Schedule of Restatement of Previously Issued Unaudited Condensed Financial Statements |
Annovis Bio, Inc. Balance Sheets | | | | | | | | | | | | As of March 31, 2022 | | | (unaudited) | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Assets | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | | $ | 42,668,838 | | $ | — | | $ | 42,668,838 | Prepaid expenses and other current assets | | | 627,902 | | | 800,840 | | | 1,428,742 | Deferred clinical materials | | | — | | | — | | | — | Total current assets | | | 43,296,740 | | | 800,840 | | | 44,097,580 | Total Assets | | $ | 43,296,740 | | $ | 800,840 | | $ | 44,097,580 | Liabilities and Stockholders’ Equity | | | | | | | | | | Current liabilities: | | | | | | | | | | Accounts payable | | $ | 928,997 | | $ | — | | $ | 928,997 | Accrued expenses | | | 327,435 | | | 140,690 | | | 468,125 | Total current liabilities | | | 1,256,432 | | | 140,690 | | | 1,397,122 | Total liabilities | | $ | 1,256,432 | | $ | 140,690 | | $ | 1,397,122 | Commitments and contingencies (Note 7) | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | | | — | | | — | | | — | Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively | | | 816 | | | — | | | 816 | Additional paid-in capital | | | 76,659,912 | | | — | | | 76,659,912 | Accumulated deficit | | | (34,620,420) | | | 660,150 | | | (33,960,270) | Total stockholders’ equity | | | 42,040,308 | | | 660,150 | | | 42,700,458 | Total liabilities and stockholders’ equity | | $ | 43,296,740 | | $ | 800,840 | | $ | 44,097,580 |
Annovis Bio, Inc. Statements of Operations (unaudited) | | | | | | | | | | | | Three Months Ended March 31, 2022 | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Operating expenses: | | | | | | | | | | Research and development | | $ | 2,809,791 | | $ | (660,150) | | $ | 2,149,641 | General and administrative | | | 3,104,071 | | | — | | | 3,104,071 | Total operating expenses | | | 5,913,862 | | | (660,150) | | | 5,253,712 | | | | | | | | | | | Operating loss | | | (5,913,862) | | | 660,150 | | | (5,253,712) | Other income: | | | | | | | | | | Interest income | | | 19,649 | | | — | | | 19,649 | Grant Income | | | — | | | — | | | — | Total other income | | | 19,649 | | | — | | | 19,649 | | | | | | | | | | | Loss before income taxes | | | (5,894,213) | | | 660,150 | | | (5,234,063) | Income tax expense (benefit) | | | — | | | — | | | — | Net loss | | $ | (5,894,213) | | $ | 660,150 | | $ | (5,234,063) | Basic and diluted loss per common share | | $ | (0.72) | | | — | | $ | (0.64) | Weighted average number of common shares outstanding, basic and diluted | | | 8,157,445 | | | — | | | 8,157,445 |
Annovis Bio, Inc. Statements of Cash Flows (unaudited) | | | | | | | | | | | Three Months Ended March 31, 2022 | | | As | | | | As | | | Reported | | Restatement Impacts | | Restated | Cash flows from operating activities: | | | | | | | | | Net loss | | $ | (5,894,213) | | 660,150 | | $ | (5,234,063) | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | Stock-based compensation expense | | | 3,434,944 | | — | | | 3,434,944 | Changes in operating assets and liabilities: | | | | | | | | | Prepaid expenses and other current assets | | | (312,438) | | (800,840) | | | (1,113,278) | Accounts payable | | | 240,923 | | — | | | 240,923 | Accrued expenses | | | (491,005) | | 140,690 | | | (350,315) | Net cash used in operating activities | | | (3,021,789) | | — | | | (3,021,789) | Cash flows from financing activities: | | | | | | | | | Proceeds from exercise of stock options | | | 4,613 | | — | | | 4,613 | Net cash used in financing activities | | | 4,613 | | — | | | 4,613 | Net (decrease) increase in cash and cash equivalents | | | (3,017,176) | | — | | | (3,017,176) | Cash and cash equivalents, beginning of period | | | 45,686,014 | | — | | | 45,686,014 | Cash and cash equivalents, end of period | | $ | 42,668,838 | | — | | $ | 42,668,838 |
