SenesTech(SNES)

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SenesTech(SNES) - 2023 Q2 - Quarterly Report
2023-08-10 21:31
Table of Contents Commission File Number: 001-37941 SENESTECH, INC. UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________ to ________ (Former name, former address and former fiscal year, if changed since last report ...
SenesTech(SNES) - 2023 Q1 - Earnings Call Transcript
2023-05-12 01:17
SenesTech, Inc. (NASDAQ:SNES) Q1 2023 Earnings Conference Call May 11, 2023 5:00 PM ET Company Participants Robert Blum - Lytham Partners Joel Fruendt - Chief Executive Officer Tom Chesterman - Chief Financial Officer Conference Call Participants Operator Hello, and welcome to SenesTech's First Quarter 2023 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Robert Blum with Lytham Partners. Please go ahead. Ro ...
SenesTech(SNES) - 2023 Q1 - Quarterly Report
2023-05-11 21:30
[PART I — FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The unaudited condensed financial statements for Q1 2023 report a **$2.0 million net loss** and **$2.7 million cash**, with auditors expressing substantial doubt about the company's going concern due to recurring losses [Condensed Balance Sheets](index=4&type=section&id=Condensed%20Balance%20Sheets) As of March 31, 2023, total assets decreased to **$4.6 million** from **$6.8 million** at year-end 2022, driven by a reduction in cash and cash equivalents Condensed Balance Sheet Highlights (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $2,748 | $4,775 | | Total current assets | $4,059 | $6,119 | | **Total assets** | **$4,645** | **$6,782** | | Total current liabilities | $1,016 | $1,324 | | **Total liabilities** | **$1,148** | **$1,503** | | **Total stockholders' equity** | **$3,497** | **$5,279** | [Condensed Statements of Operations and Comprehensive Loss](index=5&type=section&id=Condensed%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) For Q1 2023, SenesTech reported a **net loss of $2.0 million**, an improvement from **$2.3 million** in Q1 2022, with revenues increasing to **$233,000** Q1 2023 vs Q1 2022 Statement of Operations (in thousands, except per share data) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Revenues, net | $233 | $195 | | Gross profit | $92 | $90 | | Total operating expenses | $2,137 | $2,423 | | Loss from operations | ($2,045) | ($2,333) | | **Net loss** | **($2,037)** | **($2,332)** | | Net loss per share | ($1.32) | ($3.82) | [Condensed Statements of Cash Flows](index=6&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for Q1 2023 was **$2.0 million**, resulting in a **$2.0 million decrease** in cash and cash equivalents, ending the period at **$2.7 million** Q1 2023 vs Q1 2022 Cash Flow Summary (in thousands) | Cash Flow Activity | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net cash used in operating activities | ($2,015) | ($2,029) | | Net cash used in investing activities | ($1) | ($66) | | Net cash used in financing activities | ($11) | ($16) | | **Decrease in cash and cash equivalents** | **($2,027)** | **($2,111)** | | **Cash and cash equivalents, end of period** | **$2,748** | **$7,215** | [Notes to Condensed Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Financial%20Statements) The notes detail significant risks, including substantial doubt about the company's going concern status due to recurring losses and an accumulated deficit, alongside a recent **$1.5 million** equity offering and ongoing legal disputes - The company's financial statements are prepared on a going concern basis, but auditors have expressed substantial doubt about its ability to continue due to a history of operating losses and expected future losses[20](index=20&type=chunk) - As of March 31, 2023, the company had an accumulated deficit of **$124.2 million** and cash of **$2.7 million**. Management expects current cash, combined with anticipated revenue and potential equity sales, will fund operations for at least the next six months[23](index=23&type=chunk)[25](index=25&type=chunk) - In April 2023, the company completed a registered direct offering, issuing **857,146 shares** of common stock at **$1.75 per share** for gross proceeds of **$1.5 million**[57](index=57&type=chunk) - The company is in a legal dispute with its former general counsel, who is seeking compensatory damages over **$500,000** related to allegedly withheld stock options. The company believes the claims lack merit[54](index=54&type=chunk)[56](index=56&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=19&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q1 2023 financial performance, noting a **19% revenue increase** to **$233,000** despite a decline in gross profit margin, and reiterates the need for additional financing to address going concern risks Q1 2023 vs Q1 2022 Results of Operations (in thousands) | | Q1 2023 | Q1 2022 | % Change | | :--- | :--- | :--- | :--- | | Revenues, net | $233 | $195 | 19% | | Gross profit | $92 | $90 | 2% | | Research and development | $387 | $516 | (25)% | | Selling, general and administrative | $1,750 | $1,907 | (8)% | | **Net loss** | **($2,037)** | **($2,332)** | **(13)%** | - Revenue increased by **19% YoY** due to a focus on internet sales, strategic partnerships with distributors and Pest Management Professionals (PMPs), and the launch of the new Elevate product[73](index=73&type=chunk) - Gross profit margin declined to **39.6%** from **46.2%** in the prior year, primarily due to a **$42,000 charge** for scrapping defective tanks. Excluding this charge, the gross margin would have been **57.8%**[74](index=74&type=chunk)[75](index=75&type=chunk) - The company expects its cash of **$2.7 million** (as of March 31, 2023) plus proceeds from a subsequent **$1.5 million** offering will be sufficient to fund operations for at least the next six months, but acknowledges that additional financing will be required[70](index=70&type=chunk)[81](index=81&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=27&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) This section is not applicable to the company for this reporting period - The company has indicated that quantitative and qualitative disclosures about market risk are not applicable[94](index=94&type=chunk) [Item 4. Controls and Procedures](index=27&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2023, with no material changes to internal control over financial reporting during the quarter - The Chief Executive Officer and Chief Financial Officer concluded that the company's disclosure controls and procedures were effective as of the end of the period covered by the report[97](index=97&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[98](index=98&type=chunk) [PART II — OTHER INFORMATION](index=28&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) [Item 1. Legal Proceedings](index=28&type=section&id=Item%201.%20Legal%20Proceedings) The company is involved in a lawsuit with its former general counsel seeking over **$500,000** in damages related to stock options, which the company intends to defend against - The company is being sued by its former general counsel over an alleged breach of an employment contract concerning stock options. The plaintiff seeks damages over **$500,000**. The company denies the claims and does not expect the litigation to have a material effect on operations[54](index=54&type=chunk)[56](index=56&type=chunk)[101](index=101&type=chunk) [Item 1A. Risk Factors](index=28&type=section&id=Item%201A.%20Risk%20Factors) No material changes to the company's risk factors have occurred since its 2022 Annual Report on Form 10-K was filed - No material changes to the company's risk factors have occurred since its 2022 Annual Report on Form 10-K was filed[102](index=102&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=28&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) On March 10, 2023, the company issued **54,466 shares** of common stock to Outside The Box Capital Inc. for marketing services, exempt from registration - The company issued **54,466 shares** of common stock to Outside The Box Capital Inc. for marketing services, relying on an exemption from registration requirements under Section 4(a)(2) of the Securities Act[103](index=103&type=chunk) [Item 3. Defaults Upon Senior Securities](index=28&type=section&id=Item%203.%20Defaults%20Upon%20Senior%20Securities) The company reported no defaults upon senior securities during the period - None[104](index=104&type=chunk) [Item 4. Mine Safety Disclosures](index=28&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This section is not applicable to the company - Not applicable[105](index=105&type=chunk) [Item 5. Other Information](index=28&type=section&id=Item%205.%20Other%20Information) The company reported no other information for this period - None[106](index=106&type=chunk) [Item 6. Exhibits](index=29&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including forms of warrants, a securities purchase agreement, a separation agreement, and officer certifications - Exhibits filed include forms of Series C and Placement Agent Warrants, a Securities Purchase Agreement, a Separation Agreement, and CEO/CFO certifications[108](index=108&type=chunk)
SenesTech(SNES) - 2022 Q4 - Earnings Call Transcript
2023-03-16 23:21
SenesTech, Inc. (NASDAQ:SNES) Q4 2022 Results Conference Call March 16, 2023 5:00 PM ET Company Participants Joel Fruendt - CEO Tom Chesterman - CFO Conference Call Participants Avi Fisher - Long Cast Advisors Robert Blum - Lytham Partners Operator Good afternoon and welcome to the SenesTech, Incorporated Fourth Quarter and Fiscal Year 2022 Financial Results Conference Call. [Operator Instructions] Please note, this event is being recorded. I would now like to turn the conference over to Robert Blum with Ly ...
SenesTech(SNES) - 2022 Q4 - Annual Report
2023-03-16 21:36
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR o TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephone number, including area code) (Former name, former address and former fiscal year, if changed since last report) Securities registered pursuant to Sectio ...
SenesTech(SNES) - 2022 Q3 - Quarterly Report
2022-11-14 21:01
SENESTECH, INC. 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 OR ☐ 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: 001-37941 (Exact name of registrant as specified in its charter) | Delaware | 20-2079805 | | --- | --- | ...
SenesTech(SNES) - 2022 Q3 - Earnings Call Transcript
2022-11-14 18:28
SenesTech, Inc. (NASDAQ:SNES) Q3 2022 Earnings Conference Call November 14, 2022 11:00 AM ET Company Participants Robert Blum - Managing Partner-Lytham Partners Ken Siegel - Chief Executive Officer Joel Fruendt - Incoming Chief Executive Officer Tom Chesterman - Chief Financial Officer Conference Call Participants Amit Dayal - H.C. Wainwright Operator Good day, and welcome to the SenesTech Incorporated Reports Third Quarter of 2022 Financial Results Conference Call. All participants will be in a listen-only ...
SenesTech(SNES) - 2022 Q2 - Quarterly Report
2022-08-12 20:00
FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 For the transition period from ________ to ________ Commission File Number: 001-37941 SENESTECH, INC. (Exact name of registrant as specified in its charter) Delaware 20-2079805 (State or other jurisdic ...
SenesTech(SNES) - 2022 Q2 - Earnings Call Transcript
2022-08-11 23:51
SenesTech, Inc. (NASDAQ:SNES) Q2 2022 Earnings Confernece Call August 11, 2022 5:00 PM ET Company Participants Robert Blum – Managing Partner-Lytham Partners Ken Siegel – Chief Executive Officer Tom Chesterman – Chief Financial Officer Conference Call Participants Tucker Andersen – Above All Advisors Good afternoon, and welcome to the SenesTech Inc. Reports Second Quarter of Fiscal Year 2022 Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] After toda ...
SenesTech(SNES) - 2022 Q1 - Quarterly Report
2022-05-13 20:01
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 March 31, 2022 OR ☐ 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: 001-37941 SENESTECH, INC. (Exact name of registrant as specified in its charter) Delaware 20-2079805 (I.R.S. Employer (State ...