairman
Adam Kaplin Chief Scientific Officer
Paul Rivard Executive VP-Operations & General Counsel
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SEAGEN INC.1.46%32 330
CELLTRION, INC.-38.02%26 036