What changed in this filing

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Item 1. Financial Statements

2022-11-14 compared with 2022-08-15 · 93 added, 101 removed, 102 unchanged (66% of the section changed)

1 unchanged sentence

LIFESCIENCES, INC.

OF JUNE 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

June 30, 2022

December 31, 2021

Current assets

Acquired patents, net

Liabilities and stockholders’ equity

OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

September 30,

and stockholders’ equity

payable & accrued interest

current liabilities

Accounts payable & accrued interest

Unreimbursed expenses

Total current liabilities

Total liabilities

Stockholders’ equity

Common stock, $ 0.001 par value;

Stockholders’

stock, $ 0.001 par value;

100,000,000 shares authorized;

12,774,809 and 13,147,829 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively

Additional paid-in capital

Accumulated deficit

12,848,165 and 13,147,829 shares issued and outstanding as of September

30, 2022 and December 31, 2021, respectively

paid-in capital

( 38,682,254 )

( 33,647,529 )

Total stockholders’ equity

Total liabilities and stockholders’ equity

stockholders’ equity

liabilities and stockholders’ equity

accompanying notes to unaudited financial statements.

1 unchanged sentence

OF OPERATIONS

THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

Three Months Ended June 30,

Six Months Ended June 30,

THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (UNAUDITED)

and development

and administrative

operating expenses

Research and development

General and administrative

Total operating expenses

Loss from operations

Interest Income

from operations

( 2,383,061 )

( 5,145,571 )

Per share information:

Net loss per common share, basic and diluted

Weighted average common shares outstanding, basic and diluted

accompanying notes to unaudited financial statements.

( 2,220,737 )

$ ( 2,319,024 )

$ ( 863,118 )

$ ( 5,034,725 )

$ ( 2,209,871 )

share information:

loss per common share, basic and diluted

average common shares outstanding, basic and diluted

accompanied notes to unaudited financial statements.

LIFESCIENCES, INC.

OF STOCKHOLDERS’ EQUITY

THE THREE AND SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

Preferred Stock

THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (UNAUDITED)

Stockholders’

Balances, December 31, 2020

Stockholders’

December 31, 2020

$ ( 29,076,953 )

Stock-based compensation

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

Balances, March 31, 2021

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

March 31, 2021

( 29,673,961 )

Stock-based compensation

Balances, June 30, 2021

June 30, 2021

( 30,423,706 )

Balances, December 31, 2021

September 30, 2021

$ ( 31,286,824 )

Stock-based compensation

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

December 31, 2021

$ ( 33,647,529 )

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

( 5,513,441 )

1 unchanged sentence

( 1,969,628 )

Balances, March 31, 2022

( 1,969,628 )

Stock-based compensation

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

Balances, June 30, 2022

March 31, 2022

( 35,617,157 )

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

( 2,022,255 )

( 2,022,505 )

June 30, 2022

( 36,363,230 )

( 2,319,024 )

September 30, 2022

$ ( 38,682,254 )

accompanying notes to unaudited financial statements.

1 unchanged sentence

OF CASH FLOWS

THE SIX MONTHS ENDED JUNE 30, 2022 AND 2021 (UNAUDITED)

Six Months Ended

Operating activities:

THE NINE MONTHS ENDED SEPTEMBER 30, 2022 AND 2021 (UNAUDITED)

September 30,

$ ( 5,034,725 )

$ ( 2,209,871 )

Adjustments required to reconcile net loss to net cash used in operating activities:

Stock-based compensation

Changes in operating assets and liabilities:

Accounts payable

Accrued interest

Unreimbursed expenses (accrued)

Net cash used in operating activities

required to reconcile net loss to net cash used in operating activities:

in operating assets and liabilities:

expenses (accrued)

cash used in operating activities

( 4,029,966 )

( 2,027,228 )

Financing activities:

Proceeds from sale of common stock

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

from sale of common stock

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

( 7,536,216 )

Repayment to related party/shareholder

Net cash provided by (used in) financing activities

to related party/shareholder

cash provided by (used in) financing activities

( 7,536,216 )

Net increase (decrease) in cash

increase (decrease) in cash

( 11,566,182 )

Cash, beginning of period

Cash, end of period

beginning of period

end of period

accompanying notes to unaudited financial statements.

