Financial Performance - As of April 30, 2023, the company's cash and cash equivalents totaled approximately 85.4 million as of April 30, 2022, indicating a decrease of about 20.3%[390] - Total operating expenses for the year ended April 30, 2023, were 2,063,480 or approximately 47.5% compared to the previous year[401] - Loss from operations for the year ended April 30, 2023, was 2,063,480 or about 47.5% from the year ended April 30, 2022[403] - Other income for the year ended April 30, 2023, was 152,853 in the previous year, representing a significant increase attributed mainly to interest income[404] - The company had no revenues for the fiscal years ended April 30, 2023, and 2022[400] - The company reported a net cash used in operating activities of (4,117,319) for the year ended April 30, 2022, showing an improvement[406] Share Structure - The company completed a 1:1500 reverse stock split effective July 12, 2021, reducing the authorized number of shares from 50 billion to 33,333,334[384] - On March 14, 2023, the company increased the number of authorized shares to 133,333,334 shares[385] Research and Development - The company is preparing for a clinical trial in LAPC using encapsulated live cells, following a clinical hold placed by the FDA on its IND submission[378][379] - The company is developing a potential therapy for Type 1 diabetes using encapsulated genetically modified insulin-producing cells, aimed at functioning as a bio-artificial pancreas[382] Cash Flow Activities - Cash used in operating activities for the year ended April 30, 2023, was primarily due to net losses, offset by securities issued for services and changes in prepaid expenses, accounts payable, and accrued expenses[407] - No investing activities were reported for the years ended April 30, 2023, and 2022[408] - Cash used in financing activities for the year ended April 30, 2023, was mainly attributable to Repurchase Programs, while cash provided in 2022 was primarily from proceeds of the First and Second 2021 Offerings[409] Accounting Policies - The company follows U.S. GAAP for its consolidated financial statements, requiring management to make assumptions and estimates that could materially affect reported financial results[410] - Research and Development (R&D) expenses are expensed as incurred, including costs for acquiring technologies with no alternative future use[412] - Stock-based compensation is measured and recognized according to ASC 718, impacting the compensation expense for stock-based awards made to employees[413] - Basic net income (loss) per share is calculated using the weighted-average number of shares outstanding, with potentially dilutive stock options excluded from the diluted calculation due to anti-dilutive effects[414] - No new accounting pronouncements were disclosed in the company's consolidated financial statements for the current and prior year[415] - The company is classified as a smaller reporting company and is not required to provide additional market risk disclosures[416]
PharmaCyte Biotech(PMCB) - 2023 Q4 - Annual Report