What changed in this filing

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Item 1. Business

2022-03-10 compared with 2021-03-05 · 92 added, 94 removed, 5 unchanged (97% of the section changed)

ProtoKinetix, Incorporated (“ProtoKinetix,”

“we,”

“us,”

“our,”

or the “Company”) is a research and development stage bio-technology

company focused on scientific medical research of AFGPs (Anti-Freeze Glycoproteins) or anti-aging glycoproteins, trademarked as

The Company has recently been in the process of directing major efforts to the practical side of commercial

The commercial applications for AAGPs ®

in large markets such as targeted health care solutions are numerous,

and ProtoKinetix is currently working with researchers, business leaders and advisors and commercial entities to bring AAGP ®

ProtoKinetix was incorporated as RJV

Network, Inc.

under the laws of the State of Nevada on December 23, 1999 for the primary purpose of developing an internet-based

listing site that would provide detailed commercial real estate property listings and related data.

In July 2003, the Company

entered into an assignment of license agreement with BioKinetix Research, Incorporated for the assignment of rights relating to

proprietary technologies of BioKinetix Research, Incorporated for the creation and commercialization of “superantibodies.”

On July 8, 2003, the Company changed its name to “ProtoKinetix, Incorporated.”

The Company’s executive (or corporate)

offices are located at 412 Mulberry Street, Marietta, Ohio 45750.

Our telephone number is (740) 434-5041 and our website

is www.protokinetix.com.

Cautionary Note Regarding Forward-Looking

The information discussed in this Annual

Report on Form 10-K for the fiscal year ended December 31, 2020 as well as some statements in press releases and some oral statements

of the Company’s officers during presentations about the Company include “forward looking statements”

the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities Exchange

Act of 1934 (the “Exchange Act”).

ProtoKinetix, Incorporated

(“ProtoKinetix,” “we,” “us,” “our,” or the “Company”) is a research and development

stage bio-technology company focused on scientific medical research of AFGPs (Anti-Freeze Glycoproteins) or anti-aging glycoproteins,

trademarked as AAGPs ® .

The Company has recently been in the process of directing major efforts to the practical

side of commercial validation.

The commercial applications for AAGPs ® in large markets such as targeted health care solutions

are numerous, and ProtoKinetix is currently working with researchers, business leaders and advisors and commercial entities to bring

AAGP ® to market.

was incorporated as RJV Network, Inc.

under the laws of the State of Nevada on December 23, 1999 for the primary purpose of developing

an internet-based listing site that would provide detailed commercial real estate property listings and related data.

In July 2003,

the Company entered into an assignment of license agreement with BioKinetix Research, Incorporated for the assignment of rights relating

to proprietary technologies of BioKinetix Research, Incorporated for the creation and commercialization of “superantibodies.”

On July 8, 2003, the Company changed its name to “ProtoKinetix, Incorporated.”

The Company’s

executive (or corporate) offices are located at 412 Mulberry Street, Marietta, Ohio 45750.

Our telephone number is (740) 434-5041

and our website is www.protokinetix.com .

Note Regarding Forward-Looking Statements

The information

discussed in this Annual Report on Form 10-K for the fiscal year ended December 31, 2021 as well as some statements in press releases

and some oral statements of the Company’s officers during presentations about the Company include “forward looking statements”

within the meaning of Section 27A of the Securities Act of 1933 (the “Securities Act”) and Section 21E of the Securities

Exchange Act of 1934 (the “Exchange Act”).

All statements, other than statements of historical facts, included herein

and therein concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential

acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are

forward looking statements.

These forward looking statements are identified by their use of terms and phrases such as “may,”

“expect,”

“estimate,”

“project,”

“plan,”

“believe,”

“intend,”

“achievable,”

“anticipate,”

“will,”

“continue,”

“potential,”

“should,”

“could,”

and similar terms and phrases.

Although we believe that the expectations reflected in these forward-looking

statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not considered

to be) guarantees of future performance.

Our results could differ materially from those anticipated in these forward-looking statements

as a result of certain factors, including, among others:

Our capital requirements and the uncertainty of being able to obtain additional funding on terms acceptable to us;

Our plans to develop and commercialize products from the AAGP ®

Ongoing testing of the AAGP ®

Our intellectual property position;

Our commercialization, marketing and manufacturing capabilities and strategy;

Our ability to retain key members of our senior management and key scientific consultants;

The effects of competition;

Our potential tax liabilities resulting from conducting business in the United States and Canada;

The effect of further sales or issuances of our common stock and the price and volume volatility of our common stock;

and our common stock’s limited trading history.

Finally, our future results will depend

upon various other risks and uncertainties, including, but not limited to, those detailed in the section entitled “Risk Factors”

included elsewhere in this Annual Report.

All forward looking statements attributable to us or persons acting on our behalf

are expressly qualified in their entirety by the cautionary statements in this section and elsewhere in this Annual Report.

Other than as required under securities laws, we do not assume a duty to update these forward looking statements, whether as a

result of new information, subsequent events or circumstances, changes in expectations or otherwise.

and therein concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition

opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward looking statements.

