Nighthawk Biosciences, Inc. (NHWK) 10-Q Quarterly Report November 2023

– NightHawk Biosciences (NYSE American: NHWK), a fully integrated biopharmaceutical company specializing in the end-to-end development, manufacturing, and commercialization of innovative medical countermeasures that combat unmet and emerging biothreats, today provided strategic, financial, and operational updates for the quarter ended June 30, 2023.

Jeff Wolf, Chief Executive Officer of NightHawk, commented, “Development of our biomanufacturing operations, continues to progress. Specifically, we continue to invest in our San Antonio facilities and are currently evaluating a variety of strategic options to advance these operations. In parallel, we are continuing our R&D activities, and are highly encouraged by the latest preclinical data. Towards this end, our strategy is to further develop these potential therapies through key milestones, with a focus on licensing or partnering these assets to maximize value for shareholders. We look forward to providing updates on these programs.”

Second Quarter 2023 Financial Results

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For the three months ended June 30, 2023 we recognized $0.7 million of revenue from process development. For the three months ended June 30, 2022 we recognized $0.05 million of service revenue. The increase in process development revenue is attributable to the operations of the San Antonio CDMO facility.

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Research and development expenses increased approximately 21.3% to $5.7 million for the three months ended June 30, 2023 compared to $4.7 million for the three months ended June 30, 2022. The components of R&D expense are as follows, in millions: HS-110 expense increased by $0.3 million primarily due to site close out fees; HS-130 expense decreased to $0 from $0.1 million due to the de-prioritization of our oncology assets; PTX-35 expense decreased by $0.4 million primarily due to the discontinued clinical trial and development of the product candidate in the third quarter of 2022; ANTHIM was not acquired until the second quarter of 2022 and the 2023 expense primarily relates to fill finish; other programs expense decreased by $0.3 million primarily due to a decrease in laboratory supplies expense related to preclinical R&D expenses; and unallocated research expenses increased by $0.9 million primarily due to increased personnel costs, including stock-based compensation from stock awards, contractor expense and supplies purchased for discovery projects.

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Cost of revenues were $0.4 million for the three months ended June 30, 2023. These expenses primarily reflect direct cost of labor, overhead and material costs. There was no cost of revenues for the three months ended June 30, 2022 as the Scorpius facility was not operational.

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Selling, general and administrative expenses were $7.4 million and $4.9 million for the three months ended June 30, 2023 and 2022, respectively. The increase was primarily due to increases in consulting and other professional expenses of $0.7 million, personnel expense of $0.5 million, marketing expense of $0.5 million, facility expense of $0.3 million, rent expense of $0.2 million, depreciation and amortization of $0.3 million, insurance and taxes of $0.2 million, offset by a decrease in supplies expense of $0.2 million.

The following information was filed by Nighthawk Biosciences, Inc. (NHWK) on Monday, August 14, 2023 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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Inside Nighthawk Biosciences, Inc.'s 10-Q Quarterly Report:

Financial - Expense Highlight
The increase was primarily due to increases in marketing expense of $0.6 million, personnel expense of $0.4 million, depreciation and amortization of $0.2 million, and rent expense of $0.2 million, offset by a decrease insurance expense of $0.1 million.

Financial - Expense Highlight
PTX-35 expense decreased by $0.5 million primarily due to the discontinued clinical trial and development of the product candidate in the third quarter of 2022.
Financial - Expense Highlight
32 Unallocated research expenses increased by $0.5 million primarily due to increased personnel costs, depreciation expense, amortization expense and scientific hardware and software.
Financial - Shares Highlight
We may seek to access the public or private equity markets when conditions are favorable due to our long-term capital requirements.
Other - Other
Our current focus is on...Read more
Financial - Expense
? Unallocated research expenses increased...Read more
Financial - Expense
Research and development expenses decreased...Read more
Financial - Expense
? Other programs expense increased...Read more
Financial - Expense
? HS-130 expense decreased to...Read more
Financial - Expense
? HS-130 expense decreased to...Read more
Other - Other
If observable standalone selling prices...Read more
Financial - Cash Flow
We have incurred negative cash...Read more
Other - Other
Our services include clinical and...Read more
Revenue - Product
Process development revenue is recognized...Read more
Financial - Expense
The components of R&D expense...Read more
Financial - Shares
During November 2018, we closed...Read more
Revenue - Product
For the years ended December...Read more
Financial - Shares
On January 21, 2020, we...Read more
Other - Other
Pursuant to the Plan, on...Read more
Revenue - Product
We include in the transaction...Read more
Financial - Expense
Research and development expenses increased...Read more
Financial - Expense
The increase was primarily due...Read more
Financial - Shares
During May 2018, we closed...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Nighthawk Biosciences, Inc. provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: NHWK
CIK: 1476963
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-23-019242
Submitted to the SEC: Mon Nov 20 2023 4:01:53 PM EST
Accepted by the SEC: Mon Nov 20 2023
Period: Saturday, September 30, 2023
Industry: Pharmaceutical Preparations