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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

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

 

For the quarterly period ended September 30, 2024

 

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: 001-36268

 

TNF Pharmaceuticals, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware   22-2983783

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

 

855 N. Wolfe Street, Suite 623

Baltimore, MD

  21205
(Address of principal executive offices)   (Zip Code)

 

Registrant’s telephone number, including area code: (856) 848-8698

 

Former name, former address and former fiscal year, if changed since last report: N/A

 

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

 

Title of Each Class:   Trading Symbol(s)   Name of Each Exchange on Which Registered:
Shares of Common Stock, par value $0.001 per share   TNFA   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 November 12, 2024, the registrant had 2,755,067 shares of its Common Stock, par value $0.001 per share, outstanding.

 

 

 

 
 

 

TABLE OF CONTENTS

 

PART I – FINANCIAL INFORMATION  
     
Item 1. Financial Statements 3
     
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 43
     
Item 3. Quantitative and Qualitative Disclosures About Market Risk 61
     
Item 4. Controls and Procedures 61
     
PART II – OTHER INFORMATION  
     
Item 1. Legal Proceedings 62
     
Item 1A. Risk Factors 62
     
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 63
     
Item 3. Defaults Upon Senior Securities 63
     
Item 4. Mine Safety Disclosures 63
     
Item 5. Other Information 64
     
Item 6. Exhibits 64
     
Signatures 65

 

2
 

 

PART I - Financial Information

 

Item 1. Financial Statements.

 

TNF PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Balance Sheets

September 30, 2024 and December 31, 2023

(unaudited)

 

   September 30, 2024   December 31, 2023 
   As of 
   September 30, 2024   December 31, 2023 
ASSETS        
Current Assets          
Cash  $1,192,351   $2,681,010 
Marketable Securities   9,449,483    2,242,106 
Prepaid expenses   1,385,101    893,226 
           
Total Current Assets   12,026,935    5,816,342 
           
Non-Current Assets          
Lease Right-of-Use   18,285    47,389 
Goodwill   10,498,539    10,498,539 
Investment in Oravax Medical   1,500,000    1,500,000 
           
Total Non-Current Assets   12,016,824    12,045,928 
           
Total Assets  $24,043,759   $17,862,270 
           
LIABILITIES          
Current Liabilities          
Trade and Other Payables  $4,160,337   $3,716,218 
Due to MyMD FL Shareholders   29,982    29,982 
Lease Liability   18,285    48,870 
Dividends Payable   1.498.119    265,019 
Derivative Liability   1,282,000    61,000 
Warrant Liability   -    867,000 
           
Total Current Liabilities   6,988,723    4,988,089 
           
Non-Current Liabilities          
Deferred Compensation Payable, net of current   -    100,538 
           
Total Non-Current Liabilities   -    100,538 
           
Total Liabilities   6,988,723    5,088,627 
           
Commitments and Contingencies   -     -  
           
Mezzanine Equity          
Series F Convertible Preferred Stock, 15,000 shares designated, par value $0.001 and a stated value of $1,000 per share, 4,562 and 6,633 shares issued and outstanding as of September 30, 2024 and December 31, 2023. Liquidation preference of $4,675,000 plus dividends at 10% per annum of $989,406 as of September 30, 2024   4,467,229    6,500,278 
Series F Convertible Preferred Stock – Discount   (3,231,402)   (4,702,023)
Series F Convertible Preferred Stock – Derivative   (958,134)   (1,394,184)
Series F-1 Convertible Preferred Stock, 5,050 shares designated, par value $0.001 and a stated value of $1,000 per share, 5,050 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023. Liquidation preference of $5,050,000 plus dividends at 10% per annum of $183,500 as of September 30, 2024   5,050,000    - 
Series F-1 Convertible Preferred Stock – Discount   (5,050,000)   - 
Series G Convertible Preferred Stock, 12,826,273 shares designated, par value $0.001 and a stated value of $1,000 per share, 8,950 and 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023. Liquidation preference of $8,950,000 plus dividends at 10% per annum of $325,213 as of September 30, 2024   8,950,000    - 
Series G Convertible Preferred Stock – Discount   (8,950,000)   - 
           
Total Mezzanine Equity   277,693    404,071 
           
STOCKHOLDERS’ EQUITY          
Preferred Stock, par value $0.001, 50,000,000 total preferred shares authorized          
Series D Convertible Preferred Stock, 211,353 shares designated, $0.001 par value and a stated value of $0.01 per share, 72,992 shares issued and outstanding as of September 30, 2024 and December 31, 2023   144,524    144,524 
Common Stock, par value $0.001, 250,000,000 shares authorized, 2,472,048 and 2,018,857 shares issued and outstanding as of September 30, 2024 and December 31, 2023   2,472    2,019 
Additional Paid in Capital   142,632,753    114,200,096 
Accumulated Deficit   (126,002,406)   (101,977,067)
           
Total Stockholders’ Equity   16,777,343    12,369,572 
           
Total Liabilities, Mezzanine Equity, and Stockholders’ Equity  $24,043,759   $17,862,270 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

 

3
 

 

TNF PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statements of Comprehensive Loss

(unaudited)

 

   2024   2023   2024   2023 
   For the Three Months Ended   For the Nine Months Ended 
   September 30,   September 30, 
   2024   2023   2024   2023 
Product Revenue  $-   $-   $-    $- 
Product Cost of Sales   -    -    -     - 
Gross Income   -    -    -     - 
                     
General and Administrative Expenses   1,104,130    1,334,690    3,192,762    4,202,594 
Research and Development Expenses   707,747    1,912,322    2,307,789    4,907,196 
Stock Based Compensation Expenses   13,762    595,576    970,754    2,341,915 
Series F Warrant Issuance Expenses   -    -    -    762,834 
Series F-1 Warrant Issuance Expenses   -    -    539,097    - 
Series G Warrant Issuance Expenses   -    -    969,505    - 
                     
