What changed in this filing

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Item 1. Financial Statements

2022-05-20 compared with 2021-11-15 · 54 added, 90 removed, 130 unchanged (53% of the section changed)

1 unchanged sentence

LIFESCIENCES, INC.

OF SEPTEMBER 30, 2021 (UNAUDITED AND DECEMBER 31, 2020

September 30, 2021

OF MARCH 31, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

March 31, 2022

December 31, 2021

Current assets

Total current assets

Acquired patents, net

Liabilities and stockholders’ deficit

Liabilities and stockholders’ equity

Current liabilities

1 unchanged sentence

Unreimbursed expenses

Advance from related party/shareholder

Total current liabilities

3 unchanged sentences

100,000,000 shares authorized;

12,993,609 and 12,703,541 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

12,951,453 and 13,147,829 shares issued and outstanding as of March 31, 2022 and December 31, 2021, respectively

Additional paid-in capital

4 unchanged sentences

Total liabilities and stockholders’ equity

accompanied notes to unaudited financial statements.

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF OPERATIONS

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

Three Months Ended

September 30,

Nine Months Ended

September 30,

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

Three Months Ended March 31,

Operating expenses

7 unchanged sentences

$ ( 597,008 )

$ ( 2,209,871 )

$ ( 711,936 )

Per share information:

1 unchanged sentence

Weighted average common shares outstanding, basic and diluted

accompanied notes to unaudited financial statements.

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF STOCKHOLDERS’ EQUITY (DEFICIT)

THE THREE AND NINE MONTHS ENDED SEPTEMBER, 2021 AND 2020 (UNAUDITED)

OF STOCKHOLDERS’ EQUITY

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

Stockholders’

Preferred Stock

Total Stockholders’

Paid-in Capital

Accumulated Deficit

Equity (Deficit)

Stockholders’

Balances, December 31, 2020

$ ( 29,076,953 )

$ ( 1,350,418 )

Stock-based compensation

Issuance of common stock in initial public offering, net of offering costs

Issuance of common stock in initial public offering, net of offering costs, shares

Additional preferred stock issued due to anti-dilution

Additional preferred stock issued due to anti-dilution, shares

Conversion of preferred to common stock

Conversion of preferred to common stock, shares

Exercise of common stock from Green Shoe of follow-on offering, net of offering costs

Exercise of common stock from Green Shoe of follow-on offering, net of offering costs, shares

Balances, March 31, 2021

$ ( 29,673,961 )

( 1,421,116 )

Stock-based compensation

Balances, June 30, 2020

( 27,669,062 )

( 1,457,603 )

Stock-based compensation

Issuance of common stock in initial public offering, net of offering costs

Additional preferred stock issued due to anti-dilution

Conversion of preferred to common stock

( 2,022,769 )

Balances, September 30, 2020

$ ( 27,925,927 )

Balances, December 31, 2021

1 unchanged sentence

Stock-based compensation

Exercise of common stock from Green Shoe of follow-on offering, net of offering costs

Balances, March 31, 2021

( 29,673,961 )

Repurchase of common stock via stock buy back program, net of costs

( 5,513,441 )

Stock-based compensation

Balances, June 30, 2021

( 5,513,711 )

Beginning balances, value

( 1,969,628 )

Stock-based compensation

Balances, September 30, 2021

( 1,969,628 )

Balances, March 31, 2022

$ ( 35,617,157 )

accompanied notes to unaudited financial statements.

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

OF CASH FLOWS

THE NINE MONTHS ENDED SEPTEMBER 30, 2021 AND 2020 (UNAUDITED)

Nine Months Ended September 30,

THE THREE MONTHS ENDED MARCH 31, 2022 AND 2021 (UNAUDITED)

Three Months Ended

Operating activities:

11 unchanged sentences

Proceeds from sale of common stock

Repurchase of common stock via stock buy back program, net of costs

( 5,513,711 )

Repayment to related party/shareholder

Net proceeds from initial public offering of common stock

Net cash provided by (used in) financing activities

( 5,513,711 )

Net increase (decrease) in cash

( 7,461,173 )

Cash, beginning of period

Cash, end of period

Non-cash investing and financing activities:

Conversion of preferred stock to common

Issuance of preferred stock due to antidilution

accompanied notes to unaudited financial statements.

accompanying notes to unaudited financial statements.

LIFESCIENCES, INC.

20 unchanged sentences

and Diluted Loss per Share

of September 30, 2021 and 2020, the Company has common stock equivalents related to underwriter warrants outstanding to acquire 100,870

shares of the Company’s common stock.

of September 30, 2021 and 2020, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

of March 31, 2022 and 2021, the Company had common stock equivalents related to warrants outstanding to acquire 20,174 and 100,870 shares

of the Company’s common stock, respectively.

of March 31, 2022 and 2021, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

following table sets forth the computation of basic and diluted net loss per common share for the periods indicated:

Schedule of Basic and Diluted Net Loss Per Common Share

Nine Months Ended

September 30,

Three Months Ended

Basic and diluted net loss per share calculation:

7 unchanged sentences

Related Party Transactions

expenses have been accrued and incurred by management, which total $ 159,274 as of September 30, 2021 and $ 59,367 as of December 31, 2020.

