pnt-20220930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q


☒			Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended September 30, 2022


☐			Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from ______to ______.

Commission file number: 001-39311

POINT BIOPHARMA GLOBAL INC.

(Exact name of registrant as specified in its charter)


Delaware		85-0800493
(State or other jurisdiction of		(IRS Employer Identification No.)
incorporation or organization)

4850 West 78th Street
Indianapolis,	IN	46268
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (317) 543-9957

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 Stock

PNT

The

Nasdaq

Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer

☐

Accelerated filer

☐

Non-accelerated filer

☒

Smaller reporting company

☒

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. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.

Common Stock, par value $0.0001 per share – 105,644,741 shares outstanding as of November 9, 2022.

Table of Contents

INDEX


PART I. FINANCIAL INFORMATION			1
Item 1. Unaudited Interim Condensed Consolidated Financial Statements:			1
Interim Condensed Consolidated Balance Sheets – September 30, 2022 (unaudited) and December 31, 2021			1
Unaudited Interim Condensed Consolidated Statements of Operations – Three and Nine Months ended September 30, 2022 and September 30, 2021			2
Unaudited Interim Condensed Consolidated Statements of Comprehensive Loss – Three and N ine Months ended September 30, 2022 and September 30, 2021			3
Unaudited Interim Condensed Consolidated Statements of Stockholders’ Equity - Nine Months ended September 30, 2022 and September 30, 2021			4
Unaudited Interim Condensed Consolidated Statements of Cash Flows – Nine Months ended September 30, 2022 and September 30, 2021			5
Notes to Unaudited Interim Condensed Consolidated Financial Statements			6
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations			20
Item 3. Quantitative and Qualitative Disclosures about Market Risk			31
Item 4. Controls and Procedures			31
PART II. OTHER INFORMATION			33
Item 1. Legal Proceedings			33
Item 1A. Risk Factors			33
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds			33
Item 3. Defaults Upon Senior Securities			33
Item 4. Mine Safety Disclosures			33
Item 5. Other Information			33
Item 6. Exhibits			35
SIGNATURES			36

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1 – FINANCIAL STATEMENTS

POINT Biopharma Global Inc.

Interim Condensed Consolidated Balance Sheets

(In U.S. dollars)


	September 30, 2022
	(Unaudited)	December 31, 2021
	$	$
ASSETS
Current assets
Cash and cash equivalents	125,783,126	238,815,991
Short-term investments	165,735,511	—
Prepaid expenses and other current assets	4,711,979	5,030,565
Total current assets	296,230,616	243,846,556

Non-current assets

Property, plant and equipment, net	29,457,230	19,412,086
Total non-current assets	29,457,230	19,412,086

Total assets	325,687,846	263,258,642

LIABILITIES & STOCKHOLDERS' EQUITY
Current liabilities
Accounts payable	3,198,646	1,738,470
Accrued liabilities	13,047,645	5,990,516
Income taxes payable	361,723	250,978
Total current liabilities	16,608,014	7,979,964

Deferred tax liability	—	65,592
Total liabilities	16,608,014	8,045,556

Commitments and contingencies (note 12)

Stockholders’ equity
Common Stock, par value $0.0001 per share, 430,000,000 authorized, 104,054,962 and 90,121,794 issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	10,405	9,012
Additional paid-in capital	433,936,723	314,488,782
Accumulated deficit	(124,258,598)	(59,284,708)
Accumulated other comprehensive loss	(608,698)	—
Total stockholders’ equity	309,079,832	255,213,086

Total liabilities and stockholders’ equity	325,687,846	263,258,642

See accompanying Notes to the Unaudited Interim Condensed Consolidated Financial Statements

Table of Contents

POINT Biopharma Global Inc.

Unaudited Interim Condensed Consolidated Statements of Operations

(In U.S. dollars)


	For the three months ended				For the nine months ended
	September 30, 2022		September 30, 2021		September 30, 2022		September 30, 2021
	$		$		$		$
Operating expenses
Research and development	20,797,406		13,004,649		54,112,136		23,974,809
General and administrative	3,839,626		4,026,666		11,727,969		7,440,910
Total operating expenses	24,637,032		17,031,315		65,840,105		31,415,719
Loss from operations	(24,637,032)		(17,031,315)		(65,840,105)		(31,415,719)

Other income (expenses)
Finance income (costs)	1,048,254		(6,178)		1,605,927		(11,840)
Foreign currency (loss) gain	(243,791)		1,905		(287,691)		(32,901)
Total other income (expenses)	804,463		(4,273)		1,318,236		(44,741)

Loss before provision for income taxes	(23,832,569)		(17,035,588)		(64,521,869)		(31,460,460)
Provision for income taxes	(180,500)		(81,044)		(452,021)		(245,251)
Net loss	(24,013,069)		(17,116,632)		(64,973,890)		(31,705,711)

Net loss per basic and diluted common share:
Basic and diluted net loss per common share	$	(0.26)	$	(0.19)	$	(0.71)	$	(

SEC Form 10-Q filed by POINT Biopharma Global Inc.