EX-99.3 5 d759787dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 1 of 12

UNITED STATES BANKRUPTCY COURT

      DISTRICT OF DELAWARE

 

 

 

In Re. PHASEBIO PHARMACEUTICALS, INC    §    Case No. 22-10995
   §   
       §   
 

 

Debtor(s)

    §   
        ☐ Jointly Administered

 

Monthly Operating Report        Chapter 11

 

Reporting Period Ended: 01/31/2024       Petition Date: 10/23/2022
Months Pending: 16               Industry Classification: 2 8 3 4

 

Reporting Method:    Accrual Basis ☐    Cash Basis ☒
Debtor’s Full-Time Employees (current):       0
Debtor’s Full-Time Employees (as of date of order for relief):    49

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

 

☒

Statement of cash receipts and disbursements

 

☒

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

 

☒

Statement of operations (profit or loss statement)

 

☐

Accounts receivable aging

 

☐

Postpetition liabilities aging

 

☐

Statement of capital assets

 

☐

Schedule of payments to professionals

 

☒

Schedule of payments to insiders

 

☒

All bank statements and bank reconciliations for the reporting period

 

☐

Description of the assets sold or transferred and the terms of the sale or transfer

 

/s/ James F. McCauley

      

James F. McCauley

Signature of Responsible Party       Printed Name of Responsible Party

02/23/2024

      

Richards, Layton & Finger, P.A.

One Rodney Square, 920 N. King Street

Date   
          

Wilmington, DE 19801

      Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

 

UST Form 11-MOR (12/01/2021)    1   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 2 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

Part 1: Cash Receipts and Disbursements

    Current Month      Cumulative  

a.

   

Cash balance beginning of month

    $ 2,039,785     
     

 

 

     

b.

   

Total receipts (net of transfers between accounts)

    $ 6,734      $ 28,224,084  
     

 

 

     

 

 

  

c.

   

Total disbursements (net of transfers between accounts)

    $ 395,460      $ 27,162,160  
     

 

 

     

 

 

  

d.

   

Cash balance end of month (a+b-c)

    $ 1,651,059     
     

 

 

     

e.

   

Disbursements made by third party for the benefit of the estate

    $ 0      $ 16,343,728  
     

 

 

     

 

 

  

f.

   

Total disbursements for quarterly fee calculation (c+e)

    $ 395,460      $ 43,505,888  
     

 

 

     

 

 

  

Part 2: Asset and Liability Status

(Not generally applicable to Individual Debtors. See Instructions.)

    Current Month         

a.

   

Accounts receivable (total net of allowance)

    $ 0     
     

 

 

     

b.

   

Accounts receivable over 90 days outstanding (net of allowance)

    $ 0     
     

 

 

     

c.

   

Inventory (Book ☐  Market ☐ Other ☒ (attach explanation))

    $ 0     
     

 

 

     

d

   

Total current assets

    $ 3,349,920     
     

 

 

     

e.

   

Total assets

    $ 3,349,920     
     

 

 

     

f.

   

Postpetition payables (excluding taxes)

    $ 279,871     
     

 

 

     

g.

   

Postpetition payables past due (excluding taxes)

    $ 0     
     

 

 

     

h.

   

Postpetition taxes payable

    $ 0     
     

 

 

     

i.

   

Postpetition taxes past due

    $ 0     
     

 

 

     

j.

   

Total postpetition debt (f+h)

    $ 279,871     
     

 

 

     

k.

   

Prepetition secured debt

    $ 0     
     

 

 

     

l.

   

Prepetition priority debt

    $ 0     
     

 

 

     

m.

   

Prepetition unsecured debt

    $ 176,602,290     
     

 

 

     

n.

   

Total liabilities (debt) (j+k+l+m)

    $ 176,882,161     
     

 

 

     

o.

   

Ending equity/net worth (e-n)

    $ -173,532,241     
     

 

 

     

Part 3: Assets Sold or Transferred

    Current Month      Cumulative  

a.

   

Total cash sales price for assets sold/transferred outside the ordinary course of business

    $ 0      $ 36,644,483  
     

 

 

     

 

 

  

b.

   

Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business

    $ 0      $ 0  
     

 

 

     

 

 

  

c.

   

Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)

    $ 0      $ 36,644,483  
     

 

 

     

 

 

  

Part 4: Income Statement (Statement of Operations)

(Not generally applicable to Individual Debtors. See Instructions.)