Loss from Operations   (1,825,639)   (3,842,588)   (7,979,907)   (12,214,539)
                     
Other (Income) Expenses                    
Interest and Dividend Income   (163,951)   (139,056)   (203,405)   (339,731)
(Gain)/Loss on Sale of Marketable Securities   (551)   500    (651)   714 
Change in fair value of Marketable Securities   (4,746)   (2,324)   (3,771)   371 
Change in fair value of Derivatives Liabilities   356,000    (2,566,900)   367,000    (2,251,700)
Change in fair value of Warrant Liabilities   17,000    (5,356,000)   4,410,000    (8,166,000)
Loss on issuance of Series F-1 Convertible Preferred Stock   -    -    3,737,000    - 
Loss on issuance of Series G Convertible Preferred Stock   -    -    5,109,000    - 
Casualty Loss/(Gain)   (100,000)   178,198    (100,000)   178,198 
                     
Total Other (Income)/Expense   103,752    (7,885,582)   13,315,173    (10,578,148)
                     
Income/(Loss) Before Income Tax   (1,929,391)   4,042,994    (21,295,080)   (1,636,391)
                     
Income Tax Benefit/(Provision)   -    -    -    - 
                     
Net Income/(Loss)  $(1,929,391)  $4,042,994   $(21,295,080)  $(1,636,391)
                     
Preferred Stock Dividends   751,052    1,158,051    2,730,259    1,690,180 
                     
Net Income/(Loss) Attributable to Common Stockholders  $(2,680,443)  $2,884,943   $(24,025,339)  $(3,326,571)
                     
Basic net income/(loss) per common share  $(1.11)  $1.84   $(10.49)  $(2.28)
Diluted net income/(loss) per common share  $(1.11)  $0.37   $(10.49)  $(2.28)
                     
Weighted average basic common stock outstanding   2,415,089    1,564,275    2,290,962    1,456,327 
Weighted average diluted common stock outstanding   2,415,089    7,818,886    2,290,962    1,456,327 

 

See accompanying notes to these unaudited condensed consolidated financial statements.

 

4
 

 

TNF PHARMACEUTICALS, INC. AND SUBSIDIARIES

Condensed Consolidated Statement of Changes in Stockholders’ Equity

For the Three and Nine Months Ended September 30, 2024 and 2023

(unaudited)

 

                                                     
                   Common Stock             
   Series F Convertible Preferred Stock   Series F-1 Convertible Preferred Stock   Series G Convertible Preferred Stock   Series D Convertible Preferred Stock       Common Stock Par Value   Additional Paid   Accumulated   Total 
   Shares   Series F   Shares   Series F   Shares   Series F   Shares   Series D   Shares   $0.001  

In Capital

   Deficit   Equity 
Balance at December 31, 2023   6,633   $404,071    -   $-    -   $-    72,992   $144,524    2,018,857   $2,019   $114,200,096   $(101,977,067)  $12,369,572 
Net loss   -    -    -    -    -    -    -    -    -    -    -    (9,800,041)   (9,800,041)
Issuance of common stock for vested restricted stock units   -    -    -    -    -    -    -    -    908    1    (1)   -    - 
Redemption of 383 shares of Series F Convertible Preferred Stock, January 1, 2024 installment of $1,429,871 paid with cash and common stock   (383)   (23,699)   -    -    -    -    -    -    -    -    -    -    - 
Accelerated Conversion of 438 shares of Series F Convertible Preferred Stock   (438)   (26,300)   -    -    -    -    -    -    131,200    131    88,357    -    88,488 
Redemption of 812 shares of Series F Convertible Preferred Stock, February 1, 2024 installment of $1,429,871 paid with cash and common stock   (812)   (49,773)   -    -    -    -    -    -    -    -    -    -    - 
Accelerated Conversion of 12 shares of Series F Convertible Preferred Stock   (12)   (914)   -    -    -    -    -    -    6,667    7    3,068    -    3,075 
Convertible Preferred Stock Dividend   -    -    -    -    -    -    -    -    -    -    -    (1,201,867)   (1,201,867)
Reclass of warrant liability upon warrant modification   -    -    -    -    -    -    -    -    -    -    7,961,000         7,961,000 
Stock based compensation - stock options   -    -    -    -    -    -    -    -    -    -    517,365    -    517,365 
                                                                  
Balance at March 31, 2024   4,988   $303,385    -   $-    -   $-    72,992   $144,524    2,157,632   $2,158   $122,769,885   $(112,978,975)  $9,937,592 
Net loss   -    -    -    -    -    -    -    -    -    -    -    (9,565,648)   (9,565,648)
Issuance of 5,050 shares of Series F-1 Convertible Preferred Stock, net of discount and offering costs of $35,252   -    -    5,050    -    -    -    -    -    -    -    -    -    - 
Issuance of 8,950 shares of Series G Convertible Preferred Stock, net of discount and offering costs of $48,559   -    -    -    -    8,950    -    -    -    -    -    -    -    - 
Accelerated Conversion of 225 shares of Series F Convertible Preferred Stock   (225)   (13,578)   -    -    -    -    -    -    150,000    150    45,530    -    45,680 
Accelerated Conversion of 88 shares of Series F Convertible Preferred Stock   (88)   (5,319)   -    -    -    -    -    -    62,791    62    17,832    -    17,894 
Convertible Preferred Stock Dividend   -    -    -    -    -    -    -    -    -    -    -    (777,340)   (777,340)
Stock based compensation - stock options   -    -    -    -    -    -    -    -    -    -    439,627    -    439,627