AVENUE THERAPEUTICS INC

For the period ended Sep 30, 2024. Filed Nov 14, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Sep 30, 2024 · Filed Nov 14, 2024

ATXI$0.42-50.7%Stored close · as of Mar 18, 2025

Extracted filing text, with the paragraph anchors used by the comparison.

See the whole filing, with its images and exhibits

Contents

AVENUE THERAPEUTICS,** INC.

Form 10‑Q

For the Quarter Ended September 30, 2024

Table of Contents

Page No.
PART I. FINANCIAL INFORMATION
Item 1. · Unaudited Condensed Consolidated Financial Statements
	Unaudited Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023	1
	Unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2024 and 2023	2
	Unaudited Condensed Consolidated Statements of Stockholders’ Equity (Deficit) for the three and nine months ended September 30, 2024 and 2023	3
	Unaudited Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2024 and 2023	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	10
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	15
Item 4.	Controls and Procedures	15
PART II. OTHER INFORMATION
Item 1.	Legal Proceedings	16
Item 1A.	Risk Factors	16
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	16
Item 3.	Defaults Upon Senior Securities	16
Item 4.	Mine Safety Disclosures	16
Item 5.	Other Information	16
Item 6.	Exhibits	17
Signatures	18

Unaudited Condensed Consolidated Balance Sheets

($ in thousands, except share and per share amounts)

	September 30,	December 31,
	2024	2023
ASSETS
Current assets:
Cash and cash equivalents	$2,597	$1,783
Prepaid expenses and other current assets	28	67
Total assets	$2,625	$1,850
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable and accrued expenses	$427	$287
Accounts payable and accrued expenses - related party	517	323
Warrant liability	29	586
Total current liabilities	973	1,196
Total liabilities	973	1,196
Commitments and contingencies
Stockholders’ equity
Preferred stock ($0.0001 par value), 2,000,000 shares authorized
Class A Preferred Stock, 250,000 shares issued and outstanding as of September 30, 2024 and December 31, 2023	—	—
Common stock ($0.0001 par value), 200,000,000 and 75,000,000 shares authorized as of September 30, 2024 and December 31, 2023, respectively
Common shares, 1,604,158 and 341,324 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	—	3
Additional paid-in capital	103,646	92,507
Accumulated deficit	(101,036)	(90,928)
Total stockholders’ equity attributed to the Company	2,610	1,582
Non-controlling interests	(958)	(928)
Total stockholders’ equity	1,652	654
Total liabilities and stockholders’ equity	$2,625	$1,850

Unaudited Condensed Consolidated Statements of Operations

($ in thousands, except share and per share amounts)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2024	2023	2024	2023
Operating expenses:
Research and development	$2,327	$907	$6,080	$5,149
Research and development – licenses acquired	—	—	—	4,230
General and administrative	829	1,161	3,607	3,042
Loss from operations	(3,156)	(2,068)	(9,687)	(12,421)
Other income (expense):
Interest income	51	9	152	104
Financing costs – warrant liabilities	—	—	—	(332)
Loss on settlement of common stock warrant liabilities	—	—	(759)	—
Change in fair value of warrant liabilities	18	2,572	157	1,544
Total other income (expense)	69	2,581	(450)	1,316
Net income (loss)	$(3,087)	$513	$(10,137)	$(11,105)
Net loss attributable to non-controlling interests	(11)	(13)	(29)	(88)
Net income (loss) attributable to Avenue	$(3,076)	$526	$(10,108)	$(11,017)
Net income (loss) attributable to common stockholders	$(3,076)	$526	$(18,918)	$(11,017)
Net income (loss) per common share attributable to common stockholders, basic and diluted	$(1.92)	$4.86	$(17.27)	$(115.55)
Weighted average number of common shares outstanding, basic and diluted	1,600,189	108,210	1,095,180	95,348

Unaudited Condensed Consolidated Statement of Changes in Stockholders’** Equity (Deficit)**

($ in thousands, except share amounts)

