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Ampio Pharmaceuticals, Inc. (AMPE) SEC Filing 10-Q Quarterly report for the period ending Wednesday, September 30, 2020

Ampio Pharmaceuticals, Inc.

CIK: 1411906 Ticker: AMPE

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): April 16, 2020

AMPIO PHARMACEUTICALS, INC.

(Exact name of registrant as specified in Charter)

 

 

 

Delaware

001‑35182

26‑0179592

(State or other jurisdiction of
incorporation or organization)

(Commission File No.)

(IRS Employer Identification No.)

 

373 Inverness Parkway, Suite 200

Englewood, Colorado 80112

(Address of principal executive offices, including zip code)

(720) 437‑6500

(Registrant’s telephone number, including area code)

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

 

 

 

Title of each class

Trading Symbol(s)

Name of each exchange
on which registered

Common

AMPE

NYSE American

 

Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12)

Pre-commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑2(b))

Pre-commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b‑2 of the Securities Exchange Act of 1934.

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.

 

 

Item 2.02 Results of Operations and Financial Condition.

On April 16, 2020, Ampio Pharmaceuticals, Inc. (the “Company”) announced the following related to its first quarter 2020 financial results:

Cash & Liquidity Position: The Company completed the first quarter period ended on March 31, 2020 (the “First Quarter”), with cash and cash equivalents totaling $2.4 million compared to $6.5 million at December 31, 2019.  

During the First Quarter, the Company entered into a Sales Agreement with two agents to implement an “at-the-market” (“ATM”) equity offering program under which the Company may issue and sell from time to time, at its sole discretion, shares of its common stock.  During the First Quarter, the Company raised gross proceeds totaling $682,000, which reflected the sales of 1.2 million shares of common stock at an average price of $0.58 per share.  In connection with the Sales Agreement, the Company paid the agents an aggregate recurring fixed commission totaling 4.0% of the gross proceeds (2.0% to each agent) from shares of common stock sold. In addition, the Company incurred non-recurring issuance costs, which included legal and auditor fees, related to the Sales Agreement totaling approximately $220,000.

The audit report on the Company’s financial statements for the fiscal year ended December 31, 2019 contained an explanatory paragraph indicating that there was substantial doubt about the Company’s ability continue as a going concern.  In order to address the going concern at the end of the First Quarter, the Company prepared an updated  projection through March 31, 2021, which reflects cash requirements for fixed, on-going expenses for the base level of business operations at an average cash burn rate of approximately $0.8 million per month. The Company is currently assessing the impact of the COVID-19 pandemic on the AP‑013 Phase III clinical study as it is not currently in a position to project the required liquidity needs for completion of the trial. Finally, as of March 31, 2020, the Company does not have a committed source of liquidity to meet its expected obligations for the next twelve months.  However, with the planned disciplined use of the ATM equity offering program, the Company expects to have reliable source of liquidity to fund a significant portion of its operations into first quarter of 2021.

Current Liabilities:  The Company ended the First Quarter with current liabilities totaling $4.5 million, which represents a nominal increase from $4.3 million for the period ended December 31, 2019.  

R&D Expenses: Research and development expenses for the First Quarter were $4.3 million, an increase of $2.7 million from $1.6 million for the same period in 2019. The increase was primarily attributable to incremental costs associated with the Company’s AP‑013 Phase III clinical study which commenced in June 2019 and, as such, was not reflected in 2019 period.

G&A Expenses: General and administrative expenses for the First Quarter were $1.8 million, an increase of $650,000 from $1.1 million for the same period in 2019. The increase was primarily attributable to an increase in legal and professional fees related to ongoing current litigation and government investigation matters.  In addition, during the First Quarter, the Company recognized an increase in commercial insurance expense primarily due to an increase in the Company’s D&O insurance premiums, which is consistent with increases covering the overall market for public biopharmaceutical companies.  Finally, stock-based compensation (non-cash expense) increased due to the issuance of stock options to certain employees.  

