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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

or

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission File Number: 001-40458

SYNAPTOGENIX, INC.

(Exact name of registrant as specified in its charter)

Delaware

46-1585656

(State or other jurisdiction of incorporation or

(I.R.S. Employer

organization)

Identification No.)

1185 Avenue of the Americas, 3rd Floor

New York, New York

10036

(Address of principal executive offices)

(Zip code)

(973) 242-0005

(Registrant’s telephone number, including area code)

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

    

Trading Symbol(s)

    

Name of each exchange on
which registered

Common Stock, $0.0001 par value per share

    

SNPX

    

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes   No 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

Accelerated filer

Non-accelerated filer

Smaller reporting company

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes  No 

As of August 10, 2023, there were 10,164,529 shares of the registrant’s common stock, $0.0001 par value per share, issued and outstanding.

Table of Contents

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION

Certain statements in this report contain or may contain forward-looking statements. These statements, identified by words such as “plan,” “anticipate,” “believe,” “estimate,” “should,” “expect” and similar expressions, include our expectations and objectives regarding our future financial position, operating results and business strategy. These statements are subject to known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements were based on various factors and were derived utilizing numerous assumptions and other factors that could cause our actual results to differ materially from those in the forward-looking statements. These factors include, but are not limited to, the significant length of time associated with drug development and related insufficient cash flows and resulting illiquidity, our patent portfolio, our inability to expand our business, significant government regulation of pharmaceuticals and the healthcare industry, lack of product diversification, availability of our raw materials, existing or increased competition, stock volatility and illiquidity, and our failure to implement our business plans or strategies. Most of these factors are difficult to predict accurately and are generally beyond our control. You should consider the areas of risk described in connection with any forward-looking statements that may be made herein. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this report. You should carefully review this report in its entirety, including but not limited to our financial statements and the notes thereto and the risks described in Annual Report on Form 10-K for the fiscal year ended December 31, 2022, filed with the Securities and Exchange Commission (the “SEC”) on March 21, 2023. We advise you to carefully review the reports and documents we file from time to time with the SEC including our current reports on Form 8-K. Except for our ongoing obligations to disclose material information under securities laws, we undertake no obligation to publicly release any revisions to any forward-looking statements, to report events or to report the occurrence of unanticipated events.

1

Table of Contents

TABLE OF CONTENTS

Page

Part I – FINANCIAL INFORMATION

3

 

Item 1. Financial Statements (Unaudited)

3

 

Condensed Balance Sheets as of June 30, 2023 and December 31, 2022

3

 

Condensed Statements of Operations for the three and six months ended June 30, 2023 and 2022

4

 

Condensed Statements of Changes in Stockholders’ Equity for the three and six months ended June 30, 2023 and 2022

5

 

Condensed Statements of Cash Flows for the six months ended June 30, 2023 and 2022

7

 

Notes to Condensed Financial Statements

8

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

27

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk

34

 

Item 4. Controls and Procedures

35

 

Part II – OTHER INFORMATION

36

 

Item 1. Legal Proceedings

36

 

Item 1A. Risk Factors

36

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

36

 

Item 3. Defaults upon Senior Securities

36

 

Item 4. Mine Safety Disclosures

36

 

Item 5. Other Information

36

 

Item 6. Exhibits

37

 

Signatures

38

2

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements.

Synaptogenix, Inc.

Condensed Balance Sheets

(Unaudited)

June 30, 

December 31, 

    

2023

    

2022

ASSETS

CURRENT ASSETS

Cash and cash equivalents

$

32,899,410

$

37,478,480

Prepaid Clinical trial expenses

 

130,548

367,714

Prepaid expenses and other current assets

 

385,769

739,467

TOTAL CURRENT ASSETS

 

33,415,727

 

38,585,661

 

 

Fixed assets, net of accumulated depreciation

 

21,438

 

22,145

 

 

TOTAL ASSETS

$

33,437,165

$

38,607,806

 

  

 

  

 

  

 

  

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

  

 

  

 

  

 

  

CURRENT LIABILITIES

 

  

 

  

Accounts payable

$

439,147

$

660,206

Accrued expenses

 

68,137

 

536,714

Dividend payable

115,890

Accrued Series B Convertible Preferred payments payable

2,265,375

 

 

TOTAL CURRENT LIABILITIES

 

2,772,659

 

1,312,810

Warrant liability

1,129,000

1,510,000

Derivative liability

2,628,000

370,300

TOTAL LIABILITIES

6,529,659

3,193,110

 

  

 

  

Commitments and contingencies

 

  

 

  

 

  

 

  

Series B Convertible redeemable preferred stock, $.0001 par value and $1,000 face value, 1,000,000 shares authorized; 14,000 and 15,000 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively. Liquidation preference of $14,000,000 plus dividends accrued at 7% per annum of $165,375 as of June 30, 2023.