    Current Month      Cumulative  

a.

   

Gross income/sales (net of returns and allowances)

    $ 0     
     

 

 

     

b.

   

Cost of goods sold (inclusive of depreciation, if applicable)

    $ 0     
     

 

 

     

c.

   

Gross profit (a-b)

    $ 0     
     

 

 

     

d.

   

Selling expenses

    $ 0     
     

 

 

     

e.

   

General and administrative expenses

    $ 37,910     
     

 

 

     

f.

   

Other expenses

    $ 0     
     

 

 

     

g.

   

Depreciation and/or amortization (not included in 4b)

    $ 0     
     

 

 

     

h.

   

Interest

    $ 0     
     

 

 

     

i.

   

Taxes (local, state, and federal)

    $ 0     
     

 

 

     

j.

   

Reorganization items

    $ 357,550     
     

 

 

     

k.

   

Profit (loss)

    $ -388,726      $ -17,354,456  
     

 

 

     

 

 

  

 

UST Form 11-MOR (12/01/2021)    2   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 3 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

Part 5: Professional Fees and Expenses                            
         

Approved

Current Month

    

Approved

Cumulative

    

Paid Current

Month 

    

Paid

Cumulative 

  
a.   Debtor’s professional fees & expenses (bankruptcy)  Aggregate Total     $319,513       $12,545,058       $319,513       $12,544,225  
    Itemized Breakdown by Firm                                    
        Firm Name   Role                                
    i   Richards, Layton & Finger, P.A.   Local Counsel     $67,567       $2,115,435       $67,567       $2,115,435  
    ii   Cooley LLP   Lead Counsel     $218,419       $6,260,225       $218,419       $6,260,225  
    iii   SierraConstellation Partners, LLC   Financial Professional     $9,131       $1,004,284       $9,131       $1,004,284  
    iv   Miller Buckfire, LLC   Financial Professional     $0       $2,500,000       $0       $2,500,000  
    v   Omni Management Group, Inc.   Other     $0       $30,639       $0       $29,806  
    vi   KPMG LLP   Other     $24,396       $634,475       $24,396       $634,475  
    vii                                        
    viii                                        
    ix                                        
    x                                        
    xi                                        
    xii                                        
    xiii                                        
    xiv                                        
    xv                                        
    xvi                                        
    xvii                                        
    xviii                                        
    xix                                        
    xx                                        
    xxi                                        
    xxii                                        
    xxiii                                        
    xxiv                                        
    xxv                                        
    xxvi                                        
    xxvii                                        
    xxviii                                        
    xxix                                        
    xxx                                        
    xxxi                                        
    xxxii                                        
    xxxiii                                        
    xxxiv                                        
    xxxv                                        
    xxxvi                                        

 

UST Form 11-MOR (12/01/2021)    3   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 4 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

 

                                    
  xxxvii                            
  xxxviii                        
  xxxix                        
  xl                        
  xli                        
  xlii                        
  xliii                        
  xliv                        
  xlv                        
  xlvi                        
  xlvii                        
  xlviii                        
  xlix                        
  l                        
  li                        
  lii                        
  liii                        
  liv                        
  lv                        
  lvi                        
  lvii                        
  lviii                        
  lix                        
  lx                        
  lxi                        
  lxii                        
  lxiii                        
  lxiv                        
  lxv                        
  lxvi                        
  lxvii                        
  lxviii                        
  lxix                        
  lxx                        
  lxxi                        
  lxxii                        
  lxxiii                        
  lxxiv                        
  lxxv                        
  lxxvi                        
  lxxvii                        
  lxxviii                        

 

UST Form 11-MOR (12/01/2021)    4   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 5 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

     lxxix                              
   lxxx                              
   lxxxi                              
   lxxxii                              
   lxxxiii                              
   lxxxiv                              
   lxxxv                              
   lxxxvi                              
   lxxxvii                              
   lxxxviii                              
   lxxxix                              
   xc                              
   xci                              
   xcii                              
   xciii                              
   xciv                              
   xcv                              
   xcvi                              
   xcvii                              
   xcviii                              
   xcix                              
   c                              
   ci                              

 

          Approved
Current Month		     Approved
Cumulative		     Paid Current
Month		     Paid
Cumulative		  

b.

