From our catalyst data and publicly available data · not financial advice
Cash runway
~6 mo
High dilution risk
Lead asset
Nitric Oxide
Phase 3 · Bronchiolitis
Full Press Release Details
Proforma Consolidated Balance Sheet
Balance Sheet As Reported
Proforma Adjustments
Proforma Balance Sheet
Assets
Current assets
Cash and cash equivalents
$
479,700
$
(479,700)
(3)(4)
$
-
Restricted cash
15,912
-
15,912
Marketable securities
2,573,605
10,256,200
(1)(2)(4)
12,829,805
Other current assets and prepaid expenses
85,710
-
85,710
Total current assets
3,154,927
9,776,500
12,931,427
Licensing right to use technology
495,000
-
495,000
Property and equipment, net
259,221
-
259,221
Total Assets
$
3,909,148
$
9,776,500
$
13,685,648
Liabilities and Shareholders' Equity
Current liabilities
Accounts payable
$
833,732
$
-
$
833,732
Accrued expense
324,599
-
324,599
Options to be issued to NitricGen
295,000
-
295,000
Deferred revenue
3,150,000
3,150,000
Total current liabilities
1,453,331
3,150,000
4,603,331
Commitment and contingencies
Shareholders' Equity
Preferred stock
0
-
0
Common stock
853
-
853
Treasury stock
(25,000
)
-
(25,000
)
Additional paid-in capital
40,056,458
-
40,056,458
Accumulated deficit
(37,586,650
)
6,626,500
(1)(3)
(30,960,150
)
Accumulated other comprehensive income
10,156
10,156
Total shareholders' equity
2,455,817
6,626,500
9,082,317
Total Liabilities and Shareholders' Equity
$
3,909,148
$
9,776,500
$
13,685,648
(1)
On January 23, 2019, the Company entered into a Commercial Licensing Agreement (the "Agreement") with Circassia Pharmaceuticals, Ltd. ("Circassia"). AIT received an upfront milestone payment of $7,350,000 payable immediately in stock of Circassia. (A)
(2)
On February 1, 2019, the Company satisfied the second milestone of $3,150,000 payable in stock of Circassia. (A)
(3)
Advisory fee of $723,500 is due to be paid based upon the closing of the Commercialization License Agreement.
(4)
Reclassified $243,800 for the payment of the advisory fee from marketable securities to cash.
(5)
Current and deferred incomes taxes were not recorded for this transaction based upon the Company's estimated taxable loss for the year and the use of prior years' net operating losses.
(A)
With respect to the first 2 milestone payments, Circassia shares shall be priced at a 5% discount to the lower of the one week or one month volume weighted average price over the previous week or month, as applicable, prior to the signing of the Agreement. Circassia shares shall be registered and issued without restriction for public trading.