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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.
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 | | |
| - | |
Preferred
Stock value | |
| 8,950,000 | | |
| - | |
Series
G Convertible Preferred Stock – Discount | |
| (8,950,000 | ) | |
| - | |
Series
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 | |
Preferred
stock, value | |
| 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.
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
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.
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 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Redemption
of shares of Series F Convertible Preferred Stock 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 | |
Accelerated
Conversion of 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 | ) | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Redemption
of shares of Series F Convertible Preferred Stock, 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 | |
Accelerated
Conversion of shares of Series F Convertible Preferred Stock, One | |
| (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 shares of Series F-1 Convertible Preferred Stock, net of discount and offering costs | |
| - | | |
| - | | |
| 5,050 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance
of 8,950 shares of Series G Convertible Preferred Stock, net of discount and offering costs of $48,559 | |
| - | | |
| - | | |
| - | | |
| - | | |
| 8,950 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance
of shares of Series G Convertible Preferred Stock, net of discount and offering costs | |
| - | | |
| - | | |
| - | | |
| - | | |
| 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 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 | |
Accelerated
Conversion of shares of Series F Convertible Preferred Stock, Two | |
| (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 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
|