   Debtor’s professional fees & expenses (nonbankruptcy) Aggregate Total     $0                       $0  
    Itemized Breakdown by Firm          
        Firm Name   Role                                
    i       Other     $0                       $0  
    ii                                        
    iii                                        
    iv                                        
    v                                        
    vi                                        
    vii                                        
    viii                                        
    ix                                        
    x                                        
    xi                                        
    xii                                        
    xiii                                        
    xiv                                        

 

UST Form 11-MOR (12/01/2021)    5   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 6 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

    xv                                
  xvi                        
  xvii                        
  xviii                        
  xix                        
  xx                        
  xxi                        
  xxii                        
  xxiii                        
  xxiv                        
  xxv                        
  xxvi                        
  xxvii                        
  xxviii                        
  xxix                        
  xxx                        
  xxxi                        
  xxxii                        
  xxxiii                        
  xxxiv                        
  xxxv                        
  xxxvi                        
  xxxvii                        
  xxxviii                        
  xxxix                        
  xl                        
  xli                        
  xlii                        
  xliii                        
  xliv                        
  xlv                        
  xlvi                        
  xlvii                        
  xlviii                        
  xlix                        
  l                        
  li                        
  lii                        
  liii                        
  liv                        
  lv                        
  lvi                        

 

UST Form 11-MOR (12/01/2021)    6   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 7 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

    lvii                                                
  lviii                                        
  lix                                        
  lx                                        
  lxi                                        
  lxii                                        
  lxiii                                        
  lxiv                                        
  lxv                                        
  lxvi                                        
  lxvii                                        
  lxviii                                        
  lxix                                        
  lxx                                        
  lxxi                                        
  lxxii                                        
  lxxiii                                        
  lxxiv                                        
  lxxv                                        
  lxxvi                                        
  lxxvii                                        
  lxxviii                                        
  lxxix                                        
  lxxx                                        
  lxxxi                                        
  lxxxii                                        
  lxxxii                                        
  lxxxiv                                        
  lxxxv                                        
  lxxxvi                                        
  lxxxvi                                        
  lxxxvi                                        
  lxxxix                                        
  xc                                        
  xci                                        
  xcii                                        
  xciii                                        
  xciv                                        
  xcv                                        
  xcvi                                        
  xcvii                                        
  xcviii                                        
  xcix                                        
  c                                        
c.   All professional fees and expenses (debtor & committees)     $332,602       $15,009,491       $366,680       $15,009,075  

 

UST Form 11-MOR (12/01/2021)    7   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 8 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

Part 6: Postpetition Taxes

    Current Month      Cumulative  

a.   Postpetition income taxes accrued (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

b.  Postpetition income taxes paid (local, state, and federal)

    $ 0      $ 0  
  

 

 

     

 

 

  

c.   Postpetition employer payroll taxes accrued

    $ 0      $ 0  
  

 

 

     

 

 

  

d.  Postpetition employer payroll taxes paid

    $ 0      $ 235,546  
  

 

 

     

 

 

  

e.   Postpetition property taxes paid

    $ 0      $ 0  
  

 

 

     

 

 

  

f.   Postpetition other taxes accrued (local, state, and federal)

    $ 0      $ -52,159  
  

 

 

     

 

 

  

g.  Postpetition other taxes paid (local, state, and federal)

    $ 0      $ 21,619  
  

 

 

     

 

 

  

 

Part 7: Questionnaire - During this reporting period:

                            

a.   Were any payments made on prepetition debt? (if yes, see Instructions)

      Yes ☐        No ☒        

b.  Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

      Yes ☐        No ☒        

c.   Were any payments made to or on behalf of insiders?

      Yes ☒        No ☐        

d.  Are you current on postpetition tax return filings?

      Yes ☒        No ☐        

e.   Are you current on postpetition estimated tax payments?

      Yes ☒        No ☐        

f.   Were all trust fund taxes remitted on a current basis?

      Yes ☒        No ☐        

g.  Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

      Yes ☐        No ☒        

h.  Were all payments made to or on behalf of professionals approved by the court?

      Yes ☒        No ☐        N/A ☐     

i.   Do you have: Worker’s compensation insurance?

      Yes ☐        No ☒        

If yes, are your premiums current?

      Yes ☐        No ☐        N/A ☒        (if no, see Instructions ) 

Casualty/property insurance?

      Yes ☐        No ☒        

If yes, are your premiums current?

      Yes ☐        No ☐        N/A ☒        (if no, see Instructions ) 

General liability insurance?

      Yes ☐        No ☒        

If yes, are your premiums current?

      Yes ☐        No ☐        N/A ☒        (if no, see Instructions ) 

j.   Has a plan of reorganization been filed with the court?

      Yes ☒        No ☐        

k.  Has a disclosure statement been filed with the court?

      Yes ☒        No ☐        

l.   Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

      Yes ☒        No ☐        

 

UST Form 11-MOR (12/01/2021)    8   

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Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

Part 8: Individual Chapter 11 Debtors (Only)

                      

a.

    Gross income (receipts) from salary and wages             $     0  
              

 

 

  

b.

    Gross income (receipts) from self-employment             $ 0  
              

 

 

  

c.

    Gross income from all other sources             $ 0  
              

 

 

  

d.

    Total income in the reporting period (a+b+c)             $ 0  
              

 

 

  

e.

    Payroll deductions             $ 0  
              

 

 

  

f.

    Self-employment related expenses             $ 0  
              

 

 

  

g.

    Living expenses             $ 0  
              

 

 

  

h.

    All other expenses             $ 0  
              

 

 

  

i.

    Total expenses in the reporting period (e+f+g+h)             $ 0  
              

 

 

  

j.

    Difference between total income and total expenses (d-i)             $ 0  
              

 

 

  

k.

    List the total amount of all postpetition debts that are past due             $ 0  
              

 

 

  

l.

    Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?    Yes ☐    No ☒      

m.

    If yes, have you made all Domestic Support Obligation payments?    Yes ☐    No ☐    N/A ☒   

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor’s progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee’s or examiner’s duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee’s systems of records notice, UST-001, “Bankruptcy Case Files and Associated Records.” See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supporting documentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

 

/s/ Lawrence R. Perkins

      

Lawrence R. Perkins

Signature of Responsible Party       Printed Name of Responsible Party

Chief Restructuring Officer

      

02/23/2024

Title       Date

 

UST Form 11-MOR (12/01/2021)    9   

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Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

LOGO

 

UST Form 11-MOR (12/01/2021)    10   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 11 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

LOGO

 

UST Form 11-MOR (12/01/2021)    11   

Case 22-10995-LSS        Doc 979        Filed 02/23/24        Page 12 of 12

 

Debtor's Name PHASEBIO PHARMACEUTICALS, INC          Case No. 22-10995

 

LOGO

 

UST Form 11-MOR (12/01/2021)    12   

Case 22-10995-LSS        Doc 979-1        Filed 02/23/24        Page 1 of 7

 

IN THE UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

    )    Chapter 11
In re:   )   
  )   
PHASEBIO PHARMACEUTICALS, INC.   )   
  )   
Debor.1   )    Case No. 22-10995 (LSS)
  )   
    )   

GLOBAL NOTES AND STATEMENT OF LIMITATIONS,

METHODOLOGY AND DISCLAIMERS REGARDING

JANUARY 31, 2024 MONTHLY OPERATING REPORT

The debtor and debtor in possession (the “Debtor”) in the above-captioned chapter 11 case (the “Chapter 11 Case”) has prepared and filed the attached January 31, 2024 Monthly Operating Report (the “MOR”) in the United States Bankruptcy Court for the District of Delaware (the “Court”). The Debtor has prepared the MOR with the assistance of its advisors and professionals solely for the purpose of complying with the reporting requirements applicable in the Chapter 11 Case and is in a format consistent with the instructions provided by the Office of the United States Trustee for the District of Delaware. The financial information contained herein is unaudited, limited in scope, and is not prepared in accordance with accounting principles generally accepted in the United States of America nor in accordance with federal or state securities laws or other applicable non-bankruptcy law or in lieu of complying with any periodic reporting requirements thereunder.

In preparing the MOR, the Debtor relied on financial data available from the limited books and records available to it at the time of such preparation, as well as certain filings from the docket in the Chapter 11 Case. Although the Debtor made commercially reasonable efforts to ensure the accuracy and completeness of the MOR, inadvertent errors or omissions may exist.2 For the avoidance of doubt, the Debtor hereby reserves its right to amend and supplement the MOR as may be necessary or appropriate.

