Company to host investor call and webcast on Monday, April 1st, at 8:30am EDT
PITTSBURGH, March 28, 2024 (GLOBE NEWSWIRE) — Predictive Oncology (Nasdaq: POAI), a science driven company leveraging its proprietary artificial intelligence and machine learning capabilities, extensive biorepository of tumor samples, CLIA laboratory and GMP facility, to accelerate oncologic drug discovery and enable drug development, today reported financial and operating results for the year ended December 31, 2023, and provided a corporate update. The company reported a net loss of approximately $14 million on total revenue of approximately $1.8 million for the year ended December 31, 2023.
Q4 2023 and Recent Highlights:
“While it has been just a little over twelve months since we implemented our new strategic vision for the company, I am extremely pleased with the progress we have made to date introducing our unique blend of assets and capabilities to leading oncologic drug developers globally, while in parallel continuing to incorporate learnings from this first year to further refine our business development efforts,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “By leveraging our PEDAL AI and machine learning capabilities, vast biobank of tumor samples, repository of decades of drug response data and CLIA wet lab, we are able to introduce patient and tumor heterogeneity into the earliest phases of pre-clinical development, enabling drug developers to gain insight into the future, increasing the likelihood of commercial success.
“Perhaps most notably, we announced last quarter that we successfully delivered the results of our first campaign with Cancer Research Horizons. We were able to determine, in just a matter of weeks, which cancer types and patient populations would be most likely to respond to CRH’s glutaminase inhibitor candidates. With the actionable output from this campaign, CRH can now better prioritize the development of these compounds. We continue to engage with CRH not only on next steps related to this campaign, but on future projects that offer us the opportunity to earn potential development and commercialization milestones. Our work with CRH provided critical validation of our technology, and, as the leading private funder of cancer research in the world, is an important reference account for us.
“We were also very pleased to announce last quarter the completion of a molecular characterization study in collaboration with UPMC Magee-Womens Hospital in Pittsburgh to AI models to identify the key molecular features that drive overall survival in ovarian cancer in stratified patient subpopulations. We are working with Magee on next steps, which could potentially include implementation of these models into daily clinical practice as a decision support tool to guide treatment decisions and improve patient outcomes.
“We remain in the very early stages of the biopharma industry embracing AI to increase the speed and accuracy of drug discovery, and I believe we are ideally positioned to be a leader in this rapidly evolving sector.” Mr. Vennare concluded.
FY 2023 Financial Summary:
FY 2023 Financial results
Conference call and webcast details:
Predictive Oncology management will host an investor conference call and webcast on Monday, April 1st, at 8:30am EDT.
To participate in the call, investors and analysts should dial 1-877-407-3982 (domestic) or 1-201-493-6780 (international) and reference conference ID 13744464.
To access the Call Me™ feature, which eliminates the need to wait for a call operator, please click here.
The live webcast of the call can be accessed here.
Forward-Looking Statements:
Certain matters discussed in this release contain forward-looking statements. These forward-looking statements reflect our current expectations and projections about future events and are subject to substantial risks, uncertainties and assumptions about our operations and the investments we make. All statements, other than statements of historical facts, included in this press release regarding our strategy, future operations, future financial position, future revenue and financial performance, projected costs, prospects, plans and objectives of management are forward-looking statements. The words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “plan,” “would,” “target” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Our actual future performance may materially differ from that contemplated by the forward-looking statements as a result of a variety of factors including, among other things, the risks related to the success of our collaboration arrangements, commercialization activities and product sales levels by our collaboration partners, and other factors discussed under the heading “Risk Factors” in our filings with the SEC. Except as expressly required by law, the Company disclaims any intent or obligation to update these forward-looking statements.
Investor Relations Contact:
Tim McCarthy, CFA
LifeSci Advisors, LLC
tim@lifesciadvisors.com
PREDICTIVE ONCOLOGY INC. CONSOLIDATED BALANCE SHEETS |
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December 31, 2023 |
December 31, 2022 |
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ASSETS | |||||||
Current assets: | |||||||
Cash | $ | 8,728,660 | $ | 22,071,523 | |||
Accounts receivable | 333,697 | 331,196 | |||||
Inventories | 494,374 | 430,493 | |||||
Prepaid expense and other assets | 521,700 | 526,801 | |||||
Total current assets | 10,078,431 | 23,360,013 | |||||
Property and equipment, net | 1,233,910 | 1,833,255 | |||||
Intangibles, net | 252,457 | 253,865 | |||||
Lease right-of-use assets | 2,728,355 | 211,893 | |||||
Other long-term assets | 124,096 | 75,618 | |||||
Total assets | $ | 14,417,249 | $ | 25,734,644 | |||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 1,342,027 | $ | 943,452 | |||
Note payable | 150,408 | – | |||||
Accrued expenses and other liabilities | 1,631,702 | 2,229,075 | |||||
Derivative liability | 1,376 | 13,833 | |||||
Contract liabilities | 308,091 | 602,073 | |||||
Lease liability | 517,427 | 94,237 | |||||
Total current liabilities | 3,951,031 | 3,882,670 | |||||
Other long-term liabilities | 5,459 | – | |||||
Lease liability – net of current portion | 2,188,979 | 86,082 | |||||
Total liabilities | 6,145,469 | 3,968,752 | |||||
Commitments and contingencies | |||||||
Stockholders’ equity: | |||||||
Preferred stock, 20,000,000 shares authorized inclusive of designated below | |||||||
Series B Convertible Preferred Stock, $.01 par value, 2,300,000 shares authorized, 79,246 shares outstanding as of December 31, 2023, and December 31, 2022 | 792 | 792 | |||||
Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 and 3,938,160 shares outstanding as of December 31, 2023, and December 31, 2022, respectively | 40,629 | 39,382 | |||||
Additional paid-in capital | 175,992,242 | 175,503,634 | |||||
Accumulated deficit | (167,761,883 | ) | (153,777,916 | ) | |||
Total stockholders’ equity | 8,271,780 | 21,765,892 | |||||
Total liabilities and stockholders’ equity | $ | 14,417,249 | $ | 25,734,644 | |||
PREDICTIVE ONCOLOGY INC. CONSOLIDATED STATEMENTS OF NET LOSS |
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Year Ended December 31, | |||||||
2023 | 2022 | ||||||
Revenue | $ | 1,780,093 | $ | 1,505,459 | |||
Cost of sales | 634,796 | 505,107 | |||||
Gross profit | 1,145,297 | 1,000,352 | |||||
Operating expenses: | |||||||
General and administrative expense | 9,428,496 | 11,110,735 | |||||
Operations expense | 4,127,268 | 3,798,425 | |||||
Sales and marketing expense | 1,510,861 | 1,358,907 | |||||
Loss on impairment of goodwill | – | 7,231,093 | |||||
Loss on impairment of finite-lived intangible assets | – | 3,349,375 | |||||
Loss on impairment of property and equipment | 162,905 | 185,469 | |||||
Total operating expenses | 15,229,530 | 27,034,004 | |||||
Total operating loss | (14,084,233 | ) | (26,033,652 | ) | |||
Other income | 152,776 | 185,646 | |||||
Other expense | (64,967 | ) | (5,275 | ) | |||
Gain on derivative instruments | 12,457 | 115,647 | |||||
Net loss | $ | (13,983,967 | ) | $ | (25,737,634 | ) | |
Net loss per common share – basic and diluted | $ | (3.48 | ) | $ | (6.98 | ) | |
Weighted average shares used in computation – basic and diluted | 4,014,848 | 3,685,954 |
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