Annovis Bio, Inc. Balance Sheets | | | | | | | | | | | | As of June 30, 2022 | | | (unaudited) | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Assets | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | | $ | 35,974,251 | | $ | — | | $ | 35,974,251 | Prepaid expenses and other current assets | | | 551,072 | | | 3,441,895 | | | 3,992,967 | Deferred clinical materials | | | — | | | — | | | — | Total current assets | | | 36,525,323 | | | 3,441,895 | | | 39,967,218 | Total Assets | | $ | 36,525,323 | | $ | 3,441,895 | | $ | 39,967,218 | Liabilities and Stockholders’ Equity | | | | | | | | | | Current liabilities: | | | | | | | | | | Accounts payable | | $ | 901,841 | | $ | — | | $ | 901,841 | Accrued expenses | | | 397,544 | | | — | | | 397,544 | Total current liabilities | | | 1,299,385 | | | — | | | 1,299,385 | Total liabilities | | $ | 1,299,385 | | $ | — | | $ | 1,299,385 | Commitments and contingencies (Note 7) | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | | | — | | | — | | | — | Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively | | | 816 | | | — | | | 816 | Additional paid-in capital | | | 78,563,673 | | | — | | | 78,563,673 | Accumulated deficit | | | (43,338,551) | | | 3,441,895 | | | (39,896,656) | Total stockholders’ equity | | | 35,225,938 | | | 3,441,895 | | | 38,667,833 | Total liabilities and stockholders’ equity | | $ | 36,525,323 | | $ | 3,441,895 | | $ | 39,967,218 |
Annovis Bio, Inc. Statements of Operations (unaudited) | | | | | | | | | | | | Three Months Ended June 30, 2022 | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Operating expenses: | | | | | | | | | | Research and development | | $ | 6,815,708 | | $ | (2,781,745) | | $ | 4,033,963 | General and administrative | | | 1,938,447 | | | – | | | 1,938,447 | Total operating expenses | | | 8,754,155 | | | (2,781,745) | | | 5,972,410 | | | | | | | | | | | Operating loss | | | (8,754,155) | | | 2,781,745 | | | (5,972,410) | Other income: | | | | | | | | | | Interest income | | | 36,024 | | | — | | | 36,024 | Grant Income | | | — | | | — | | | — | Total other income | | | 36,024 | | | — | | | 36,024 | | | | | | | | | | | Loss before income taxes | | | (8,718,131) | | | 2,781,745 | | | (5,936,386) | Income tax expense (benefit) | | | — | | | — | | | — | Net loss | | $ | (8,718,131) | | $ | 2,781,745 | | $ | (5,936,386) | Basic and diluted loss per common share | | $ | (1.07) | | | — | | $ | (0.73) | Weighted average number of common shares outstanding, basic and diluted | | | 8,163,923 | | | — | | | 8,163,923 |
Annovis Bio, Inc. Statements of Operations (unaudited) | | | | | | | | | | | | Six Months Ended June 30, 2022 | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Operating expenses: | | | | | | | | | | Research and development | | $ | 9,625,499 | | $ | (3,441,895) | | $ | 6,183,604 | General and administrative | | | 5,042,518 | | | — | | | 5,042,518 | Total operating expenses | | | 14,668,017 | | | (3,441,895) | | | 11,226,122 | | | | | | | | | | | Operating loss | | | (14,668,017) | | | 3,441,895 | | | (11,226,122) | Other income: | | | | | | | | | | Interest income | | | 55,673 | | | — | | | 55,673 | Grant Income | | | — | | | — | | | — | Total other income | | | 55,673 | | | — | | | 55,673 | | | | | | | | | | | Loss before income taxes | | | (14,612,344) | | | 3,441,895 | | | (11,170,449) | Income tax expense (benefit) | | | — | | | — | | | — | Net loss | | $ | (14,612,344) | | $ | 3,441,895 | | $ | (11,170,449) | Basic and diluted loss per common share | | $ | (1.79) | | | — | | $ | (1.37) | Weighted average number of common shares outstanding, basic and diluted | | | 8,160,702 | | | — | | | 8,160,702 |