21 unchanged sentences

and Diluted Loss per Share

of June 30, 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 June 30, 2022 and 2021, the Company has no common stock equivalents related to convertible preferred stock issued and outstanding.

of September 30, 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 September 30, 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

Six Months Ended

Basic and diluted net loss per share calculation:

Net loss, basic

September 30,

and diluted net loss per share calculation:

( 5,034,725 )

( 2,209,871 )

Change in fair value of warrants

Net loss, diluted

in fair value of warrants

loss, diluted

( 5,034,725 )

( 2,209,871 )

Weighted average common shares outstanding, basic and diluted

Net loss per common share, basic and diluted

average common shares outstanding, basic and diluted

loss per common share, basic and diluted

Related Party Transactions

expenses have been accrued and incurred by management, which total $ 8,289 as of June 30, 2022 and $ 164,327 as of December 31, 2021.

expenses have been accrued and incurred by management, which total $ 17,034 as of September 30, 2022 and $ 164,327 as of December 31, 2021.

Commitments and Contingencies

11 unchanged sentences

for the Company’s clinical trials.

payable includes accrued interest obligations to HJF which total $ 220,845 as of June 30, 2022 and December 31, 2021.

payable includes accrued interest obligations to HJF which total $ 220,845 as of September 30, 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

As of June 30, 2022, 819,825 shares of the 908,242

shares of the common stock grant had vested at approximately $ 1,844,606 value and 88,417 shares remain unvested and unrecognized at approximately

$ 198,938 value.

An aggregate of 146,808 shares of common stock were vested at approximately $ 330,318 value from January through June 2022

in consideration for services rendered.

of September 30, 2022, 893,181

shares of the 908,362

shares of the common stock grant, which includes an additional grant of 120 shares issued during the vesting period due to rounding

up of fractional shares, had vested at approximately $ 2,009,657

value and 15,181

shares remain unvested and unrecognized at approximately $ 34,157

An aggregate of 220,164

shares of common stock were vested at approximately $ 495,369

value from January through September 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 June 30, 2022,

approximately 519,828

shares of the Company’s common stock has

been repurchased and cancelled at an aggregate purchase price, including all transactions costs, of approximately $ 7,536,216 .

$ 10 million of the Company’s common stock at any time.

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 June 30, 2022, approximately 519,828 shares of the Company’s common stock has been repurchased and cancelled

at an aggregate purchase price, including all transactions costs, of approximately $ 7,536,216 .

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

3 unchanged sentences

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

June 30, 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 June 30, 2022 of $ 25,873 based on the June 30, 2022 closing share price of $ 8.47 :

September 30, 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 September 30, 2022 of $ 38,583

based on the September 30, 2022 closing share price of $ 9.10 :

Schedule of Outstanding Warrants

Shares Underlying

September 24, 2025

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

2 unchanged sentences

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

On June 22, 2022, 1,498,128 shares of common stock

were granted to employees, consultants, and directors issuable upon exercise of outstanding stock options under the Company’s 2019

Equity Incentive Plan at an exercise price of $ 7.63 per share, which was the closing share price on June 21, 2022.

The options had a fair

value on the grant date of $ 9,512,356 of which $ 59,452 was expensed through June 30, 2022 and $ 9,452,904 will be expensed in the future

if and as vesting occurs.

Vesting will be based on time of service over a four year period and certain additional performance milestones

for senior management, primarily related to the planned Phase III clinical trial.

Subsequent Events

July 11, 2022, the Board of Directors indefinitely suspended the Company’s stock repurchase program.

June 22, 2022, 1,498,128 shares of common stock were granted to employees, consultants, and directors issuable upon exercise of outstanding

stock options under the Company’s 2019 Equity Incentive Plan at an exercise price of $ 7.63 per share, which was the closing share

price on June 21, 2022.

The options had a fair value on the grant date of $ 9,512,356 of which $ 653,974 was expensed through September

30, 2022 and $ 8,858,382 will be expensed in the future if and as vesting occurs.

Vesting will be based on time of service over a four

year period and certain additional performance milestones for senior management, primarily related to the planned Phase III clinical

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