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PALISADE BIO, INC.
PALICIK 0001357459NasdaqNon-AcceleratedSmaller ReportingBiological Products, (No Diagnostic Substances)DelawareFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$-16.78M
Total Assets
$134.34M
Equity
$129.38M
Shares Out
165.88M
Op. Cash Flow
$-10.85M
Business
PALISADE BIO, INC. is a clinical-stage biopharmaceutical company developing novel therapeutics for autoimmune, inflammatory, and fibrotic diseases. Its primary product candidate is PALI-2108, a locally bioactivated PDE4 prodrug for ulcerative colitis and fibrostenotic Crohn’s disease, alongside development of biomarker-based assays to enable precision patient selection. The company operates through research and development, clinical operations, and strategic licensing/collaboration activities (including technology licenses and regional co-development agreements). It conducts clinical trials in Canada, plans regulatory submissions and trials in the U.S., and pursues global commercialization via partnerships and CDMO/CMO supply arrangements.
Summary from filing dated 2025-03-24
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Research and development | 10 | 9 | 7 | 7 | 2 | |
| General and administrative | 8 | 6 | 6 | 9 | 9 | |
| Total operating expenses | 18 | 15 | 13 | 16 | 42 | |
| Loss from operations | −18 | −15 | −13 | −16 | −42 | |
| Interest expense | −10,000 | −12,000 | — | — | — | |
| Other income, net | 1 | 433,000 | 785,000 | 3 | 47,000 | |
| Total other income, net | 1 | 421,000 | 770,000 | 1 | 15 | |
| Net loss | −17 | −14 | −12 | −14 | −27 | |
| Basic weighted average shares used in computing net loss per common share | 56 | 1 | 456,014 | 880,311 | 186,195 | |
| Diluted weighted average shares used in computing net loss per common share | 56 | 1 | 456,014 | 880,311 | 186,958 | |
| Basic net loss per common share | −0.3 | −10.19 | −27.01 | −16.53 | −142.95 | |
| Diluted net loss per common share | −0.3 | −10.19 | −27.01 | −16.53 | −169.74 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2023 2023-08-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 133 | 10 | 12 | — | 12 | |
| Prepaid expenses and other current assets | 836,000 | 673,000 | 896,000 | — | 2 | |
| Total current assets | 134 | 10 | 13 | — | 15 | |
| Restricted cash | 55,000 | 26,000 | 26,000 | — | 26,000 | |
| Property and equipment, net | 0 | 3,000 | 10,000 | — | 10,000 | |
| Operating lease right-of-use asset | 0 | 84,000 | 198,000 | — | 300,000 | |
| Other noncurrent assets | 68,000 | 273,000 | 490,000 | — | 694,000 | |
| Total assets | 134 | 11 | 14 | — | 16 | |
| Accounts payable | 767,000 | 1 | 698,000 | — | 2 | |
| Accrued liabilities | 2 | 1 | 831,000 | — | 574,000 | |
| Accrued compensation and benefits | 1 | 722,000 | 778,000 | — | 486,000 | |
| Current portion of operating lease liability | 0 | 90,000 | 121,000 | — | 105,000 | |
| Share liability | 313,000 | 0 | — | — | — | |
| Insurance financing debt | 71,000 | 79,000 | 158,000 | — | 88,000 | |
| Total current liabilities | 5 | 3 | 3 | — | 3 | |
| Warrant liability | 0 | 2,000 | — | — | — | |
| Derivative liability | 62,000 | 0 | 2,000 | — | 61,000 | |
| Contingent consideration obligation | 266,000 | 150,000 | 61,000 | 200,000 | 0 | |
| Total liabilities | 5 | 3 | 3 | — | 3 | |
| Commitments and contingencies (Note 8) | — | — | — | — | — | |
| Common stock, $0.01 par value; 300,000,000 and 280,000,000 shares authorized at December 31, 2025 and December 31, 2024, respectively; 159,444,017 and 2,768,646 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively | 2 | 27,000 | 6,000 | — | 30,000 | |