Annovis Bio, Inc. Statements of Cash Flows (unaudited) | | | | | | | | | | | | Six Months Ended June 30, 2022 | | | As | | | | | As | | | Reported | | Restatement Impacts | | Restated | Cash flows from operating activities: | | | | | | | | | | Net loss | | $ | (14,612,344) | | | 3,441,895 | | $ | (11,170,449) | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | Stock-based compensation expense | | | 5,338,705 | | | — | | | 5,338,705 | Changes in operating assets and liabilities: | | | | | | | | | | Prepaid expenses and other current assets | | | (235,608) | | | (3,441,895) | | | (3,677,503) | Accounts payable | | | 213,767 | | $ | 213,767 | | | | Accrued expenses | | | (420,896) | | $ | (420,896) | | | | Net cash used in operating activities | | | (9,716,376) | | | — | | | (9,716,376) | Cash flows from financing activities: | | | | | | | | | | Proceeds from issuance of common stock, net of issuance costs | | | — | | | — | | | — | Proceeds from exercise of stock options | | | 4,613 | | | — | | | 4,613 | Net cash used in financing activities | | | 4,613 | | | — | | | 4,613 | Net (decrease) increase in cash and cash equivalents | | | (9,711,763) | | | — | | | (9,711,763) | Cash and cash equivalents, beginning of period | | | 45,686,014 | | | — | | | 45,686,014 | Cash and cash equivalents, end of period | | $ | 35,974,251 | | | — | | $ | 35,974,251 |
Annovis Bio, Inc. Balance Sheets | | | | | | | | | | | | As of September 30, 2022 | | | (unaudited) | | | | | | | | | | | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Assets | | | | | | | | | | Current assets: | | | | | | | | | | Cash and cash equivalents | | $ | 31,987,091 | | $ | — | | $ | 31,987,091 | Prepaid expenses and other current assets | | | 499,947 | | | 4,631,390 | | | 5,131,337 | Total current assets | | | 32,487,038 | | | 4,631,390 | | | 37,118,428 | Total Assets | | $ | 32,487,038 | | $ | 4,631,390 | | $ | 37,118,428 | Liabilities and Stockholders’ Equity | | | | | | | | | | Current liabilities: | | | | | | | | | | Accounts payable | | $ | 1,845,705 | | $ | — | | $ | 1,845,705 | Accrued expenses | | | 680,830 | | | — | | | 680,830 | Total current liabilities | | | 2,526,535 | | | — | | | 2,526,535 | Total liabilities | | $ | 2,526,535 | | $ | — | | $ | 2,526,535 | Commitments and contingencies (Note 7) | | | | | | | | | | Stockholders’ equity: | | | | | | | | | | Preferred stock – $0.0001 par value, 2,000,000 shares authorized and 0 shares issued and outstanding | | | — | | | — | | | — | Common stock – $0.0001 par value, 35,000,000 shares authorized and 8,163,923 and 8,100,570 shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | | | 816 | | | — | | | 816 | Additional paid-in capital | | | 80,919,684 | | | — | | | 80,919,684 | Accumulated deficit | | | (50,959,997) | | | 4,631,390 | | | (46,328,607) | Total stockholders’ equity | | | 29,960,503 | | | 4,631,390 | | | 34,591,893 | Total liabilities and stockholders’ equity | | $ | 32,487,038 | | $ | 4,631,390 | | $ | 37,118,428 |