Between January 1, 2021 and March 15, 2021, the Company paid off the remaining related party loans of $ 155,154 and $ 120,000 to Snehal

Patel and the Kenneth Hallock and Annette Hallock Revocable Trust, respectively.

expenses have been accrued and incurred by management, which total $ 20,323 as of March 31, 2022 and $ 164,327 as of December 31, 2021.

Commitments and Contingencies

11 unchanged sentences

for the Company’s clinical trials.

Company paid HJF an aggregate total of $ 434,732 in July 2021 related to annual maintenance fees and reimbursement of patent expenses.

Accounts payable includes accrued patent and license obligations to HJF, including accrued interest, plus accrued expenses for manufacturing

of GP2 for the upcoming Phase III clinical trial, which total $ 295,845 as of September 30, 2021 and $ 710,971 as of December 31, 2020.

payable includes accrued interest obligations to HJF which total $ 220,845 as of March 31, 2022 and December 31, 2021.

time to time, the Company may be involved in disputes, including litigation, relating to claims arising out of operations in the normal

11 unchanged sentences

Stockholders’ Equity

of September 30, 2021, 599,493 shares

of the 908,242 shares

of the common stock grant had vested at approximately $ 1,348,859 value

and 308,749 shares

remain unvested and unrecognized at approximately $ 694,685 value.

An aggregate of 220,068 shares

of common stock were vested at approximately $ 495,153

value in January through September 2021 in consideration for services rendered.

January 29, 2021, in connection with our December 2020 follow-on offering, the underwriter exercised its option to purchase 70,000 additional

shares of common stock at the public offering price of $ 40.00 per share for gross proceeds of $ 2,800,000 and net proceeds of $ 2,548,000 ,

after deducting underwriting discounts and commissions and offering expenses borne by the Company, which totaled $ 252,000 .

September 30, 2021, outstanding underwriter warrants to purchase shares of common stock accounted for as equity or liabilities were as

follows with an aggregate intrinsic value as of September 30, 2021 of $ 3,940,991 based on the September 30, 2021 closing share price

of Outstanding Warrants

of March 31, 2022, 746,469 shares of the 908,242 shares of the common stock grant had vested at approximately $ 1,679,555 value and 161,773

shares remain unvested and unrecognized at approximately $ 363,989 value.

An aggregate of 73,452 shares of common stock were vested at

approximately $ 165,267 value in January, February, and March 2022 in consideration for services rendered.

January 23, 2022, the Board of Directors authorized the Company’s management to implement a stock repurchase program for up to

million of the Company’s common stock at

The term of the Board of Directors authorization of the repurchase program is until March 31, 2023.

The repurchase program

may be suspended or discontinued at any time and will be funded using the Company’s working capital.

As of March 15, 2022,

approximately 269,828

shares of the Company’s common stock has

been repurchased and cancelled at an aggregate purchase price, including all transactions costs, of approximately $ 5,513,711 .

March 15, 2022, the Board of Directors indefinitely suspended the Company’s stock repurchase program.

January 23, 2022, the Board of Directors extended the lock-up of the shares owned by the Company’s directors, officers, and existing

pre-IPO investors to March 24, 2023 (30 months from date of the Company’s IPO) from March 24, 2022 (18 months from date of the

Company’s IPO).

During this period, current officers, directors and certain shareholders will not be able to sell their shares

of the Company’s common stock unless otherwise modified by the Board of Directors.

March 31, 2022, outstanding warrants to purchase shares of common stock accounted for as equity or liabilities were as follows with an

aggregate intrinsic value as of March 31, 2022 of $ 250,813 based on the March 31, 2022 closing share price of $ 19.62 :

Schedule of Outstanding Warrants

Shares Underlying

September 24, 2025

underwriter warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24,

2021 and expiring September 24, 2025.

The exercise price of the warrants is $ 7.1875 per share or $ 6.9718 per share if the warrants

are exercised for cash within the first six months of the period in which they are exercisable.

Subsequent Events

October 19, 2021, the underwriter warrants were partially exercised resulting in the issuance of 80,696 shares of common stock and gross

proceeds to the Company of $ 562,596 .

As of October 19, 2021, warrants to purchase 20,174 shares of common stock remain outstanding.

warrants are exercisable at any time and from time to time, in whole or in part, during a period commencing March 24, 2021 and expiring

September 24, 2025 .

The exercise price of the warrants is $ 7.1875 per share or $ 6.9718 per share if the warrants are exercised for

cash within the first six months of the period in which they are exercisable.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements