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PURE Bioscience, Inc. (OTCQB: PURE), creator of the patented non-toxic silver dihydrogen citrate (SDC) antimicrobial, today reported financial results for the fiscal first quarter ended October 31, 2020.
Summary of Results – Fiscal First Quarter Operations
Business Update
Tom Y. Lee, Chief Executive Officer, said that, “While our fiscal Q1 results showed increased year-over-year sales growth, we did see a decrease compared to fiscal Q4 of last year. The order restocking process slowed in fiscal Q1 vs Q4 of last year due to the volume of sales recognized toward the end of fiscal Q4.
“We continue to view the commercialization of SmartWash and the progress being made by our PURE Hard Surface partners and distributors as great near-term revenue opportunities. Additionally, I’m pleased to announce another nationally-recognized quick-service restaurant has adopted our SDC technology to help mitigate food safety risks,” concluded Lee.
About PURE Bioscience, Inc.
PURE Bioscience, Inc. is focused on developing and commercializing our proprietary antimicrobial products primarily in the food safety arena. We provide solutions to combat the health and environmental challenges of pathogen and hygienic control. Our technology platform is based on patented, stabilized ionic silver, and our initial products contain silver dihydrogen citrate, better known as SDC. This is a broad-spectrum, non-toxic antimicrobial agent, which offers 24-hour residual protection and formulates well with other compounds. As a platform technology, SDC is distinguished from existing products in the marketplace because of its superior efficacy, reduced toxicity and mitigation of bacterial resistance. PURE is headquartered in Rancho Cucamonga, California (San Bernardino metropolitan area). Additional information on PURE is available at www.purebio.com
Forward-looking Statements: Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Statements in this press release concerning the Company’s expectations, plans, business outlook or future performance, and any other statements concerning assumptions made or expectations as to any future events, conditions, performance or other matters, are “forward-looking statements.” Forward-looking statements inherently involve risks and uncertainties that could cause our actual results to differ materially from any forward-looking statements. Factors that could cause or contribute to such differences include, but are not limited to, the Company’s failure to implement or otherwise achieve the benefits of its proposed business initiatives and plans; economic and other disruptions resulting from COVID-19; acceptance of the Company’s current and future products and services in the marketplace, including the Company’s ability to convert successful evaluations and tests for PURE Control and PURE Hard Surface into customer orders and customers continuing to place product orders as expected and to expand their use of the Company’s products; the Company’s ability to maintain relationships with its partners and other counterparties; the Company’s ability to generate sufficient revenues and reduce its operating expenses in order to reach profitability; the Company’s ability to raise the funding required to support its continued operations and the implementation of its business plan; the ability of the Company to develop effective new products and receive required regulatory approvals for such products, including the required data and regulatory approvals required to use its SDC-based technology as a direct food contact processing aid in raw meat processing and to expand its use in OLR poultry processing; competitive factors, including customer acceptance of the Company’s SDC-based products that are typically more expensive than existing treatment chemicals; dependence upon third-party vendors, including to manufacture its products; and other risks detailed in the Company’s periodic report filings with the Securities and Exchange Commission (the SEC), including its Form 10-K for the fiscal year ended July 31, 2020 and Form 10-Q for the first fiscal quarter ended October 31, 2020. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
PURE Bioscience, Inc. Condensed Consolidated Balance Sheets |
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October 31, 2020 |
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July 31, 2020 |
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(Unaudited) |
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Assets |
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Current assets |
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Cash and cash equivalents |
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$ |
3,466,000 |
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$ |
3,839,000 |
|
Accounts receivable |
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560,000 |
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1,089,000 |
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Inventories, net |
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733,000 |
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547,000 |
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Restricted cash |
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75,000 |
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75,000 |
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Prepaid expenses |
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46,000 |
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16,000 |
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Total current assets |
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4,880,000 |
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5,566,000 |
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Property, plant and equipment, net |
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465,000 |
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316,000 |
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Patents, net |
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421,000 |
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441,000 |
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Total assets |
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$ |
5,766,000 |
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$ |
6,323,000 |
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Liabilities and stockholders’ equity |
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Current liabilities |
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Accounts payable |
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$ |
773,000 |
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$ |
1,344,000 |
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Accrued liabilities |
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133,000 |
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168,000 |
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Total current liabilities |
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906,000 |
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1,512,000 |
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Commitments and contingencies |
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Stockholders’ equity |
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Preferred stock, $0.01 par value: 5,000,000 shares authorized, no shares issued and outstanding |
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— |
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— |
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Common stock, $0.01 par value: 100,000,000 shares authorized, 87,072,951 shares issued and outstanding at October 31, 2020, and at July 31, 2020 |
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871,000 |
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871,000 |
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Additional paid-in capital |
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127,643,000 |
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127,414,000 |
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Accumulated deficit |
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(123,654,000 |
) |
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(123,474,000 |
) |
Total stockholders’ equity |
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4,860,000 |
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4,811,000 |
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Total liabilities and stockholders’ equity |
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$ |
5,766,000 |
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$ |
6,323,000 |
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PURE Bioscience, Inc. Condensed Consolidated Statements of Operations (Unaudited) |
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Three months ended |
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October 31, |
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2020 |
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2019 |
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Net product sales |
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$ |
1,417,000 |
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$ |
398,000 |
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Royalty revenue |
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174,000 |
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— |
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Total revenue |
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1,591,000 |
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398,000 |
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Cost of goods sold |
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641,000 |
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156,000 |
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Gross Profit |
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950,000 |
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242,000 |
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Operating costs and expenses |
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Selling, general and administrative |
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1,046,000 |
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1,290,000 |
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Research and development |
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83,000 |
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82,000 |
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Total operating costs and expenses |
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1,129,000 |
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1,372,000 |
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Loss from operations |
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(179,000 |
) |
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(1,130,000 |
) |
Other income (expense) |
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Interest expense, net |
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(1,000 |
) |
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(2,000 |