| Additional paid-in capital | 281 | 143 | 133 | — | 122 | |
| Accumulated deficit | −153 | −136 | −122 | — | −109 | |
| Total stockholders' equity | 129 | 7 | 11 | — | 12 | |
| Total liabilities and stockholders' equity | 134 | 11 | 14 | — | 16 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation | 3,000 | 3,000 | 4,000 | 3,000 | — | |
| Non-cash operating lease expense | 84,000 | 114,000 | 102,000 | 164,000 | — | |
| Non-cash expense for the issuance of common stock (Note 5) | 125,000 | 0 | — | — | — | |
| Recurring fair value measurements of liabilities | 349,000 | −54,000 | 145,000 | — | — | |
| Payment of contingent consideration obligation | −235,000 | 0 | — | — | — | |
| Issuance of common stock to vendors | 0 | 135,000 | 0 | — | — | |
| Write-off of deferred equity issuance costs | 75,000 | 0 | — | — | — | |
| Loss on disposal of property and equipment | 0 | 4,000 | 0 | — | — | |
| Stock-based compensation and related charges | 4 | 652,000 | 624,000 | 1 | 2 | |
| Other | −61,000 | 0 | −108,000 | −233,000 | −192,000 | |
| Prepaid and other current assets and other noncurrent assets | 529,000 | 750,000 | 705,000 | 1 | −1 | |
| Accounts payable and accrued liabilities | 624,000 | 818,000 | −492,000 | 399,000 | −2 | |
| Accrued compensation and benefits | 576,000 | −56,000 | 292,000 | −25,000 | −1 | |
| Operating lease liabilities | −90,000 | −121,000 | −105,000 | −151,000 | −168,000 | |
| Net cash used in operating activities | −11 | −12 | −11 | −13 | −15 | |
| Payments on insurance financing debt | −320,000 | −426,000 | −391,000 | −790,000 | −1 | |
| Proceeds from issuance of common stock and warrants, net of underwriting discounts and commissions | 128 | 8 | 9 | 14 | 5 | |
| Proceeds from the exercise of warrants | 8 | 3 | 3 | 2 | — | |
| Payment of warrant inducement issuance costs | −495,000 | −343,000 | 0 | — | — | |
| Proceeds from issuance of common stock under Employee Stock Purchase Plan | 19,000 | 11,000 | 17,000 | 0 | — | |
| Shares withheld for payment of employee withholding tax liability | 0 | −25,000 | 0 | — | — | |
| Net cash provided by financing activities | 134 | 10 | 11 | 15 | 25 | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 124 | −3 | 49,000 | 2 | 10 | |
| Interest paid | 10,000 | 14,000 | 14,000 | 12,000 | 64,000 | |
| Equity issuance costs included in accounts payable and accrued liabilities | 46,000 | 0 | — | — | — | |
| Warrant inducement costs included in accounts payable and accrued liabilities | 0 | 176,000 | — | — | — | |
| Proceeds from the issuance of common stock included in other current receivables (Note 5) | 250,000 | 0 | — | — | — | |
| Fair value of common shares to be issued included in share liability (Note 5) | 250,000 | 0 | — | — | — | |
| Fair value of warrants issued to solicitation agent in warrant inducements (Note 5) | 233,000 | 94,000 | 0 | — | — | |
| Fair value of warrants issued to placement agents (Note 5) | 11 | 527,000 | 384,000 | — | — | |
| Deferred equity issuance costs recognized as a reduction in additional paid-in capital from financing activities | 0 | 37,000 | 6,000 | 0 | — | |
| Insurance financing debt included in prepaid and other current assets and other noncurrent assets | 312,000 | 347,000 | 461,000 | 784,000 | — | |
| Incremental fair value of modified or exchanged warrants (Note 5) | 9 | 2 | 0 | — | — |
Filings
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