UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_________________
FORM
_________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
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| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
On May 15, 2024, Predictive Oncology Inc. issued a press release attached hereto as Exhibit 99.1 announcing its financial results for the quarter ended March 31, 2024.
(a) Not applicable.
(b) Not applicable.
(c) Not applicable.
(d) Exhibits
Exhibit No. Description
99.1 Press Release dated May 15, 2024
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Predictive Oncology Inc. | ||
| Date: May 15, 2024 | By: | /s/ Josh Blacher |
| Josh Blacher | ||
| Interim Chief Financial Officer | ||
EXHIBIT 99.1
Predictive Oncology Reports First Quarter 2024 Financial Results and Provides Business Update
Company to host investor call and webcast today, May 15th, at 8:30am EDT
PITTSBURGH, May 15, 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 quarter ended March 31, 2024, and provided a corporate update. The company reported a net loss of approximately $4.2 million on total revenue of approximately $0.4 million for the quarter.
Q1 2024 and Recent Highlights:
“Our first quarter 2024 and subsequent results reflect the breadth and versatility of our technology, from the development of AI-driven machine learning models that can accelerate and de-risk early drug discovery, to our suite of biologics formulations and manufacturing capabilities that support leading biopharmaceutical drug developers and improve their chances of clinical success,” said Raymond F. Vennare, Chief Executive Officer and Chairman of Predictive Oncology. “Our recent announcements of projects with Fujifilm and FluGen, in particular, suggest that demand for our biologics solutions is strong while we continue to advance discussions with UPMC Magee-Womens Hospital and others on next steps following recent successful PEDAL engagements.”
“Just a few weeks ago, we announced that an abstract detailing results from a retrospective study that we completed with UPMC Magee has been accepted for presentation at the prestigious ASCO 2024 Annual Meeting. This study, in which we successfully developed active machine learning models capable of accurately predicting survival outcomes among ovarian cancer patients, has broad implications. In addition to the potential use of these models as decision support tools to be used in daily clinical practice to tailor therapies to individual patients, we see an opportunity to identify novel biomarkers which may allow us, or a licensing partner, to develop new cancer therapies on our own.”
“Since we implemented our new strategic vision for the company at the beginning of 2023, we have continued to refine our business development efforts, and we are making steady progress conveying to current and prospective partners the unique blend of assets and capabilities that we possess. Our message is resonating, as we are in late-stage discussions on a number of engagements, across both of our businesses, that we believe will continue to elevate awareness of our company among leading cancer drug developers worldwide. I look forward to accelerating contracting momentum as we progress through 2024,” concluded Mr. Vennare.
Q1 2024 Financial Summary:
Q1 2024 Financial Results:
Conference Call and Webcast Details:
Predictive Oncology management will host an investor conference call and webcast today, May 15th, 8:30 am 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 13746389.
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. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) | ||||||||
| March 31, 2024 | December 31, 2023 | |||||||
| ASSETS | ||||||||
| Current assets: | ||||||||
| Cash | $ | 5,197,235 | $ | 8,728,660 | ||||
| Accounts receivable | 509,445 | 333,697 | ||||||
| Inventories | 441,718 | 494,374 | ||||||
| Prepaid expense and other assets | 412,925 | 521,700 | ||||||
| Total current assets | 6,561,323 | 10,078,431 | ||||||
| Property and equipment, net | 1,087,718 | 1,233,910 | ||||||
| Intangibles, net | 245,594 | 252,457 | ||||||
| Lease right-of-use assets | 2,582,456 | 2,728,355 | ||||||
| Other long-term assets | 124,096 | 124,096 | ||||||
| Total assets | $ | 10,601,187 | $ | 14,417,249 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,729,126 | $ | 1,342,027 | ||||
| Note payable | 38,036 | 150,408 | ||||||
| Accrued expenses and other liabilities | 1,904,612 | 1,631,702 | ||||||
| Derivative liability | 367 | 1,376 | ||||||
| Contract liabilities | 304,320 | 308,091 | ||||||
| Lease liability | 540,200 | 517,427 | ||||||
| Total current liabilities | 4,516,661 | 3,951,031 | ||||||
| Other long-term liabilities | 3,507 | 5,459 | ||||||
| Lease liability – net of current portion | 2,027,348 | 2,188,979 | ||||||
| Total liabilities | 6,547,516 | 6,145,469 | ||||||
| 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 March 31, 2024, and December 31, 2023 | 792 | 792 | ||||||
| Common stock, $.01 par value, 200,000,000 shares authorized, 4,062,853 shares outstanding as of March 31, 2024, and December 31, 2023 | 40,629 | 40,629 | ||||||
| Additional paid-in capital | 175,992,976 | 175,992,242 | ||||||
| Accumulated deficit | (171,980,726 | ) | (167,761,883 | ) | ||||
| Total stockholders’ equity | 4,053,671 | 8,271,780 | ||||||
| Total liabilities and stockholders’ equity | $ | 10,601,187 | $ | 14,417,249 | ||||
| PREDICTIVE ONCOLOGY INC. CONDENSED CONSOLIDATED STATEMENTS OF NET LOSS (Unaudited) | ||||||||
| Three Months Ended March 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | $ | 419,646 | $ | 239,895 | ||||
| Cost of sales | 187,415 | 120,139 | ||||||
| Gross profit | 232,231 | 119,756 | ||||||
| Operating expenses: | ||||||||
| General and administrative expense | 2,627,076 | 2,335,984 | ||||||
| Operations expense | 1,102,193 | 878,518 | ||||||
| Sales and marketing expense | 739,734 | 370,237 | ||||||
| Total operating expenses | 4,469,003 | 3,584,739 | ||||||
| Total operating (loss) | (4,236,772 | ) | (3,464,983 | ) | ||||
| Other income | 18,657 | 42,228 | ||||||
| Other expense | (1,737 | ) | - | |||||
| Gain on derivative instruments | 1,009 | 953 | ||||||
| Net (loss) | $ | (4,218,843 | ) | $ | (3,421,802 | ) | ||
| Net (loss) per common share – basic and diluted | $ | (1.04 | ) | $ | (0.86 | ) | ||
| Weighted average shares used in computation – basic and diluted | 4,062,853 | 3,968,099 | ||||||
Cover |
May 15, 2024 |
|---|---|
| Cover [Abstract] | |
| Document Type | 8-K |
| Amendment Flag | false |
| Document Period End Date | May 15, 2024 |
| Entity File Number | 001-36790 |
| Entity Registrant Name | Predictive Oncology Inc. |
| Entity Central Index Key | 0001446159 |
| Entity Tax Identification Number | 33-1007393 |
| Entity Incorporation, State or Country Code | DE |
| Entity Address, Address Line One | 91 43rd Street, Suite 110 |
| Entity Address, City or Town | Pittsburgh |
| Entity Address, State or Province | PA |
| Entity Address, Postal Zip Code | 15201 |
| City Area Code | 412 |
| Local Phone Number | 432-1500 |
| Written Communications | false |
| Soliciting Material | false |
| Pre-commencement Tender Offer | false |
| Pre-commencement Issuer Tender Offer | false |
| Title of 12(b) Security | Common stock, $0.01 par value |
| Trading Symbol | POAI |
| Security Exchange Name | NASDAQ |
| Entity Emerging Growth Company | false |
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