NERVGEN PHARMA CORP. Condensed consolidated interim financial statements of
NervGen Pharma Corp.
(Expressed in Canadian Dollars - Unaudited)
For the nine months ended September 30, 2021
NERVGEN PHARMA CORP.
Condensed Consolidated Interim Statements of Financial Position
(Expressed in Canadian dollars)
(Unaudited) | |||
as at | September 30, 2021 | December 31, 2020 | |
$ | $ | ||
Assets | |||
Current assets | 8,249,427 | ||
Cash | 5,598,560 | ||
Accounts receivable | 41,972 | 62,594 | |
Prepaids and deposits (Notes 6, 11) | 599,826 | 540,750 | |
8,891,225 | 6,201,904 | ||
Non-current assets | 3,462 | ||
Capital assets | 1,996 | ||
Intangible assets (Note 7) | 483,589 | 471,388 | |
487,051 | 473,384 | ||
9,378,276 | 6,675,288 | ||
Liabilities | |||
Current liabilities | 807,104 | ||
Accounts payable and accrued liabilities (Note 8) | 591,818 | ||
Due to related parties (Note 11) | 277,842 | 163,254 | |
1,084,946 | 755,072 | ||
Shareholders' Equity | 31,223,661 | ||
Common shares (Note 9) | 22,947,031 | ||
Reserves (Note 10) | 7,971,436 | 5,295,229 | |
Deficit | (30,901,767) | (22,322,044) | |
8,293,330 | 5,920,216 | ||
9,378,276 | 6,675,288 | ||
Nature of business (Note 1) | - | #REF! | |
Commitments (Note 12) | |||
Subsequent events (Note 14) | |||
Approved by the Board | |||
/s/ William J. Radvak | Director | /s/ Brian E. Bayley | Director |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
1
NERVGEN PHARMA CORP.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss
(Expressed in Canadian dollars) | ||||
(Unaudited) | ||||
For the 3 Months | For the 3 Months | For the 9 Months | For the 9 Months | |
Ended | Ended | Ended | Ended | |
September 30, 2021 | September 30, 2020 | September 30, 2021 | September 30, 2020 | |
$ | $ | $ | $ | |
Operating expenses | 2,016,154 | 4,339,113 | ||
Research and development (Note 13) | 716,628 | 2,880,412 | ||
General and administration (Note 13) | 1,650,913 | 1,334,619 | 4,325,504 | 3,901,790 |
Total operating expenses | 3,667,067 | 2,051,247 | 8,664,617 | 6,782,202 |
Interest income | (6,566) | (4,023) | (16,577) | (13,956) |
Foreign exchange (gain) loss | (61,134) | 86,161 | (68,317) | (153,740) |
Net loss and comprehensive loss for the period | (3,599,367) | (2,133,385) | (8,579,723) | (6,614,506) |
Basic and diluted net loss per share | (0.09) | (0.06) | (0.23) | (0.21) |
Weighted average common shares outstanding (Note 9) | 40,129,198 | 33,464,042 | 37,763,433 | 31,078,944 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
2
NERVGEN PHARMA CORP.
Condensed Consolidated Interim Statements of Cash Flows
(Expressed in Canadian dollars) (Unaudited)
Nine Months | Nine Months | |||
Ended | Ended | |||
September 30, 2021 | September 30, 2020 | |||
$ | $ | |||
Operating activities | (8,579,723) | |||
Net loss for the period | (6,614,506) | |||
Items not involving cash: | 30,136 | |||
Amortization of intangible asset | 28,665 | |||
Depreciation | 1,284 | 998 | ||
Stock-based compensation | 2,939,390 | 2,888,552 | ||
Unrealized foreign exchange | (83,395) | (153,977) | ||
Changes in non-cash working capital: | 20,622 | |||
Accounts receivable | 116,973 | |||
Prepaid expenses | (59,076) | (16,976) | ||
Due to related parties | 114,588 | 664 | ||
Accounts payable and accrued liabilities | 203,446 | (607,698) | ||
(5,412,728) | (4,357,305) | |||
Investing activities | (2,750) | |||
Payments to acquire capital assets | (3,421) | |||
Acquisition payments on intangible asset | (42,336) | - | ||
(45,086) | (3,421) | |||
Financing activities | 1,340,979 | |||
Option and warrant exercises | 265,122 | |||
Proceeds from issuance of common shares | 7,380,536 | 8,708,534 | ||
Share issue costs - cash | (696,228) | (1,163,424) | ||
8,025,287 | 7,810,232 | |||
Effect of foreign exchange on cash | 83,394 | 99,954 | ||
Net increase (decrease) in cash | 2,650,867 | 3,549,460 | ||
Cash, beginning of period | 5,598,560 | 4,106,183 | ||
Cash, end of period | 8,249,427 | 7,655,643 | ||
Cash paid for interest and taxes | $ | - | $ | - |
Non-cash transactions: | ||||
Fair value of options allocated to share capital | 780,155 | 167,395 | ||
Fair value of warrants allocated to share capital | 2,702 | - | ||
Finder's/Broker's warrants | 194,674 | 217,631 | ||
Share issue costs in accounts payable and accrued liabilities | 11,840 | - |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
3
NERVGEN PHARMA CORP.