Annovis Bio, Inc. Statements of Operations (unaudited) | | | | | | | | | | | | Three Months Ended September 30, 2022 | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Operating expenses: | | | | | | | | | | Research and development | | $ | 5,313,033 | | $ | (1,189,495) | | $ | 4,123,538 | General and administrative | | | 2,361,299 | | | — | | | 2,361,299 | Total operating expenses | | | 7,674,332 | | | (1,189,495) | | | 6,484,837 | | | | | | | | | | | Operating loss | | | (7,674,332) | | | 1,189,495 | | | (6,484,837) | Other income: | | | | | | | | | | Interest income | | | 52,886 | | | — | | | 52,886 | Grant Income | | | — | | | — | | | — | Total other income | | | 52,886 | | | — | | | 52,886 | | | | | | | | | | | Loss before income taxes | | | (7,621,446) | | | 1,189,495 | | | (6,431,951) | Income tax expense (benefit) | | | — | | | — | | | — | Net loss | | $ | (7,621,446) | | $ | 1,189,495 | | $ | (6,431,951) | Basic and diluted loss per common share | | $ | (0.93) | | | — | | $ | (0.79) | Weighted average number of common shares outstanding, basic and diluted | | | 8,163,923 | | | — | | | 8,163,923 |
Annovis Bio, Inc. Statements of Operations (unaudited) | | | | | | | | | | | | Nine Months Ended September 30, 2022 | | | As | | Restatement | | As | | | Reported | | Impacts | | Restated | Operating expenses: | | | | | | | | | | Research and development | | $ | 14,938,532 | | $ | (4,631,390) | | $ | 10,307,142 | General and administrative | | | 7,403,817 | | | – | | | 7,403,817 | Total operating expenses | | | 22,342,349 | | | (4,631,390) | | | 17,710,959 | | | | | | | | | | | Operating loss | | | (22,342,349) | | | 4,631,390 | | | (17,710,959) | Other income: | | | | | | | | | | Interest income | | | 108,559 | | | — | | | 108,559 | Grant Income | | | — | | | — | | | – | Total other income | | | 108,559 | | | — | | | 108,559 | | | | | | | | | | | Loss before income taxes | | | (22,233,790) | | | 4,631,390 | | | (17,602,400) | Income tax expense (benefit) | | | — | | | — | | | — | Net loss | | $ | (22,233,790) | | $ | 4,631,390 | | $ | (17,602,400) | Basic and diluted loss per common share | | $ | (2.72) | | | — | | $ | (2.16) | Weighted average number of common shares outstanding, basic and diluted | | | 8,161,787 | | | — | | | 8,161,787 |
Annovis Bio, Inc. Statements of Cash Flows (unaudited) | | | | | | | | | | | Nine Months Ended September 30, 2022 | | | As | | | | As | | | Reported | | Restatement Impacts | | Restated | Cash flows from operating activities: | | | | | | | | | Net loss | | $ | (22,233,790) | | 4,631,390 | | $ | (17,602,400) | Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | Stock-based compensation expense | | | 7,694,716 | | — | | | 7,694,716 | Changes in operating assets and liabilities: | | | | | | | | | Prepaid expenses and other current assets | | | (184,483) | | (4,631,390) | | | (4,815,873) | Accounts payable | | | 1,157,631 | | — | | | 1,157,631 | Accrued expenses | | | (137,610) | | — | | | (137,610) | Net cash used in operating activities | | | (13,703,536) | | — | | | (13,703,536) | Cash flows from financing activities: | | | | | | | | | Proceeds from issuance of common stock, net of issuance costs | | | — | | — | | | — | Proceeds from exercise of stock options | | | 4,613 | | — | | | 4,613 | Net cash used in financing activities | | | 4,613 | | — | | | 4,613 | Net (decrease) increase in cash and cash equivalents | | | (13,698,923) | | — | | | (13,698,923) | Cash and cash equivalents, beginning of period | | | 45,686,014 | | — | | | 45,686,014 | Cash and cash equivalents, end of period | | $ | 31,987,091 | | — | | $ | 31,987,091 |
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