2,077,379

2,721,723

STOCKHOLDERS' EQUITY

Common stock - 150,000,000 shares authorized, $0.0001 par value; 7,365,280 shares issued and outstanding as of June 30, 2023 and 7,267,032 shares issued and outstanding as of December 31, 2022.

738

728

Additional paid-in capital

56,849,293

52,523,762

Accumulated deficit

(32,019,904)

(19,831,517)

TOTAL STOCKHOLDERS’ EQUITY

 

24,830,127

 

32,692,973

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

$

33,437,165

$

38,607,806

See accompanying notes to condensed financial statements.

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Table of Contents

Synaptogenix, Inc.

Condensed Statements of Operations

(Unaudited)

    

Three Months Ended

    

Three Months Ended

    

Six Months Ended

    

Six Months Ended

June 30, 

June 30, 

June 30, 

June 30, 

2023

2022

2023

2022

OPERATING EXPENSES:

Research and development

 

$

307,211

$

1,941,101

$

1,184,928

$

3,427,175

General and administrative

 

1,522,502

 

1,855,290

 

3,566,726

 

3,651,748

 

  

 

 

  

 

TOTAL OPERATING EXPENSES

 

1,829,713

 

3,796,391

 

4,751,654

 

7,078,923

 

  

 

 

  

 

OTHER INCOME (EXPENSE):

 

Interest income

 

427,159

 

44,487

 

823,516

 

49,097

Change in fair value of warrant liability

(207,000)

381,000

Change in fair value of derivative liability

(2,484,400)

(2,258,600)

TOTAL OTHER INCOME (EXPENSE)

 

(2,264,241)

 

44,487

 

(1,054,084)

 

49,097

Net loss before income taxes

 

4,093,954

 

3,751,904

 

5,805,738

 

7,029,826

 

 

 

  

 

Provision for income taxes

 

 

 

 

Net loss

4,093,954

3,751,904

5,805,738

7,029,826

Preferred Stock dividends

423,575

689,649

Deemed dividend - preferred stock extinguishment

5,693,000

5,693,000

 

 

 

  

 

Net loss attributable to common stockholders

$

10,210,529

$

3,751,904

$

12,188,387

$

7,029,826

 

 

 

 

PER SHARE DATA:

 

 

 

 

 

 

 

 

Basic and diluted loss per common share

$

1.39

$

0.54

$

1.66

$

1.01

 

 

 

 

Basic and diluted weighted average common shares outstanding

 

7,361,300

 

6,959,400

 

7,356,600

 

6,949,400

See accompanying notes to condensed financial statements.

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Table of Contents

Synaptogenix, Inc.

Condensed Statements of Changes in Stockholders’ Equity

 

(Unaudited)

    

Three Months Ended June 30, 2022

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

    

Shares

    

Amount

  

  

Shares

    

Amount

    

Capital

    

Deficit

    

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance April 1, 2022

 

$

6,809,647

$

682

$

49,102,898

$

(17,419,592)

$

31,683,988

 

  

 

  

  

 

  

 

  

 

  

 

Stock based compensation

 

 

 

 

1,016,690

 

 

1,016,690

 

  

 

  

  

 

  

 

  

 

  

 

Issuance of warrants for consulting fees

 

 

 

 

 

 

 

  

 

  

  

 

  

 

  

 

 

Issuance of common stock for consulting fees

679

4,499

4,499

Exercise of common stock warrants

Net loss

 

 

 

 

 

(3,751,904)

 

(3,751,904)

 

  

 

  

  

 

  

 

  

 

  

 

Balance June 30, 2022

 

$

$

6,810,326

$

682

$

50,124,087

$

(21,171,496)

$

28,953,273

    

Three Months Ended June 30, 2023

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

   

Shares

   

Amount

  

  

Shares

   

Amount

   

Capital

   

