PetVivo Reports Second Quarter of Fiscal 2024 Financial Results
- Positive clinical study results for Spryng™ demonstrate its benefit and tolerability for dogs with suspected cruciate ligament rupture, showing potential for market growth. The successful fundraising activities indicate investor confidence in the company's future. The ATM Sales Agreement provides a flexible financing option for future capital needs.
- None.
Conference call begins at 4:00 p.m. Central time today
EDINA, MN, Nov. 14, 2023 (GLOBE NEWSWIRE) -- PetVivo Holdings, Inc. (Nasdaq: PETV), an emerging biomedical device company focused on the commercialization of innovative medical therapeutics for animals, announces financial results for the three months ended September 30, 2023 (“second quarter of 2024”).
Key highlights from the second quarter of 2024 and through November 14, 2023, include the following:
- Released clinical study results which demonstrate the benefit and tolerability of an intra-articular injection of Spryng™ into the stifle joint for dogs with suspected cruciate ligament rupture (similar to ACL tear in humans);
- Raised
$2.35 million from the sale of the Company’s common stock in a convertible note offering and a registered direct offering in the second quarter of 2024; - Entered into an At-The-Market Sales Agreement (“ATM Sales Agreement”) with ThinkEquity, LLC for the sale of shares of the Company’s common stock with an aggregate offering price of up to
$2.5 million .
Subsequent to September 30, 2023, the Company raised an aggregate of
Management Commentary
“We are excited about the progress the Company has made this past quarter, including the recent release to the veterinary community of beneficial clinical trial results related to PetVivo’s innovative medical device, Spryng™ with OsteoCushion™ Technology,” said John Lai, Chief Executive Officer of PetVivo Holdings, Inc. “The clinical trial data and corresponding results, provided by Ethos Veterinary Health, a nationally renowned operator of 145 world-class specialty veterinary hospitals, indicated significant improvement in the thirty-nine dogs injected with Spryng. All primary and secondary clinical endpoints related to pain, lameness and quality of life were achieved. This clinical trial demonstrates that Spryng™ is a reasonable, non-invasive alternative for patients with cranial cruciate disease (“CCD”) when patient and/or owner factors preclude surgical intervention.”
Second Quarter Financial Results
For The Three Months Ended September 30, 2023 Compared to The Three Months Ended September 30, 2022
Total Revenues. Revenues were
Cost of Sales. Cost of sales was
Operating Expenses. Operating expenses were
Operating Loss. As a result of the foregoing, our operating loss was
Other (Expense) Income. Other expense was
Net Loss. Our net loss for the three months ended September 30, 2023 was
Year to Date Financial Results
Revenues. Revenues were
Cost of Sales. Cost of sales was
Operating Expenses. Operating expenses were
Operating Loss. As a result of the foregoing, our operating loss was
Other (Expense) Income. Other expense was
Net Loss. Our net loss for the six months ended September 30, 2023 was
Balance Sheet and Inventory
As of September 30, 2023, our current assets were
Conference Call and Webcast
A live webcast of the conference call and related earnings release materials can be accessed on the Company’s Investor Relations website at:
https://audience.mysequire.com/webinar-view?webinar_id=13014345-4054-48e0-b0d9-f0b425d9e51c
A replay of the webcast will be available through the same link following the conference call. Participants can also access the call using the dial-in details below:
Date: November 14, 2023
Time: 4:00 p.m. CT (5:00 pm ET)
Dial-in number: +1 669 444 9171
Conference ID: 88693059825
Passcode: 802278
About PetVivo Holdings, Inc.
PetVivo Holdings, Inc. (the “Company”) is in the business of licensing and commercializing its proprietary medical devices and biomaterials for the treatment and/or management of afflictions and diseases in animals, initially for dogs and horses. The Company began commercialization of its lead product Spryng™ with OsteoCushion™ Technology, a veterinarian-administered, intraarticular injection for the management of lameness and other joint afflictions such as osteoarthritis in dogs and horses in September 2021. The Company has a pipeline of additional products for the treatment of animals in various stages of development. A portfolio of twenty patents protects the Company’s biomaterials, products, production processes and methods of use.
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts, including without limitation the Company’s proposed development and commercial timelines, and can be identified by the use of words such as “may,” “will,” “expect,” “project,” “estimate,” “anticipate,” “plan,” “believe,” “potential,” “should,” “continue” or the negative versions of those words or other comparable words. Forward-looking statements are not guarantees of future actions or performance. These forward-looking statements are based on information currently available to the Company and its current plans or expectations and are subject to a number of uncertainties and risks that could significantly affect current plans. Risks concerning the Company’s business are described in detail in the Company’s Annual Report on Form 10-K for the year ended March 31, 2023, and other periodic and current reports filed with the Securities and Exchange Commission. The Company is under no obligation to, and expressly disclaims any such obligation to, update or alter its forward-looking statements, whether as a result of new information, future events, or otherwise.
Disclosure Information
The Company uses and intends to continue to use its Investor Relations website as a means of disclosing material nonpublic information, and for complying with its disclosure obligations under Regulation FD. Accordingly, investors should monitor the Company’s Investor Relations website, in addition to following the Company’s press releases, SEC filings, public conference calls, presentations, and webcasts.