These forward looking statements are identified by their use of terms and phrases such as “may,” “expect,” “estimate,”

“project,” “plan,” “believe,” “intend,” “achievable,” “anticipate,”

“will,” “continue,” “potential,” “should,” “could,” and similar terms and

Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve

certain assumptions, risks and uncertainties and are not (and should not considered to be) guarantees of future performance.

could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including, among others:

capital requirements and the uncertainty of being able to obtain additional funding on terms acceptable to us;

plans to develop and commercialize products from the AAGP ® molecule;

testing of the AAGP ® molecule;

intellectual property position;

commercialization, marketing and manufacturing capabilities and strategy;

ability to retain key members of our senior management and key scientific consultants;

effects of competition;

potential tax liabilities resulting from conducting business in the United States and Canada;

effect of further sales or issuances of our common stock and the price and volume volatility of our common stock;

and our common

stock’s limited trading history.

future results will depend upon various other risks and uncertainties, including, but not limited to, those detailed in the section entitled

“Risk Factors” included elsewhere in this Annual Report.

All forward looking statements attributable to us or persons

acting on our behalf are expressly qualified in their entirety by the cautionary statements in this section and elsewhere in this Annual

Other than as required under securities laws, we do not assume a duty to update these forward looking statements, whether

as a result of new information, subsequent events or circumstances, changes in expectations or otherwise.

Recent Developments

In March 2020, the World Health Organization

declared coronavirus COVID-19 a global pandemic.

This contagious disease outbreak, which has continued to spread, and any related

adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading

to an economic downturn.

As of the date of this filing, the Company has regained a significant

portion of its operational capacity and we continue to move forward with our research goals.

Our supply of the patented AAGP®

molecule has been manufactured and stored in the United States and we have adequate inventory to carry out the projects currently

In the last year, the Company engaged contract research organizations (CROs) located in both the United States and Canada.

The CROs contracted by the Company for research projects have been able to meet milestone goals without disruption due to the pandemic.

In January of 2020, Protokinetix

signed a master supply agreement with University of Alberta that clears the way for testing of additional patients in the Phase

I clinical trials.

The global pandemic halted all work on clinical trials and research testing for most of 2020.

We anticipate

continuation of the Phase I trials in 2021 but cannot confidently predict a start date.

We cannot predict future disruptions to

the Company which may occur due to the spread of COVID-19.

We continue to monitor the status of the pandemic and will adjust our

strategy accordingly in order to mitigate the impact on our research projects.

In March 2020, the

World Health Organization declared coronavirus COVID-19 a global pandemic.

This contagious disease outbreak, which has continued to spread,

and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially

leading to an economic downturn.

date of this filing, the Company has regained a significant portion of its operational capacity and we continue to move forward with

our research goals.

Our supply of the patented AAGP® molecule has been manufactured and stored in the United States and we have adequate

inventory to carry out the projects currently underway.

The Company engages contract research organizations (CROs) located in both the

United States and Canada.

The CROs contracted by the Company for research projects have been able to meet milestone goals without disruption

due to the pandemic.

In January of 2020, Protokinetix signed a master supply agreement with University of Alberta that clears the way

for testing of additional patients in the Phase I clinical trials.

The global pandemic halted all work on clinical trials and research

testing for most of 2020.

Phase I trials were able restart mid-year 2021 but new strains of covid continue to plague the US and Canada.

We cannot accurately predict a completion date of Phase I trials.

to monitor the status of the pandemic and will adjust our strategy accordingly in order to mitigate the impact on our research projects.

Company survived the adverse effects of the 2020 Covid-19 outbreak and as at December 31, 2021 continues to carry out operations including

raising funds for ongoing research and product development.

On February 11, 2022, the Company held its

first annual stockholder meeting.

The meeting was held solely by means of remote communication due to COVID-19 concerns.

At the meeting,

(i) elected Clarence Smith and Ed McDonough as directors of the Company;

(ii) approved the amendment and restatement of the

Company’s Articles of Incorporation to, among other things, increase the number of authorized shares of common stock to 500,000,000;

(iii) voted, in an advisory vote, to approve the compensation of the Company’s named executive officers;

(iv) voted, in an advisory

vote, to conduct an advisory vote on compensation of the Company’s named executive officers every three years;

and (v) approved

the appointment of Davidson & Company LLP, Chartered Professional Accountants, as the Company’s independent accounting firm

for the 2022 fiscal year.

Research and Development

Our business depends on our ability to sponsor

research and development activities.

Our business depends

on our ability to sponsor research and development activities.

For the year ended December 31, 2020, the Company incurred total

research and development expenses of $527,921.

For the year ended December 31, 2021, the Company incurred total research and development

expenses of $435,872.

For the year ended December 31, 2020, the Company incurred total research and development expenses

In order to reach the Company’s goals of developing a marketable product, we will need to increase the

funding of our research and development activities which at this time is limited by our ability to raise money to fund the Company.

In order to reach the Company’s goals of developing a marketable product, we will need to increase

the funding of our research and development activities which at this time is limited by our ability to raise money to fund the Company.

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-K

Item 1. Business