) |
Other income, net |
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— |
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7,000 |
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Total other income (expense) |
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(1,000 |
) |
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5,000 |
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Net loss |
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$ |
(180,000 |
) |
|
$ |
(1,125,000 |
) |
Basic and diluted net loss per share |
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$ |
(0.00 |
) |
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$ |
(0.01 |
) |
Shares used in computing basic and diluted net loss per share |
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87,072,951 |
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78,004,073 |
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PURE Bioscience, Inc. Condensed Consolidated Statement of Stockholders’ Equity (Unaudited) |
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Common Stock |
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Additional
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Accumulated |
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Total
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Shares |
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Amount |
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Capital |
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Deficit |
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Equity |
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Balance July 31, 2020 |
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87,072,951 |
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$ |
871,000 |
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$ |
127,414,000 |
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$ |
(123,474,000 |
) |
|
$ |
4,811,000 |
|
Share-based compensation expense - stock options |
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— |
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|
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— |
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|
208,000 |
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|
|
— |
|
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|
208,000 |
|
Share-based compensation expense - restricted stock units |
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— |
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— |
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21,000 |
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|
|
— |
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|
21,000 |
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Net loss |
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— |
|
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|
— |
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|
— |
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(180,000 |
) |
|
|
(180,000 |
) |
Balance October 31, 2020 (Unaudited) |
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|
87,072,951 |
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|
$ |
871,000 |
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$ |
127,643,000 |
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$ |
(123,654,000 |
) |
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$ |
4,860,000 |
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|
Common Stock |
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Additional
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Accumulated |
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Total
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Shares |
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Amount |
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Capital |
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Deficit |
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Equity |
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Balance July 31, 2019 |
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76,732,334 |
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$ |
768,000 |
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$ |
123,900,000 |
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$ |
(123,478,000 |
) |
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$ |
1,190,000 |
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Issuance of common stock in private placements, net |
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2,862,068 |
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28,000 |
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|
802,000 |
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|
|
— |
|
|
|
830,000 |
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Share-based compensation expense - stock options |
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|
— |
|
|
|
— |
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|
268,000 |
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|
|
— |
|
|
|
268,000 |
|
Share-based compensation expense - restricted stock units |
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— |
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|
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— |
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|
190,000 |
|
|
|
— |
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|
190,000 |
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Issuance of common stock for vested restricted stock units |
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400,000 |
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4,000 |
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(4,000 |
) |
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— |
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— |
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Net loss |
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— |
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— |
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— |
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(1,125,000 |
) |
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(1,125,000 |
) |
Balance October 31, 2019 (Unaudited) |
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79,994,402 |
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$ |
800,000 |
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$ |
125,156,000 |
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$ |
(124,603,000 |
) |
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$ |
1,353,000 |
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PURE Bioscience, Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) |
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Three Months Ended |
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October 31, |
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2020 |
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2019 |
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Operating activities |
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Net loss |
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$ |
(180,000 |
) |
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$ |
(1,125,000 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
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Share-based compensation |
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229,000 |
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458,000 |
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Amortization of stock issued for services |
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— |
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4,000 |
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Depreciation and amortization |
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45,000 |
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|
52,000 |
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Changes in operating assets and liabilities: |
|
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|
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Accounts receivable |
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529,000 |
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|
153,000 |
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Inventories |
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(186,000 |
) |
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15,000 |
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Prepaid expenses |
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(30,000 |
) |
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(16,000 |
) |
Accounts payable and accrued liabilities |
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(606,000 |
) |
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139,000 |
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Deferred rent |
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— |
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(4,000 |
) |
Net cash used in operating activities |
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(199,000 |
) |
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(324,000 |
) |
Investing activities |
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Purchases of property, plant and equipment |
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(174,000 |
) |
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— |
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Net cash used in investing activities |
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(174,000 |
) |
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— |
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Financing activities |
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Net proceeds from the sale of common stock |
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— |
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|
830,000 |
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Net cash provided by financing activities |
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— |
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|
|
830,000 |
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Net increase (decrease) in cash, cash equivalents, and restricted cash |
|
|
(373,000 |
) |
|
|
506,000 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
|
3,914,000 |
|
|
|
473,000 |
|
Cash, cash equivalents, and restricted cash at end of period |
|
$ |
3,541,000 |
|
|
$ |
979,000 |
|
|
|
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Reconciliation of cash, cash equivalents, and restricted cash to the condensed consolidated balance sheets |
|
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|
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Cash and cash equivalents |
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$ |
3,466,000 |
|
|
$ |
904,000 |
|
Restricted cash |
|
$ |
75,000 |
|
|
$ |
75,000 |
|
Total cash, cash equivalents and restricted cash |
|
$ |
3,541,000 |
|
|
$ |
979,000 |
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20201215005436/en/