Three months ended September 30, 2024
Class A Preferred · Additional · Non- · Total
Shares · Common Shares · Paid-in · Accumulated · Controlling · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Interests	Equity (Deficit)
Balance at June 30, 2024	250,000	$—	1,189,724	$—	$102,724	$(97,960)	$(937)	$3,827
Share based compensation	—	—	—	—	331	—	—	331
Common shares issuable - Founders Agreement	—	—	4,023	—	14	—	—	14
Exercise of warrants	—	—	253,500	—	—	—	—	—
Issuance of common stock, net of offering costs under open market sales agreement (ATM)	—	—	160,934	—	567	—	—	567
Non-controlling interest in subsidiaries	—	—	—	—	10	—	(10)	—
Net loss attributable to non-controlling interest	—	—	—	—	—	—	(11)	(11)
Net loss attributable to common stockholders	—	—	—	—	—	(3,076)	—	(3,076)
Balance at September 30, 2024	250,000	$—	1,608,181	$—	$103,646	$(101,036)	$(958)	$1,652

Nine Months Ended September 30, 2024
Class A Preferred · Additional · Non- · Total
Shares · Common Shares · Paid-in · Accumulated · Controlling · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Interests	Equity (Deficit)
Balance at December 31, 2023	250,000	$—	341,324	$3	$92,507	$(90,928)	$(928)	$654
Share based compensation	—	—	283	—	714	—	—	714
Common shares issuable - Founders Agreement	—	—	4,023	—	(357)	—	—	(357)
Issuance of common stock to Fortress	—	—	53,586	—	543	—	—	543
Loss on settlement of common stock warrant liabilities	—	—	—	—	1,159	—	—	1,159
Exercise of warrants	—	—	876,806	1	9,420	—	—	9,421
Warrant inducement offering costs	—	—	—	—	(1,207)	—	—	(1,207)
Issuance of common stock, net of offering costs under open market sales agreement (ATM)	—	—	245,617	—	862	—	—	862
Reverse split (1-for-75)	—	—	86,542	(4)	4	—	—	—
Non-controlling interest in subsidiaries	—	—	—	—	1	—	(1)	—
Net loss attributable to non-controlling interest	—	—	—	—	—	—	(29)	(29)
Net loss attributable to common stockholders	—	—	—	—	—	(10,108)	—	(10,108)
Balance at September 30, 2024	250,000	$—	1,608,181	$—	$103,646	$(101,036)	$(958)	$1,652

Three months ended September 30, 2023
Class A Preferred · Additional · Non- · Total
Shares · Common Shares · Paid-in · Accumulated · Controlling · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Interests	Equity (Deficit)
Balance at June 30, 2023	250,000	$—	105,630	$1	$86,757	$(92,094)	$(810)	$(6,146)
Share based compensation	—	—	—	—	561	—	—	561
Issuance of common stock for license expense	—	—	3,688	—	—	—	—	—
Shares issued in a private placement offering	—	—	10,227	—	550	—	—	550
Non-controlling interest in subsidiaries	—	—	—	—	49	—	(49)	—
Net loss attributable to non-controlling interest	—	—	—	—	—	—	(13)	(13)
Net loss attributable to common stockholders	—	—	—	—	—	526	—	526
Balance at September 30, 2023	250,000	$—	119,545	$1	$87,917	$(91,568)	$(872)	$(4,522)

Nine Months Ended September 30, 2023
Class A Preferred · Additional · Non- · Total
Shares · Common Shares · Paid-in · Accumulated · Controlling · Stockholders’
	Shares	Amount	Shares	Amount	Capital	Deficit	Interests	Equity (Deficit)
Balance at December 31, 2022	250,000	$—	63,671	$—	$84,456	$(80,551)	$(639)	$3,266
Share based compensation	—	—	—	—	599	—	—	599
Issuance of common stock to Fortress	—	—	4,997	—	72	—	—	72
Issuance of common stock and pre-funded warrants, net of offering costs - registered direct offering and private placement	—	—	5,974	1	865	—	—	866
Issuance of common stock for license expense	—	—	14,777	—	1,230	—	—	1,230
Exercise of warrants	—	—	19,899	—	—	—	—	—
Shares issued in a private placement offering	—	—	10,227	—	550			550
Non-controlling interest in subsidiaries	—	—	—	—	145	—	(145)	—
Net loss attributable to non-controlling interest	—	—	—	—	—	—	(88)	(88)
Net loss attributable to common stockholders	—	—	—	—	—	(11,017)	—	(11,017)
Balance at September 30, 2023	250,000	$—	119,545	$1	$87,917	$(91,568)	$(872)	$(4,522)

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.