Contact:
John Lai, CEO
PetVivo Holdings, Inc.
Email: info1@petvivo.com
(952) 405-6216
(Tables to follow)
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
| September 30, 2023 (Unaudited) | March 31, 2023 | |||||||
| Assets: | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | 55,254 | $ | 475,314 | ||||
| Accounts receivable | 155,888 | 86,689 | ||||||
| Inventory | 434,080 | 370,283 | ||||||
| Prepaid expenses and other assets | 1,370,604 | 491,694 | ||||||
| Total Current Assets | 2,015,826 | 1,423,980 | ||||||
| Property and Equipment, net | 665,381 | 630,852 | ||||||
| Other Assets: | ||||||||
| Operating lease right-of-use asset | 1,318,666 | 317,981 | ||||||
| Patents and trademarks, net | 34,374 | 38,649 | ||||||
| Security deposit | 27,490 | 27,490 | ||||||
| Total Other Assets | 1,380,530 | 384,120 | ||||||
| Total Assets | $ | 4,061,737 | $ | 2,438,952 | ||||
| Liabilities and Stockholders’ Equity: | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | 912,040 | $ | 588,713 | ||||
| Accrued expenses | 818,357 | 779,882 | ||||||
| Operating lease liability – short term | 177,773 | 78,149 | ||||||
| Note payable and accrued interest | 7,139 | 6,936 | ||||||
| Total Current Liabilities | 1,915,309 | 1,453,680 | ||||||
| Non-Current Liabilities | ||||||||
| Note payable and accrued interest (net of current portion) | 16,856 | 20,415 | ||||||
| Operating lease liability (net of current portion) | 1,140,893 | 239,832 | ||||||
| Total Non-Current Liabilities | 1,157,749 | 260,247 | ||||||
| Total Liabilities | 3,073,058 | 1,713,927 | ||||||
| Commitments and Contingencies | ||||||||
| Stockholders’ Equity: | ||||||||
| Preferred Stock, par value | - | - | ||||||
| Common Stock, par value | 13,842 | 10,950 | ||||||
| Common Stock to be Issued | - | 137,500 | ||||||
| Additional Paid-In Capital | 79,373,596 | 72,420,604 | ||||||
| Accumulated Deficit | (78,398,759 | ) | (71,844,029 | ) | ||||
| Total Stockholders’ Equity | 988,679 | 725,025 | ||||||
| Total Liabilities and Stockholders’ Equity | $ | 4,061,737 | $ | 2,438,952 | ||||
PETVIVO HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
| Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
| 2023 | 2022 | 2023 | 2022 | |||||||||||||
| Revenues | $ | 207,366 | $ | 223,280 | $ | 324,549 | $ | 281,454 | ||||||||
| Cost of Sales | 140,913 | 148,159 | 223,182 | 201,179 | ||||||||||||
| Gross Profit | 66,453 | 75,121 | 101,367 | 80,275 | ||||||||||||
| Operating Expenses: | ||||||||||||||||
| Sales and Marketing | 1,078,725 | 867,985 | 2,020,611 | 1,524,554 | ||||||||||||
| Research and Development | 240,281 | 140,384 | 464,088 | 212,040 | ||||||||||||
| General and Administrative | 1,691,790 | 1,186,320 | 3,454,588 | 2,429,342 | ||||||||||||
| Total Operating Expenses | 3,010,796 | 2,194,689 | 5,939,287 | 4,165,936 | ||||||||||||
| Operating Loss | (2,944,343 | ) | (2,119,568 | ) | (5,837,920 | ) | (4,085,661 | ) | ||||||||
| Other (Expense) Income | ||||||||||||||||
| Loss on Extinguishment of Debt | (534,366 | ) | - | (534,366 | ) | - | ||||||||||
| Settlement Expense | (180,000 | ) | - | (180,000 | ) | - | ||||||||||
| Interest (Expense) Income | (2,444 | ) | 7,979 | (2,444 | ) | 8,644 | ||||||||||
| Total Other (Expense) Income | (716,810 | ) | 7,979 | (716,810 | ) | 8,644 | ||||||||||
| - | - | - | - | |||||||||||||
| Loss before taxes | (3,661,153 | ) | (2,111,589 | ) | (6,554,730 | ) | (4,077,017 | ) | ||||||||
| Income Tax Provision | - | - | - | - | ||||||||||||
| Net Loss | $ | (3,661,153 | ) | $ | (2,111,589 | ) | $ | (6,554,730 | ) | $ | (4,077,017 | ) | ||||
| Net Loss Per Share: | ||||||||||||||||
| Basic and Diluted | $ | (0.28 | ) | $ | (0.21 | ) | $ | (0.53 | ) | $ | (0.41 | ) | ||||
| Weighted Average Common Shares Outstanding: | ||||||||||||||||
| Basic and Diluted | 12,987,641 | 10,053,463 | 12,325,973 | 10,021,090 | ||||||||||||
FAQ
What are the key highlights of PetVivo Holdings, Inc.'s financial results for the three months ended September 30, 2023?
What is the clinical study results for Spryng™?
How much did PetVivo Holdings, Inc. raise from stock offerings?
What is the ATM Sales Agreement with ThinkEquity, LLC?
