UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 001-36020

Onconova Therapeutics, Inc.

(Exact name of registrant as specified in its charter)


Delaware		22-3627252
(State or other jurisdiction of		(I.R.S. Employer
incorporation or organization)		Identification No.)

12 Penns Trail, Newtown, PA		18940
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (267) 759-3680

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 the 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 Act). ☐ Yes ⌧ No

The number of outstanding shares of the registrant’s Common Stock, par value $0.01 per share, as of August 1, 2023 was 20,977,625.

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, par value $.01 per share	ONTX	The Nasdaq Stock Market LLC

Table of Contents

ONCONOVA THERAPEUTICS, INC.

TABLE OF CONTENTS FOR QUARTERLY REPORT ON FORM 10-Q

FOR THE QUARTER ENDED JUNE 30, 2023


	Page
PART I — FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)	3
Condensed Consolidated Balance Sheets	3
Condensed Consolidated Statements of Operations	4
Condensed Consolidated Statements of Comprehensive Loss	5
Consolidated Statement of Stockholders’ Equity (Deficit)	6
Condensed Consolidated Statements of Cash Flows	7
Notes to Condensed Consolidated Financial Statements	8
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3. Quantitative and Qualitative Disclosures About Market Risk	28
Item 4. Controls and Procedures	29

PART II — OTHER INFORMATION

Item 1. Legal Proceedings	30
Item 1A. Risk Factors	30
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	30
Item 3. Defaults Upon Senior Securities	30
Item 4. Mine Safety Disclosures	30
Item 5. Other Information	30
Item 6. Exhibits	31
SIGNATURES	32

Table of Contents

PART I — FINANCIAL INFORMATION

Item 1. Financial Statements

Onconova Therapeutics, Inc.

Condensed Consolidated Balance Sheets


	June 30,		December 31,
	2023		2022
Assets	(unaudited)
Current assets:
Cash and cash equivalents	$	29,729,000	$	38,757,000
Receivables		17,000		29,000
Prepaid expenses and other current assets		704,000		561,000
Total current assets		30,450,000		39,347,000
Property and equipment, net		17,000		24,000
Other non-current assets		1,000		1,000
Total assets	$	30,468,000	$	39,372,000
Liabilities and stockholders’ equity
Current liabilities:
Accounts payable	$	5,071,000	$	3,860,000
Accrued expenses and other current liabilities		3,369,000		3,960,000
Deferred revenue		226,000		226,000
Total current liabilities		8,666,000		8,046,000
Deferred revenue, non-current		2,904,000		3,017,000
Total liabilities		11,570,000		11,063,000

Commitments and contingencies

Stockholders’ equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, none issued and outstanding at June 30, 2023 and December 31, 2022		—		—
Common stock, $0.01 par value, 125,000,000 shares authorized, 20,977,625 and 20,925,992 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively		210,000		209,000
Additional paid in capital		492,424,000		491,816,000
Accumulated deficit		(473,708,000)		(463,683,000)
Accumulated other comprehensive loss		(28,000)		(33,000)
Total stockholders’ equity		18,898,000		28,309,000
Total liabilities and stockholders’ equity	$	30,468,000	$	39,372,000

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Onconova Therapeutics, Inc.

Condensed Consolidated Statements of Operations (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Revenue	$	57,000	$	57,000	$	113,000	$	113,000
Operating expenses:
General and administrative		2,211,000		2,139,000		4,324,000		4,325,000
Research and development		2,456,000		2,038,000		6,536,000		4,040,000
Total operating expenses		4,667,000		4,177,000		10,860,000		8,365,000
Loss from operations		(4,610,000)		(4,120,000)		(10,747,000)		(8,252,000)
Other income, net		360,000		96,000		722,000		106,000
Net loss	$	(4,250,000)	$	(4,024,000)	$	(10,025,000)	$	(8,146,000)
Net loss per share, basic and diluted	$	(0.20)	$	(0.19)	$	(0.48)	$	(0.39)
Basic and diluted weighted average shares outstanding		20,979,766		20,904,085		20,970,022		20,904,085

See accompanying notes to condensed consolidated financial statements.

Table of Contents

Onconova Therapeutics, Inc.

Condensed Consolidated Statements of Comprehensive Loss (unaudited)


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Net loss	$	(4,250,000)	$	(4,024,000)	$	(10,025,000)	$	(8,146,000)
Other comprehensive income (loss), net of tax:
Foreign currency translation adjustments, net		(1,000)		(20,000)		5,000		(27,000)
Other comprehensive income (loss), net of tax		(1,000)		(20,000)		5,000		(27,000)
Comprehensive loss	$	(4,251,000)	$	(4,044,000)	$	(10,020,000)	$	(8,173,000)

See accompanying notes to condensed consolidated financial statements.

SEC Form 10-Q filed by Onconova Therapeutics Inc.