Each signatory to the MOR has necessarily relied upon the efforts, statements, advice, and representations of personnel of the Debtor and its advisors and professionals. Each signatory has not (and could not have) personally verified the accuracy of each such statement, representation, and answer contained in the MOR.

 

1 

The last four digits of the Debtor’s federal tax identification numbers is 5697. The Debtor’s principal office is located at 3500 S. Dupont Hwy, Dover, Delaware 19901.

2 

The Debtor, and its agents, advisors, attorneys, and other professionals, as applicable, do not guarantee or warrant the accuracy or completeness of the data that is provided in the MOR.

 

     

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Part 1: Cash Receipts and Disbursements. The MOR presents the Debtor’s receipts and disbursements for the period from January 1, 2024 through January 31, 2024.

Part 2: Asset and Liability Status. The amounts identified in Part 2 of the MOR are derived from the Debtor’s unaudited and estimated accrual-based Balance Sheet as of January 31, 2024. Postpetition payables includes accounts payable. Please refer to the notes above for information about presentation and limitations that may exist in the MOR.

Part 3: Assets Sold or Transferred. No such transactions or activities during the period from January 1, 2024 through January 31, 2024.

Part 4: Income Statement (Statement of Operations). This MOR presents the Debtor’s best estimate of its cash-basis Statements of Operations for the period from January 1, 2024 through January 31, 2024. Please refer to the notes above for information about presentation and limitations that may exist in the MOR.

Part 5: Professional Fees and Expenses. The Debtor made approved payments to certain restructuring professionals during the period from January 1, 2024 through January 31, 2024.

 

  •  

MWE Payments: The total amount listed in the Paid Current Month column of item 5(c) of the monthly operating report filed for the period ending December 2023 [Docket No. 934] inadvertently included a payment for McDermott Will & Emery LLP (“MWE”) in the amount of $34,078.42 that was not actually made until January 31, 2024. Such payment is included in the Paid Current Month column of item 5(c) of this MOR. Because such payment was not made in December 2023, the duplicate payment is only included once in the amount listed in the Paid Cumulative column of item 5(c) of this MOR.

Part 6: Postpetition Taxes. The Debtor collects, withholds, and incurs withholding, income, and property taxes, as well as other business and regulatory fees and assessments (collectively, the “Taxes and Fees”). The Debtor remits the Taxes and Fees to various federal, state, and local governments (collectively, the “Authorities”). The Debtor pays the Taxes and Fees to the Authorities on a periodic basis, remitting them monthly, semi-monthly, quarterly, semi-annually, or annually depending on the nature and incurrence of a particular Tax or Fee. On November 15, 2022, the Court entered an order [Docket No. 139] authorizing, but not directing, the Debtor to, among other things, pay Taxes and Fees that arise or accrue in the ordinary course of business on a postpetition basis consistent with prepetition practices. The Debtor believes that it is current with respect to any outstanding, postpetition amounts due.

Exhibit E: Balance Sheet. This MOR presents the Debtor’s best estimates of its accrual-based Balance Sheet at January 31, 2024. Accrued Clinical and MFG, and Other include Debtor Professional Fees incurred but unpaid as of January 31, 2024. Please refer to the notes above for information and limitations that may exist in the MOR.

 

2

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In re: PhaseBio Pharmaceuticals, Inc.

Case No. 22-10995

Statement of Cash Receipts and Disbursements Summary

Reporting Period: January 1 to January 31, 2024

(amounts in $)

 

     PhaseBio  
     Pharmaceuticals, Inc.  

Cash Beginning of Month

    $  2,039,785.45  

Receipts

   

Collections of Accounts Receivable

      —   

DIP Loan Proceeds

      —   

Inter-Company Cash Transfers

      —   

Cash Collateral Proceeds

      —   

Sale of Assets

      —   

Employee Benefit Refunds

      —   

Other

      6,734.07  
  

 

 

  

Total Receipts

      6,734.07  

Disbursements

   

Payroll & Taxes

      —   

Employee Benefits

      —   

Rent

      —   

Insurance

      —   

Essential Vendors

      —   

Other Operating Disbursements

      37,910.34  

Interest & Fees

      —   

Other

      —   

Professional Fees

      357,549.77  

U.S. Trustee Quarterly Fees

      —   

Court Costs

      —   
  

 

 

  

Total Disbursements

      395,460.11  

Net Cash Flow (Receipts Less Disbursements)

      (388,726.04 ) 

Cash - End of Month

    $  1,651,059.41  

 

     

Case 22-10995-LSS        Doc 979-1        Filed 02/23/24        Page 4 of 7

 

In re: PhaseBio Pharmaceuticals, Inc.

