Executive Summary

ProtoKinetix reported no revenue and a development-stage net loss; Q4 2015 operating expenses were approximately $471,792, with net loss of ~$475,082, driven by higher professional fees and share-based compensation tied to consulting and stock option grants .
Liquidity improved markedly into year-end: cash rose to $371,072 vs. $163,526 in Q3 and $114,402 in Q2, aided by private placements and warrant exercises .
Corporate update highlighted balance sheet repair (debt reduced from ~$818K to ~$135K) and equity issuance to fund R&D and IP acquisitions; management reiterated progress toward Health Canada clinical trial application for AAGP-treated islet transplantation .
No Wall Street consensus estimates or earnings call transcript were available; stock catalysts in the period were OTCQB uplisting (June 2015) and the January 5, 2016 corporate update spotlighting improved cash and ongoing clinical pathway preparation .

What Went Well and What Went Wrong

What Went Well

Strengthened liquidity and reduced leverage: cash increased by ~$360K YoY and debt fell by ~$683K through settlements and equity financing; “The financial position of ProtoKinetix has never been stronger,” per CFO Susan Woodward .
IP consolidation and clinical path: acquired University of Alberta patent rights (royalty structure) and prepared Health Canada clinical trial application for AAGP in islet transplantation (Edmonton Protocol) .
Operational clean-up: SEC and BCSC filings brought up to date; CTO revoked in Feb 2015; uplisted to OTCQB in June 2015, improving market access .

What Went Wrong

Continued operating losses with no revenue; FY 2015 net loss of $1,254,793; higher professional fees (+$180,685 YoY) due to auditor/legal work and CTO aftermath .
Dilution from equity issuance (approx. 40.94M shares in 2015) to fund operations and settle liabilities; shares outstanding increased into Q4 .
Ongoing going-concern risk due to lack of commercial product and dependence on external financing; management explicitly flagged substantial doubt absent new capital .

Financial Results

Metric	Q2 2015 (3 mo)	Q3 2015 (3 mo)	Q4 2015 (3 mo)
Revenue ($USD)	$0	$0	$0 (Company had no revenues for FY)
Consulting Fees ($USD)	$0	$15,000	$60,000 (FY $125,000 − 9M $65,000)
General & Administrative ($USD)	$42,691	$23,240	$21,977 (FY $126,767 − 9M $104,790)
Professional Fees ($USD)	$96,199	$49,325	$94,606 (FY $314,454 − 9M $219,848)
Share-Based Compensation ($USD)	$132,117	$117,485	$240,758 (FY $531,486 − 9M $290,728)
Research & Development ($USD)	$19,120	$29,850	$56,920 (FY $158,890 − 9M $101,970)
Total Operating Expenses ($USD)	$292,123	$227,628	$471,792 (FY $1,258,097 − 9M $786,305)
Net Loss ($USD)	$(287,080)	$(227,507)	$(475,082) (FY $(1,254,793) − 9M $(779,711))
Net Loss per Share (basic/diluted)	$(0.00)	$(0.00)	n/a (not disclosed in FY table; development-stage rounding)

Notes: Q4 category values computed from FY 2015 minus nine months ended September 30, 2015, per SEC filings .

KPIs and Balance Sheet Indicators

KPI	Q2 2015	Q3 2015	Q4 2015
Cash ($USD)	$114,402	$163,526	$371,072
Working Capital ($USD)	$(89,290)	$92,968	$334,104
Shares Outstanding	201,914,933 (as of Aug 10, 2015)	207,939,933 (as of Nov 13, 2015)	216,702,433 (as of Mar 30, 2016)

Segment breakdown: Not applicable (no commercial revenue) .

Guidance Changes

ProtoKinetix did not provide quantitative revenue/EPS guidance; management focused on clinical and corporate milestones. The January 5, 2016 corporate update reiterated preparation for Health Canada clinical trial, GMP manufacturing, toxicity studies, and PK/PD work (process guidance vs. financial metrics) .