Deficit

   

Total

Balance April 1, 2023

 

15,000

$

2,721,723

7,359,871

$

737

$

53,273,034

$

(21,809,375)

$

31,464,396

Stock based compensation

 

 

 

 

334,416

 

 

334,416

Issuance of common stock for consulting fees

 

 

5,409

 

1

 

4,499

 

 

4,500

Accrued preferred stock dividends

(423,575)

(423,575)

Preferred stock dividends paid

(423,575)

Reclassification of accrued dividends upon probable redemption of preferred stock

165,375

Deemed dividend - preferred stock extinguishment

423,575

5,693,000

(5,693,000)

Preferred stock redemptions

(1,000)

(1,000,000)

Accrual of preferred stock and dividend redemption

(2,265,375)

Preferred stock accretion

2,455,656

(2,455,656)

(2,455,656)

Net loss

 

 

 

 

 

(4,093,954)

 

(4,093,954)

Balance June 30, 2023

14,000

$

2,077,379

7,365,280

$

738

$

56,849,293

$

(32,019,904)

$

24,830,127

5

Table of Contents

    

Six Months Ended June 30, 2022

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Total

Balance January 1, 2022

 

$

 

6,730,180

$

674

$

47,670,744

$

(14,141,670)

$

33,529,748

Stock based compensation

 

 

 

 

 

1,728,248

 

 

1,728,248

Issuance of warrants for consulting fees

 

 

 

 

 

71,603

 

 

71,603

Issuance of common stock for consulting fees

 

 

 

15,146

 

1

 

100,349

 

 

100,350

Exercise of common stock warrants

 

 

 

65,000

 

7

 

553,143

 

 

553,150

Net loss

 

 

 

 

 

 

(7,029,826)

 

(7,029,826)

Balance June 30, 2022

$

$

6,810,326

$

682

$

50,124,087

$

(21,171,496)

$

28,953,273

    

Six Months Ended June 30, 2023

Additional

Preferred Stock

Common Stock

Paid-In

Accumulated

    

Shares

    

Amount

    

Shares

    

Amount

    

Capital

    

Deficit

    

Total

 

  

 

  

 

  

 

  

 

  

 

  

 

  

Balance January 1, 2023

 

15,000

$

2,721,723

 

7,267,032

$

728

$

52,523,762

$

(19,831,517)

$

32,692,973

Stock based compensation

 

 

 

 

 

979,197

 

 

979,197

Issuance of common stock for consulting fees

98,248

10

108,990

109,000

Accrued preferred stock dividends

(689,649)

(689,649)

Preferred stock dividends paid

(689,649)

Reclassification of accrued dividends upon probable redemption of preferred stock

165,375

Deemed dividend - preferred stock extinguishment

689,649

5,693,000

(5,693,000)

Preferred stock redemptions

(1,000)

(1,000,000)

Accrual of preferred stock and dividend redemption

(2,265,375)

Preferred stock accretion

2,455,656

(2,455,656)

(2,455,656)

Net loss

 

 

 

 

 

 

(5,805,738)

 

(5,805,738)

Balance June 30, 2023

 

14,000

$

2,077,379

 

7,365,280

$

738

$

56,849,293

$

(32,019,904)

$

24,830,127

See accompanying notes to condensed financial statements.

6

Table of Contents

Synaptogenix, Inc.

Condensed Statements of Cash Flows

(Unaudited)

    

Six Months Ended

    

Six Months Ended

June 30, 2023

June 30, 2022

CASH FLOW USED IN OPERATING ACTIVITIES

Net loss

$

(5,805,738)

$

(7,029,826)

Adjustments to reconcile net loss to net cash used by operating activities

Stock based compensation

979,197

1,728,248

Change in fair value of warrant liability

(381,000)

Change in fair value of derivative liability

2,258,600

Consulting services paid by issuance of common stock

 

109,000

 

100,349

Consulting services paid by issuance of common stock warrants

71,603

Depreciation expense

 

3,414

 

2,697

Change in assets and liabilities:

Decrease in prepaid expenses

 

590,864

 

486,372

Decrease in accounts payable

 

(221,059)

 

(1,015,640)

Decrease in accrued expenses

 

(468,577)

 

(353,292)

Total adjustments

 

2,870,439

 

1,020,337

 

 

Net Cash Used in Operating Activities

 

(2,935,299)

R