Case No. 22-10995

Statement of Operations

Reporting Period: January 1 to January 31, 2024

(amounts in $)

 

Cash-Basis

   
     PhaseBio  
     Pharmaceuticals, Inc.  

Gross Sales

    $  —   

Cost of goods sold

      —   
  

 

 

  

Gross profit

      —   

Selling expenses

      —   

General and administrative expenses

      37,910.34  

Other expenses

      —   

Depreciation and/or amortization (not included in 4b)

      —   

Interest & Fees

      —   

Taxes (local, state, and federal)

      —   

Reorganization items

      357,549.77  

Miscellaneous (Income) / Expense

      (6,734.07 ) 
  

 

 

  

Profit (loss)

    $ (388,726.04 ) 

 

     

Case 22-10995-LSS        Doc 979-1        Filed 02/23/24        Page 5 of 7

 

In re: PhaseBio Pharmaceuticals, Inc.

Case No. 22-10995 Balance Sheet

Reporting Period: January 1 to January 31, 2024

(amounts in $)

 

     PhaseBio  
     Pharmaceuticals, Inc.  

Cash

    $  1,645,171  

Prepaids

      1,704,748

Fixed Assets

      —   

Right of Use Asset - Operating

      —   

Deposits

      —   
  

 

 

  

Total Assets

      3,349,920

Accounts Payable

      37,688,290

Payroll Liabilities

      —   

Current Portion of JMB Loan

      —   

Current Portion of Deferred Sublicense Revenue

      —   

Accrued Clinical and MFG, and Other

      3,837,117

Accrued Interest

      —   

Short Term Operating Lease Liability

      —   

Long Term Portion of JMB Debt

      —   

Long Term Operating Lease Liability

      —   

Long Term Portion of Deferred Sublicense Revenue

      —   

Development Derivative

      —   
  

 

 

  

Total Liabilities

      41,525,407

Common Stock

      50,175

APIC - Common Stock

      303,195,368

Treasury Stock

      (24,178 ) 

Retained Earnings

      (341,345,739 ) 

Net Income

      (51,114 ) 
  

 

 

  

Total Equity

      (38,175,488 ) 

Total Liabilities and Equity

      3,349,920

 

     

Case 22-10995-LSS        Doc 979-1        Filed 02/23/24        Page 6 of 7

 

In re: PhaseBio Pharmaceuticals, Inc.

Case No. 22-10995

Schedule of Payments to Insiders

Reporting Period: January 1 to January 31, 2024

The Debtor hereby submits this attestation regarding payments to insiders during January 2024.

All payments made to insiders were on account of ordinary course salaries and authorized travel and expense reimbursements in the post petition period and/or in accordance with interim and final orders authorizing the Debtor to pay, among other things, prepetition wages, salaries, employee benefits, and other compensation (Docket Nos. 48 & 141).

No non-cash transfers were made during this reporting period.

 

/s/ Lawrence Perkins

     

February 21, 2023

Signature of Authorized Individual      Date

Lawrence Perkins

     

Chief Restructuring Officer

Printed Name of Authorized Individual      Title of Authorized Individual

 

     

Case 22-10995-LSS        Doc 979-1        Filed 02/23/24        Page 7 of 7

 

In re: PhaseBio Pharmaceuticals, Inc.

Case No. 22-10995

All bank statements and bank reconciliations for the reporting period

Reporting Period: January 1 to January 31, 2024

The Debtor hereby submits this attestation regarding bank account reconciliations in lieu of providing copies of bank statements, bank reconciliations and journal entries during January 2024.

The Debtor’s standard practice is to ensure that bank reconciliations are completed before closing the books each reporting period. I attest that each of the Debtors’ bank accounts has been reconciled in accordance with their standard practices.

 

/s/ Lawrence Perkins

     

February 21, 2023

Signature of Authorized Individual      Date

Lawrence Perkins

     

Chief Restructuring Officer

Printed Name of Authorized Individual      Title of Authorized Individual