Metric	Period	Previous Guidance	Current Guidance	Change
Financial (Revenue/EPS)	FY/Q4 2015	None	None	Maintained (no financial guidance)
Clinical Milestones	2016	Preparing Health Canada CTA	Proceeding with CTA; targeting islet transplantation (Edmonton Protocol)	Progressed (process guidance)
Manufacturing/Preclinical	2016	n/a	GMP production with AmbioPharm; toxicity testing; PK/PD addressed	Initiated (process)

Earnings Call Themes & Trends

No Q4 2015 earnings call transcript was available [Search: none]. Narrative across filings and update:

Topic	Previous Mentions (Q2, Q3)	Current Period (Q4)	Trend
Financing/Liquidity	Private placements; working capital deficit in Q2; improving in Q3	Cash up to $371K; debt reduced; equity issuance noted	Improving liquidity; dilution ongoing
Regulatory/Legal	CTO revoked; catching up SEC/BCSC filings	All US tax returns filed; programs accepted; continued compliance narrative	Compliance strengthened
R&D execution (AAGP)	Increased R&D spend; IP consolidation with INSA/U Alberta; options to consultants	Health Canada CTA preparation; GMP/toxicity/PK-PD; islet transplantation focus	Progressing to clinical
Corporate governance	New CEO/CFO arrangements; board changes; OTCQB uplisting	Consulting agreements renewed; options grants detailed	Stabilizing leadership
Commercial revenue	None; going-concern disclosures	None; reiteration of development stage	Unchanged (no revenue)

Management Commentary

“The financial position of ProtoKinetix has never been stronger... we have made great strides in placing ProtoKinetix to be in a much more favorable position to allow the Company to move forward and keep stride with the blossoming scientific advances of our AAGP™ molecule.” — CFO Susan M. Woodward .
“We are... preparing a clinical trial application to Health Canada... on the well-established, Edmonton Protocol used for treatment of Type 1 Diabetes through islet cell transplants.” — Corporate Update .
“ProtoKinetix has gained UAB’s portion of patent applications... related to the use of anti-aging glycopeptides to enhance beta cell health, survival and improve transplant outcomes.” — IP disclosure .

Q&A Highlights

No Q4 earnings call or analyst Q&A transcript was available [Search: none]. Management clarifications were provided via the Jan 5, 2016 corporate update and FY 10-K disclosures .

Estimates Context

Wall Street consensus estimates: Unavailable for PKTX (micro-cap development-stage; no coverage retrieved). In our check, the S&P Global endpoint returned an access error for Q4/FY 2015; no consensus data to compare results [GetEstimates error].
Implication: With no revenue and limited coverage, investors should anchor expectations on clinical/regulatory timelines and financing capacity rather than near-term financial beats/misses .

Key Takeaways for Investors

Liquidity tailwind into Q4: cash rose to $371K and working capital swung positive; debt markedly reduced, but capital remains necessary to fund trials—expect continued reliance on equity financing and potential dilution .
Expense mix shows deliberate investment in R&D and professional services; Q4 step-up in share-based comp reflects use of equity to retain consultants and conserve cash .
Clinical pathway is the primary catalyst: Health Canada CTA preparation for AAGP-treated islet transplantation; monitor regulatory milestones, GMP supply readiness, and study initiation timing .
No commercial revenue yet; going-concern language persists—risk management hinges on financing access and execution against clinical goals .
Governance/compliance trajectory improved (CTO revoked, filings current, OTCQB listing); expect lower legal/accounting drag over time vs. 2015, aiding opex normalization .
Strategy leverages IP portfolio around AAGP; watch for publications, partnership/licensing discussions, and royalty buyout decisions with University of Alberta .
Trading implications: absent earnings catalysts, stock likely reacts to clinical/regulatory updates and financing events; position sizing should reflect binary clinical risk and financing/dilution overhang .

Citations:
Financials and MD&A:
Corporate update and 8-K details:
IP and regulatory:
Compliance/filings/uplisting:
Search confirmation: No earnings call transcript located [SearchDocuments none].
Internet references (context on later clinical progress and press listings): ProtoKinetix press and clinical approval page (post-period) (context only; not used for Q4 metrics).

ProtoKinetix, Inc. (PKTX)·Q4 2015 Earnings Summary