Condensed Consolidated Interim Statements of Changes in Shareholders' Equity
(Expressed in Canadian dollars) (Unaudited)
Total | |||||
Common Shares | Shareholders' | ||||
Number | Amount | Reserves | Deficit | Equity | |
$ | $ | $ | $ | ||
Balance December 31, 2019 | 29,351,659 | 15,293,689 | 1,683,734 | (11,135,903) | 5,841,520 |
Option exercises | 114,000 | 173,502 | (59,502) | - | 114,000 |
Shares issued for deposit (net) | - | (26,009) | - | - | (26,009) |
Stock-based compensation | - | - | 629,020 | - | 629,020 |
Loss and comprehensive loss | - | - | - | (1,859,335) | (1,859,335) |
Balance March 31, 2020 | 29,465,659 | 15,441,182 | 2,253,252 | (12,995,238) | 4,699,196 |
Option exercises | 140,000 | 240,660 | (100,660) | - | 140,000 |
Common share financings (net) | 1,806,827 | 2,131,330 | - | - | 2,131,330 |
Finders warrants | - | (17,166) | 17,166 | - | - |
Stock-based compensation | - | - | 1,232,457 | - | 1,232,457 |
Loss and comprehensive loss | - | - | - | (2,621,786) | (2,621,786) |
Balance June 30, 2020 | 31,412,486 | 17,796,006 | 3,402,215 | (15,617,024) | 5,581,197 |
Option exercises | 18,675 | 18,356 | (7,234) | - | 11,123 |
Common share financings (net) | 3,685,714 | 5,255,502 | 184,286 | - | 5,439,788 |
Finders warrants | - | (200,465) | 200,465 | - | - |
Stock-based compensation | - | - | 1,027,075 | - | 1,027,075 |
Loss and comprehensive loss | - | - | - | (2,133,385) | (2,133,385) |
Balance September 30, 2020 | 35,116,875 | 22,869,399 | 4,806,808 | (17,750,409) | 9,925,798 |
Balance December 31, 2020 | 35,167,875 | 22,947,031 | 5,295,229 | (22,322,044) | 5,920,216 |
Option exercises | 679,930 | 1,040,835 | (360,905) | - | 679,930 |
Warrant exercises | 12,887 | 23,295 | (2,242) | - | 21,053 |
Stock-based compensation | - | - | 775,997 | - | 775,997 |
Loss and comprehensive loss | - | - | - | (2,247,417) | (2,247,417) |
Balance March 31, 2021 | 35,860,692 | 24,011,161 | 5,708,079 | (24,569,461) | 5,149,779 |
Common share financings (net) | 3,250,000 | 4,093,346 | 325,000 | - | 4,418,346 |
Broker warrants | - | (164,443) | 164,443 | - | - |
Stock-based compensation | - | - | 847,930 | - | 847,930 |
Loss and comprehensive loss | - | - | - | (2,732,939) | (2,732,939) |
Balance June 30, 2021 | 39,110,692 | 27,940,064 | 7,045,452 | (27,302,400) | 7,683,116 |
Common share financings (net) | 1,511,636 | 2,254,120 | - | - | 2,254,120 |
Option exercises | 405,000 | 919,500 | (419,250) | - | 500,250 |
Warrant exercises | 79,546 | 140,207 | (460) | - | 139,747 |
Broker warrants | - | (30,230) | 30,230 | - | - |
Stock-based compensation | - | - | 1,315,464 | - | 1,315,464 |
Loss and comprehensive loss | - | - | - | (3,599,367) | (3,599,367) |
Balance September 30, 2021 | 41,106,874 | 31,223,661 | 7,971,436 | (30,901,767) | 8,293,330 |
The accompanying notes are an integral part of these condensed consolidated interim financial statements
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NervGen Pharma Corp. published this content on 18 November 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 November 2021 13:22:07 UTC.
