performance of our clinical research organizations, clinical trial sponsors and clinical trial investigators; our ability to successfully implement our strategy; and such other factors as are set forth in our periodic public filings with the SEC, including but not limited to those described under the heading "Risk Factors" in Old Ayala's Form 10-K for the fiscal year ended December 31, 2021, and New Ayala's periodic public filings with the SEC, including but not limited to those described under the heading "Risk Factors" in New Ayala's Form 10-K for the fiscal year ended October 31, 2022. Except as required by applicable law, we undertake no obligation to revise or update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.
AYALA PHARMACEUTICALS, INC.
(formerly known as Advaxis, Inc.)
CONSOLIDATED BALANCE SHEETS
(In thousands, except share and per share data)
October 31,
---------------------
2022 2021
--------- ---------
ASSETS
Current assets:
Cash and cash equivalents $ 25,208 $ 41,614
Prepaid expenses and other current assets 551 1,643
-------- --------
Total current assets 25,759 43,257
Property and equipment (net of accumulated
depreciation) 38 118
Intangible assets (net of accumulated
amortization) 110 3,354
Operating right-of-use asset (net of
accumulated amortization) 12 40
Other assets 11 11
-------- --------
Total assets $ 25,930 $ 46,780
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 22 $ 87
Accrued expenses 2,150 2,836
Current portion of operating lease
liability 12 28
Common stock warrant liability 119 4,929
-------- --------
Total current liabilities 2,303 7,880
Operating lease liability, net of current
portion - 12
-------- --------
Total liabilities 2,303 7,892
-------- --------
Contingencies -- Note 8 - -
Series D convertible preferred stock-
$0.001 par value; 0 shares authorized, 0
shares issued and outstanding at October
31, 2022 and October 31, 2021. - -
Stockholders' equity:
Preferred stock, $0.001 par value;
5,000,000 shares authorized, 0 shares
issued and outstanding at October 31,
2022 and October 31, 2021. - -
Common stock - $0.001 par value;
170,000,000 shares authorized, 1,815,951
and 1,820,452 shares issued and
outstanding at October 31, 2022 and
2021. 2 2
Additional paid-in capital 466,584 467,486
Accumulated deficit (442,959) (428,600)
-------- --------
Total stockholders' equity 23,627 38,888
-------- --------
Total liabilities and stockholders' equity $ 25,930 $ 46,780
======== ========
AYALA PHARMACEUTICALS, INC.
(formerly known as Advaxis, Inc.)
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except share and per share data)
Year Ended October 31,
--------------------------
2022 2021
------------ -----------
Revenue $ 250 $ 3,240
-------- ----------
Operating expenses:
Research and development expenses 7,616 10,562
General and administrative expenses 8,891 11,464
Intangible asset impairment 3,053 -
-------- ----------
Total operating expenses 19,560 22,026
-------- ----------
Loss from operations (19,310) (18,786)
Other income (expense):
Interest income 157 5
Net changes in fair value of derivative
liabilities 4,853 970
Other expense (9) (1)
-------- ----------
Net loss before income taxes (14,309) (17,812)
-------- ----------
Income tax expense 50 50
-------- ----------
Net loss (14,359) (17,862)
Accretion of discount and redemption
feature of convertible preferred
stock (1,025) -
-------- ----------
Income available to common stockholders $ (15,384) $ (17,862)
======== ==========
Net loss per common share, basic and
diluted $ (8.46) $ (11.07)
======== ==========
Weighted average number of common
shares outstanding, basic and diluted 1,818,639 1,613,634
(END) Dow Jones Newswires
February 10, 2023 07:03 ET (12:03 GMT)