Tue, Apr 15, 5:18 PM (11 days ago)
### Adaptin Bio, Inc. (Ticker: ADPTN) - Financial Summary **Financial Performance:** - **Revenue:** Not provided (likely minimal or none). - **Net Income:** Significant losses reported for 2024 ($161,160) and 2023 ($85,593). - **Operating Expenses:** $155,374 for 2024 and $85,593 for 2023, primarily accounting, audit, and administrative costs. **Strategic Overview:** - **Mission:** Develop and commercialize products using novel technology to enhance drug delivery to the brain and other tissues. - **Product Pipeline:** Focus on APTN-101 for glioblastoma treatment, with plans to expand to other indications. - **Strategic Goals:** Advance APTN-101, develop additional product candidates, acquire complementary technologies, and pursue capital-efficient commercialization. **Future Outlook:** - **Clinical Trials:** Phase 1 study for APTN-101 initiated, with plans for additional trials in 2026. - **Funding:** Requires additional capital to fund operations and development activities. - **Market Position:** Aims to be a leader in brain and CNS drug delivery. **Risk Factors:** - **Financial:** Significant losses, dependence on additional funding, and uncertainty in achieving profitability. - **Operational:** Dependence on third-party manufacturers, regulatory approval risks, and competition. - **Market:** Challenges in securing coverage and reimbursement from third-party payers. **Financial Condition:** - **Cash Position:** $12,619 as of December 31, 2024. - **Liabilities:** $286,676 in current liabilities, including related party payables and notes payable. - **Going Concern:** Substantial doubt about the ability to continue as a going concern due to recurring losses and working capital deficit. **Market Position Changes:** - **Stockholders:** 141 holders of 8,401,481 shares as of March 31, 2025. - **Dividends:** No dividends paid; future dividends dependent on revenues and financial condition. **Management and Governance:** - **Executive Team:** Includes Michael J. Roberts (CEO), Simon C. Pedder (Executive Chairman), and Timothy L. Maness (CFO). - **Board of Directors:** Comprises five members, with a mix of independent and non-independent directors. **Intellectual Property:** - **Patents:** Licensed rights to intellectual property related to drug delivery technology. - **Licenses:** Agreement with Duke University for proprietary technology. **Regulatory Environment:** - **FDA Programs:** Seeking expedited review and increased exclusivity under Fast Track, Breakthrough Therapy, and Orphan Drug Designation programs. **Cybersecurity:** - **Strategy:** Implemented a cybersecurity program to protect information systems and data. **Corporate Governance:** - **Code of Ethics:** Adopted a Code of Ethics and Business Conduct. - **Insider Trading Policy:** Prohibits short sales and speculative transactions. **Financial Statements:** - **Auditor:** KNAV CPA LLP. - **Audit Fees:** $50,786 for 2024 and $32,035 for 2023. **Subsequent Events:** - **Merger:** Completed merger with Adaptin Bio, Inc., changing the company name and structure. - **Funding:** Raised $4,755,582 in a private placement offering. **Conclusion:** Adaptin Bio, Inc. is a biopharmaceutical company focused on innovative drug delivery technologies, particularly for brain and CNS indications. Despite significant financial challenges and operational risks, the company aims to advance its product pipeline and secure regulatory approvals to transform current treatment paradigms. The strategic focus on APTN-101 and future product candidates, along with plans for additional funding, underscores the company's commitment to addressing unmet medical needs.