The Company ended the First Quarter with 160,022,119 shares issued and outstanding.

The information in this Item 2.02 is furnished solely pursuant to Item 2.02 of Form 8‑K. Consequentially, such information is not deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section. Further, the information in this Item 2.02 shall not be deemed to be incorporated by reference into the filings of registrant under the Securities Act of 1933.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

 

AMPIO PHARMACEUTICALS, INC.

 

 

 

By:

/s/ Daniel G. Stokely

 

 

Daniel G. Stokely

 

 

Chief Financial Officer

Dated: April 16, 2020

 

 

 


The following information was filed by Ampio Pharmaceuticals, Inc. (AMPE) on Thursday, April 16, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Ampio Pharmaceuticals, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes:

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Inside Ampio Pharmaceuticals, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Balance Sheets
Condensed Balance Sheets (Parenthetical)
Condensed Statements Of Cash Flows
Condensed Statements Of Operations
Condensed Statements Of Stockholders' Equity
Accounts Payable And Accrued Expenses
Accounts Payable And Accrued Expenses (Detail)
Accounts Payable And Accrued Expenses (Tables)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Detail)
Commitments And Contingencies - Cro Contract (Detail)
Commitments And Contingencies - Employment Agreements (Detail)
Commitments And Contingencies - Lease Expense (Detail)
Commitments And Contingencies - Summary Of Commitments And Contingencies (Detail)
Commitments And Contingencies - Summary Of Reconciliation Of Company's Undiscounted Payments For Facility Lease And Carrying Amount Of Lease Liability (Detail)
Common Stock
Common Stock (Common Stock Issued For Services) (Detail)
Common Stock (Sales Agreement Narrative) (Detail)
Common Stock (Shelf Registration Narrative) (Detail)
Common Stock (Summarizes The Company's Remaining Authorized Shares Available - (Detail)
Common Stock (Summary Of Company's Sales Under The Equity Distribution Agreement) (Detail)
Common Stock (Tables)
Earnings Per Share
Earnings Per Share (Detail)
Earnings Per Share (Tables)
Earnings Per Share - Narrative (Detail)
Equity
Equity (Tables)
Equity - Activity Of Plan (Detail)
Equity - Assumptions Used In Computing Fair Value Of All Options Granted (Detail)
Equity - Stock Option Activity (Detail)
Equity - Summary Of Stock Options Outstanding And Exercisable (Detail)
Equity - Summary Of Stock-Based Compensation Expense (Detail)
Fair Value Considerations
Fair Value Considerations (Tables)
Fair Value Considerations - Financial Assets And Liabilities (Detail)
Fair Value Considerations - Sets Forth A Reconciliation Of Changes (Detail)
Fixed Assets
Fixed Assets (Detail)
Fixed Assets (Tables)
Fixed Assets - Depreciation And Amortization Expense (Detail)
Going Concern
Going Concern (Detail)
Litigation
Paycheck Protection Program
Paycheck Protection Program (Tables)
Paycheck Protection Program - Additional Information (Detail)
Paycheck Protection Program - Balance Of Ppp Loan (Detail)
Prepaid Expenses And Other
Prepaid Expenses And Other (Detail)
Prepaid Expenses And Other (Tables)
The Company And Summary Of Significant Accounting Policies
The Company And Summary Of Significant Accounting Policies (Policies)
Warrants
Warrants (Tables)
Warrants - (Detail)
Warrants - Warrants Activity (Detail)

Material Contracts, Statements, Certifications & more

Ampio Pharmaceuticals, Inc. provided additional information to their SEC Filing as exhibits

Ticker: AMPE
CIK: 1411906
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-20-012324
Submitted to the SEC: Tue Nov 03 2020 9:31:55 AM EST
Accepted by the SEC: Tue Nov 03 2020
Period: Wednesday, September 30, 2020
Industry: Pharmaceutical Preparations

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